Philly restaurant analytics startup ClearCOGS raises $3.8M — thanks to its Chicago presence
Two Philly-area companies continue to raise money to support their AI-enabled platforms, but one founder says it's been difficult getting support from his home region.
Healthtech company Proscia raised a whopping $50 million to support its continued growth from investors like Insight Partners, AI Capital Partners and Triangle Peak Partners. Data analytics company ClearCOGS raised $3.8 million in seed funding, and Philly founder Matt Wampler said seeking funding from firms outside the region brought more success.
Funding flowed from the state this month, too. The Department of Community and Economic Development distributed grants to university research projects that support local manufacturing.
Get all the details on the latest money moves below the chart, where we look at the top 10 companies hiring for tech jobs in the Philadelphia market and how that's changed since the previous month.
ClearCOGS raises $3.8M, struggles with local investors
ClearCOGS, an AI-based data analytics platform for restaurants, raised a $3.8 million seed round. The funding will support product development and help the company gain new customers.
'We can expand the reach of the number of restaurants we're able to serve,' Matt Wampler, cofounder and CEO of ClearCOGS, told Technical.ly. 'As well as broaden the scope of the questions we can answer and the ways that we can deliver them.'
The fundraising process drew attention to some drawbacks with Philly's startup ecosystem.
Despite being heavily involved in the Philly startup community, Wampler has found it difficult to raise money from local investors. None of the company's investors so far have been from the region, he said.
Instead, Chicago's ecosystem, where cofounder Osa Osarenkhoe is based, has turned out to be a lot more supportive. Most of its 12-person team is split between the two regions.
'I've had the debate of whether I should move to Chicago,' Wampler said. 'But I really like the [Philly] region. I like the people here, I like the founders here. I don't want to give that up.'
ClearCOGS raised some money in the past, but this was its first big equity round, according to Wampler. Closed Loop Partners Venture Group led the round and Myriad Venture Partners and Level Up Ventures also contributed.
Proscia promises more Philly jobs with its $50M raise
Digital health company Proscia recently raised $50 million, which will support further adoption of its digital pathology platform Concentriq, increased use of AI and a local hiring push.
Concentriq already offers a slate of AI features, and the funding will continue to support more AI applications and foundational models on the platform. The company also plans to introduce automation on Concentriq, CEO David West told Technical.ly.
'The number of new cancer cases is rising, while the pathologist population is shrinking,' West said. 'Ensuring that pathologists can work faster and smarter is critical to patient care, and AI can play a pivotal role in making that possible.'
The Center City-based company is also in the midst of a hiring push in all departments, with plans to add about 30 employees to its 100-person team, he said.
The company saw a lot of growth in 2024, more than doubling its business by the end of the year, West said. The funding will help the company expand its reach even more to life sciences orgs and labs
Proscia previously raised a $37 million Series C and a $23 million Series B. This latest round puts the company at $130 million raised at a $152 million valuation, according to PitchBook.
'We are now better positioned than ever to seize the opportunity ahead,' West said. 'And drive a new era of pathology and precision medicine.
DCED invests millions to boost manufacturing
Pennsylvania's Department of Community and Economic Development (DCED) is giving $2.8 million in grants to student research projects across the commonwealth as part of the Manufacturing PA Innovation program, including Philly-based universities.
Projects from Drexel University, Temple University, Thomas Jefferson University and Villanova University were selected for grant funding and will be part of a fellowship program that connects them with local manufacturers.
The projects address challenges in sectors that range from AI to semiconductor manufacturing to 3D printing.
'Pennsylvania is home to some of the finest research institutions in the country, and I know the work of the students and projects funded here today will help us continue to be a national leader in manufacturing and innovation,' said DCED Secretary Rick Siger.
More Money Moves:
Malvern-based pharmaceutical company Endo announced it will merge with Dublin-based pharma company Mallinckrodt. Endo shareholders will receive $80 million total in cash and will own 49.9% of the combined company. Mallinckrodt shareholders will own 50.1% of the combined company.
Mayor Cherelle Parker allocated $67 million to open and run a new police forensics lab in University City. The lab will be at University Place 3.0, which has been missing an anchor tenant since completion in 2023, according to the Philadelphia Business Journal.
Paratek Pharmaceuticals acquired Yardley-based pharma company Optinose in a $330 million deal.
Akuvo, a Malvern-based software company, raised $2.9 million, according to an SEC filing.
Water treatment manufacturer ResinTech is planning to expand its headquarters and manufacturing facility in Camden, New Jersey, with a $10 million project.
Phin Security, a Wilmington-based company that provides security awareness training, raised a seed round with funding from Squadra Ventures, Mantis, Inner Loop Capital, Mercato Partners and others. The startup declined to share the amount raised.
Sarah Huffman is a 2022-2024 corps member for Report for America, an initiative of The Groundtruth Project that pairs young journalists with local newsrooms. This position is supported by the Lenfest Institute for Journalism.
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