Here's what Houston startups raised the most money this year, according to InnovationMap. Photo via Getty Images

Editor's note: As 2020 comes to a close, InnovationMap is looking back at the year's top stories in Houston innovation. When it came to the money raised in Houston, these five startups raised the most, according to reporting done by InnovationMap.


Preventice Solutions' $137M series B

Preventice Solutions reportedly raised $137 million to grow its medical device business. Photo via Getty Images

Houston-based Preventice Solutions, a medical device company, raised a $137 million series B in July. The round was led by Palo Alto-based Vivo Capital along with support from existing investors, including Merck Global Health Innovation Fund, Boston Scientific, and the Samsung Catalyst Fund.

The funds were raised in order "to accelerate investment in salesforce expansion, technology and product innovation and further development of clinical evidence supporting its flagship solution," according to the news release.

"We are pleased to have Vivo Capital and Novo Holdings as new investors, and with this funding we are poised to further accelerate our growth," says Jon P. Otterstatter, CEO of Preventice Solutions, in a press release. "We are setting a new standard for monitoring of cardiac arrythmia patients. Our robust and growing success with physicians and payers accentuates the compelling value proposition of using novel technology to improve diagnosis, while also increasing the efficiency of healthcare delivery."

HighRadius's $125M series B

Houston-based HighRadius has reported reaching unicorn status following a $125 million raise. Photo via highradius.com

High Radius started out 2020 strong, reportedly reaching unicorn status with the closing of a $125 million series B round.

The Houston startup, an artificial intelligence-powered fintech software company, announced the round was led by ICONIQ Capital, with participation from existing investors Susquehanna Growth Equity and Citi Ventures, according to a news release from the company.

"Today marks an important milestone for HighRadius and we're thrilled to have ICONIQ join us in our vision to modernize the Order to Cash space," says Sashi Narahari, founder and CEO of HighRadius, in a news release. "ICONIQ combines patient capital with a long-term vision of investing in category-defining businesses, and the firm has worked with some of the world's most successful tech entrepreneurs. We are building HighRadius into a self-sustaining, long-term category leader, and ICONIQ is a great partner for us in this journey."

The company, which offices in West Houston, was founded in 2006 founded in 2006 and employs more than 1,000 people in North America, Europe, and Asia. In November, HighRadius opened an office in Amsterdam. According to the news release, the company will use the funds to further expand its global footprint.

GoExpedi's $25M series C

Tim Neal, CEO of Houston-based GoExpedi, shares how his company plans to scale following its recent series C closing. Photo by Colt Melrose for GoExpedi

In September, GoExpedi announced it had raised $25 million in series C funding led by San Francisco-based Top Tier Capital Partners with participation from San Jose Pension Fund, Houston-based CSL Ventures, San Francisco-based Crosslink Capital and Hack VC, New York-based Bowery Capital, and more. Last year, GoExpedi raised $25 million in a series B round — also led by Top Tier Capital — and $8 million in a series A just a few months before.

"This new injection of capital will help us advance our digital platform for MRO and supply chain systems and accelerate the rollout of our new robotics operations, as well as deepen our technology team to help us meet new, insatiable demand," says Tim Neal, CEO of GoExpedi, in a news release. "Leveraging our intuitive, customer-focused, and interactive intelligence platform is a no-brainer for companies seeking to modernize their respective supply chains.

Founded in 2017, the e-commerce, supply chain, and analytics company, is using the funds to expand beyond energy into adjacent markets and further develop its machine learning software, robotics, and advanced analytics technologies. According to the release, the company also plans to hire.

Liongard's $17M series B

Houston-based SaaS company, Liongard, has closed its recent fundraising round led by one of HX Venture Fund's portfolio funds. Getty Images

Houston-based, fast-growing software-as-a-service company, Liongard, closed its $17 million round in May round in May. It was led by Updata Partners with contribution by TDF Ventures, Integr8d Capital, and private investors. With customers in 20 countries, Liongard saw triple-digit customer growth and doubled its staff over the past 18 months, according to a news release.

Liongard's CEO, Joe Alapat, who co-founded the company with COO Vincent Tran in 2015, says that the new funds will continue to support its Roar platform — a software product that creates a single dashboard for all data systems and allows automation of managed service providers, or MSPs, for auditing and security within a company's IT.

"Since the launch of Liongard, the platform's adoption and popularity with MSPs has grown rapidly, transforming Liongard into a highly recognized brand in the MSP ecosystem," Alapat says in the release. "This new investment and the continued confidence of our investors will fuel our growth by giving us the means to further advance our solution's capabilities and serve our customers at an even better level."

Liongard's total funding now sits at over $20 million. Last year, the company raised a $4.5 million series A round following a $1.3 million seed round in 2018. TDF Ventures and Integr8d Capital have previously invested in the company.

Lead investor, Updata Partners, is based in Washington D.C. and invests in SaaS, tech-enabled service providers, and digital media and e-commerce. The HX Venture Fund, a fund-of-funds under Houston Exponential, has invested in Updata Partner's recent fund.

Ambyint's $15M series B

Ambyint, which has offices in Calgary and Houston, has secured funding from Houston venture capital firms. Photo courtesy of Ambyint

In February, Ambyint, which has an office in Houston, closed its $15 million series B funding round with support from local investors. Houston-based Cottonwood Venture Partners led the round, and Houston-based Mercury Fund also contributed — as did Ambyint's management team, according to a news release. The money will be used to grow both its Houston and Calgary, Alberta, offices and expand its suite of software solutions for wells and artificial lift systems.

"This funding round is an important milestone for Ambyint, and we're pleased to benefit from unwavering support among our investors to boost Ambyint to its next phase of growth," says Alex Robart, CEO of Ambyint, in the news release. "It is also a proof point for our approach of combining advanced physics and artificial intelligence, deployed on a scalable software infrastructure, to deliver 10 to 20 percent margin gains in a market where meaningful improvements have been hard to achieve."

Ambyint's technology pairs artificial intelligence with advanced physics and subject matter expertise to automate processes on across all well types and artificial lift systems.

Alex Robart, Lindsay Huelse, and Joel Cowley are this week's Houston innovators to know. Courtesy photos

3 Houston innovators to know this week

who's who

This week's roundup of Houston innovators couldn't be more varied. Among the movers and shakers in tech in Houston are a serial energy tech entrepreneur, a fitness leader taking her empire mobile, and the leader of a decades old organization looking for the technology of the future.

Alex Robart, CEO of Ambyint

Photo courtesy of Ambyint

Alex Robart was on the lookout for a new tech startup to get involved with when he found Canada-based Ambyint a few years ago. He saw the potential of the artificial intelligence software had on optimizing oil and gas rigs. Now, he's lead the company as CEO and recently oversaw the startup's $15 million series B round.

"We're seeing our customers spend a little more time understanding AI," Robart says on this week's episode of the Houston Innovators Podcast. "More and more boards of mid-sized [exploration and production companies] are challenging their executive teams to do something with AI."

Click here to read more and to listen to the episode.

Lindsay Huelse, founder of The FITT Cycle

Photo courtesy of The FITT Cycle

Houstonian Lindsay Huelse has created a all-in-one approach to fitness and health within her new mobile app, The FITT Cycle , which incorporates fitness routines, nutrition plans, accountability, community, and entrepreneurship.

"Historically, fitness apps are great for memberships," Huelse tells CultureMap. "I wanted to create a platform for returning clients where they could have stability and ditch the diets."

Since its launch in December 2019, Huelse says she has seen a membership growth of almost 2,000 percent, noting that there is no other app with The FITT Cycle's features. She calls it a hybrid of My Fitness Pal, the Peloton App, Facebook communities, and more.

Click here to read more about Huelse and her app.

Joel Cowley, CEO of the Houston Livestock Show and Rodeo

Image via rodeohouston.com

Joel Cowley, CEO of the Houston Livestock Show and Rodeo, speaks very candidly about the rodeo's future technology upgrades. He realizes that there are rodeo goers who won't appreciate the digitization of tickets, carnival passes, etc. or the temporary inconvenience the transition might bring. But he also knows it's necessary and will be worth it to patrons.

"Anytime you do something new, you have to be on guard," Cowley tells InnovationMap. "You have to make sure you are stacked up on capacity — whether that be personnel, scanners, server capacity — because if you're not, it could create a situation from that."

Click here to read more about new tech coming to the rodeo.

Alex Robart, CEO of Ambyint, joins the Houston Innovators Podcast to discuss his plans to grow his company. Photo courtesy of Ambyint

Houston energy tech entrepreneur plans for growth following $15M series B raise

HOUSTON INNOVATORS PODCAST EPISODE 19

After years of having to educate potential customers about the game-changing technology that artificial intelligence can be, Alex Robart, CEO of Ambyint, says it's a different story nowadays.

"We're seeing our customers spend a little more time understanding AI," Robart says on this week's episode of the Houston Innovators Podcast. "More and more boards of mid-sized [exploration and production companies] are challenging their executive teams to do something with AI."

Ambyint, a Calgary-based energy tech startup with its sales and executive teams based in Houston, uses AI to optimize well operations — Robart describes it as a Nest thermostat but for oil rigs. On average, 80 percent of wells aren't optimized — they are either running too fast and not getting enough out of the ground or running too slow and wasting energy, Robart says.

Recently, Ambyint closed its series B investment round at $15 million led by Houston-based Cottonwood Venture Partners led the round with contribution from Houston-based Mercury Fund. Robart says these funds will go to growing their technology to work on a greater variety of wells as well as hire people in both the Canada and Houston offices.

Robart runs Ambyint with his twin brother Chris, who serves as president of the company. The pair have long careers as serial entrepreneurs and even run an energy tech investment company, called Unconventional Capital. Between the two shared companies, the brothers have their own niches.

"We've been really thoughtful about ensuring that we take on different portfolios — we don't really own things jointly. That's been really helpful for us to carve out our own spheres that we own," Robart says."Chris has really become our lead customer-facing person on all things new products."


Houston startups have raised millions so far this year. Getty Images

Here's what 6 Houston startups have raised millions of dollars this year so far

VENTURE ADVENTURES

This year is starting strong when it comes to Houston startups receiving funding. From a $125 million raise from Houston's first unicorn to a local fund gathering up $50 million to deploy in mobility startups, Houston funding news has been pretty exciting.

In case you missed some of these headlines, InnovationMap has rounded up these seven deals based on previous reporting. Scroll through to see which Houston startups are catching the eyes — and cashing the checks — of investors.

HighRadius Corp.

Houston-based HighRadius has reported reaching unicorn status following a $125 million raise. Photo via highradius.com

Let's start with the biggest one, shall we? Houston-based HighRadius, an artificial intelligence-powered fintech software company, closed a $125 million raise, which earned it a a new title: Unicorn.

The series B round, which achieved this status for HighRadius, was led by ICONIQ Capital, with participation from existing investors Susquehanna Growth Equity and Citi Ventures, according to a news release from the company.

The company, which offices in West Houston, was founded in 2006 founded in 2006 and employs more than 1,000 people in North America, Europe, and Asia. In November, HighRadius opened an office in Amsterdam. According to the news release, the company will use the funds to further expand its global footprint.

Read the full story here.

Proeza Ventures

Auto Driving Smart Car image

A new venture capital fund based in Houston and Monterrey, Mexico, has raised $50 million to back mobility startups. Hiroshi Watanabe/Getty Images

New fund Proeza Ventures, which is based in Houston and Monterrey, Mexico, reportedly closed its first fund Proeza Ventures I at $50 million. The fund is backed by Grupo Proeza, a Mexican portfolio management company with two global platforms operating in the mobility and agroindustry sectors, according to the fund's website.

With the fund's money, Proenza Ventures will invest in 12 to 15 early or growth-stage startups with solutions or new technology within industrial, smart components, new vehicles, MaaS, and digital data services.

Read the full story here.

Ambyint

oil and gas

Ambyint, which has offices in Calgary and Houston, has secured funding from Houston venture capital firms. Getty Images

Canada-based Ambyint, which has an office in Houston, has closed its $15 million series B funding. Houston-based Cottonwood Venture Partners led the round, and Houston-based Mercury Fund also contributed — as did Ambyint's management team, according to a news release.

The money will be used to grow both its Houston and Calgary, Alberta, offices and expand its suite of software solutions for wells and artificial lift systems. Ambyint's technology pairs artificial intelligence with advanced physics and subject matter expertise to automate processes on across all well types and artificial lift systems.

Read the full story here.

vChain Inc.

Houston-based vChain, creator of CodeNotary, has raised $7 million in a series A financing round. Pexels

Houston-based vChain, which created the CodeNotary Open Source code trust solution, has raised $7 million in a series A funding round. Paris-based Elaia Partners led the investment round, and other contributors include Zug, Switzerland-based Bluwat and Seattle-based Acequia Capital.

The software tool, which is used to ensure code is securely transmitted throughout the entire development to production process, has several platform integrations and works with languages such as JavaScript, Python, Go, Java, and more.

Read the full story here.

Vivante Health

good intestine health intestine Food for bowel Health

Vivante Health, which uses technology and at-home testing to help users treat chronic digestive health issues, has raised $5.8 million. Getty Images

Vivante Health raised $5.8 million in a series A1 round, according to a news release. The round was led by California-based Lifeforce Capital and Athens, Greece-based Big Pi Ventures. Additionally, NFP Ventures, FCA Venture Partners, and Longmont Capital contributed to the round.

With the fresh funds, Vivante will continue to develop its GI health platform, GIThrive. The digital tool has an at-home microbiome test kit for users, as well as a breath tester that monitors food sensitivities. GIThrive also connects users to on-demand support from nutritionists and experts on the GIThrive app.

Read the full story here.

Hitched Inc.

Houston-based Hitched has dug up new investment money from a local private equity firm. Pexels

Hitched Inc. raised $5.5 million in its series A funding led by Houston-based Cottonwood Venture Partners, a growth equity firm that focuses on digital tech solutions in the energy industry.

The company, which was founded in 2018, coordinates the rentals — from hosting and chartering to managing them — all on one centralized platform. Hitched has a catalogue of equipment from generators and cranes to light towers, pumps to forklifts, and the site lists out the cost per day of each piece of machinery.

Read the full story here.

Ambyint, which has offices in Calgary and Houston, has secured funding from Houston venture capital firms. Getty Images

AI-powered oil and gas startup secures $15 million from Houston VC firms in its series B

Money moves

It's payday for Ambyint. The Canadian startup, which has an office in Houston, has closed its $15 million series B funding round with support from local investors.

Houston-based Cottonwood Venture Partners led the round, and Houston-based Mercury Fund also contributed — as did Ambyint's management team, according to a news release. The money will be used to grow both its Houston and Calgary, Alberta, offices and expand its suite of software solutions for wells and artificial lift systems.

"This funding round is an important milestone for Ambyint, and we're pleased to benefit from unwavering support among our investors to boost Ambyint to its next phase of growth," says Alex Robart, CEO of Ambyint, in the news release. "It is also a proof point for our approach of combining advanced physics and artificial intelligence, deployed on a scalable software infrastructure, to deliver 10 to 20 percent margin gains in a market where meaningful improvements have been hard to achieve."

Ambyint's technology pairs artificial intelligence with advanced physics and subject matter expertise to automate processes on across all well types and artificial lift systems.

Photo via ambyint.com

"Our physics-grounded approach to AI is the difference maker and explains our strong growth in the market as well as our expanding list of marquee customers," says Ryan Benoit, chief technology officer of Ambyint in the release.

The company has mid- to large-sized operators, including Norway-based Equinor and Calgary-based Husky among their customers. According to the release, Ambyint has deployed solutions in every major North American basin.

"Improving margin on producing wells is more important than ever for operators," says Ryan Gurney, managing partner at Cottonwood Venture Partners, in the release. "Ambyint has delivered significant financial benefits for its customers with the application of advanced physics and artificial intelligence, over and above traditional approaches to production optimization. We're excited to see them expand further in the market with solutions that span the entire lifecycle of the well."

According to Ambyint's website, the software promises the ability to increase production levels by 5 percent and lower operating costs by 10 percent.

"Producers flourish — even in a down market — when they understand how exploiting their data effectively can increase productivity and reduce costs," says Adrian Fortino, managing director at Mercury Fund, in the release. "Ambyint turns data into higher yield, more efficient oil and gas production with proven optimization technologies. We're excited to continue our partnership with such a great company and investor syndicate."

This week's innovators to know are involved in tech — from app development to revolutionizing the energy industry. Courtesy photos

3 Houston innovators to know this week

Who's who

From restaurant review apps to a device that monitors oil rigs, this week's innovators to know are tech savvy to say the least. All three took a chance on Houston for their startups, and that chance is paying off.

Christopher Robart, president of Ambyint USA

Christopher Robart leads Ambyint — a technology company creating the Nest thermostat for oil rigs — with his twin brother, Alex. Courtesy of Ambyint

Christopher Robart — along with his twin brother, Alex — is in the business of business development. The two run Ambyint, an oil and gas tech company that creates the Nest thermostat of oil rigs.

The company is looking to expand its customer base this year, as well as grow to be able to service different types of rig pumps.

Sumit Sikka, co-founder of Crityk

Sumit Sikka moved to Houston in order to grow his restaurant reviewing app. Courtesy of Crityk

What started as a quest to find the best Moscow Mule in Southern California has turned into growing business thriving in Houston's dining scene. Sumit Sikka first visited Houston for an event to promote the app he co-founded, Crityk, and basically never left.

"I packed up some of my bags and decided to try here in Houston," Sikka says." It's a lot easier to get to decision makers here in Houston than in LA."

Moji Karimi, co-founder of Cemvita Factory

Moji Karimi's company can take carbon dioxide from a refinery and convert it into glucose or another chemical. Courtesy of Cemvita

Moji Karimi never thought his oil and gas career would overlap with his sister's medical research. But in some ways, the fact the two of them teamed up to create a company that takes carbon dioxide from the air and turns it into something else, makes perfect sense that it crosses industries.

"There are a lot of opportunities bringing a proven science or technology from one industry into another to solve problems," he says.


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Photos: Here's a sneak peek at The Ion Houston's construction progress

eye on the ion

The Ion Houston is expected to open its doors this year, and the building's exterior is close to completion. Now, the construction team is focusing on interiors and then tenant build outs.

The 270,000-square-foot coworking and innovation hub owned and managed by Rice Management Co. is slated to be a convening building for startups, corporations, academic partners, investors, and more. The building is organized as follows:

  • The underground Lower Level will act as academic flex space with a few classrooms and open-concept desks for The Ion's accelerators, including: The Ion Smart and Resilient Cities Accelerator, DivInc, the Rice Alliance's Clean Energy Accelerator, and the Aerospace Innovation Hub and Accelerator. There will also be an event space and The Ion's own programming.
  • On the first, street-level floor, The Ion's restaurant tenants will reside with access from both the greenspace as well as into the building. The Ion's first three restaurant tenants include: Late August, Common Bond, and STUFF'd Wings.
  • Additionally, the first floor will be home to a venture studio and the prototyping lab. There is additional space available for other tenants.
  • On the second floor, there will be 58,000 square feet of coworking space managed by Common Desk. Note: For floors 2 and up of the Ion, tenants will have access cards that allow them entrance. The first and lower floors will not require access cards.
  • The third floor of the building will house eight to 10 tenants each with 5,000 to 10,000 square feet of space. Chevron was announced as the first tenant and will reside on this floor.
  • On the fourth and fifth floors, The Ion will house one to two larger tenants on each level. These levels of the building were added on to the existing structure. The fourth floor features two balconies that tenants will have access to. Microsoft is signed on to have its space on half of the fifth floor.
The Ion is still planning on an open date in late spring or summer. For leasing information, click here. Scroll through the slideshow of construction images and renderings to see the progress of the building.

Exterior nears completion

Photo by Natalie Harms

The building's exterior is almost complete and kept much of the original building's facade. The new materials brought in match the existing color scheme.

Texas winery taps Houston tech company for innovative AR experience

cheers

The Lone Star State is home to a vibrant and innovative wine scene, but, just like most hospitality businesses, winemakers missed the opportunity to engage with their patrons amid the pandemic. With a new idea of how to engage its customers, Messina Hof, an award-winning Texas winery, rolled out a new tech-optimized, at-home experience.

The winery partnered with VISION, a Houston-based production group, to create an augmented reality app. Combining the efforts of Messina Hof's in-house label design team and the animation capabilities of VISION, the app took four months to design.

"It was a labor of love for both parties to be able to experiment with this; it was uncharted territory," says Karen Bonarrigo, owner and chief administrative officer of Messina Hof.

The three wines released — Emblaze (Sweet Red), Vitality (Dry White), and Abounding (Dry Red) — each tells a story through the AR experience.

"We wanted to try not only and push the technology as far as we can push it, but also try to really incorporate some heavy storytelling," says Dan Pratt, VISION Creative Director.

The idea to incorporate technology felt like a natural one to Bonariggo.

"The earth, water, and sunshine all go into developing what the profile is for each wine," explains Bonarrigo.

Each of the three wines have scannable labels that bring up a VR experience for app users. Photo courtesy of Messina Hof

VISION, who worked alongside Messina Hof to develop the project, blended the winery's rich family ties with the Old World history of winemaking.

When customers download the app and hold their camera over the label, a trailing vine emerges onto the screen and wraps around the bottle. As vines grow around each bottle, the three each visually signify a different natural element of winemaking — earth, water and the sun. As a rustic sign emerges, it prompts users to then click for recipe pairing recommendations.

Rather than a single-use experience, Messina Hof and VISION wanted to create an app that users could both engage with and learn from. The AR app allows users to view recipes and browse wines in one place.

"We knew we wanted the app to be functional for people to be able to interact with both when they're doing the AR experience, but then also to be able to continue to come back to it later," shares Bonarrigo. While AR wine labels have emerged in some California vineyards, she says, "it's definitely uncharted territory for the Texas industry."

Overseeing the food and wine pairing at Messina Hof is one of Bonarrigo's passions, so it was a natural choice to include recipes in the app. Messina Hof offers a concept called Vineyard Cuisine, coined from the Bonarrigo family cookbook, and incorporates wine in every meal at the vineyard.

"The idea of tying [the wine] to a recipe gave us the opportunity to be able to share new ways [our customers] could use wines in their everyday cooking," she explains.

She hopes the app's recipe feature will help families connect together.

"So often we get used to sitting down at the table, eating really quickly, and then moving on to the next thing, but there's so much connection that can happen with each other when we can slow down a little bit and have a conversation," she continues.

To Pratt, AR was the perfect way to emphasize and expand on the shared experience of wine.

"We wanted this to be an extension of that experience for people. You know, based on the love of wine and laughter with friends," he says.

For those who can't currently gather in a room together, Bonarrigo has hopes that Messina Hof can bring people together from afar.

"I think now more than ever the ability for our regular customers, even within Texas, to then share those wines with family members or friends that are outside the state seems more intuitive," she explains.

"We are so used to being creatures of habit in sharing our wine face-to-face with people that when we had the unexpected opportunity to not do that, we realized that we still have ways to be able to connect with customers through technology," says Bonarrigo.

She finds the "ease of access of being able to connect with them through the online web store" has kept Messina Hof in touch with customers throughout the pandemic, as well as digital happy hours and tasting events.

Messina Hof Harvest Green Winery & Kitchen, the newest location, opened in February, becoming the Greater Houston-area's largest winery. The space features an expansive tasting room and 83-foot wine bar, full-service restaurant, covered patio, two private tasting rooms, a wine production, barrel room, and wine warehouse.

"We knew that when we launched that location that we wanted to be able to have a series of wines at that location that was special, but also out of the box," says Bonarrigo.

Bonarrigo and her husband Paul have ushered in the expansion of Messina Hof over the last nine years. The family business began in 1977 when Paul's parents, Paul Vincent and Merrill, started an experimental vineyard. Messina Hof has locations in Bryan, Grapevine, Fredericksburg, and Richmond.

"This is our largest winery expansion endeavor that we've done," she says. "We wanted the wines to be extra special."

Similar to Messina Hof, companies across industries are seeking to explore interactive technologies to reach their customer base. "A number of our clients, and also new clients that we may not have been able to reach before, have certainly reached out to us to figure out new ways to reach an audience," shares Pratt.

Winemaking may be an Old World skill, but Messina Hof is excited to bring Texas wine into the future.

"So much of winemaking is science, and so much of it is art. There's always this push and pull as to which is more of a majority in the end product," explains Bonarrigo, who notes that Messina Hof has been using technology to innovate and optimize the growing process. The new AR app is a push toward bringing the experience her family loves into the homes of customers.

"This definitely gives a new talking point to wine," she says.