Money moves

Bumble Fund makes investment and partnership deals with AI-driven startup platform with Houston ties

Alice founders, Elizabeth Gore (left) and Carolyn Rodz, will talk more about the partnership at Bumble's SXSW event, which the duo attended last year. Getty Images

Rather than just imagining a world where investments made are representative of the diverse population, these two tech companies with Texas roots are teaming up to do something about it.

Austin-based Bumble, a social network with over 50 million users, has reached a deal with Alice, an artificial intelligence-powered platform for entrepreneurs founded by Houstonian Carolyn Rodz and Californian Elizabeth Gore, to use the platform for Bumble's next round of funding.

Additionally — but actually separate from the partnership — Bumble Fund, an early stage corporate investing vehicle focused on businesses founded and led by underrepresented women founders, has invested in Alice in its most recent round of funding.

"We are looking to invest in entrepreneurs whose company purpose solves a problem that disproportionately affects women," says Sarah Jones Simmer, COO at Bumble, in a release. "While we can't fund every promising business and entrepreneur, we strongly believe these companies and founders deserve access to grow, evolve, and thrive. Through community, access to experts, how-to guides, and more, Bumble and Alice are committed to helping women founders find the support and resources they need on their path to success."

The next cohort of fund recipients of the Bumble Fund will be applying through Alice's website, which provides education, support, mentorship and guidance to burgeoning startup founders. Even if applicants don't get funding from Bumble, they leave with a network of resources.

The partnership with Alice will allow Bumble to better connect the dots of its fund recipients using data and AI, and even help to eliminate any bias when it comes to selecting the recipients. The fund is open to all United States entrepreneurs who identify as women. It launched in summer of last year and cuts checks ranging from $5,000 to $250,000, with an average of $25,000.

"For the last several years, only 2 percent of venture capital went to women founders. At Alice and Bumble, we see that as a 98 percent opportunity," says Rodz in the release. "The Bumble Fund, powered by Alice, is that opportunity in action; together, we're going to rewrite the rules of venture capital to be more accessible, more transparent and more supportive for women founders."

Here are all four of Bumble Fund's second round of recipients, according to the release.

  • Alice - founded by Carolyn Rodz and Elizabeth Gore: an AI-powered technology helping entrepreneurs find the right path to start and grow their companies.
  • Gixo - founded by Selina Tobaccowala: a fitness company founded to improve global health and activity rates by democratizing access to live workouts with professional trainers.
  • Translator - founded by Natalie Egan: the world's most advanced diversity & inclusion training system for corporations, schools and nonprofits.
  • Promise - founded by Phaedra Ellis-Lamkins: a technology company that creates cost-effective, equitable, and humane alternatives to incarceration with a mission to get people out of jail and provide ongoing support to help them stay out.

Bumble's first round of investments were in Beautycon, Cleo Capital, Female Founders Fund, Mahmee, and Sofia Los Angeles, a winner of the inaugural Bumble Bizz Pitch Competition.

Money moves, big deals, and more lead this roundup of innovation news. Pexels

Hitting headlines this month are innovation news stories from battling the opioid crisis and funding to TMCx companies and Houston as a whole earning recognition.

In this innovation news roundup, two Houston startups pocket some cash, Chevron links up with Plug and Play, and more.

BreviTest receives grant to combat opioid crisis

BreviTest Technologies

Houston-based BreviTest can rapidly and accurately test for opioid use. Photo via brevitest.com

National Institute on Drug Abuse of the National Institutes of Health — through a Small Business Innovation Research Phase II grant — has granted $1.5 million to Houston-based BreviTest Technologies to take its opioid testing technology to the next level. With 47,600 opioid overdose deaths reported in 2017 in the United States, the startup's analyzer has a lot of potential to aid in the crisis.

"Because of the delay in receiving laboratory results, many physicians use urine drug testing sparingly. The BreviTest analyzer will allow any doctor to measure opioid urine levels in-office, which will help them identify individuals who are misusing the drugs," says BreviTest's Michael J. Heffernan, Ph.D., principal investigator on the project, in a news release.

BreviTest is a Fannin Innovation Studio company. The early-stage biomedical commercialization firm that's based in Houston is proud to see the startup's success and the difference the technology is making.

"Our BreviTest team is excited to receive this support from NIDA to advance our point-of-care diagnostics technology into the clinic," said Fannin executive chairman, Leo Linbeck III, in the release. "Putting a convenient, accurate opioid test in the hands of physicians will be an important step in combating the opioid overdose epidemic facing our country."

Houston's Plug and Play operation names Chevron as founding partner

Chevron has linked up with Plug and Play in Houston. Courtesy of CTV

Plug and Play Tech Center, which just announced the participating companies in its inaugural energy and sustainability cohort in Houston, has named Chevron as a founding partner.

"We are incredibly excited to announce Chevron as a Founding Partner of Plug and Play in Houston," says Wade Bitaraf, founder of Plug and Play's Energy & Sustainability program, in a news release. "Their commitment to invest in digital transformation and reduce the environmental impact of the industry is directly aligned with our Energy & Sustainability program in Houston, Silicon Valley, and around the world."

Barbara Burger, president of Chevron Technology Ventures, the company's venture and innovation arm, is responsible for identifying pathways to innovation for the company.

"Chevron is a proud supporter of the Houston innovation community, and our support of Plug and Play's Energy & Sustainability platform demonstrates our commitment to growing the Houston innovation ecosystem," Burger says in the release. "Innovation will play a critical role in the future of energy, and our partnership with Plug and Play reinforces our commitment to invest in breakthrough technologies to enable the ongoing energy transition."

Houston recognized as a top 10 city for female founder success

According to Inc. 5000, Houston's great for female founders. Getty Images

Texas cities are great for fostering female founder success, according to a new ranking from Inc. 5000. Houston ranked at No. 10 of the top 10 list that factored in the women-led businesses among the magazine's 5,000 fastest-growing private U.S. companies.

"The Houston metropolitan area is home to 15 women-owned Inc. 5000 companies, including online marketing startup Decode Digital Marketing (No. 973) and health care staffing firm Restore Rehab Services (No. 2,645)," reads the ranking. "Together the 15 firms grew their collective revenue 142 percent between 2015 and 2018."

Dallas and Austin both appeared on the ranking, at No. 4 and No. 6, respectively.

Alice closes series A of funding

Alice founders, Elizabeth Gore (left) and Carolyn Rodz, closed their series A of funding. Getty Images

Though the company did not disclose an amount raised, Alice, an artificial intelligence-powered platform for business advice, closed a series A funding round led by SVB Financial Group, the parent company to Silicon Valley Bank.

Per a news release, the company will use the funding to "build its predictive technology, using data analytics to guide each entrepreneur through every stage of their business."

Alice, which has operations in Houston and San Francisco, reached a deal with Austin-based Bumble for funding earlier this year.

TMCx companies win big

TMCx

Three TMCx alumni companies earned some recognition at the UCSF Digital Health Awards last month. Courtesy of TMCx

Three health tech companies coming out of the Texas Medical Center's accelerator program have won big at the UCSF Digital Health Awards last month.

  • Sana Health, member of TMCx07 in 2018, won in the best behavioral health digital therapeutic category for its light-based neuromodulation pain treatment technology.
  • Meru Health, member of TMCx08 in 2019, won in the best mental health digital health therapeutic category for its mental health platform.
  • Luma Health, member of TMCx08 in 2019, won in the best EHR-integrated platform for patient engagement category for its patient communication technology.