Eavesdropping in downtown Houston

Overheard: Panel of experts sums up the Houston innovation ecosystem's real estate needs

Houston's innovation ecosystem development is highly interconnected to the city's real estate industry. Shobeir Ansari/Getty Images

As the city and multiple entities strive to develop an innovation hub and ecosystem, real estate plays a huge role. Developing the physical space is one of the first steps to attracting companies, talent, and money to the Bayou City.

At Bisnow's annual Houston State of the Market event, five panelists heavily involved in the process of developing Houston's innovation ecosystem weighed in on the real estate needs of innovation development in Houston. Check out these powerful quotes said during the panel.

“What we build in Houston has to be uniquely Houston. ... At the end of the day, for this innovation district and Houston’s innovation ecosystem to be successful, it has to build off of the economic strength that Houston already has."

— Ceci Arreola, investment manager of real estate at the Rice Management Company. Arreola describes a collaborative effort to make Houston somewhere attractive for tech and startup talent.

“Think of it as a neighborhood of knowledge. That’s what we’re trying to create, and that’s connecting intellectual assets, institutional assets, place assets — meaning the physical space in which people connect and relate.”

— Jonathan Brinsden, CEO of Midway Cos., describes the innovation district, which will stretch from midtown to downtown.

"The flexibility in hospitality — that sort of different version of work and play — is critically important to the entrepreneurs. They need the ability to be transient. … They want the furnished apartment, but they don’t want to live in a hotel. They want a bike lane, because they aren’t going to have a car."

— Gabriella Rowe, CEO of Station Houston, says stressing the importance of a innovation center having restaurants and retail surrounding coworking spaces. "They want to continue the conversation they're having but with a beer in their hand."

“These companies take a lot from our designs and our way of nurturing them, but they want to give back and stay within the innovation campus. I think we need to be mindful of that. There’s a lot of cross pollination that happens when companies at different levels of each stage stay together.”

— Juliana Garaizar, director of the TMC Venture Fund, stresses the importance of designing real estate that can keep companies and startups of different sizes and stages together.

“When I lived in New York City, grocery shopping was the single biggest headache I had to deal with every week. One of the things I love about Houston is that this is no longer a problem for me.”

— Chris Turney, head of real estate for Sonder, says about ensuring development of city spaces keeps in mind day-to-day conveniences that make Houston more comfortable than other major cities.

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Building Houston

 
 

Data Gumbo, founded and led by Andrew Bruce, has announced its latest funding. Photo courtesy of Data Gumbo

A Houston-based tech company has announced another round of funding to support its blockchain network growth as well as to establish a presence in the Middle East.

Data Gumbo has closed its series B funding round totaling $7.7 million with follow-on investments led by Equinor Ventures. The round includes participation from Saudi Aramco Energy Ventures and Bay Area and Houston-based venture firm L37. The round's first close was announced in September 2020 at $4 million. The additional funds to close the Series B will be used to scale Data Gumbo to serve demand for GumboNet™ and GumboNet™ ESG. Additionally, Data Gumbo plans to establish a presence in the Middle East to cover expected demand growth in the region.

"The successful close of our series B is continued proof of the efficacy and booming interest in our ability to capture critical cost savings, deliver trust and provide transparency across commercial relationships," says Andrew Bruce, founder and CEO of Data Gumbo, in a news release. "Compounded by the growing demand for transparent, accurate sustainability data and the launch of our automated ESG measurement solution, GumboNet™ ESG, Data Gumbo's trajectory is well-positioned to serve our growing customer base by ensuring economic productivity and value. This infusion of capital will support our expansion efforts as we bring more international users to our network."

With this latest raise, Data Gumbo's total funding raised to date is $18.4 million.

"Data Gumbo's success is marked by a wide variety of business use cases and opportunities for expansion," says Bruce Niven, chief investment officer at Aramco Ventures, in the release. "Our continued investment is a testament to our continued support as the company attracts new customers, experiences further demand for its network and gains traction in new markets."

The company's technology features smart contract automation and execution, which reduces contract leakage, frees up working capital, enables real-time cash and financial management, and delivers provenance with unprecedented speed, accuracy, visibility and transparency, per the release.

"Data Gumbo is the market leader for smart contracts backed by blockchain, and the coming year will be a period of exponential growth for the company as they penetrate new industrial markets," says Kemal Farid, partner at L37, in the release. "We believe strongly that GumboNet will become the de facto network for smart contracts across industries for capturing value and solving enormous pain points in contractual relations. Additionally, as companies move to meet increasing sustainability measurement demands and ESG improvements, there is a huge growth path available for Data Gumbo with the launch of GumboNet ESG."

Earlier this year, the company announced its environmental, social and corporate governance tracking and reporting tool.

"Equinor's recent pilot at the Johan Sverdrup field has demonstrated that GumboNet can create strong value for the partnership," says Gareth Burns, head of Equinor Ventures, in the release. "Our follow-on investment confirms Equinor Ventures' confidence in Data Gumbo's solution for our company and the broader energy industry."

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