10 sports tech startups named to Houston-based hybrid accelerator

game on

Introducing the 10 startups participating in the Spring 2024 cohort of the DivInc Sports Tech Accelerator, a hybrid program based in the Ion. Photo via DivInc.com

DivInc has named its latest sports tech-focused cohort of its hybrid accelerator that is housed out of the Ion.

The Sports Tech Accelerator has selected the 10 companies — with technology across human performance, fan experience, and more — for its 13th cohort to participate in the 12-week hybrid program this month and through July.

The program receives support from underdog venture team, Women In Sports Tech, The Collectiv, and HTX Sports Tech, with partners Bank of America, J.P. Morgan Chase & Co., Gunderson Dettmer, Brown Advisory, Ion, and Mercury.

The spring 2024 cohort includes:

  • Detroit-based Athlytic, which uses real-time data to develop a recommended minimum price per social platform for creator-athletes.
  • Ballin AI, from Tulsa, Oklahoma, is a unique scouting automation software, transforming the labor-intensive scouting process into a streamlined, data-driven operation that boasts improved efficiency over manual work.
  • Cache AI, founded in Bronx, New York, is a platform that uses AI to generate a score for athletes that brands can use to value them without bias.
  • Prosper, Texas-based DRAFTED is a platform to support the of Latina community in sports through digital storytelling, weekly newsletters, in-person and virtual programming, and collaborative brand partnerships.
  • From Chicago, Drip Tech Co. created an artificial intelligence concierge software that provides real-time hydration monitoring, digestible data, and actionable insights to both athletes and coaches.
  • Canadian company, Drive Hockey, founded in Coquitlam, British Columbia, developed an advanced skill-tracking system for aspiring young hockey athletes using sensors and AI technology to make NHL-level analytics simple & affordable for 120,000 amateur hockey teams.
  • Cincinnati, Ohio-based LunchTable is working on a fan activation and engagement platform that can mobilize fans into digital brand ambassadors.
  • Parscape, co-located in Chicago and Los Angeles, is a rewards and cash-back powered marketplace designed for the golf industry. Houston-based TRAINR is a platform for sports and performance coaches that offers booking, payments, taxes, CRM, content creation, financial services, nationwide access to training locations, and more.
  • From Rochester, New York, WEVOLV is working to improve decision making and a more equitable industry for athletes by using human and artificial intelligence and democratizing access.
The Artemis Fund has announced that it's closed its second fund. Courtesy photos

Houston-based, female-focused VC closes $36M fund

fresh funding

A women-led venture capital group based in Houston has closed its second fund to continue its mission of supporting female-founded startups in fintech, commerce, and care.

The Artemis Fund announced its $36 million second fund this month. Co-founded in 2019 by General Partner Stephanie Campbell, General Partner Diana Murakhovskaya, and Venture Partner Leslie Goldman Tepper, the firm has invested in more than 20 female-led startups — with over 60 percent with Black, Latinx, or immigrant leadership.

"Many funds have come to market that focus on diverse founders. Few are also funding the technology to address key barriers faced by overlooked businesses, communities, and families in the U.S.," Artemis leadership writes in a news release.

"Artemis invests in the big personal, every day, economic problems that Silicon Valley doesn’t understand or know how to solve," the release continues. "We see massive opportunity in what many VCs will quickly write off as too small, too fragmented, and too hard to solve. If it keeps families and small business owners up at night, we are likely backing a company solving it."

Artemis Fund II includes support from limited partners Bank of America, Bank of Montreal, TIAA Nuveen’s Churchill Asset Management, Texas Capital Bank, Amazon, The Rockwell Fund, and Ballentine Partners.

“The Artemis Fund is not only breaking down barriers themselves, but they are also investing in companies looking to catalyze change," Hong Ogle, Houston president at Bank of America, says in the release. "Artemis keenly understands how to identify and support diverse entrepreneurs, which ultimately helps us toward achieving our goal to advance economic opportunity for all our communities."

The second fund has already made investments in five startups:

  • Alameda, California-based Hello Divorce, a tech-enabled guide to divorce with research, planning, therapy, and community support.
  • Gemist, based in Los Angeles, provides tech tools to jewelers.
  • West Palm Beach, Florida-based Max Retail, a platform to sell leftover inventory.
  • Payverse, headquartered in Sherman Oaks, California, is a cross border payment processor leveraging their modern processing platform.
  • New York-based Builder's Patch, a software platform that streamlines the process to finance the development and preservation of affordable multifamily housing for CRE lenders and developers.

Here are predictions for what current and emerging trends will further shape businesses in 2024. Photo via Getty Images

Houston expert shares 3 business trend predictions for 2024

guest column

Last year was a dynamic year for businesses across all sectors. Artificial intelligence went from a novel technology to a more widely utilized business productivity tool. Many companies invested additional resources in sustainable business practices. And digital business solutions helped companies thrive.

Here are predictions for what current and emerging trends will further shape businesses in 2024.

Digital tools will continue to unlock operational efficiencies

Businesses of all sizes and sectors are embracing digital innovation to automate tasks and streamline processes. The new year provides business owners with an opportunity to review their operations—and industry best practices—to identify how digital tools can help them expertly manage various aspects of their businesses.

The Bank of America Mid-Sized Business Owner Report found that 54 percent of owners plan to apply for a bank loan or line of credit within the next year, and among that group, 43 percent plan to use the money to invest in new technologies. For example, 87 percent of business owners said they plan to utilize more automation and AI tools during the year ahead, and when asked how they plan to use these tools, owners listed reasons such as assisting with hiring (45 percent) and streamlining payroll and bookkeeping (42 percent).

Businesses also expect to use more digital payments in 2024, with 76 percent of owners anticipating all their transactions becoming digital at some point. A confluence of trends and benefits have helped digital payments proliferate—including widespread smartphone adoption and the growth of cloud-based software solutions, as well as increased digital transaction speeds and the additional security through encryption and tokenization. Digital automation will also continue to influence how businesses manage their accounts payable, as digital solutions make it easier and more efficient to process payments, track invoices and manage cash flow.

Labor markets are beginning to shift

The wave of resignations seen over the past few years has slowed, and according to the Bank of America 2023 Workplace Benefits Report, nearly 70 percent of employees plan to stay with their current companies in 2024.

As more businesses invest in digital tools and AI, they must prepare workers to use these tools properly through upskilling. Bridging the gap between a tool’s potential and company readiness will require training, and providing that training can help boost employee attraction and retention.

Despite this, labor shortages continue to challenge business owners. This year, we expect mobility between industries to continue as businesses hire more for skills than traditional industry experience or even education. A McKinsey & Co. report notes that hiring for skill is five times more predictive of on-the-job performance than hiring for education, and this practice also widens the potential talent pool.

Savvy business leaders will continue in their efforts to meet existing and prospective employee expectations in 2024. Our Workplace Benefits Report found that over half of employers currently have in-person work models, but workers continue to value flexibility. Remote work isn’t a good fit for all businesses, but those supporting it in full or part may benefit from greater worker satisfaction and retention.

Strategic partners can help navigate uncertainty

2024 is a general election year, and with the U.S. presidential election and other global elections we can expect to see market volatility. Further economic uncertainty will be fueled by mixed views about the likelihood of a recession and when interest rates will decrease.

Fortunately, the stock market tends to restabilize after elections, regardless of which party is in power. Business owners should be prepared to steer their companies and employees through these uncertain times, and one of the best ways to do that is by leveraging the expertise and tools of their strategic partners, including bankers, financial advisors, lawyers and accountants.

It’s one thing to monitor trends, but business leaders must adapt now to remain at the forefront later. By embracing these changes and investing in new strategies and technologies to support your business objectives, companies can position themselves for success in 2024 and beyond.

------

Bryce Lindner is the senior vice president and market executive, commercial banking in South Texas at Louisiana at Bank of America.

Andrew Chang, managing director of United Airlines Ventures, joins the Houston Innovators Podcast. Photo via LinkedIn

Houston corporate venture leader calls for collaboration across sustainable fuel, innovation community

HOUSTON INNOVATORS PODCAST EPISODE 212

When it comes to the future of aviation — namely, making it more sustainable, a rising tide lifts all boats. Or, in this case, planes.

Andrew Chang, managing director of United Airlines Ventures, explains that working together is the key for advancing sustainable aviation fuel, or SAF. That's why United Airlines started the Sustainable Flight Fund, a $200 million initiative with support from industry leaders, including Air Canada, Boeing, GE Aerospace, JPMorgan Chase, Honeywell, Aramco Ventures, Bank of America, Hawaiian Airlines, JetBlue Ventures, and several others.

"We all recognize that we may compete in our core business, but with the importance of sustainable aviation fuel and given that it's an industry that doesn't exist — you can't compete for something that doesn't exist — let's collaborate and work together to explore technologies that can directly or indirectly support the commercialization and production of sustainable aviation fuel," he says on the Houston Innovators Podcast.

Within United Airline Ventures, Chang's job is to find technology to invest in across the aviation industry spectrum — from SAF to digital technologies that will improve the United customer experience. This means working with startups and other organizations to find the best fit — and, because he's based in Houston, one of United's seven key hubs, this means knowing and interacting with local innovators.

"The knowledge base and the capabilities are here — that's undebatable," Chang says of the Houston innovation ecosystem. "The next step is making sure we're accessing, promoting, collaborating, and learning from one another."

Again, as Chang recognizes, collaboration is key to further developing the ecosystem, "so that we're not trying to solve the same problem in a vacuum," he explains.

United Airlines recently signed an offtake agreement with Cemvita Factory, a Houston biotech startup that's working on SAF. Chang discusses this partnership on the show, as well as explaining how he works with other startups and what he's looking for.

Supporting and honoring our Hispanic-Latino clients is not just a month-long initiative, it is a long-term, generational investment in America and we are proud to be investing in a stronger economy for Houston now and for years to come. Photo via Getty Images

Expert: Building Hispanic wealth means investing in Houston

Guest column

Every year at this time ― Hispanic Heritage Month ― we collectively celebrate the economic, cultural, and social contributions of the Hispanic-Latino community to our nation. We honor the work of past generations which have allowed children and future generations to benefit from more opportunities.

As diverse a community as is the world, we strive to build a future where there are no barriers for success, and at Bank of America, we do our part to make an impact by helping build Hispanic-Latino wealth in Houston.

The numbers are clear: The 2020 Census revealed that the Hispanic-Latino population in the United States rose to 62.1 million, making up 18.7 percent of the total U.S. population and accounting for slightly more than half (51.1 percent) of the population growth between 2010 and 2020. Hispanic-Latinos now open more small businesses than any other group in the country and are also the fastest-growing demographic of small business owners across the nation. It is not surprising that Hispanic-Latino economic power continues to rise year after year. According to Nielsen Scarborough, the number of Houston Hispanic businesses have increased 85 percent since 2013.

Investing in business

Investing in Hispanic-Latino wealth means supporting entrepreneurs so they are set up for success. Early-stage funding is critical for the growth of a new business, especially when Hispanic-Latino entrepreneurs are still faced with gaps in financial literacy and business education, funding, and networking opportunities.

According to data from Crunchbase, Latino-founded startups accounted for only 2.1 percent of venture investments in the U.S. last year. This is unjustifiable.

As part of our commitment to advancing racial equality and economic opportunity, we have dedicated $350 million in minority- and women-led companies through capital investment by mission-focused venture funds. Of the funds we have in our portfolio, one in every four are led by Hispanic-Latino managers, providing capital that will help entrepreneurs and small business owners grow their businesses, create jobs, and improve financial stability.

An important element to creating opportunities for Hispanic-Latinos to build wealth, whether as a business owner or an employee, is ensuring that young people recognize higher education as a pathway to achieve success. That means partnering with colleges and universities and investing in job creation, skills-building, and support services for students to do so. Locally, we do this with EMERGE Fellowship and with the University of Houston College of Medicine. When we invest in students, we are investing in future professionals and business leaders who will build Hispanic-Latino wealth and contribute to Houston’s economy and culture. This is something we can celebrate together for years to come.

Investing in sustainable homeownership

Sustainable homeownership provides a lasting investment for future generations and cycles capital into the community. The National Association of Hispanic Real Estate Professionals (NAHREP) recently released data showing an increase in Latino homeownership, from 47.5 percent in 2019 to 48.4 percent in 2021, the highest level since the mid-2000s. Through the Community Homeownership Commitment, which provides low down payment loans and closing cost grants, families can take their savings and turn them into lasting legacies. It is a pillar for families to build wealth.

Here in Houston, we also support organizations that assist with homeownership, like Tejano Center, Avenue CDC, and Houston Habitat for Humanity. Building Hispanic-Latino home equity increases the amount of capital families can use now or in the future helping build our Houston economy.

During the past decade, the rate of Hispanic-Latino economic development has far outpaced rates among non-Hispanics. Supporting and honoring our Hispanic-Latino clients is not just a month-long initiative, it is a long-term, generational investment in America and we are proud to be investing in a stronger economy for Houston now and for years to come.

------

Rick Jaramillo is the market executive for Bank of America Houston.

Ad Placement 300x100
Ad Placement 300x600

CultureMap Emails are Awesome

Property Showcase

Rice University's edtech company receives $90M to lead NSF research hub

major collaboration

An educational technology company based out of Rice University has received $90 million to create and lead a research and development hub for inclusive learning and education research. It's the largest research award in the history of the university.

OpenStax received the grant funding from the U.S. National Science Foundation for a five-year project create the R&D hub called SafeInsights, which "will enable extensive, long-term research on the predictors of effective learning while protecting student privacy," reads a news release from Rice. It's the NSF's largest single investment commitment to national sale education R&D infrastructure.

“We are thrilled to announce an investment of $90 million in SafeInsights, marking a significant step forward in our commitment to advancing scientific research in STEM education,” NSF Director Sethuraman Panchanathan says in the release. “There is an urgent need for research-informed strategies capable of transforming educational systems, empowering our nation’s workforce and propelling discoveries in the science of learning.

"By investing in cutting-edge infrastructure and fostering collaboration among researchers and educators, we are paving the way for transformative discoveries and equitable opportunities for learners across the nation.”

SafeInsights is funded through NSF’s Mid-scale Research Infrastructure-2 (Mid-scale RI-2) program and will act as a central hub for 80 partners and collaborating institutions.

“SafeInsights represents a pivotal moment for Rice University and a testament to our nation’s commitment to educational research,” Rice President Reginald DesRoches adds. “It will accelerate student learning through studies that result in more innovative, evidence-based tools and practices.”

Richard Baraniuk, who founded OpenStax and is a Rice professor, will lead SafeInsights. He says he hopes the initiative will allow progress to be made for students learning in various contexts.

“Learning is complex," Baraniuk says in the release. "Research can tackle this complexity and help get the right tools into the hands of educators and students, but to do so, we need reliable information on how students learn. Just as progress in health care research sparked stunning advances in personalized medicine, we need similar precision in education to support all students, particularly those from underrepresented and low-income backgrounds.”

OpenStax awarded $90M to lead NSF research hub for transformational learning and education researchwww.youtube.com

2 Houston startups selected by US military for geothermal projects

hot new recruits

Two clean energy companies in Houston have been recruited for geothermal projects at U.S. military installations.

Fervo Energy is exploring the potential for a geothermal energy system at Naval Air Station Fallon in Nevada.

Meanwhile, Sage Geosystems is working on an exploratory geothermal project for the Army’s Fort Bliss post in Texas. The Bliss project is the third U.S. Department of Defense geothermal initiative in the Lone Star State.

“Energy resilience for the U.S. military is essential in an increasingly digital and electric world, and we are pleased to help the U.S. Army and [the Defense Innovation Unit] to support energy resilience at Fort Bliss,” Cindy Taff, CEO of Sage, says in a news release.

A spokeswoman for Fervo declined to comment.

Andy Sabin, director of the Navy’s Geothermal Program Office, says in a military news release that previous geothermal exploration efforts indicate the Fallon facility “is ideally suited for enhanced geothermal systems to be deployed onsite.”

As for the Fort Bliss project, Michael Jones, a project director in the Army Office of Energy Initiatives, says it’ll combine geothermal technology with innovations from the oil and gas sector.

“This initiative adds to the momentum of Texas as a leader in the ‘geothermal anywhere’ revolution, leveraging the robust oil and gas industry profile in the state,” says Ken Wisian, associate director of the Environmental Division at the U.S. Bureau of Economic Geology.

The Department of Defense kicked off its geothermal initiative in September 2023. Specifically, the Army, Navy, and Defense Innovation Unit launched four exploratory geothermal projects at three U.S. military installations.

One of the three installations is the Air Force’s Joint Base San Antonio. Canada-based geothermal company Eavor is leading the San Antonio project.

Another geothermal company, Atlanta-based Teverra, was tapped for an exploratory geothermal project at the Army’s Fort Wainwright in Alaska. Teverra maintains an office in Houston.

------

This article originally ran on EnergyCapital.

Houston investor calls for all angels to move the ecosystem forward

houston innovators podcast episode 233

One of the biggest components of a well-functioning startup ecosystem is inarguably access to capital, and Mitra Miller is dedicated to enhancing education around investment and growing Houston's investor base.

As vice president and board member of the Houston Angel Network, the oldest angel network in Texas and one of the most active angel networks in the country, Miller strives to provide guidance to new and emerging angel investors as well as founders seeking to raise money from them.

"Most founders have no idea or understanding of how investors think — we are not an ATM," Miller says on the Houston Innovators Podcast. "We are really partners you are getting married to for the next 5, 8, 10 years — sometimes longer. We need to bring your allies in every sense of the word."



HAN, a nonprofit, provides a unique opportunity for its members, as Miller explains. The group consists of around 100 individuals from all business backgrounds, so evaluating companies together brings more than just a wealth of capital — but also a wealth of knowledge.

"What HAN provides is access to investments," Miller says, adding that members have the benefit in evaluating companies together with people from different backgrounds. "Inside a group like HAN, we have extraordinary expertise."

In addition to educating both founders and investors in the process, Miller has dedicated herself to providing opportunities for students in low-income parts of Houston to learn about the startup world. Eight years ago, she founded Eagle Investors, an organization that provides a year-long program that culminates in a group of students participating as judges for the Rice Business Plan Competition.

"They spend a year learning about innovation, entrepreneurship, and investing by meeting local investors, entrepreneurs, and service providers. They go around Houston to get to visit and ... experience all of the ecosystem," Miller says.

At RBPC, the cohort of high school students evaluate the pitches and select a company to provide a $5,000 prize.

Miller herself has been a judge at RBPC for 20 years now, and she's had a front row seat for watching Houston develop as an ecosystem. She's seen the city make real progress, but has one major call to action.

"The piece that I am most aware of that I would like to see grow is activating more accredited investors who are interested in this asset class of early-stage companies and plugging in," Miller says. "They can also invest their time and knowledge to help companies in our region grow and scale."

View All Listings