Fundraising Fox

Phase Change Software

Lakewood, US · Colorado LLC

Phase Change Software develops a knowledge graph platform using symbolic AI to analyze enterprise software assets and decode business logic embedded in legacy code systems like COBOL. The platform serves enterprises in regulated industries that manage complex software systems, offering verified facts rather than probabilistic outputs.

AI & Machine LearningDeveloper ToolsEnterprise Software

Founders & leadership

SB
Steve BucuvalasinFounder
ER
ELIZABETH RICHARDSinExecutive
DM
Dave MuirheadExecutive
AS
Alan StraitExecutive
GB
Gary BrachinCEO

Board

MB
Mark BielerBoard director
JD
JEFFREY DIGGINSBoard director
DP
Donald PeskinBoard director
HC
Howard CulangBoard director
MY
Melvin YellinBoard director

Reported raises · per SEC filings

Form D private placements

$39.1M disclosed across 20 rounds · 2011–2026

▶$9.2KraisedJan 2026 · 3 investors · Other Technology
Rule 506(b)
Officers, directors & promoters on the filing
  • JEFFREY DIGGINSDirector
  • DONALD PESKINDirector
  • GARY BRACHExecutive Officer, Director
  • MARK BIELERDirector
  • ELIZABETH RICHARDSExecutive Officer
  • BRADFORD CLEAVENGERExecutive Officer
  • HOWARD CULANGDirector
  • ALAN KUCHECKExecutive Officer
Offering amount
$5M
Amount sold
$9.2K
Proceeds to insiders
$800K
First sale
Jan 2026
Incorporated
Limited Liability Company, Colorado
Federal exemptions
06b
Full filing on SEC EDGAR ↗
▶$1.1MraisedJan 2025 · 5 investors · Other Technology
Rule 506(b)
Officers, directors & promoters on the filing
  • MARK BIELERDirector
  • JEFFREY DIGGINSDirector
  • GARY BRACHExecutive Officer, Director
  • HOWARD CULANGDirector
  • ELIZABETH RICHARDSExecutive Officer
  • DONALD PESKINDirector
Offering amount
$8M
Amount sold
$1.1M
Proceeds to insiders
$606.5K
First sale
Jan 2025
Incorporated
Limited Liability Company, Colorado
Federal exemptions
06b
Full filing on SEC EDGAR ↗
▶$4.8MraisedJan 2025 · 12 investors · Other Technology
Rule 506(b)
Officers, directors & promoters on the filing
  • ELIZABETH RICHARDSExecutive Officer
  • MARK BIELERDirector
  • GARY BRACHExecutive Officer, Director
  • HOWARD CULANGDirector
  • DONALD PESKINDirector
  • JEFFREY DIGGINSDirector
Offering amount
$8.7M
Amount sold
$4.8M
First sale
Dec 2024
Incorporated
Limited Liability Company, Colorado
Federal exemptions
06b
Full filing on SEC EDGAR ↗
▶$5MraisedNov 2024 · 27 investors · Other Technology
Rule 506(b)
Officers, directors & promoters on the filing
  • MARK BIELERDirector
  • ELIZABETH RICHARDSExecutive Officer
  • JEFFREY DIGGINSDirector
  • DONALD PESKINDirector
  • HOWARD CULANGDirector
  • GARY BRACHExecutive Officer, Director
Offering amount
$12.5M
Amount sold
$5M
Proceeds to insiders
$907.7K
First sale
Dec 2023
Incorporated
Limited Liability Company, Colorado
Federal exemptions
06b
Full filing on SEC EDGAR ↗
▶$7.9MraisedApr 2023 · 35 investors · Other Technology
Rule 506(b)
Officers, directors & promoters on the filing
  • Gary BrachExecutive Officer, Director
  • Howard CulangDirector
  • Mark BielerDirector
  • Elizabeth RichardsExecutive Officer
  • Donald PeskinDirector
  • Melvin YellinDirector
Offering amount
$12.6M
Amount sold
$7.9M
Proceeds to insiders
$962K
First sale
Oct 2021
Incorporated
Limited Liability Company, Colorado
Federal exemptions
06b
Full filing on SEC EDGAR ↗
▶$6.2MraisedMar 2021 · 46 investors · Other Technology
Rule 506(b)
Officers, directors & promoters on the filing
  • Donald PeskinDirector
  • Howard CulangDirector
  • Gary BrachExecutive Officer, Director
  • Melvin YellinDirector
  • Stephen BrothersExecutive Officer
  • Mark BielerDirector
  • Steven P.C. BucuvalasDirector
Offering amount
$7.5M
Amount sold
$6.2M
Sales commissions
$25K
Proceeds to insiders
$460K
Placement agents
Castle Placement, LLC
First sale
Jul 2020
Incorporated
Limited Liability Company, Colorado
Federal exemptions
06b
Full filing on SEC EDGAR ↗
▶$300KraisedMay 2020 · 4 investors · Other Technology
Rule 506(c)
Officers, directors & promoters on the filing
  • Mark BielerDirector
  • Donald PeskinDirector
  • Steven P.C. BucuvalasExecutive Officer, Director
  • Howard CulangDirector
  • Gary BrachExecutive Officer, Director
  • Stephen BrothersExecutive Officer
  • Melvin YellinDirector
Offering amount
$4M
Amount sold
$300K
Sales commissions
$160K
Proceeds to insiders
$325K
Placement agents
Castle Placement, LLC
First sale
Apr 2020
Incorporated
Limited Liability Company, Colorado
Federal exemptions
06c
Full filing on SEC EDGAR ↗
▶$100KraisedDec 2019 · 1 investors · Other Technology
Rule 506(c)
Officers, directors & promoters on the filing
  • Stephen BrothersExecutive Officer
  • Donald PeskinDirector
  • Mark BielerDirector
  • Gary BrachExecutive Officer, Director
  • Howard CulangDirector
  • Steven P.C. BucuvalasExecutive Officer, Director
  • Melvin YellinDirector
Offering amount
$2.7M
Amount sold
$100K
Sales commissions
$84.5K
Placement agents
Castle Placement, LLC
First sale
Dec 2019
Incorporated
Limited Liability Company, Colorado
Federal exemptions
06c
Full filing on SEC EDGAR ↗

Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.

Competitors · 5

by search overlap
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Startuphub6 shared keywordsStartupHub.ai is an open data and intelligence directory covering AI-ecosystem companies, founders, and capital, accessible to both people and AI agents. It offers a free browsable database of AI startups, with paid tiers for API, MCP, and bulk-export access.
Ask Claude5 shared keywordsClaude is Anthropic's conversational AI assistant, available at claude.ai on web, desktop and mobile plus a developer API.
Netezza4 shared keywordsIBM is a global technology company whose business spans enterprise software (including Red Hat, HashiCorp, and Confluent), IT infrastructure such as mainframes, servers, and storage, and IT consulting services. The company is also investing heavily in quantum computing and AI-based enterprise offerings, including its Lightwell open-source software security clearinghouse and the Anderon quantum wafer foundry.

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In the news

Phase Change Software has filed a notice of an exempt offering of securities to raise $5,040,000.00 in New Funding. - intelligence360intelligence360.news · Jan 2026

Frequently asked questions

What does Phase Change Software do?
Phase Change Software develops a knowledge graph platform using symbolic AI to analyze enterprise software assets and decode business logic embedded in legacy code systems like COBOL. The platform serves enterprises in regulated industries that manage complex software systems, offering verified facts rather than probabilistic outputs.
Who founded Phase Change Software?
Phase Change Software was founded by Steve Bucuvalas.
How much funding has Phase Change Software raised?
Phase Change Software has disclosed $39.1M raised across 20 rounds.
Where is Phase Change Software headquartered?
Phase Change Software is headquartered in Lakewood, US.