Led · Series C · Jul 2025

Phlow is a U.S. CDMO that develops and manufactures small‑molecule active pharmaceutical ingredients (APIs) and essential medicines, with an emphasis on technology‑driven innovations such as AI and next‑generation manufacturing. The company is expanding U.S. development, manufacturing, and digital infrastructure to improve cost efficiency and environmental sustainability. Phlow has launched two cGMP manufacturing facilities and partnered with the Joint Program Executive Office for Chemical, Biological, Radiological, and Nuclear Defense to develop medical countermeasure drug products. It has shipped over 1.6 million vials of essential medicines to children’s hospitals nationwide to address pediatric drug shortages. Financially, Phlow has secured over $600 million in government contracts and previously raised more than $93 million in private capital. The company plans to use the new funding to continue scaling domestic manufacturing capabilities and advance its tech‑enabled CDMO services. Phlow Corp. is a U.S.-based public benefit corporation and contract development and manufacturing organization (CDMO) focused on re-imagining domestic production of key starting materials (KSM), active pharmaceutical ingredients (API), and finished pharmaceutical products. Its core offering includes customized CDMO services under a commercial program called cdmoX, plus automated API cGMP capacities from kilo to metric ton scales. Since launching in 2020, Phlow has established an R&D laboratory co-located with the U.S. Pharmacopeia at the Advanced Pharmaceutical Development Center in Richmond, VA, and built new manufacturing facilities in Petersburg, VA. The company deploys flow chemistry, continuous manufacturing, and other advanced processes to accelerate regulatory approvals, improve yields, and reduce environmental impact. Phlow partners with children’s hospitals, private industry, and the U.S. government to increase access to affordable, high-quality essential medicines. Financially, the company recently closed a $36 million Series B to fund expansion of its commercial offerings and manufacturing footprint. Phlow leverages continuous-flow technology and green chemistry to manufacture APIs and finished pharmaceutical products with the aim of improving quality, yield, and environmental outcomes versus batch manufacturing. The company is building an end-to-end, U.S.-based supply chain solution for essential medicines and has operational partnerships with Virginia Commonwealth University’s Medicines for All Institute, AMPAC Fine Chemicals, and Civica Rx. Planned uses of new capital include building a commercial business team, establishing commercial data and analytics platforms, and advancing commercial R&D of APIs and finished products. Phlow is operationalizing the United States' first Strategic Active Pharmaceutical Ingredients Reserve (SAPIR) to support domestic drug manufacturing. The company has an existing BARDA contract announced in May 2020 with total potential value up to $812 million (a four-year base award of $354 million plus $458 million in potential options). In its first contract year Phlow reports having delivered millions of doses of essential medicines as part of U.S.-based surge capacity and COVID-19 response efforts.

Led · Series D · Jun 2025

Clearspeed develops proprietary voice analytics that identify potential risk in speech using vocal characteristics universal to humans, enabling faster decisions in high‑stakes environments. The technology was initially developed for the U.S. Department of Defense and is now used commercially by insurers, financial institutions, and government agencies. Clearspeed supports over 60 languages and is deployed in 37 countries, and the company has won more than 25 industry awards. In insurance use cases the company reports more than 30x ROI, halving claims handling time and increasing immediate payments to customers by 40%. Government customers have seen a 95% reduction in vetting cycle time and a 65% drop in investigation costs. Clearspeed says it will double down on government, defense, insurance, and banking markets, expand globally, invest in teams, and accelerate product innovation. Clearspeed develops voice analytics technology that assesses security and fraud risk with high precision and accuracy. Its platform fast-tracks low-risk transactions and alerts when additional review is needed, enabling straight-through processing at scale. The company says its technology enhances existing security and fraud processes while improving customer experience and reducing costs. Clearspeed plans rapid commercial expansion, an expanded product suite, and continued development of its technology roadmap to serve the security and financial services markets. Founded in 2016 and based in San Diego, the company has raised $50 million in total funding to date. New board and investor additions are intended to support its commercial and product growth.