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Houston biotech company closes $120M Series B, Chevron taps local startup for program, and more innovation news

Houston-based Sensorfield was selected to participate in a Chevron Technology Ventures program. Courtesy of Sensorfield

Big things are happening in Houston — from a $120 million close to the U.S. Department of Energy picking a Houston-area company for nuclear energy research. Here are the highlights of Houston innovation news you might have missed.

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Houston immunotherapy company raises $120 million in funding

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AlloVir, a Houston biotech company founded at Baylor's Center for Cell and Gene Therapy, has closed a $120 million Series B round that was led by Fidelity Management and Research Company. Other contributors included Gilead Sciences, F2 Ventures, Redmile Group, Invus, EcoR1 Capital, Samsara BioCapital, and Leerink Partners Co-investment Fund, LLC.

The company is currently in clinical trials for its immunotherapy technology and also announced it is joining the ElevateBio — a Boston-based organization that combines a group of cell and gene therapy companies — portfolio.

"We are excited to now be building AlloVir as an ElevateBio portfolio company," says Ann Leen, AlloVir co-founder, CSO, and Professor of Pediatrics at Baylor College of Medicine, in a release. "This partnership provides AlloVir with fully integrated bench-to-bedside capabilities to accelerate the development and commercialization of our allogeneic, off-the-shelf, multi-virus specific T- cell immunotherapies."

Allovir, which until recently was known as ViraCyte, was founded in 2013.

Chevron taps Houston startup for pilot program

Photo courtesy of Sensorfield

Houston-based Sensorfield LLC, which has developed a suite of wireless sensors for industrial monitoring, has announced that it has been selected for Chevron Technology Ventures' Catalyst Program.

"Technology has finally reached the point where embedded solar-powered, plug-and-play industrial wireless sensors are possible at a low cost,'' says Sensorfield founder and CEO, Strode Pennebaker, in a release. "Our exciting new association with Chevron is a major step in our goal to bring cost-effective, high-quality intelligent remote monitoring to asset owners at any scale."

Department of Energy selects a Houston-area company for funding

Courtesy of the DOE

U.S. Department of Energy is awarding $10.6 million for nuclear technology development across three projects in three states — one is in Wadsworth, Texas, about 80 miles outside of Houston.

The company, STP Nuclear Operating Company, will receive $1.18 million in DOE funding, according to a release, to develop and implement advanced fire probabilistic risk assessment — or PRA — modeling techniques.

"These projects are important because they will help the U.S. continue to develop advanced reactors and technologies to support nuclear energy as a safe, zero-emissions baseload energy source," says Carrie Edwards, senior adviser for the Office of Nuclear Energy at the DOE, in an email.

Rice University launches executive education program in The Woodlands

Rice University's Jones Graduate School of Business — in partnership with The Woodlands Area Economic Development Partnership — has created The Leadership Accelerator. It's the first time Rice has brought an open enrollment program to the area.

The program will take place from October 7 to 10 program at the former Chicago Bridge & Iron Co. office buildings in Hughes Landing (2103 Research Forest Drive). Professor Brent Smith will lead the course .

The four-day course will build upon established managers' careers and give them an opportunity to study best practices for creating a more productive organization.

Carnrite Ventures expands to Austin

Courtesy of Nick Carnrite

Houston-based The Carnrite Group's investment arm, Carnrite Ventures, has agreed to invest with Seraph Group. The partnership allows for the Houston VC group to expand its portfolio to Austin, as that's where Seraph's last fund focused on.

"Austin's venture capital funds have moved up-market to series B and C funding rounds, which has created a need for more capital in earlier stages and provides us with an opportunity," says Nick Carnrite, Managing Director of The Carnrite Group and Carnrite Ventures, in a release.

Houston scientifically-designed athleticwear startup launches men's line

Courtesy of Accel Lifestyle

Accel Lifestyle, a Houston-based athletic clothing line made with its patented anti-stink material, has launched its menswear line.

"After three years in the making, I'm beyond thrilled to announce that Accel Lifestyle Men's Collection has launched," says Megan Eddings, founder of Accel. "We are focusing on shirts (t-shirts and tanks), and we are planning to launch the women's collection late next month."

The products are made in America and all ethically sourced — even the product's shipping material, as it has zero plastic involved.

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this one's for the ladies

Texas named a top state for women-led startups

A new report finds that the Lone Star State is ideal for female entrepreneurs. Photo via Getty Images

Who runs the world? According to Merchant Maverick's inaugural Best States for "Women-Led Startups'' study, Texas is a great place for women to be in charge.

The Lone Star state cracked the top 10 on the list, earning a No. 6 spot according to the small business reviews and financial services company, which based the study on eight key statistics about this growing segment of the economy. Colorado (at No. 1), Washington, Virginia, Florida, and Montana were the only states to beat out Texas on the rankings—leading the Merchant Maverick team to conclude that "the part of the country that lies west of the Mississippi is great for startups led by women entrepreneurs."

Women-led startups in Texas received $365 billion in VC funding in the last five years, the report found. This is the seventh largest total among U.S. states. Too, about 20 percent of Texans are employed at woman-led firms, which is the fifth highest percentage among states. Roughly 35 percent of employers in Texas are led by women.

A few other key findings that work in female founders' favor: The startup survival rate in Texas is nearly 80 percent. And a lack of state income tax "doesn't hurt either," the report says.

Still there are shortcomings. On a per capita basis, only 1.27 percent of Texas women run their own business. The average income for self-employed women is also relatively low ranking among states, coming in around $55,907 and landing at 31st among others.

This is not the first time Texas has been lauded as a land of opportunity for women entrepreneurs. A 2019 study named it the best state for business opportunities for women. Houston too has proven to support success for the demographic. The Bayou City was named in separate studies a best city for female entrepreneurs to start a business and to see it grow.

Still, as many findings have concluded, the realities of the pandemic loom for all startups and small business owners. The Merchant Maverick study was careful to add: "The pandemic has changed the economic landscape over the past year, and often for the worse.

"This means that not every metric may be able to accurately gauge how a state might fare amidst the pandemic," the report continues. "To help factor in COVID's impact, we included some metrics that take 2020 into account, but it will be a while until we get a full picture of the pandemic's devastation.""

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