Through shutdowns and social distancing, 2020 saw some of Richmond’s startups secure significant funding commitments.
And perhaps it’s no surprise, given the way one story dominated the headlines, that each of this year’s most impressive funding stories has a connection to the health industry.
From supporting the treatment of Covid-19 patients to providing the packaging to transport medical materials, here’s a look at some of the startups posting big money numbers this year.
With $354M federal contract and $15M raise, Phlow sees fruitful first year
Phlow Corp. had a year most startups can only dream of. Founded in early 2020 by Frank Gupton and Eric Edwards, the Richmond-based pharmaceutical manufacturing company produces essential generic drugs at low cost to strengthen the U.S. supply.
The company received a $354 million federal contract in May, a pretty clear indication of just how much the U.S. government believes in its mission. The total contract is valued up to $812 million.
An Inno Blazer winner, Phlow manufactures ingredients for more than a dozen medicines used to treat patients with Covid-19 illnesses. According to a news release, the federal funding enabled Phlow to provide 1.6 million doses of five medicines to the U.S. Strategic National Stockpile.
And there’s more. Phlow finished the year strong, closing on a $15 million raise in November, according to a Securities and Exchange Commission (SEC) filing.
Closing $31.5M raise, TemperPack accelerates manufacturing to meet Covid-driven demand
With Covid-19 prompting consumers to shift to online grocery shopping and meal-kit delivery services, recyclable packaging is having a moment. That was good news for Richmond-based TemperPack, a startup that makes an insulation product called ClimaCell.
Also good news for TemperPack: a $31.5 million Series C raise that closed at the end of July, bringing its total funding since 2015 to more than $80 million.
The founders told Richmond Inno they plan to double manufacturing capacity to meet rising demand — and not just from companies like HelloFresh. ClimaCell has also gained traction as a way to package temperature-sensitive medical materials, attracting companies like Illumina, New England BioLabs and UPS Healthcare.
With an eye on reaching clinical stage, ReAlta Life Sciences closes $14M round
Norfolk-based ReAlta Life Sciences closed on a $14 million Series A2 funding round in April, giving the two-year-old biotech company additional momentum to move its therapeutics toward the clinical stage. The funding was provided by Children’s Research Holdings and Marathon Pharma, as well as other undisclosed sources. It brings ReAlta’s total Series A financing to $26 million
With the new money, ReAlta planned to advance its lead program, RLS-0071, a treatment for hypoxic ischemic encephalopathy (HIE), a severe birth complication. There may also be some application to treating acute lung injury suffered by Covid-19 patients. ReAlta announced in July that it received U.S. Food and Drug Administration clearance to begin early medical trials.
GPB Scientific brings in $40M+ to advance cell processing technology
GPB Scientific had an exceptional spring. The biomedical company, with offices in Richmond and Vista, California, reported raising $15.5 million in new equity in March, according to an SEC filing. Then in April, GPB announced $25.5 million in funding through a commitment led by Vensana Capital and Amgen Ventures.
GPB stands for “Get People Better,” and the biomedical company pursues that goal by developing therapeutic cell production and bioprocessing technologies.
With the influx of funding, GPB will be able to advance and commercialize its Curate Cell Processing System, a technology that enhances the manufacturing of cell and gene therapy, CEO Mike Grisham said in a statement.