I know that's what they said, but that just doesn't make sense to me. If they had developed some sort of new insulation that could surpass what is currently available on the market they have defeated an industry and could be making billions with it. If it was developed by one of the major innovators in this space, it would not be offered first and exclusively to a marijuana vaporizer company, it would go right into military, aerospace and industrial use long before it made it into consumer products.
Right now the major hot word in thermal insulation is "aerogel" and that's where all of the innovation is being focused on right now. Aerogel has insane thermal characteristics that would be ideal for a small vaporizer like this, as it can create an essentially heat impermeable layer in a very small space. It was originally developed by NASA to protect the Space Shuttle from the incredible amount of heat generated during craft re-entry. This video demonstrates it well, as people handle red hot blocks of aerogel with their bare hands. Though the internal temperature is several thousands of degrees, the outer layer of aerogel cools quickly and the extremely low thermal transmission rate prevents stored heat from being radiated too fast.
The only problem is that this stuff is expensive and it is fragile. A coin sized piece of aerogel (>3cm diameter by 0.7mm thick) costs 35$USD and the Airloys (alloys of aerogel and plastic that can be machine formed) are close to 90$. This is a big industry material, not something you see on a 100$ commercial device.