money moves

Houston venture capital group leads Austin-based energy tech company's $5M series A

Cottonwood Venture Partners has announced its latest investment. Photo via huvrdata.com

Houston-based Cottonwood Venture Partners has announced the closing of an Austin-based software solutions round that it led.

Founded in 2014, HUVRdata Inc. is a data analytics company focusing on the energy industry. The startup announced the closing of its $5 million series A round this week. According to a press release, the company will use these funds on product development to support its growing customer base.

"HUVR was built alongside our customers' operations teams — designed from the ground up to be simple to use, flexible to implement, and valuable from day one," says Bob Baughman, HUVR co-founder and CEO, in a news release. "We are the first to build an open platform where asset inspection data can be aggregated with valuable and configurable reporting and analytics. The vision was to have asset owners own their own asset data, and, more importantly, to use their data to make business decisions. The results are significant efficiency gains and millions of dollars in savings."

HUVR, the latest software company to join CVP's portfolio, gives industrial asset owners the tools to aggregate and analyze all aspects of complex asset inspection data — like the ability to visualize trends across drone fleets, site, and individual assets.

"The volume of industrial inspection data is growing exponentially," says Ryan Gurney, managing partner of CVP, in the release. "Operators are deploying new inspection tools to inspect a growing, and aging, asset base. The tools and processes of the past are simply unable to handle the data. The HUVR platform allows its customers to aggregate their vast amounts of inspection data – more importantly, HUVR is enabling its customers to gain insights from that data. We are delighted to partner with the HUVR team in the next chapter of their growth."

It's not the first time the Austin company has received funding from Houston. According to a release from HUVR in August 2015, the startup received $2 million in angel investment from Houston Angel Network, Houston-based Texas HALO fund, and Austin-based Central Texas Angel Network.

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Building Houston

 
 

5G could be taking over Texas — and Houston is leading the way. Photo via Getty Images

Based on one key measure, Houston sits at the forefront of a telecom revolution that could spark a regional economic impact of more than $30 billion.

Data published recently by the Texas Comptroller's Office points out that as of last November and December, Houston led all cities in Texas for the number of so-called "small cells." Small cells are a key component in the rollout of ultra-high-speed 5G wireless communication throughout the Houston area and the country.

As the Texas Comptroller's Office explains, small cells are low-powered antennas that communicate wirelessly via radio waves. They're usually installed on existing public infrastructure like street signs or utility poles, instead of the big communication towers that transmit 4G signals.

The comptroller's tally shows Houston had approved 5,455 small-cell sites as of the November-December timeframe. That dwarfs the total number of sites (1,948) for the state's second-ranked city, Dallas.

"Houston is in the vanguard of small cell permitting in Texas, and not just because it's the state's largest city; advocates have lauded its proactive approach to 5G. Other cities, particularly smaller ones, are lagging well behind," the Comptroller's Office notes.

According to CTIA, a trade group for the wireless communications industry, 5G holds the promise to deliver an economic impact of $30.3 billion in the Houston area and create 93,700 jobs. The group says industries such as health care, energy, transportation, e-commerce, and logistics stand to benefit from the emergence of 5G.

"Maintaining world-class communications infrastructure is a requirement for success in a rapidly changing global economy. Small cells and fiber technology are the key foundational components for network densification and robust 5G. Cities like Houston that have embraced the need for this infrastructure will see the benefits of 5G faster than others," Mandy Derr, government affairs director at Houston-based communications infrastructure REIT Crown Castle International Corp. and a member of the Texas 5G Alliance, tells InnovationMap.

Derr says leaders in Houston have embraced the importance of small-cell technology through "reasonable and effective" regulations and processes aimed at boosting 5G capabilities. Three major providers of wireless service — AT&T, T-Mobile, and Verizon — offer 5G to customers in the Houston area.

"More small cells and fiber provide greater and faster access for the masses, enabling the connectivity that is essential to our businesses today — whether it's accepting payments on a mobile card reader, completing a sale on the go, or reliably reaching consumers where they are," Derr says.

In a blog post, Netrality Data Centers, which operates a data center in Houston, proclaims that Houston is shaping up to be a hub of 5G innovation.

"Houston has always been on the frontline," Mayor Sylvester Turner said during a 5G roundtable discussion in 2019. "It is who we are. It is in our DNA. We are a leading city. We didn't wait for somebody else to go to the moon. Or to be the energy capital of the world. Or the largest medical center in the world. But you don't stay at the front if you don't continue to lead."

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