Houston innovators podcast episode 12

Meet the Houston entrepreneur revolutionizing maritime shipping with software and data analysis

Houston-based Voyager, co-founded by Matthew Costello, has created a software solution for inefficient communication practices of the maritime shipping industry. Photo courtesy of Voyager

While in business school, Matthew Costello could not kick the thought of all the inefficiencies within the maritime shipping industry. He asked a friend, Bret Smart, to help him look into some of the logistical communications issues within the industry. The two co-founders of Houston-based Voyager started asking some questions for all the different parties involved in shipping across seas.

"The data we got back was pretty alarming," Costello says on this week's episode of the Houston Innovators Podcast. "It basically showed that whoever you speak to in the maritime industry, people are spending about 40 percent of their day on what we would consider low-value, low-complexity tasks."

Some of these tasks included copying and pasting information from spreadsheets, forwarding materials to the right person, and countless emails — sometimes even 10,000 emails for just one large shipment.

The duo created Voyager, a software-as-a-service company that connects the various entities involved in a shipment, to solve this massive communications problem.

"It essentially works very similar to a project management tool," Costello, who is the CEO of the company, says. "When you think of a voyage where you have a large oil and gas company shipping 100,000 barrels from Houston to Singapore, right now, that voyage will involve 10 different companies located all around the world with 50 to 100 different users.

"With Voyager, what it allows companies to do is essentially have all of those counter parties working together in a shared environment to manage the voyage together — entirely email free," Costello says, adding that their software is also able to automate parts of the process as well as collect data for analysis.

In August, Voyager closed a $1.5 million seed round of funding and has eight clients working with the software. In the last episode of the podcast for 2019, Costello shares his international fundraising story, what he has lined up for Voyager in 2020, and more. Stream the episode below and subscribe wherever you get your podcasts.



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Building Houston

 
 

Molecule has closed new funding in order to focus on the energy transition. Photo via Getty Images

A Houston startup with a software-as-a-service platform for the energy transition has announced it closed a funding round with participation from a local venture capital.

Molecule closed its $12 million series A, and Houston-based Mercury Fund was among the company's investors. The company has a cloud-based energy trading and risk management solution for the energy industry and supports power, natural gas, crude/refined products, chemicals, agricultural commodities, softs, metals, cryptocurrencies, and more.

"We led the seed round of Molecule upon their formation and are excited to participate in their series A," says Blair Garrou, co-founder and managing director of Mercury, in a news release. "Molecule's success in the ETRM/CTRM industry, especially in relation to electricity and renewables, positions them as the company to beat for the energy transition in the 2020s."

The company will use its new funds to further build out its product as well as introduce offerings to manage renewables credits, according to the release.

"In 2020, we realized that electricity — the growth commodity of the 2020s — represented over half of Molecule's customer base, and we decided to double down," says Sameer Soleja, founder and CEO of Molecule, in the release. "We were also rated the No. 1 SaaS ETRM/CTRM vendor. With this fundraise, we have the fuel to become No. 1 SaaS platform for power and renewables, and then the market leader overall.

"Molecule is ready to power the energy transition," Soleja continues.

Molecule's last round of funding closed in November 2014. The $1.1 million seed round was supported by Mercury Fund and the Houston Angel Network.

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