InspectIR Systems Closes Seed Round of Funding
Company Focused on Portable Drug Testing Secures Funding
FRISCO, Texas, November 26, 2019 (Newswire.com) - InspectIR Systems, LLC, the Frisco, TX startup and creator of the first truly qualitative and quantitative narcotics breathalyzer, has today announced the closing of seed round funding.
Founded in late 2017, InspectIR utilizes patent-pending technology to analyze the user’s breath and deliver quantitative results in less than 90 seconds. The technology will disrupt the drug testing industries and bring accountability to multiple agencies.
InspectIR Systems, strategically aligned with the University of North Texas, will begin clinical testing, validation and initial client installation before the end of the 2019 calendar year. “We are very proud of our team and partners at UNT. A little over 22 months ago we identified a need and immediately went to work on our solution. To take a med-tech device from idea to production in this timeframe is extremely impressive. We are excited to close our initial round of funding and continue to exceed expectations,” said CEO Tim Wing.
The legalization of marijuana in select states, paired with the increased popularity of CBD products, has created a trying time for current drug testing procedures.
“We’re really excited about what the next 18 - 24 months holds for InspectIR,” John Redmond, COO stated. “The challenges of ending prohibition on marijuana is leading to unforeseen consequences, like the establishment of intoxication levels, which today can neither be monitored or measured accurately without invasive testing modalities. There is a rush to look for THC, but with the CBD 'gold rush' there is significant issue with false positives and non-conclusive tests when attempting to report on THC and CBD. Our technical solution and processes will differentiate between the two, which is a really big deal,” Redmond continued.
The InspectIR device, unlike any currently in production, is not limited to cannabis, THC and CBD measurement. Instead, the company is focused on much broader narcotic detection. “what will really separate us from any potential competition in the market is the ability to look for opioids and other drugs in the system.”
“We will disrupt the narcotic testing industry by bringing a level of speed, clarity and accountability missing to date. The drug testing market has been solely based on urinalysis and blood draws for decades. The InspectIR breathalyzer will deliver qualitative and quantitative results in greater detail than urinalysis, comparable to blood testing results, in seconds. This device will allow for a new, real-time level of accountability,” Wing said.
InspectIR Systems will remain in Frisco, Texas as it continues to expand its team size, laboratory and R&D efforts.
About InspectIR Systems, LLC: InspectIR Systems, LLC (IR) is a research, development and device company focused on non-invasive portable detection tools to identify recent opioid, cannabis and/or narcotics usage.
Source: InspectIR Systems, LLC
Categories: Emerging Businesses