seeing green

Deloitte launches first-of-its-kind clean energy lab in Houston

The Houston location is one of six Greenhouses in the U.S. and one of 40 around the world. Photo courtesy of Deloitte

Houston will become home to professional services giant Deloitte's largest and most technologically advanced immersive, interactive innovation hub dubbed the Deloitte Greenhouse, Powered by Energy & Industrials.

Co-located with the company's downtown Houston headquarters, the 14,000-square-foot space is intended to help executives plant and foster new ways of thinking, working, and experimenting in the energy industry.

The Houston location is one of six Greenhouses in the U.S. and one of 40 around the world — take a virtual tour of a few of them here. This is the first Greenhouse in Texas (other U.S. locations include Chicago, New York, San Jose, and Washington D.C.) and the first to focus on the energy transition.

"Houston, the world's energy capital, is the ideal location for this type of innovative approach to accelerate problem-solving," says Amy Chronis, Houston managing partner, Deloitte LLP. "The oil and gas industry is at a crossroads where business transformation is no longer an option. We are providing a controlled, safe environment for companies to experiment and test various workforce, technology and market scenarios to help them right-size and future-proof their businesses in this rapidly changing landscape."

The space is designed with touchscreen-enabled and collaborative technology tools to "help ideate, co-create and prototype solutions to the toughest challenges facing the industry," including a 360-degree immersion dome.

It's also slated to include AR technology and computer vision algorithmic solutions that have become a focus for crews working in remote, high-risk environments, especially during the pandemic.

"New realities and expectations are driving the demand for new thinking," says Stanley Porter, vice chair and U.S. energy, resources and industrials leader at Deloitte. "At Deloitte, we are committed to and we are investing in the Deloitte Greenhouse, Powered by Energy & Industrials to accelerate learning and enable rapid solutions to help our clients solve their most complex problems and co-create their future."

Other global leaders have launched incubators in Houston that focus on the shift to lower carbon energy in recent months. Halliburton's in-house incubator launched last year and recently announced new startups that are teaming up with the lab. Meanwhile, Greentown Labs, opened earlier this year.

The space is designed with touchscreen-enabled and collaborative technology tools. Photo courtesy of Deloitte

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Originally expected to raise $150 million, Mercury's latest fund is the largest raised to date. Photo via mercuryfund.com

A Houston venture capital firm has announce big news of its latest fund.

Mercury, founded in 2005 to invest in startups not based in major tech hubs on either coast, closed its latest fund, Mercury Fund V, at an oversubscribed amount of $160 million. Originally expected to raise $150 million, Fund V is the largest fund Mercury has raised to date.

“We are pleased by the substantial support we received for Fund V from both new and existing investors and thank them for placing their confidence in Mercury,” Blair Garrou, co-founder and managing director of Mercury Fund, says in a news release. “Their support is testament to the strength of our team, proven investment strategy, and the compelling opportunities for innovation that exist in cities across America.”

The fund's limited partners include new and existing investors, including endowments at universities, foundations, and family offices. Mercury reports that several of these LPs are based in the central region of the United States where Mercury invests. California law firm Gunderson Dettmer was the fund formation counsel for Mercury.

Fresh closed, Fund V has already made investments in several companies, including:

  • Houston-based RepeatMD, a patient engagement and fintech platform for medical professionals with non-insurance reimbursed services and products
  • Houston and Cheyenne Wyoming-based financial infrastructure tech platform Brassica, which raised its $8 million seed round in April
  • Polco, a Madison, Wisconsin-based polling platform for local governments, school districts, law enforcement, and state agencies
  • Chicago-based MSPbots, a AI-powered process automation platform for small and mid-sized managed service providers

Mercury's investment model is described as "operationally-focused," and the firm works to provide its portfolio companies with the resources needed to grow rapidly and sustainably. Since 2013, the fund has contributed to creating more than $9 billion of enterprise value across its portfolio of over 50 companies.

“Over the past few years there has been a tremendous migration of talent, wealth and know-how to non-coastal venture markets and this surge of economic activity has further accelerated the creation of extraordinary new companies and technology," says Garrou. "As the first venture capital firm to have recognized the attractiveness of these incredible regions a dozen years ago, we are excited to continue sourcing new opportunities to back founders and help these cities continue to grow and thrive.”

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