Lambda in talks to raise $2.5 mn for cigarette filter tech
The company has come up with a cigarette filter technology which filters the most harmful content in cigarettes.
Technology startup Lambda Televenture today said it is in talks with different groups to raise about USD 2.5 million to market its cigarette filter technology in the US.
The company has come up with a cigarette filter technology - ZIP Activated Charcoal Filter (ZIPAC) - which filters the most harmful content in cigarettes, Lambda Televenture Executive Director Kunjan Arora said in a statement.
Arora said cigarette consumption is increasing world over including in India and in this backdrop, it is critical to introduce a technology which can help filter the most harmful component.
"We will be sub-licensing the technology to different companies so that they can use this. To reach those big firms in the US and market and commercialise our product, we are looking at raising about USD 2.5 million," Arora said.
The technology is approved by Council of Scientific and Industrial Research and has got patents in several countries including the US, Canada, Germany, Spain, Japan and France, he added.
"Crores of people are dying due to cigarette consumption. There is an urgent need to introduce this technology to the manufacturers. ZIPAC is an innovation that endeavours to reduce smoke induced ailments," he said.