- Phlow has raised $37 million in Series C funding to expand its U.S.-based CDMO operations and manufacturing technologies.
- The company has now raised over $93 million in private capital and been awarded more than $600 million in government contracts.
Phlow Corp., a U.S.-based pharmaceutical contract development and manufacturing organization (CDMO), has announced the close of its Series C funding round, securing $37 million at an increased valuation. The funding round was led by Align Private Capital LLC, a woman-owned investment firm, with support from both new and existing investors.
The raised capital will be used to expand Phlow’s U.S. development, manufacturing, and digital capabilities. Key priorities include the scale-up of AI-driven technologies and advanced manufacturing systems to improve efficiency in the production of Key Starting Materials (KSMs) and Active Pharmaceutical Ingredients (APIs), strengthening domestic pharmaceutical supply chains.
“Raising funds in today’s capital market environment remains very challenging. This investment demonstrates the confidence that both new and existing investors have in our vision,” said Dave Ryan, Chief Financial Officer of Phlow.
The funding coincides with key milestones achieved in 2025, including the launch of two U.S.-based cGMP facilities for API production and a partnership with the Joint Program Executive Office for Chemical, Biological, Radiological, and Nuclear Defense. Phlow has also shipped over 1.6 million vials of essential medicines to children’s hospitals through its Children’s Hospital Coalition initiative to combat drug shortages.
