New Houston investment firm closes $32M fund, announces 3 portfolio companies

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A new Houston firm has closed its inaugural fund to invest in health tech. Photo via Getty Images

A new firm has emerged to invest in early-stage tech bio, artificial intelligence, and life sciences.

Modi Ventures announced its inaugural fund, Tech+Bio Fund I, closed at $32 million, an oversubscribed amount. The fund targets companies "shaping the future of humanity," reads a press release from Modi.

“Investing in next generation technologies has always been very lucrative,” says Sahir Ali, general partner of Modi Ventures, in the release. “We are entering an era of software writing software (artificial intelligence), technology that can unravel our individual genetic makeup (gene sequencing), biotech that can reprogram our genes (gene editing), and a fundamental change in how medicine is practiced by leveraging all of the above (precision medicine).

"Tech Bio companies will revolutionize multiple trillion dollar industries, providing early investors with potential for great returns,” he continues.

Ali, who's career has been focused on and the intersection of oncology and AI, has a Ph.D. and has worked with Fortune 500 companies across industries. He's joined by Andrew Yang, former presidential candidate and founder of Venture for America, as an adviser.

“Modi Ventures’ goal is to find solutions for some of the world’s most vexing problems that keep people unhealthy or struggling with illnesses that we can address collectively,” Yang says in the release. “The leadership and results that Sahir and his team have already demonstrated are one reason I’m looking forward to being a part of this team as we bring life saving solutions to market and take advantage of AI and new tools to advance the human condition.”

The first three portfolio companies Modi has announced include:

  • Amsterdam-based Lapsi Health, a medical technology company that is screening, diagnosing, treating and monitoring in medicine through sound and auscultation (acquired from stethoscopes).
  • Starling Medical, a Houston-based predictive technology platform for the early detection of bladder health issues.
  • Cyberdontics, an automated dental surgery using advanced imaging, AI, and robotics, that's based in Boston.

The firm announced that it has created partnerships with other investors, including Modi Ventures Khosla Ventures, Section 32, Artis Ventures, Draper Associates, and Antler Group.

“Modi Ventures is investing in healthcare tech companies with immense potential to improve lives and I'm thrilled to be partnering with Sahir and Modi Ventures,” says Tim Draper, founder of Draper Associates, in the release. “Working together we will be able to discover unique and innovative investments to collaborate on.”

Sahir Ali is the general partner of Modi Ventures. Photo courtesy of Modi Ventures

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Houston is the most stressed out city in Texas, report finds

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Stress is an unavoidable part of life, but a new report by WalletHub shows Houston residents are far more stressed out than any other city in Texas.

Houston ranked No. 18 out of 182 of the largest U.S. cities based on work, financial, family-related, and health and safety stress, according to WalletHub's "Most & Least Stressed Cities in America (2024)" report. 39 relevant metrics were considered in the report, including each city's job security, the share of households behind on bills within the last 12 months, divorce rates, crime rates, among others.

Houston was ranked the most stressed out city in Texas, but it's still far less stressed than many other U.S. cities. Cleveland, Ohio took first place as the most stressed city in America, followed by Detroit, Michigan (No. 2), Baltimore, Maryland (No. 3), Memphis, Tennessee (No. 4), and Gulfport, Mississippi (No. 5).

Out of the four main categories, Houstonians are struggling the most with work-related stress, ranking No. 13 nationally. The report found Houston has the No. 1 highest traffic congestion rate out of all cities in the report. But at least Houston drivers are solidly average, as maintained by a separate Forbes study comparing the worst drivers in America.

Houston workers can rejoice that they live in a city with a generally high level of guaranteed employment, as the city ranked No. 151 in the job security comparison. The city ranked No. 16 nationwide in the metric for the highest average weekly hours worked.

Houston fared best in the financial stress category, coming in at No. 72 nationally, showing that Houstonians aren't as worried about pinching pennies when it comes to maintaining a good quality of life. The city ranked No. 39 in the comparison of highest poverty rates.

Here's how WalletHub quantified Houston's stress levels:

  • No. 17 – Health and safety stress rank (overall)
  • No. 36 – Family stress rank (overall)
  • No. 63 – Unemployment rates
  • No. 81 – Percentage of adults in fair/poor health
  • No. 95 – Divorce rate
  • No. 96 – Percentage of adults with inadequate sleep

WalletHub analyst Cassandra Happe said in the report that living in particularly arduous cities can play a big role in how stressed a person is, especially when considering uncontrollable circumstances like family problems or work-related issues.

"Cities with high crime rates, weak economies, less effective public health and congested transportation systems naturally lead to elevated stress levels for residents," Happe said.

Happe advised that residents considering a move to a place like Houston should consider how the city's quality of life will impact their mental health, not just their financial wellbeing.

Other Texas cities that ranked among the top 100 most stressed cities in the U.S. are:

  • No. 20 – San Antonio
  • No. 38 – Laredo
  • No. 41 – Dallas
  • No. 47 – Corpus Christi
  • No. 61 – El Paso
  • No. 68 – Fort Worth
  • No. 71 – Brownsville
  • No. 75 – Arlington
  • No. 78 – Grand Prairie
  • No. 88 – Garland
The full report and its methodology can be found on wallethub.com

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This article originally ran on CultureMap.

Houston cardiac health startup raises $43 million series B to grow AI-backed platform

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A Houston-based tech company that has a product line of software solutions for cardiac health has raised funding.

Octagos Health, the parent company of Atlas AI — a software platform for cardiac devices like pacemakers, defibrillators, ambulatory monitors and consumer wearables — has announced a $43 million series B raise that will bring their technology to many more hearts.

Morgan Stanley Investment Capital led the investment, which also included funds from Mucker Capital and other continuing strategic investors. The goal of the raise is to supply funds to accelerate Atlas AI’s growth across the United States and to expand into other areas of care, including ambulatory monitors, consumer wearables, and sleep.

"This investment will enable us to accelerate enhancements to our platform, in addition to scaling our commercial team and operations. We are currently the only company that helps cardiology practices migrate their historical data from legacy software providers and fully integrates with any EHR (exertion heart rate) system. We do this while enabling customized reporting supported by patient and practice decision-support analytics," says Eric Olsen, COO of Octagos Health, in a press release.

Octagos Health was founded by a team of healthcare pros including CEO Shanti Bansal, a cardiologist and founder of Houston Heart Rhythm, an atrial fibrillation center. The goal was to find a new way to deal with the massive amount of data that clinicians encounter each day in a way that combines software and the work of human doctors.

According to the Octagos Health website, “Our solution allows clinicians to focus on other ways of delivering meaningful healthcare and more efficiently manage their remotely monitored patients.”

It works thanks to customizable reporting features that allow patients’ healthcare teams to get help while monitoring them, but to do it precisely as they would if they were crunching numbers themselves.

"We are excited to partner with Octagos Health and support their vision of transforming cardiac care," says Melissa Daniels, managing director of Morgan Stanley Expansion Capital. "Octagos Health has demonstrated exceptional growth and innovation in a critical area of healthcare. We believe their platform and vertically integrated software and services significantly improve patient care and streamline cardiac monitoring processes for healthcare providers."

Will Hsu, co-founder and partner of Mucker Capital, agrees. “Octagos Health is poised for scale – industry leading gross margins, a very sticky product that doctors and clinical staff love, and a market ready for disruption with artificial intelligence. This is the new wave for diagnostic care,” he says. And with this raise, it will be available to even more clinicians and patients across the country.

Houston biotech company expands leadership as it commercializes sustainable products

joining the team

Houston-based biotech company Cemvita recently tapped two executives to help commercialize its sustainable fuel made from carbon waste.

Nádia Skorupa Parachin came aboard as vice president of industrial biotechnology, and Phil Garcia was promoted to vice president of commercialization.

Parachin most recently oversaw several projects at Boston-based biotech company Ginkjo Bioworks. She previously co-founded Brazilian biotech startup Integra Bioprocessos.

Parachin will lead the Cemvita team that’s developing technology for production of bio-manufactured oil.

“It’s a fantastic moment, as we’re poised to take our prototyping to the next level, and all under the innovative direction of our co-founder Tara Karimi,” Parachin says in a news release. “We will be bringing something truly remarkable to market and ensuring it’s cost-effective.”

Moji Karimi, co-founder and CEO of Cemvita, says the hiring of Parachin represents “the natural next step” toward commercializing the startup’s carbon-to-oil process.

“Her background prepared her to bring the best out of the scientists at the inflection point of commercialization — really bringing things to life,” says Moji Karimi, Tara’s brother.

Parachin joins Garcia on Cemvita’s executive team.

Before being promoted to vice president of commercialization, Garcia was the startup’s commercial director and business development manager. He has a background in engineering and business development.

Founded in 2017, Cemvita recently announced a breakthrough that enables production of large quantities of oil derived from carbon waste.

In 2023, United Airlines agreed to buy up to one billion gallons of sustainable aviation fuel from Cemvita’s first full-scale plant over the course of 20 years.

Cemvita’s investors include the UAV Sustainable Flight Fund, an investment arm of Chicago-based United; Oxy Low Carbon Ventures, an investment arm of Houston-based energy company Occidental Petroleum; and Japanese equipment and machinery manufacturer Mitsubishi Heavy Industries.

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This article originally ran on EnergyCapital.

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