Oakland company behind first marijuana breathalyzer raises fresh $30M in funding
OAKLAND, Calif. (KTVU) - An Oakland company that's developing what's being called the first dual marijuana and alcohol breathalyzer test has raised another $30 million dollars in funding.
Hound Labs on Tuesday said the Series D financing will help speed up research and development on its device. Three new investor groups -- Intrinsic Capital Partners, Main Street Advisors, and NFP Ventures -- joined Benchmark and Icon Ventures in this round, the company stated.
The announcement comes on the heels of a new UCSF study that revealed tetrahydrocannabinol (THC) can be reliably detected throughout the three-hour window after smoking marijuana. A prototype of Hound Labs' breathalyzer was used in the study, published in Chemical Chemistry.
"These findings are significant because global researchers have shown that people are typically most impaired within three hours after smoking marijuana," the company said in a statement.
Hound Labs said it hopes to start rolling out the device this winter.
Mike Lynn and his wife, Jenny, founded Hound Labs in 2014, according to Business Insider. That year, voters in three states including Oregon approved measures to legalize recreational cannabis; voters in two more states including New York chose to legalize medical marijuana.
Mike Lynn is a current reserve Alameda County Sheriff's deputy and emergency room physician at Highland Hospital who works on Fridays. He is also a former venture capitalist. Jenny Lynn previously served as head of marketing for two large advisory firms.