The holding company known for its predilection towards psychedelics, Orthogonal Thinker, Inc.
has closed on a total of $6 million in a series of oversubscribed seed rounds, which included investments from lead investors such as Republic Labs
and Pay It Forward
, along with other notable investors.
David Nikzad, Founder, Orthogonal Thinker said, The core focus of this fundraise is devoted to our wholly-owned subsidiary, EI. Ventures, and establishing its foundations as a leading player in the emerging psychedelic market. This is just the start of what’s to come for the market and EI. The next steps for EI will be devoted to our GMP and lab efforts.”
Orthogonal said that intends to use the proceeds for Ei.Ventures. The company said in a statement that a large portion of the funds will be used to purchase a vertically integrated clinical lab and facility, which will be home to future clinical trials and compound formulations. Funding will also be used to begin Phase 1 Clinical Trials for Psilly, the company’s flagship, psychedelic product, which emphasizes the utilization of clean and natural formulas from whole plants versus biosynthetic methods as traditionally seen in the industry. The company recently filed a patent
application for Psilly.
“Our investment into Orthogonal Thinker signals our conviction in the team and company. We admire what David Nikzad has built and believe in the company’s potential to become the leading brand in mental health and wellness,” said Christian Sullivan, Co-Founder of Republic Labs.
Orthogonal was launched in 2016 and the portfolio contains a variety of industries, including travel, food and beverage, and more. The brands Ei.Ventures and PsillyLife aim to foster mainstream acceptance for medical and legal adult-use psychedelics, encourage education in and democratization of the space, and modernize industry approach to the psychedelic space by focusing on effective and natural formulations.
“We have assembled a team of renowned scientists, policy leaders, legal experts, and business leaders to help with existing patents and further patenting our formulations. In the coming years, we believe that we will witness a worldwide paradigm shift regarding psilocybin and other psychoactive compounds, which will generate a multibillion-dollar industry. We will be at the forefront of the movement,” said Co-Founder and CEO, Jason Hobson.