Canadian energy company secures Houston funding, relocates HQ

money moves

Ambyint has fresh funding and a new main office. Photo via Getty Images

An AI-powered energy tech company has raised additional funding and relocated it's main office to Canada.

Ambyint, a Canadian company that's had a Houston presence for a few years, has announced its latest round of funding and new headquarters. The software company provides energy customers with its AI-powered production and artificial lift optimization platform.

The funding comes from existing investors, Houston-based Mercury and Montrose Lane, plus two new investors, BDC Capital and Accelerate Fund III. The undisclosed amount of funding will go toward customer growth, hiring, and new enhancements to the technology, including expanding emissions mitigation capabilities.

"We have the wind in our sails and are extremely proud to see this transaction close,” Benjamin Kemp, CEO of Ambyint, says in a news release. “This investment allows us to double down on the energy market and further our AI-enabled optimization platform. Validation from our customers, talented employees, and investors is most welcome as we continue to scale.”

"Given the uncertainty in the venture capital market, attracting new investors like BDC Capital and Accelerate Fund III, who have followed Ambyint’s journey for several years, demonstrates how far we have come and the exciting future ahead of us," Kemp, who's served as CEO since 2021, adds.

The company also announced its new main office in Calgary. Previously, the Houston office operated as the company's headquarters.

Mercury, which has invested in the company since 2017, contributed to the company's series B in 2020, along with Montrose Lane (née Cottonwood Venture Partners).

“We have had the benefit of seeing the Ambyint platform and team develop over the past six years," says Mercury Managing Director Adrian Fortino says in the release. "We believe they are now poised to dramatically expand their industry footprint and improve customer emissions.”

Ambyint continues to add sustainability and emissions-related functions platform, including CO2 and methane emission tracking and mitigation.

"Utilizing advanced AI, Ambyint is addressing a significant opportunity in upstream oil and gas by increasing production while reducing GHG emissions," Joseph Regan, managing partner from BDC Capital’s Innovation Venture Fund, says in the statement. "They are leading the charge between their impressive technological progress and respected, industry-leading customers. We believe Ambyint’s AI software will be the standard operating procedure in this sector."

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This article originally ran on EnergyCapital.

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

Here are the top 5 Houston startup venture capital deals in 2020

2020 in review

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."

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Chevron enters the lithium market with major Texas land acquisition

to market

Chevron U.S.A., a subsidiary of Houston-based energy company Chevron, has taken its first big step toward establishing a commercial-scale lithium business.

Chevron acquired leaseholds totaling about 125,000 acres in Northeast Texas and southwest Arkansas from TerraVolta Resources and East Texas Natural Resources. The acreage contains a high amount of lithium, which Chevron plans to extract from brines produced from the subsurface.

Lithium-ion batteries are used in an array of technologies, such as smartwatches, e-bikes, pacemakers, and batteries for electric vehicles, according to Chevron. The International Energy Agency estimates lithium demand could grow more than 400 percent by 2040.

“This acquisition represents a strategic investment to support energy manufacturing and expand U.S.-based critical mineral supplies,” Jeff Gustavson, president of Chevron New Energies, said in a news release. “Establishing domestic and resilient lithium supply chains is essential not only to maintaining U.S. energy leadership but also to meeting the growing demand from customers.”

Rania Yacoub, corporate business development manager at Chevron New Energies, said that amid heightening demand, lithium is “one of the world’s most sought-after natural resources.”

“Chevron is looking to help meet that demand and drive U.S. energy competitiveness by sourcing lithium domestically,” Yacoub said.

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This article originally appeared on EnergyCapital.

International Space Station welcomes astronauts from successful Axiom Mission 4

Out In Space

The first astronauts in more than 40 years from India, Poland and Hungary arrived at the International Space Station on Thursday, ferried there by SpaceX on a private flight.

The crew of four will spend two weeks at the orbiting lab, performing dozens of experiments. They launched Wednesday from NASA’s Kennedy Space Center.

America’s most experienced astronaut, Peggy Whitson, is the commander of the visiting crew. She works for Axiom Space, the Houston company that arranged the chartered flight.

Besides Whitson, the crew includes India’s Shubhanshu Shukla, a pilot in the Indian Air Force; Hungary’s Tibor Kapu, a mechanical engineer; and Poland’s Slawosz Uznanski-Wisniewski, a radiation expert and one of the European Space Agency’s project astronauts on temporary flight duty.

No one has ever visited the International Space Station from those countries before. The time anyone rocketed into orbit from those countries was in the late 1970s and 1980s, traveling with the Soviets.

“It’s an honor to have you join our outpost of international cooperation and exploration," NASA's Mission Control radioed from Houston minutes after the linkup high above the North Atlantic.

The new arrivals shared hugs and handshakes with the space station's seven full-time residents, celebrating with drink pouches sipped through straws. Six nations were represented: four from the U.S., three from Russia and one each from Japan, India, Poland and Hungary.

"It’s so great to be here finally. It was a long quarantine," Whitson said, referring to the crew's extra-long isolation before liftoff to stay healthy.

They went into quarantine on May 25, stuck in it as their launch kept getting delayed. The latest postponement was for space station leak monitoring, NASA wanted to make sure everything was safe following repairs to a longtime leak on the Russian side of the outpost.

It's the fourth Axiom-sponsored flight to the space station since 2022. The company is one of several that are developing their own space stations due to launch in the coming years. NASA plans to abandon the International Space Station in 2030 after more than three decades of operation, and is encouraging private ventures to replace it.

Screen-free hiking app developed in Houston earns 'Best of the Best' award

Peak Prize

An AI-powered, screen-free hiking system developed by Varshini Chouthri, a recent industrial design graduate from the University of Houston, has received Red Dot’s “Best of the Best” award, which recognizes the top innovative designs around the world.

Known as NOMAD, the system aims to help users stay in the moment while still utilizing technology. It will go on to compete for the Red Dot Luminary Award, the highest recognition given at the international event.

“NOMAD was truly a passion project, inspired by years of hiking growing up, where the outdoors became a place of peace, challenge, and reflection,” Chouthri said in a news release.

“I wanted to design something supporting those kinds of experiences by helping hikers feel more grounded and confident while staying present in nature. It was a way to give back to the moments that made me fall in love with the outdoors in the first place.”

The app “reimagines” outdoor exploration by removing the dependence on screens by using adaptive AI, contextual sensing, and an optional, wearable companion device. It employs a circular learning model that enables hikers to receive real-time guidance, safety alerts, personalized trip planning, hands-free navigation and more through a natural interface, according to UH.

NOMAD was developed at the Hines College of Architecture and Design’s PXD LAB. In 2023, Lunet, developed by David Edquilang at Hines College, received the “Best of the Best” recognition and went on to win the Red Dot Luminary Award.

The PXD LAB offers a platform to expand concepts into system-level designs that address real-world challenges, according to UH.

“Varshini’s work on NOMAD exemplifies the future-focused, systems-driven thinking we promote in the Advanced UX Design curriculum,” Min Kang, director of PXD LAB, added in the release. “NOMAD goes beyond being just a product; it reimagines how technology can enhance outdoor exploration without disrupting the experience.”

In addition to the Red Dot honors, NOMAD has already earned distinction from the FIT Sport Design Awards and was a finalist for the International Design Excellence Awards (IDEA) presented by the Industrial Designers Society of America.
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