I believe Senomyx was one of the companies mentioned in whatever I read (it’s been a few years). Here are some documents they filed with the SEC describing their process and some of their clients, including Coca-Cola, who hired them “for the development and discovery of specified new flavors and flavor enhancers”.
There was apparently some flak because their technology used a human embryonic stem cell line in the flavor development process.
I’m not sure the link below will mention the qualification for “natural flavor” labeling, but I recall that flavors derived from yeast fermentation - even if the yeast are genetically engineered to produce specific compounds - qualify because fermentation is a “natural” process.
https://www.sec.gov/Archives/edgar/vprr/0806/08061155.pdf