money moves

Industrial robotics company raises $73M series C, prepares to grow Houston office

Gecko Robotics has over 50 Houston area employees working on robotics and software solutions for infrastructure. Photo via GeckoRobotics.com

A Pittsburgh-based tech company that has created a hardware and software solution for industrial asset management has closed its latest round of funding.

Gecko Robotics, which has a growing Houston office, has closed its series C funding round at $73 million. The round was led by XN with participation from Founders Fund, XYZ, Drive Capital, Snowpoint Ventures, Joe Lonsdale, Mark Cuban, Gokul Rajaram, and others.

Gecko's Houston office was stood up in 2019 as a way to further grow oil and gas industry customers. Gecko has over 100 customers within infrastructure, power, energy, and more, Troy Demmer, chief product officer and co-founder, tells InnovationMap. Gecko's customers include Dow Chemical, Marathon, Shell, and Chevron, to name a few.

“By opening up an office in Houston, we could not only better serve power generation customers in that region, but also really plant ourselves as a provider for oil and gas," Demmer says.

The company's technology includes wall-climbing robots that can collect data on customer's equipment. The software component transform the collected data into actionable solutions. Demmer founded the company with CEO Jake Loosararian to, according to their mission statement, "protect today’s critical infrastructure, and give form to tomorrow’s."

“Our goal is really to digitize these industries and make them more safe and environmentally friendly and really make it a place where innovation happens," Demmer tells InnovationMap.

Demmer says the goal is to double their headcount over the next 12 to 18 months following this fresh funding. The company currently has 180 employees, with around 50 to 60 people based in their Houston office. Gecko has offices in Austin, New York City, Boston, and Europe.

"Gecko's unique combination of robotics and software radically improves the ability to inspect, protect, and efficiently maintain critical infrastructure," says Tim Brown, partner at XN and lead investor in the round, in the press release. We are excited to partner with Jake and Troy as they extend Gecko's powerful technology into new geographies and industries, helping customers collect and make sense of physical data to optimize the safety and performance of their assets."

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Building Houston

 
 

Ben Jawdat, CEO and founder of Revterra, joins the Houston Innovators Podcast. Photo via LinkedIn

With more and more electric vehicles on the road, existing electrical grid infrastructure needs to be able to keep up. Houston-based Revterra has the technology to help.

"One of the challenges with electric vehicle adoption is we're going to need a lot of charging stations to quickly charge electric cars," Ben Jawdat, CEO and founder of Revterra, says on the Houston Innovators Podcast. "People are familiar with filling their gas tank in a few minutes, so an experience similar to that is what people are looking for."

To charge an EV in ten minutes is about 350 kilowatts of power, and, as Jawdat explains, if several of these charges are happening at the same time, it puts a tremendous strain on the electric grid. Building the infrastructure needed to support this type of charging would be a huge project, but Jawdat says he thought of a more turnkey solution.

Revterra created a kinetic energy storage system that enables rapid EV charging. The technology pulls from the grid, but at a slower, more manageable pace. Revterra's battery acts as an intermediary to store that energy until the consumer is ready to charge.

"It's an energy accumulator and a high-power energy discharger," Jawdat says, explaining that compared to an electrical chemical battery, which could be used to store energy for EVs, kinetic energy can be used more frequently and for faster charging.

Jawdat, who is a trained physicist with a PhD from the University of Houston and worked as a researcher at Rice University, says some of his challenges were receiving early funding and identifying customers willing to deploy his technology.

Last year, Revterra raised $6 million in a series A funding round. Norway’s Equinor Ventures led the round, with participation from Houston-based SCF Ventures. Previously, Revterra raised nearly $500,000 through a combination of angel investments and a National Science Foundation grant.

The funding has gone toward growing Revterra's team, including onboarding three new engineers with some jobs still open, Jawdat says. Additionally, Revterra is building out its new lab space and launching new pilot programs.

Ultimately, Revterra, an inaugural member of Greentown Houston, hopes to be a major player within the energy transition.

"We really want to be an enabling technology in the renewable energy transition," Jawdat says. "One part of that is facilitating the development of large-scale, high-power, fast-charging networks. But, beyond that, we see this technology as a potential solution in other areas related to the clean energy transition."

He shares more about what's next for Revterra on the podcast. Listen to the interview below — or wherever you stream your podcasts — and subscribe for weekly episodes.


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