The acquisition is valued at $34 million. Photo via Nauticus Robotics

A Houston company that harnesses the power of robotics hardware and programing for underwater use has made an acquisition.

Nauticus Robotics Inc. (NASDAQ: KITT) announced it has acquired 3D at Depth Inc., a Colorado-based company with a subsea light detection and range, LiDAR, technology for inspection and data services. The deal closed for approximately $34 million in stock, before certain purchase price adjustments and the assumption of debt, per the news release.

“The future of subsea services lies in autonomy, data gathering, and analytics,” Nicolaus Radford, Nauticus’ founder and CEO, says in the release. “LiDAR has long since been core to terrestrial autonomy and by adding 3D’s capabilities to the Nauticus Fleet, we enhance autonomous vehicles in the offshore market. This acquisition increases the value of Nauticus’ fleet services and positions the Company to capitalize on data acquisition and analytics for subsea operations.”

The acquisition expands Nauticus' capabilities for its autonomous underwater suite of technology for its customers. With the deal, Nauticus will assume 20 patents secured or pending by acquiring 3D, which generated $9.8 million in revenue last year and is slated to grow revenue by more than 20 percent in 2023, according to the release.

“In addition to the compelling strategic and financial benefits of this deal, the acquisition will add momentum to our commercial growth trajectory,” Radford continues. “By adding 3D’s technology, offshore inspection and data service, and experienced team, Nauticus expands our addressable market and accelerates our customer penetration in the offshore energy and renewables industries.”

Founded in 2009, 3D will operate as a division of Nauticus when the deal closes sometime before the end of the year. Nauticus will also assume approximately $4.1 million of debt in the transaction.

“The Nauticus Robotics and 3D at Depth combination creates a compelling solution for the subsea market and should help improve our products and services for all our clients,” Carl Embry, founder and CEO of 3D at Depth, says in the release. “We believe the integration of our unique subsea multi-dimensional data collection and processing with an emerging leader in subsea robotics creates a differentiated offering for customers seeking safer, cleaner, lower-cost subsea services.”

Nauticus, founded by Radford in 2014 as Houston Mechatronics, went public via a blank check company last year.

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12 health tech startups named to Houston accelerator's next bootcamp

onboarding

Twelve promising health tech startups have been selected for the annual bootcamp at the Texas Medical Center.

TMC's Accelerator for HealthTech selected 12 companies from around the world and across specialties for the opportunity. Following the bootcamp, TMC will move forward a selection of startups to join its accelerator.

"Houston, a thriving hub for innovation, is rapidly becoming the destination of choice for healthtech companies," reads a statement from TMC. "With the Texas Medical Center at its heart, the city offers unparalleled resources, cutting-edge research facilities, and a collaborative spirit that fosters growth. This environment not only attracts startups but also provides them with the necessary tools to navigate the complex landscape of healthcare commercialization."

Through the bootcamp, the participants will engage with advisors and industry experts, refine their business models, prepare for market entry, and have opportunities for collaboration with the TMC's member organizations.

The selected bootcamp companies, according to TMC, include:

  • Alyf, founded in Newport Beach, California, has developed a personalized cardiac care system that brings patients and providers together with real-time, AI-driven insights, enabling them to monitor, track, and improve cardiac health outcomes collaboratively.
  • Seoul, South Korea-based Deepmetrics leverages artificial intelligence to provide ICU smart care services that optimize medical device settings, such as mechanical ventilators, to reduce mortality and shorten the length of stay for critically ill patients worldwide.
  • EquityQuotient, from New York City, is a healthcare intelligence platform that automates compliance and provides actionable insights by aggregating public, private, and first-party data, using proprietary analytics to help leaders address disparities, improve outcomes, and lower care costs.
  • Also from New York City, Ethermed's AI-powered solution streamlines prior authorizations, eliminating up to 90 percent of auths and 70 percent of the labor involved. Ethermed requires no workflow changes, is fully auditable, and offers aligned incentives from a mission-driven, human-focused company.
  • Fibricheck, based in Hasselt, Belgium, transforms ordinary smartphones into regulated digital heart rhythm monitors, offering unparalleled access to cardiovascular diagnostics for patients and streamlined workflows for physicians.
  • Austin-based NearWave has developed a non-invasive, AI-powered handheld imaging device that can predict breast cancer therapy response within seven days.
  • Pragmaclin, founded in Newfoundland, Canada, developed a cutting-edge PRIMS (Parkinson’s Remote Interactive Management System) that leverages depth cameras and machine learning to monitor and assess Parkinson’s Disease symptoms, offering healthcare professionals remote and in-clinic insights to enhance treatment decisions.
  • Somnair, a Baltimore, Maryland, company, is developing a non-invasive neurostimulation oral appliance for treating obstructive sleep apnea, offering a sleek, retainer-sized device that provides an effective alternative to CPAP or invasive surgery for millions of patients.
  • Vancouver, Canada-headquartered Total Flow Medical is developing solutions to enhance the quality of care and life for patients requiring the use of a heart-lung machine during surgery or life support.
  • Tympulse, hailing from Dublin, Ireland, is commercializing TympanoColl, an innovative and disruptive solution for eardrum (Tympanic Membrane) repair in an outpatient setting through the ear canal.
  • Perth, Australia-based Vital Trace is developing a continuous lactate monitor for real-time, accurate detection of fetal distress.
  • New York City's WorkUp is a healthcare-specific talent pipeline management platform that connects students with tailored resources for their clinical career journey, providing personalized support as their needs evolve.

University of Houston-founded company secures $2.5M in NIH grant funding

all in the timing

You could say that the booming success of Houston biotech company CellChorus owes very much to auspicious TIMING. Those six letters stand for Time-lapse Imaging Microscopy In Nanowell Grids, a platform for dynamic single-cell analysis.

This week, CellChorus announced that the company, along with The University of Houston, has been awarded up to $2.5 million in funding from the National Center for Advancing Translational Sciences (NCATS) at the National Institute of Health. A $350,000 Phase I grant is already underway. Once predetermined milestones are achieved, this will lead to a two-year $2.1 million Phase II grant.

The TIMING platform was created by UH Single Cell Lab researchers Navin Varadarajan and Badri Roysam. TIMING generates high-throughput in-vitro assays that quantitatively profile interactions between cells on a large scale, particularly what happens when immune cells confront target cells. This has been especially useful in the realm of immuno-oncology, where it has demonstrated its power in designing novel therapies, selecting lead candidates for clinical trials and evaluating the potency of manufactured cells.

“By combining AI, microscale manufacturing and advanced microscopy, the TIMING platform yields deep insight into cellular behaviors that directly impact human disease and new classes of therapeutics,” says Rebecca Berdeaux, chief scientific officer at CellChorus. “The generous support of NCATS enables our development of computational tools that will ultimately integrate single-cell dynamic functional analysis of cell behavior with intracellular signaling events.”

Houston’s CellChorus Innovation Lab supports both the further development of TIMING and projects for early-access customers. Those customers include top-25 biopharmaceutical companies, venture-backed biotechnology companies, a leading comprehensive cancer center and a top pediatric hospital, says CEO Daniel Meyer.

CellChorus’s publications include papers written in collaboration with researchers from the Baylor College of Medicine, Houston Methodist, MD Anderson, Texas Children’s Hospital, the University of Texas and UTHealth in journals including Nature Cancer, Journal of Clinical Investigation and The Journal for ImmunoTherapy of Cancer.

The new Small Business Technology Transfer (STTR) award will specifically support the development of a scalable integrated software system conceived with the goal of analyzing cells that are not fluorescently labeled. This label-free analysis will be based on new AI and machine learning (ML) models trained on tens of millions of images of cells.

“This is an opportunity to leverage artificial intelligence methods for advancing the life sciences,” says Roysam. “We are especially excited about its applications to advancing cell-based immunotherapy to treat cancer and other diseases.”

The Houston-born-and-bred company couldn’t have a more appropriate home, says Meyer.

“Houston is a premier location for clinical care and the development of biotechnology and life sciences technologies. In particular, Houston has established itself as a leader in the development and delivery of immune cell-based therapies,” the CEO explains. “As a spin-out from the Single Cell Lab at the University of Houston, we benefit from working with world-class experts at local institutions.”

In May, the company received a similar $2.5 million SBIR grant from NCATS at the NIH. Also this summer, CellChorus's technology was featured in Nature Cancer.

Bridging the skills gap: How recent college grads can help address urgent staffing needs

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With the current low unemployment rate, locating seasoned and talented staffers who require minimal training is no small task, especially within the high-tech sector. At the same time, college graduates are hungry for new opportunities. In fact, according to the Federal Reserve Bank of St. Louis, many new workforce members are currently underemployed. Approximately 4 in 10 are working in a job that does not utilize the skills they recently obtained on a college campus.

On the employer side, there’s the fear of excessive onboarding needs. On top of that, many hiring managers are afraid that recently trained staffers will simply move on to a new opportunity in a few short years or even months.

But when faced with multiple open positions, is it worth taking the chance on the newest members of the workforce? Here’s some advice on how to successfully navigate the current hiring atmosphere, where college graduates may play a big role in combatting staffing shortages.

Consider culture fit

Hard skills are always important. But at the same time, recognize bright and energetic applicants equipped with a baseline of strong knowledge also tend to be rapid learners. These individuals can often get up to speed quickly as long as they receive the appropriate level of training and mentoring over their first few months on the job. In short, there are many cases where hard skills can be taught.

But how about soft skills?

Identifying candidates who understand and appreciate the company’s culture is a separate but critically important issue. When considering whether to bring an individual on board, be sure to assess all of their compatibilities as well. Often, some extra training for an employee who already values and appreciates the company environment results in a staff member who will stay with and benefit the organization for many years to come.

Look for transferable skills

In the current highly competitive hiring atmosphere, it can be difficult to locate candidates with skills that perfectly align with the needs of open positions. Therefore, it’s important for HR staff and hiring managers to consider transferrable skills. While an individual candidate may not be familiar with a particular software solution, do they have any experience that suggests they are well-equipped to navigate relatively similar systems? Be sure to closely review resumes and CVs that might reveal these hidden strengths. In addition, make certain your list of candidate interview questions is crafted to elucidate this kind of information. Remember that recent college graduates often lack significant interview experience. As a result, you may need to pose specific questions that get to the heart of the information you are seeking. For example, you might ask a candidate to relay past experiences where they needed to learn a new skill or solve a complex problem rapidly. This helps identify whether they can navigate new waters in the workplace or whether they can translate previously held skills into new ones.

Benefits of in-house development programs

Skilled employee shortages tend to surface repeatedly. Even if you don’t have any openings right now, things can change rapidly in a matter of months or even weeks. Because this is the case - especially in the technology sector - consider launching internal training programs that help recent hires learn new skills or sharpen older ones. One option would be in-house training by a skilled staffer as part of the new employee onboarding process. Other possibilities include online learning sessions or a partnership with a local college. Training programs can also be launched to help longtime employees learn new skills as emerging, modernized systems are introduced into the workplace, benefitting the company’s entire workforce.

Track new employee progress

All new employees — whether they are recent college grads or more established members of the workforce - can benefit greatly from a performance review process that features frequent check-ins throughout the initial stages of employment. Supervisors should try to meet weekly or biweekly with new staff during their onboarding process to assess their progress in learning new skills, while identifying needs for additional training. Managers should also regularly communicate with mentors assigned to new employees to ensure skills are developed in a positive learning atmosphere.

In addition to any perceived hurdles, companies should also consider the many benefits of hiring recent college graduates. In some cases, they might bring with them new insights and experiences with emerging technologies. They often arrive with an eagerness to learn and they can introduce ideas and energy, creating increased enthusiasm in the workplace.

When it comes to filling vacant positions, there are many cases where considering recent college graduates can greatly benefit your company. A little training and mentoring can often go a long way and sometimes, taking a chance on a yet unproven, but smart and energetic candidate can land a professional who will benefit the organization for years or even decades to come.

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Jill Chapman is a director of early talent programs with Insperity, a leading provider of human resources and business performance solutions.