Cannabis Inhaler Company Syqe Medical Raises $50 Million
Syqe develops a pocket-sized metered-dose inhaler designed for precise delivery of cannabis molecules
Tel Aviv-based cannabis inhaler company Syqe Medical Ltd. has completed a $50 million funding round, a spokeswoman for Syqe told Calcalist Tuesday. The funding round, Syqe’s second, was led by Jerusalem-based investment firm Shavit Capital and participated by PRM Holdings, the investment arm of German botanical product company Martin Bauer Group and another “global strategic player in the field of pharmaceuticals,” the spokeswoman said.
Founded in 2011, Syqe develops a pocket-sized metered-dose inhaler designed for precise delivery of cannabis molecules and other medicinal plant molecules. The company has raised a total of $83 million to date, according to the spokeswoman. Syqe employs a team of 100 people.
The company intends to use the recent funding to increase its team by 20%, work towards receiving FDA approval for its inhaler, and establish operations in Canada, Germany, and other countries in Europe.
Syqe Medical founder Perry Davidson. Photo: Orel Cohen