Houston med device startup raises $18M, prepares to hire

money moves

BiVACOR has received fresh funding from its investors to further develop its artificial heart. Photo courtesy of BiVACOR

A Houston medical device company that is developing an artificial heart announced it has received investment funding to the tune of $18 million.

BiVACOR's investment round was led by Boston-based Cormorant Asset Management and Australia's OneVentures's Healthcare Fund III. According to the company, the funding will be deployed to continue research and development, hiring executives, and support the path to first in human trials.

“We are extremely grateful for the ongoing support from our core investors," says Thomas Vassiliades, who was named CEO of BiVACOR last year, in a news release. "This additional commitment further validates our technology and the need for improved options to treat end-stage biventricular heart failure.

“With this financing, we will be able to double the size of our organization and add key positions from the C-suite to research and development. We are well positioned to advance our preclinical activities and aim to conduct our First in Human early feasibility study planned for the end of the year,” he continues.

Billed as the first long-term treatment for patients with severe biventricular heart failure, the BiVACOR Total Artificial Heart is an implantable artificial heart that utilizes rotary blood pump technology. This technology includes magnetic levitation and is a "durable, reliable, and biocompatible heart replacement," per the company's release. It's about the size of a fist and can be used in a wide range of patients including some children and women and up to adult males.

“Under the leadership of its expert management team, the company has developed a credible strategy for growth as they march toward first in human studies,” says Jeannie Joughin, board chair and principal at One Ventures, in the release. “There is a huge gap in care for patients waiting for a heart transplant, and we are confident that BiVACOR will continue to execute its strategy to swiftly get the Total Artificial Heart into the patients who need it most.”

The company raised its $22 million series B round in early 2021, which was also led by Cormorant Asset Management and OneVentures. To date, BiVACOR has raised $60 million.

“BiVACOR continues to execute on its strategy, and there was no question that we would jump in to lead this funding,” says Bihua Chen, CEO and founder of Cormorant Asset Management. “We are impressed by BiVACOR’s world-class team and continued dedication to push the technology in the clinic. We’re excited to support their growth and vision to transform the treatment of biventricular heart failure with the world’s first fully MAGLEV total artificial heart.”

Founded in 2008, BiVACOR maintains offices in Cerritos, California, and Brisbane, Australia. The company is affiliated with Houston's Texas Heart Institute, where the world's first artificial heart was implanted. BiVACOR's headquarters is at the Texas Medical Center complex.

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Houston space tech co. rolls out futuristic lunar rover for NASA's Artemis missions

to the moon

Houston-based space exploration company Intuitive Machines just unveiled its version of a lunar terrain vehicle that’s designed to be used by astronauts in NASA’s Artemis moon discovery program.

Intuitive Machine recently rolled out its RACER lunar terrain vehicle (LTV) at Space Center Houston. RACER stands for Reusable Autonomous Crewed Exploration Rover.

The rover can accommodate two astronauts and nearly 900 pounds of cargo. In addition, it can pull a trailer loaded with almost 1,800 pounds of cargo.

Intuitive Machines will retain ownership and operational capabilities that will enable remote operation of the LTV between Artemis missions for about 10 years.

NASA chose Intuitive Machines and two other companies to develop advanced LTV capabilities.

“The objective is to enable Artemis astronauts, like the Apollo-era moonwalkers before them, to drive the rover, which features a rechargeable electric battery and a robotic arm, across the lunar surface, to conduct scientific research and prepare for human missions to Mars,” Intuitive Machines says in a post on its website.

The company tapped the expertise of Apollo-era moonwalkers Charlie Duke and Harrison Schmitt to design the pickup-truck-sized RACER. Intuitive Machines engineered the LTV in partnership with Atlas Devices, AVL, Barrios, Boeing, CSIRO, FUGRO, Michelin, Northrop Grumman, and Roush.

“This [project] strategically aligns with the Company’s flight-proven capability to deliver payloads to the surface of the Moon under [NASA’s] Commercial Lunar Payload Services initiative, further solidifying our position as a proven commercial contractor in lunar exploration,” says Steve Altemus, CEO of Intuitive Machines.

Astronauts at NASA’s Johnson Space Center are testing the static prototype of the company’s LTV. Meanwhile, the fully electric mobile demonstration LTV will undergo field testing later this month near Meteor Crater National Park in Arizona.

NASA expects to choose an LTV provider or providers in 2025.

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Houston accelerator names inaugural cohort to propel digital transformation in energy

building tech

Houston-based Venture Builder VC has kicked off its NOV Supernova Accelerator and named its inaugural cohort.

The program, originally announced earlier this year, focuses on accelerating digital transformation solutions for NOV Inc.'s operations in the upstream oil and gas industry. It will support high-potential startups in driving digital transformation within the energy sector, specifically upstream oil and gas, and last five months and culminate in a demo day where founders will present solutions to industry leaders, potential investors, NOV executives, and other stakeholders.

The NOV Supernova Accelerator will work to cultivate relationships between startups and NOV. They will offer specific companies access to NOV’s corporate R&D teams and business units to test their solutions in an effort to potentially develop long-term partnerships.

“The Supernova Accelerator is a reflection of our commitment to fostering forward-thinking technologies that will drive the future of oil and gas,” Diana Grauer, director of R&D of NOV, says in a news release.

The cohort’s focus will be digital transformation challenges that combine with NOV’s vision and include data management and analytics, operational efficiency, HSE (Health, Safety, and Environmental) monitoring, predictive maintenance, and digital twins.

Startups selected for the program include:

  • AnyLog, an edge data management platform that replaces proprietary edge projects with a plug-and-play solution that services real-time data directly at the source, eliminating cloud costs, data transfer, and latency issues.
  • Equipt, an AI-powered self-serve platform that maximizes Asset & Field Service performance, and minimizes downtime and profit leakages.
  • Geolumina's platform is a solution that leverages data analytics to enhance skills, scale insights, and improve efficiency for subsurface companies.
  • Gophr acts as the "Priceline" of logistics, using AI to provide instant shipping quotes and optimize dispatch for anything from paper clips to rocket ships.
  • IoT++ simplifies industrial IoT with a secure, AI-enabled ecosystem of plug-and-play edge devices.
  • Kiana's hardware-agnostic solution secures people, assets, and locations using existing Wi-Fi, Bluetooth, UWB, and cameras, helping energy and manufacturing companies reduce risks and enhance operations.
  • Novity uses AI and physics models to accurately predict machine faults, helping factory operators minimize downtime by knowing the remaining useful life of their machines.
  • Promecav is redefining crude oil conditioning with patented technology that slashes water use and energy while reducing toxic exposure for safer, cleaner, and more sustainable oil processing.
  • RaftMind's enterprise AI solution transforms how businesses manage knowledge. Our advanced platform makes it easier to process data and unlock insights from diverse sources.
  • Spindletop AI uses edge-based machine learning to make each well an autonomous, self-optimizing unit, cutting costs, emissions, and cloud dependence.
  • Taikun.aicombines generative AI with SCADA data to create virtual industrial engineers, augmenting human teams for pennies an hour.
  • Telemetry Insight’s platform utilizes high-resolution accelerometer data to simplify oilfield monitoring and optimize marginal wells for U.S. oil and gas producers via actionable insights.
  • Visual Logging utilizes fiber optic and computer vision technology to deliver real-time monitoring solutions, significantly enhancing data accuracy by providing precise insights into well casing integrity and flow conditions.

“Each startup brings unique solutions to the table, and we are eager to see how these technologies will evolve with NOV’s support and expertise,” Billy Grandy, general partner of Venture Builder VC, says in the release. “This partnership reflects our ongoing commitment to nurturing talent and driving innovation within the energy sector.”

Venture Builder VC is a consulting firm, investor, and accelerator program.

“Unlike mergers and acquisitions, the venture client model allows corporations like NOV to quickly test and implement new technologies without committing to an acquisition or risking significant investment,” Grandy previously said about the accelerator program.

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This article originally ran on EnergyCapital.

Rice, UH keep top spots on annual ranking, startup closes $5.6M, and more trending Houston innovation news

top stories

Editor's note:Let's roundup the most-read Houston innovation news from the week. Trending Houston tech and startup articles from InnovationMap and its daily newsletter included profiles on Houston Innovation Awards honorees, Rice University and the University of Houston continuing their reigns on an annual ranking, and more.

Houston schools lead rankings for best entrepreneurship programs for 6th consecutive year

Rice University and the University of Houston have maintained their top spots for entrepreneurship studies across graduate and undergraduate rankings, respectively. Photo via Getty Images

Rice University and the University of Houston have once again topped The Princeton Review and Entrepreneur’s lists of the best graduate and undergraduate schools for entrepreneurship studies.

Rice ranks first in the graduate category for the sixth consecutive year, and UH ranks first in the undergraduate category for the sixth consecutive year.

“At Rice Business, our students learn both inside and outside the classroom, drawing on our strong industry and community connections in Houston and beyond,” says Peter Rodriguez, dean of Rice’s Jones Graduate School of Business. “With small class sizes and tailored programs, we aim to equip our students with the skills to create new ventures and excel in a fast-changing business landscape.” Continue reading.

Meet 5 of the fastest-growing scaleup companies in Houston

These five scaleups stood out to the judges of the 2024 Houston Innovation Awards. Photo via Getty Images

The 2024 Houston Innovation Awards will feature a new category: Scaleup of the Year, which honors a Bayou City company that's seen impressive growth in 2024.

From biotech companies to decarbonization startups, the inaugural finalists have expanded internationally, moved to larger facilities, completed clinical trials and more. Read on to learn more about these fast-growing startups. Continue reading.

Houston-based, NASA-founded tech startup closes $5.6M in seed funding

Helix Earth's technology is estimated to save up to half of the net energy used in commercial air conditioning, reducing both emissions and costs for operators. Photo via Getty Images

A Houston startup with clean tech originating out of NASA has secured millions in funding.

Helix Earth Technologies closed an oversubscribed $5.6 million seed funding led by Houston-based research and investment firm Veriten. Anthropocene Ventures, Semilla Capital, and others including individual investors also participated in the round.

“This investment will empower the Helix Earth team to accelerate the development and deployment of our first groundbreaking hardware technology designed to disrupt a significant portion of the commercial air conditioning market, an industry that is ready for innovation,” Rawand Rasheed, Helix Earth co-founder and CEO, says in a news release. Continue reading.

Houston organizations identify promising life science cos. at annual event

The Rice Alliance and BioHouston acknowledged innovations from a dozen promising health tech companies. Photo via Rice University

For the 13th year, the Texas Life Science Forum hosted by BioHouston and the Rice Alliance for Technology and Entrepreneurship celebrated innovative companies from around the world that are creating new treatments and solutions to today's biggest health care challenges.

This week, over 40 companies presenting their innovations across cancer, cardiovascular disease, biotechnology, and more. Nearly 700 venture capitalists, corporate innovation groups, angel networks, industry leaders, academics, service providers, and others attended the event on November 7 at Rice's BioScience Research Collaborative in the Texas Medical Center.

Just like in previous years, the event ended with the announcement of the 10 companies that were deemed "most promising" based on their pitches and technologies. Of the 10 companies named, six are headquartered in Houston and an additional two startups on the list have a presence here. Continue reading.

These are 6 of the organizations best supporting Houston's innovation community

Get to know the Houston Innovation Awards Community Champion Organization finalists. Photo via Getty Images

It takes a village to launch, run, and grow an innovative startup.

And from helping founders gain access to capital to promoting diversity, offering mentorship and hosting pitch events, demo days and more, this year's six Community Champion Organization finalists are part of that village. Learn about each of the finalists and what drives them to support the Houston innovation ecosystem in the interviews below. Continue reading.

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