innovating for disasters

Flood-focused startups pitch at virtual event held by Houston's new resiliency innovation hub

These three startups are innovating flood damage mitigation tools so that Houstonians can have peace of mind this hurricane season. Getty Images

In light of Houston's frequent floods, a local organization has formed to encourage innovation in resiliency — especially as the city moves throughout the 2020 hurricane season.

The Gulf Coast & Southwest Resilience Innovation Hub was founded last month by the Insurance Information Institute and ResilientH20 Partners in The Cannon's downtown location. The organization is looking into the best innovations within resiliency — especially as it pertains to Houston, where nine of the 10 most expensive hurricanes in the United States have occurred in the past 16 years.

"There has been a widespread interest in, and demand for, best-in-class actionable, alternative disaster mitigation solutions since 2017's Hurricane Harvey and subsequent storms caused extensive insured losses to autos, homes, businesses, and governmental properties," says Richard Seline, managing partner of ResilientH2O Partners, in a news release.

The organization held a virtual panel and pitch session that featured three flood-focused startups. Here are the three companies and their innovative solutions to flood mitigation.

True Flood Risk

True Flood Risk uses machine learning and artificial intelligence to assess a home's flood risk. Image via truefloodrisk.com

Shelly Klose founded her company, True Flood Risk, after she observed Hurricane Sandy devastating New Jersey. But, she wondered, why some homes were hit harder than others. So, she created an artificial intelligence-driven property risk management platform that would easily indicate how susceptible to flood damage each home is. The company even has a way to measure the property's first-floor height based street view images.

"With this key data point for structural height coupled with ground elevation and flood zone data, you have a good indication if that property is at risk," Klose says.

The New York-based company allows users to run their address and learn about their flood damage risk for free — and that's something Klose says thats a tool she's seen used more frequently amid the pandemic.

"What we're finding is people have been so emotionally and financially hit so hard during this pandemic," Klose says. "The last thing you want to do is lose your house."

FloodFrame

Self-deploying flood protection for buildings

FloodFrame is a self-deploying flood protection for buildings. Photo via floodframe.com

Part of the challenge of mitigating flood damage is that it can happen in an instant with little to no warning. FloodFrame provides a solution to that in its self-inflating technology that can detect and prevent flood damage.

FloodFrame works by using buoyancy. A lightweight cloth is wrapped around a tube is installed underground outside the perimeter of your home or business. One end of that cloth is attached to a box that is also installed underground. As flooding begins, an automatic system will release the lids to deploy the inflation of the tube that will protect the structure. When the flood comes in, the system will float on top of the flood — kind of like a pool noodle — and protect the structure from the water. It's easier to install than raising a house, for instance, and can be reused as a long-term solution.

Tasha Nielsen launched the U.S. iteration of FloodFrame — which originated in Denmark — by becoming the company's first franchisee. Now, that process how the company plans to grow and expand and Nielsen is working with home builders and contractors to provide the invention in new homes and buildings. Nielsen also hopes to work with insurance companies, since the device helps prevent costly payouts.

Climaguard

A waterproof container for your car.

Houston-based ClimaGuard is looking to help drivers protect their vehicles from floods. Photo via ClimaGuard/Facebook

Hundreds of thousands of cars were damaged during Hurricane Harvey, and those car owners faced financial burdens from having to find temporary transportation to repairing or even buying a new vehicle. Rahel Abraham, who lost her car during the storm, founded Houston-based ClimaGuard to help enable people to help protect their cars or possessions from the elements.

"We're providing a resilient, practical, and real-time solution," says Abraham.

The tool is easy to use and affordable, considering the costs of potential damages, with a starting price of $399. The average insurance payout for vehicles was $12,000, Abraham says, so it's actually a great risk mitigation tool for auto insurers.

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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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