AI-Focused Pharmaceutical Company Secures $60 Million Growth Debt for Enhancing Commercialization through AI Technology
In a significant move for the pharmaceutical industry, Phil, a software-driven pharmaceutical commercialization platform, has secured $60 million in growth debt financing from K2 HealthVentures. This investment is set to propel Phil forward, enhancing its platform to improve patient access, affordability, and adherence to specialty medications.
The investment from K2 HealthVentures is based on their belief in Phil's potential to reimagine patient access and its exceptional growth trajectory. The company ended 2024 with more than 150% year-over-year net revenue growth, a testament to its success.
K2 HealthVentures initially invested in Phil in 2021, with Austin Sherwindt, General Partner at K2 HealthVentures, leading the way. Adam Krainson, Managing Director at Warburg Pincus, is also involved with Phil.
The funding will support customer expansion into new therapeutic areas and the acceleration of the integration of AI across Phil's platform. This investment is likely the final round of capital for Phil, marking a significant milestone in its growth journey.
Since its Series D round in 2021, Phil has achieved over 10 times prescription volume growth. Its platform is ideal for the growing "specialty-lite" and retail therapy markets, addressing the inefficiencies of traditional, call-center-based models.
Phil's platform results in up to 6x higher adherence, 33% better affordability, and operations at one-tenth the cost of traditional hubs. With these improvements, Phil has become cash flow positive.
Deepak Thomas, Founder and CEO of Phil, expressed his excitement about the investment, stating that it will support Phil's continued growth and scaling. The investment from K2 HealthVentures is excited for what the future holds for Phil.
Over the years, Phil has received financing rounds from institutions including Seventure Partners in 2016, Andera Partners in 2018, and Bpifrance in 2020. This latest investment underscores the confidence that the industry has in Phil's mission to revolutionize patient access to specialty medications.
In conclusion, the $60 million investment from K2 HealthVentures is a significant step forward for Phil. It will enable the company to further enhance its platform, expand into new therapeutic areas, and continue its mission to improve patient access, affordability, and adherence to specialty medications. The future looks bright for Phil and its stakeholders.
