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.

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Building Houston

 
 

From software and IoT to decarbonization and nanotech, here's what 10 energy tech startups you should look out for. Photo via Getty Images

This week, energy startups pitched virtually for venture capitalists — as well as over 1,000 attendees — as a part of Rice Alliance for Technology and Entrepreneurship's 18th annual Energy and Clean Tech Venture Forum.

At the close of the three-day event, Rice Alliance announced its 10 most-promising energy tech companies. Here's which companies stood out from the rest.

W7energy

Based in Delaware, W7energy has created a zero-emission fuel cell electric vehicle technology supported by PiperION polymers. The startup's founders aim to provide a more reliable green energy that is 33 percent cheaper to make.

"With ion exchange polymer, we can achieve high ionic conductivity while maintaining mechanical strength," the company's website reads. "Because of the platform nature of the chemistry, the chemical and physical properties of the polymer membranes can be tuned to the desired application."

Modumetal

Modumetal, which has its HQ in Washington and an office locally as well, is a nanotechnology company focused on improving industrial materials. The company was founded in 2006 by Christina Lomasney and John Whitaker and developed a patented electrochemical process to produce nanolaminated metal alloys, according to Modumetal's website.

Tri-D Dynamics

San Francisco-based Tri-D Dynamics has developed a suite of smart metal products. The company's Bytepipe product claims to be the world's first smart casing that can collect key information — such as leak detection, temperatures, and diagnostic indicators — from underground and deliver it to workers.

SeekOps

A drone company based in Austin, SeekOps can quickly retrieve and deliver emissions data for its clients with its advance sensor technology. The company, founded in 2017, uses its drone and sensor pairing can help reduce emissions at a low cost.

Akselos

Switzerland-based Akselos has been using digital twin technology since its founding in 2012 to help energy companies analyze their optimization within their infrastructure.

Osperity

Osperity, based in Houston's Galleria area, is a software company that uses artificial intelligence to analyze and monitor industrial operations to translate the observations into strategic intelligence. The technology allows for cost-effective remote monitoring for its clients.

DroneDeploy

DroneDeploy — based in San Francisco and founded in 2013 — has raised over $92 million (according to Crunchbase) for its cloud-based drone mapping and analytics platform. According to the website, DroneDeploy has over 5,000 clients worldwide across oil and gas, construction, and other industries.

HEBI Robotics

Pittsburgh-based HEBI Robotics gives its clients the tools to build custom robotics. Founded 2014, HEBI has clients — such as NASA, Siemens, Ericsson — across industries.

CarbonFree Chemicals

CarbonFree Chemicals, based in San Antonio and founded in 2016, has created a technology to turn carbon emissions to useable solid carbonates.

SensorUp

Canadian Internet of Things company, SensorUp Inc. is a location intelligence platform founded in 2011. The technology specializes in real-time analysis of industrial operations.

"Whether you are working with legacy systems or new sensors, we provide an innovative platform that brings your IoT together for automated operations and processes," the company's website reads.

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