HOUSTON INNOVATORS PODCAST EPISODE 82

Houston health tech company bounces back from COVID-19 in a big way

Kevin Coker, CEO of Proxima Clinical Research, say his company transform from uncertainty to almost uncontrollable growth in just 12 months. He shares what happened on this week's episode of the Houston Innovators Podcast. Photo courtesy of Proxima

The pandemic hit life science innovation hard. And no one knows that better than Kevin Coker, co-founder and CEO of Proxima Clinical Research, a Houston-based contract research organization focused on supporting life science startups as they grow and scale.

"Last year from January to June, it was very tough," Coker says on this week's episode of the Houston Innovators Podcast. "Hospitals shut down, so any existing projects we had ongoing just halted."

Coker and his team of 12 — including co-founder and chairman, Larry Lawson — at the time didn't have any new projects coming in and were at the mercy of the pandemic.

"Everything was flat. In May, I was starting to worry. I didn't know how long we were going to have to weather the storm," Coker remembers.

Then, in June, things started changing, he says. As hospitals started to reopen and clinical research was reignited. Initially, some COVID diagnostic products were gaining momentum, as well as some emergency use authorization products.

"Things just really started taking off for us," Coker says. "I think it was really a product of investors and people being able to make decisions despite the pandemic."

Coker describes the experience not as a rollercoaster — it was all downhill for Proxima and then business took flight. Last quarter, the company was signing a new contract every two to three days. With the influx of projects, Coker says his team scaled to 50 full time employees and 75 part time team members — most of these new additions Coker hasn't even met yet, since the staff has been working remotely.

"We're a good barometer for what's happening not only locally but across the country," Coker says. "As Proxima has grown, it's really show how the Houston life science market is growing."

Now, Coker is focused on maintaining the company culture at Proxima as well as finding a new, larger office space in the Texas Medical Center — Proxima's current office is in the TMC Innovation Institute.

Coker says it's his intention to keep its operations smaller and more hands on than the usual CRO, which typically has 5,000 to 10,000 employees and multi-billion dollars in revenue, and focused on startups and small companies.

"That type of organization doesn't work well with a small med device or pharmaceutical company. We wanted to create a company that looked and felt like the startups," he says.

Coker shares more about Proxima's growth and Houston's potential of being a major life science hub on the episode. Listen to the full interview below — or wherever you stream your podcasts — and subscribe for weekly episodes.

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Building Houston

 
 

Houston-based HighRadius has launched a new platform. Photo via Getty Images

Houston-based HighRadius — which recently hit $1 billion valuation, reaching unicorn status — has launched a new learning platform.

Highako Academy by HighRadius, launched the platform to help credit and collections teams build certain skills faster. Highako features over 650 expert-led videos, community forums, and resources. The new on-the-job training platform, which announced its launch this week, is used by more than 2,800 companies, according to a press release.

"Our customers have asked us for an online self-service learning platform, and that led us to launch highako.com as a beta platform last year," says HighRadius COO Urvish Vashi in the release. "With 10,000+ users on the platform and a vibrant partner ecosystem consisting of credit groups, collection agencies, attorneys and industry associations, we see this echoing a larger trend of millennials and Gen Z gravitating towards microlearning platforms."

In honor of the launch of Highako Academy, the organization has announced plans for Credit SkillCon '21, a lunch-and-learn event from June 16 to July 20. The 53 live workshops, panel discussions, and on-demand sessions will focus on topics including negotiations, credit risk assessment, bankruptcy litigation, collections strategy and more. .

"We continually hear from members about wanting more and different educational options," says Jon Flora, president and CEO of NACM Business Credit Service. "The last year has changed much about how we answer this call, and now we have a solution. We are the first NACM affiliate to partner with Highako Academy."

HighRadius and its AI-powered SaaS technology, which streamlines accounts-receivable and cash-management processes, are growing fast. The company, which processes over $2.23 trillion in receivables transactions annually, per the release, raised $300 million in March. At the time of that raise, HighRadius, founded in 2006, employed more than 1,000 people around the world — and was hiring.

"Our goal has always been to build a long-lasting business that outlasts all of us," Sashi Narahari, founder and CEO of HighRadius, said in the news release. "I look forward to working with [our] high-quality, long-term investors, who share a common vision of transforming the office of the CFO using a combination of artificial intelligence built on top of connected-finance workspaces and embedded analytics."

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