Archytas Ventures’ Portfolio Company, Xtraction Services, Raises Oversubscribed $2.8M Series B Round to Accelerate Growth
LOS ANGELES, June 08, 2018–(BUSINESS WIRE)–Xtraction Services (“XS”), an Archytas Ventures portfolio company that specializes in CO2 supercritical extraction equipment, lab devices, and best-in-industry service, today announced that it has oversubscribed its Series B financing by over 44% with a $2.8M raise. The round was led by Archytas Ventures and includes new investors Quinsam Capital (CNSX:QCA) and Ollerhead Capital.
XS is a new addition to the portfolio of companies backed by Los Angeles-based Archytas Ventures, an investment holding firm that specializes in identifying the “picks and shovels” of the cannabis industry. XS proprietary equipment was created by Dwayne Dundore, Ph.D., a renowned thermal dynamics engineer who has designed supercritical installations around the world for clients such as the Department of Defense and DARPA. Understanding the waste and inefficiency of using botanical machines for cannabis, Dr. Dundore set out to design a fully automated, industrial scale CO2 supercritical extraction machine specifically for cannabis and hemp applications. XS equipment and processes are now assisting some of the industry’s largest vape and consumable companies in creating high quality oils and extracts.
“The majority of capital has been deployed in cultivation and retail—which, due to federal regulation, have limited economies of scale. XS is a global company serving the fastest-growing sector of the industry,” said Antony Radbod, co-founder of Archytas Ventures. “We wanted to find the best team and equipment to help propel growth in the sector. We found that with Xtraction Services.”
“Investing in businesses that help facilitate the growth and sophistication of the industry, while serving all brands, is a safer way to get investment exposure in cannabis,” said Archytas Ventures co-founder David Kivitz. “We want to work with product or service companies that are not bound by restrictive state licenses or borders.”
With its new syndicate of institutional investors, XS is able to stock inventory to deploy on-demand equipment to operators with no wait time. Additionally, XS provides in-house financing to customers to remove any barriers to entry in equipment acquisitions.
About Archytas Ventures
Archytas Ventures is a private, opportunistic investment holding company with offices in New York and Los Angeles. Archytas Ventures provides strategic capital solutions to the emerging and undercapitalized cannabis industry. For more information, visit www.ArchytasVentures.com.
About Xtraction Services
Xtraction Services is a turn-key extraction solutions company providing state-of-the-art extraction equipment, service, and expertise that reduces waste and improves production yields to a global network of cannabis and hemp manufacturers. For more information, visit www.XtractNow.com.