moving in

Austin startup eyes Houston for expansion following $5.75M seed round

Ownwell, which uses machine learning and local property tax expertise to help property owners fight hikes in tax assessments, is growing in Houston. Photo via Getty Images

A $5.75 million round of seed funding raised by an Austin-based proptech startup will help the company grow its presence in Houston.

Ownwell’s technology analyzes millions of properties to identify property owners who are overpaying, and the company then offers to protest tax assessments on the owners’ behalf for a 25 percent cut of any savings they realize. The company estimates that nearly nine out of 10 protests are successful, and customers save an average of $1,457.

Ownwell currently employs five people in Houston and expects that number to reach 10 by the end of this year. Overall, 14 of the company’s 29 employees live in the Houston, Austin, Dallas, San Antonio, and Waco areas.

First Round Capital led the $5.75 million round. Additional investors include Wonder Ventures, Founder Collective, Long Journey Ventures, and former PayPal board member Scott Banister. So far, Ownwell has raised $7.5 million in funding.

With the fresh round of funding, Ownwell plans to accelerate hiring in areas such as sales, marketing, technology, and operations.

Ownwell couples machine learning with local property tax expertise to help property owners fight hikes in tax assessments.

“Property owners have a lot to consider when deciding to protest: the costs in time and money, the complexity of the process, and the access to real estate expertise and advice,” Colton Pace, Ownwell’s CEO, says in a news release. “As part of our mission to reduce the inequities of property ownership, Ownwell handles the entire process of appealing on behalf of property owners and charges the lowest fees currently on the market.”

Joseph Noor, Ownwell’s chief technology officer, says each property tax appeal the company files isn’t considered complete “until it has been verified, analyzed, augmented, and finalized by a member of our property tax specialist team.” Ownwell doesn’t earn money unless an appeal succeeds.

“At Ownwell, we strive to provide our clients the benefits of modern technology with the thoughtful touch that can only be imparted by an expert in the field,” Noor tells InnovationMap.

Colton Pace is the CEO of Austin-based Ownwell. Image courtesy of Ownwell

Trending News

Building Houston

 
 

Ben Jawdat, CEO and founder of Revterra, joins the Houston Innovators Podcast. Photo via LinkedIn

With more and more electric vehicles on the road, existing electrical grid infrastructure needs to be able to keep up. Houston-based Revterra has the technology to help.

"One of the challenges with electric vehicle adoption is we're going to need a lot of charging stations to quickly charge electric cars," Ben Jawdat, CEO and founder of Revterra, says on the Houston Innovators Podcast. "People are familiar with filling their gas tank in a few minutes, so an experience similar to that is what people are looking for."

To charge an EV in ten minutes is about 350 kilowatts of power, and, as Jawdat explains, if several of these charges are happening at the same time, it puts a tremendous strain on the electric grid. Building the infrastructure needed to support this type of charging would be a huge project, but Jawdat says he thought of a more turnkey solution.

Revterra created a kinetic energy storage system that enables rapid EV charging. The technology pulls from the grid, but at a slower, more manageable pace. Revterra's battery acts as an intermediary to store that energy until the consumer is ready to charge.

"It's an energy accumulator and a high-power energy discharger," Jawdat says, explaining that compared to an electrical chemical battery, which could be used to store energy for EVs, kinetic energy can be used more frequently and for faster charging.

Jawdat, who is a trained physicist with a PhD from the University of Houston and worked as a researcher at Rice University, says some of his challenges were receiving early funding and identifying customers willing to deploy his technology.

Last year, Revterra raised $6 million in a series A funding round. Norway’s Equinor Ventures led the round, with participation from Houston-based SCF Ventures. Previously, Revterra raised nearly $500,000 through a combination of angel investments and a National Science Foundation grant.

The funding has gone toward growing Revterra's team, including onboarding three new engineers with some jobs still open, Jawdat says. Additionally, Revterra is building out its new lab space and launching new pilot programs.

Ultimately, Revterra, an inaugural member of Greentown Houston, hopes to be a major player within the energy transition.

"We really want to be an enabling technology in the renewable energy transition," Jawdat says. "One part of that is facilitating the development of large-scale, high-power, fast-charging networks. But, beyond that, we see this technology as a potential solution in other areas related to the clean energy transition."

He shares more about what's next for Revterra on the podcast. Listen to the interview below — or wherever you stream your podcasts — and subscribe for weekly episodes.


Trending News