man in charge

Houston university names inaugural VP of innovation

Meet Paul Cherukuri — the new face of innovation at Rice University. Photo via Rice.edu

Rice University has created a new position to be a steward of innovation on campus — and the "Ivy League of the South" has selected the official to take on the job.

Rice University has named Paul Cherukuri, the executive director of the Institute of Biosciences and Bioengineering, the inaugural vice president for innovation. In his role, Cherukuri will "lead Rice’s technology and commercialization infrastructure to translate breakthrough discoveries into inventions for the benefit of society," per a news release from Rice.

Rice continues explaining that the new office's focus areas will be technology translation, startup creation, commercialization, and entrepreneurship training, as well as steering engagement at the Ion. The Office of Innovation and the new leadership position were created to ensure Rice is a leader within Houston and the global innovation ecosystem, says President Reginald DesRoches.

“Paul has already started to develop a culture of innovation and impact on campus in his role at the Institute of Biosciences and Bioengineering,” DesRoches says in the release. “He has created ways for faculty to serve as academic entrepreneurs, engaged external partners in innovative pursuits and started working to improve Rice’s transfer and translation systems. I look forward to continuing to work with him on these initiatives and to leveraging Rice's world-class research community, thriving entrepreneurship programming, top-ranked degree programs and talented undergraduate and graduate student body to advance and grow the institution's innovation portfolio.”

Cherukuri — who is a physicist, chemist, and medtech entrepreneur with over 15 years of experience in academia and the pharmaceutical industry — will assume the role and its responsibilities on August 16. He has served as executive director of the Institute of Biosciences and Bioengineering since 2016.

“I am thrilled and honored to serve in this new role at this inflection point in our university’s history,” Cherukuri says in the release. “Rice has some of the finest minds in the world and I look forward to working with President DesRoches and the leadership team he has assembled to chart a bold new path for world-changing innovation from Rice by engaging the remarkable innovation ecosystem including the Ion District, the Texas Medical Center, industry and other unique assets in Houston.”

Nine search committee members selected Cherukuri. Naomi Halas, the Stanley C. Moore Professor in Electrical and Computer Engineering and director of the Smalley-Curl Institute, led the committee.

“Paul is the perfect fit to lead our university’s innovation future,” Halas says in the release. “His entrepreneurial experience in early-stage startups and big pharma gives him a unique ability to accelerate the translation of breakthrough discoveries into the marketplace. He creates clear pathways for researchers to find new avenues for application within the research realm as well as transition into commercial use. I am excited about the work he will do for Rice in this new role.”

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Building Houston

 
 

This Houston-based SPAC has announced the tech company it plans to merge with. Photo courtesy of Gow Media

A Houston SPAC, or special purpose acquisition company, has announced the company it plans to merge with in the new year.

Beaumont-based Infrared Cameras Holdings Inc., a provider of thermal imaging platforms, and Houston-based SportsMap Tech Acquisition Corp. (NASDAQ: SMAP), a publicly-traded SPAC with $117 million held in trust, announced their agreement for ICI to IPO via SPAC.

Originally announced in the fall of last year, the blank-check company is led by David Gow, CEO and chairman. Gow is also chairman and CEO of Gow Media, which owns digital media outlets SportsMap, CultureMap, and InnovationMap, as well as the SportsMap Radio Network, ESPN 97.5 and 92.5.

The deal will close in the first half of 2023, according to a news release, and the combined company will be renamed Infrared Cameras Holdings Inc. and will be listed on NASDAQ under a new ticker symbol.

“ICI is extremely excited to partner with David Gow and SportsMap as we continue to deliver our innovative software and hardware solutions," says Gary Strahan, founder and CEO of ICI, in the release. "We believe our software and sensor technology can change the way companies across industries perform predictive maintenance to ensure reliability, environmental integrity, and safety through AI and machine learning.”

Strahan will continue to serve as CEO of the combined company, and Gow will become chairman of the board. The transaction values the combined company at a pre-money equity valuation of $100 million, according to the release, and existing ICI shareholders will roll 100 percent of their equity into the combined company as part of the transaction.

“We believe ICI is poised for strong growth," Gow says in the release. "The company has a strong value proposition, detecting the overheating of equipment in industrial settings. ICI also has assembled a strong management team to execute on the opportunity. We are delighted to combine our SPAC with ICI.”

Founded in 1995, ICI provides infrared and imaging technology — as well as service, training, and equipment repairs — to various businesses and individuals across industries.

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