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Phase Change Software LLC

Phase Change Software builds COBOL Colleague, a symbolic AI platform that maps legacy COBOL code into verified business knowledge for enterprises.

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Updated Nov 6, 2026·Latest SEC filing Nov 3, 2026·Suggest an edit

About Phase Change Software

Phase Change Software makes COBOL Colleague, a knowledge graph platform built on symbolic AI that decodes legacy COBOL applications for enterprise IT teams. The software maps COBOL code into business functions that engineers can search and verify.

Phase Change Software is based in Lakewood, Colorado. Steve Bucuvalas founded the company, which is now led by chief executive officer Gary Brach. COBOL Colleague has analyzed more than six million lines of code and cuts onboarding time by 60 percent.

Funding Rounds (SEC Form D)

First saleFiled with SECAmount soldInvestorsAvg. checkTermsFiling
Jan 2, 2026Jan 9, 2026amended Nov 3, 2026$5,996,357of $10.0M target22$272KEquity, Options, Securities on exerciseRule 506(b)Form D/A ↗1 earlier filing
Jan 15, 2025Jan 28, 2025$1,062,531of $8.0M target5$212KEquity, Options, Securities on exerciseRule 506(b)Form D ↗
Dec 31, 2024Jan 10, 2025$4,797,674of $8.6M target12$399KEquityRule 506(b)Form D ↗
Dec 7, 2023Dec 20, 2023amended Nov 6, 2024$5,000,413of $12.5M target27$185KEquityRule 506(b)Form D/A ↗2 earlier filings
Oct 18, 2021Oct 21, 2021amended Apr 6, 2023$7,863,831of $12.6M target35$224KEquityRule 506(b)Form D/A ↗2 earlier filings
Jul 8, 2020Jul 22, 2020amended Mar 29, 2021$6,150,000of $7.5M target46$133KEquity, Revenue participation rightRule 506(b)Form D/A ↗2 earlier filings
Apr 21, 2020May 4, 2020$300,000of $4.0M target4$75,000Debt, Securities on exerciseRule 506(c)Form D ↗
Dec 3, 2019Dec 16, 2019$100,000of $2.7M target1$100KDebt, Securities on exerciseRule 506(c)Form D ↗
Sep 9, 2019Sep 24, 2019amended Dec 11, 2019$1,288,801of $10.0M target17$75,812Equity, Debt, Securities on exerciseRule 506(b)Form D/A ↗1 earlier filing
Mar 15, 2019Mar 29, 2019amended Dec 11, 2019$2,499,297of $2.5M target48$52,069EquityRule 506(b)Form D/A ↗1 earlier filing
Jun 18, 2018Jun 28, 2018$324,324of $3.5M target5$64,865Debt, Securities on exerciseRule 506(b)Form D ↗
Aug 31, 2017Sep 22, 2017$102,555fully sold1$102KEquityRule 506(b)Form D ↗
May 25, 2017Jun 1, 2017amended Mar 8, 2018$3,101,115of $7.5M target23$134KEquityRule 506(b)Form D/A ↗1 earlier filing
Mar 24, 2017Apr 10, 2017$622,515fully sold2$311KEquityRule 506(b)Form D ↗
Sep 28, 2016Nov 22, 2016$75,037fully sold3$25,012Equity, Options, Securities on exerciseRule 506(b)Form D ↗
Jun 17, 2016Jun 23, 2016$43,750of $2.0M target3$14,583EquityRule 506(b)Form D ↗
Jul 30, 2015Aug 12, 2015amended Apr 13, 2016$1,782,978of $2.0M target12$148KEquityRule 506(b)Form D/A ↗2 earlier filings
Oct 28, 2014Nov 12, 2014$2,380,000of $3.0M target11$216KDebt, Options, Securities on exerciseRule 506(b)Form D ↗
Dec 19, 2013Jan 23, 2014amended May 6, 2014$1,104,995of $3.0M target15$73,666EquityRule 506(b)Form D/A ↗2 earlier filings
Jun 26, 2012Oct 17, 2012$637,320of $5.0M target10$63,732Equity06Form D ↗
Dec 10, 2011Dec 22, 2011amended Jan 3, 2012$500,001fully sold16$31,250Equity06Form D/A ↗1 earlier filing
Jun 30, 2010Aug 17, 2010amended Dec 22, 2010$2,324,445of $3.0M target21$110KLLC Class A Membership Units06Form D/A ↗2 earlier filings
Mar 15, 2007Dec 21, 2009$1,225,000fully sold24$51,042LLC Membership Units ($25,000 per Unit)06Form D ↗
Total, 23 offerings$49,282,939

First sale is the date the first investor in the offering committed to invest. Companies must file Form D within 15 days of that date, so filing dates run later.

Why Investors Backed Phase Change Software

Phase Change Software sells COBOL Colleague, a knowledge graph platform that decodes legacy COBOL applications for enterprises. Phase Change Software's case is that symbolic AI gives verified, traceable answers instead of the guesses that statistical AI methods can produce. Gary Brach, the company's chief executive officer, leads the team behind the product. The company is based in Lakewood, Colorado.

The problem it targets

Phase Change Software's case is that 240 billion lines of COBOL still run global banking, insurance, and government systems, much of it undocumented. Statistical AI tools can guess at business rules and hallucinate answers, a risk in regulated industries. Enterprises need traceable, verified facts about their legacy code, delivered through FedRAMP-ready, SOC 2 compliant tools built for sensitive industries.

What the product does

COBOL Colleague covers development, testing, compliance, and modernization work, giving stakeholders knowledge about legacy systems. The product runs on patented cognitive-computing technology that turns COBOL into a searchable knowledge graph of verified business functions. Clients get an initial insight in under an hour, with full code coverage and around-the-clock support.

We wrote this summary from public statements by Phase Change Software and its investors. It is not investment advice.

Leadership Team

Executive officers and directors listed on Phase Change Software's Form D filed Nov 3, 2026.

JD
DP
MB
Mark Bieler
Director
GB
Gary Brach
CEO and director
LinkedIn ↗
ER
Elizabeth Richards
Executive officer
Howard Culang
BC
Bradford Cleavenger
Executive officer
AK
Alan Kucheck
Executive officer
LinkedIn ↗

Earlier filings also listed Melvin Yellin (director, last listed Apr 2023), Steven Bucuvalas (director, last listed Mar 2021), Stephen Brothers (executive officer, last listed Mar 2021), Albert Will (promoter, last listed Nov 2014), Dave Muirhead (executive officer, last listed Oct 2012), Alan Strait (chief operating officer, last listed Jan 2012) and Renee Wiens (secretary, last listed Dec 2010).

Sources

  1. SECPHASE CHANGE SOFTWARE LLC Form D, filed Jan 9, 2026
  2. SECPHASE CHANGE SOFTWARE LLC Form D/A, filed May 6, 2024
  3. SECPHASE CHANGE SOFTWARE LLC Form D, filed Dec 20, 2023
  4. SECPHASE CHANGE SOFTWARE LLC Form D/A, filed Oct 17, 2022
  5. SECPHASE CHANGE SOFTWARE LLC Form D, filed Oct 21, 2021
  6. SECPHASE CHANGE SOFTWARE LLC Form D/A, filed Feb 5, 2021
  7. SECPHASE CHANGE SOFTWARE LLC Form D, filed Jul 22, 2020
  8. SECPHASE CHANGE SOFTWARE LLC Form D, filed Sep 24, 2019
  9. SECPHASE CHANGE SOFTWARE LLC Form D, filed Mar 29, 2019
  10. SECPHASE CHANGE SOFTWARE LLC Form D, filed Jun 1, 2017
  11. SECPHASE CHANGE SOFTWARE LLC Form D/A, filed Mar 9, 2016
  12. SECPHASE CHANGE SOFTWARE LLC Form D, filed Aug 12, 2015
  13. SECPHASE CHANGE SOFTWARE LLC filing history
  14. CompanyAbout | Phase Change Software
  15. CompanyContact | Phase Change Software
  16. CompanyUse Cases | Phase Change Software
  17. CompanyPhase Change Software, LLC – Career Page