Rice University to lead AI conferences in Paris this spring and summer

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The Rice Global Paris Center will host four conferences focused on AI. Photo via Getty Images

Houston’s own Rice University will host a series of conferences on artificial intelligence in Paris, France, starting this month. The series will tackle the impact and possibilities of AI in fields like econometrics and online privacy security.

“Artificial intelligence is transforming the global economy and raising profound questions about how technology intersects with society,” Caroline Levander, Rice’s vice president for global strategy, said in a news release. “By convening scholars from multiple disciplines and countries in Paris, Rice is helping shape the international conversation about how AI should be developed, governed and used.”

The four conferences in Paris aim for a multi-disciplinary approach that tackles aspects of AI from diverging angles. The conferences come as part of Rice’s increased partnership with French researchers at the Université Paris Sciences & Lettres. The two institutions have formed a binary star system of academic sharing and support.

“Paris has quickly become one of the most important global hubs for artificial intelligence research, entrepreneurship and policy,” Levander said. “For Rice, having a presence in the city allows our scholars to engage directly with that ecosystem while building collaborations that connect Europe and the United States around the future of AI.”

The conferences will be held at the Rice Global Paris Center. Topics scheduled are:

Emerging Topics in Operations Management: Platforms, Blockchains and AI

April 27-29

This conference will focus on how companies like Uber, Airbnb, Spotify, and DoorDash can use blockchain ledgers to deliver goods and services more transparently. It will also look at tokenized incentives, presumably forms of cryptocurrency and non-fungible tokens in the app space.

Econometrics and AI

May 5-7

This conference will explore how AI can be used in various economic statistical models and practices.

Human Flourishing in the Age of AI

June 3-5

This conference will be a collaboration between engineers and philosophers about the ethics and impact of AI on the lives of its users.

On the Crossroads of AI and Society: Incentives, Privacy and Fairness

July 15-16

This conference will consider how to stakeholders can ensure AI’s actions most benefit people, particularly in the fields of healthcare education, energy and public policy.

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Texas continues to embrace the volatile and controversial digital currency. Photo via David McBee/Pexels

Texas launches cryptocurrency reserve with $5 million Bitcoin purchase

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Texas has launched its new cryptocurrency reserve with a $5 million purchase of Bitcoin as the state continues to embrace the volatile and controversial digital currency.

The Texas Comptroller’s Office confirmed the purchase was made last month as a “placeholder investment” while the office works to contract with a cryptocurrency bank to manage its portfolio.

The purchase is one of the first of its kind by a state government, made during a year where the price of Bitcoin has exploded amid the embrace of the digital currency by President Donald Trump’s administration and the rapid expansion of crypto mines in Texas.

“The Texas Legislature passed a bold mandate to create the nation’s first Strategic Bitcoin Reserve,” acting Comptroller Kelly Hancock wrote in a statement. “Our goal for implementation is simple: build a secure reserve that strengthens the state’s balance sheet. Texas is leading the way once again, and we’re proud to do it.”

The purchase represents half of the $10 million the Legislature appropriated for the strategic reserve during this year’s legislative session, but just a sliver of the state’s $338 billion budget.

However, the purchase is still significant, making Texas the first state to fund a strategic cryptocurrency reserve. Arizona and New Hampshire have also passed laws to create similar strategic funds but have not yet purchased cryptocurrency.

Wisconsin and Michigan made pension fund investments in cryptocurrency last year.

The Comptroller’s office purchased the Bitcoin the morning of Nov. 20 when the price of a single bitcoin was $91,336, according to the Comptroller’s office. As of Friday afternoon, Bitcoin was worth slightly less than the price Texas paid, trading for $89,406.

University of Houston energy economist Ed Hirs questioned the state’s investment, pointing to Bitcoin’s volatility. That makes it a bad investment of taxpayer dollars when compared to more common investments in the stock and bond markets, he said.

“The ordinary mix [in investing] is one that goes away from volatility,” Hirs said. “The goal is to not lose to the market. Once the public decides this really has no intrinsic value, then it will be over, and taxpayers will be left holding the bag.”

The price of Bitcoin is down significantly from an all-time high of $126,080 in early October.

Lee Bratcher, president of the Texas Blockchain Council, argued the state is making a good investment because the price of Bitcoin has trended upward ever since it first launched in early 2009.

“It’s only a 16-year-old asset, so the volatility, both in the up and down direction, will smooth out over time,” Bratcher said. “We still want it to retain some of those volatility characteristics because that’s how we could see those upward moves that will benefit the state’s finances in the future.”

Bratcher said the timing of the state’s investment was shrewd because he believes it is unlikely to be valued this low again.

The investment comes at a time that the crypto industry has found a home in Texas.

Rural counties have become magnets for crypto mines ever since China banned crypto mining in 2021 and Gov. Greg Abbott declared “Texas is open for crypto business” in a post on social media.

The state is home to at least 27 Bitcoin facilities, according to the Texas Blockchain Council, making it the world’s top crypto mining spot. The two largest crypto mining facilities in the world call Texas home.

The industry has also come under criticism as it expands.

Critics point to the industry’s significant energy usage, with crypto mines in the state consuming 2,717 megawatts of power in 2023, according to the comptroller’s office. That is enough electricity to power roughly 680,000 homes.

Crypto mines use large amounts of electricity to run computers that run constantly to produce cryptocurrencies, which are decentralized digital currencies used as alternatives to government-backed traditional currencies.

A 2023 study by energy research and consulting firm Wood Mackenzie commissioned by The New York Times found that Texans’ electric bills had risen nearly 5%, or $1.8 billion per year, due to the increase in demand on the state power grid created by crypto mines.

Residents living near crypto mines have also complained that the amount of job creation promised by the facilities has not materialized and the noise of their operation is a nuisance.

“Texas should be reinvesting Texan’s tax money in things that truly bolster the economy long term, living wage, access to quality healthcare, world class public schools,” said state Sen. Molly Cook, D-Houston, who voted against the creation of the strategic fund. “Instead it feels like they’re almost gambling our money on something that is known to be really volatile and has not shown to be a tide that raises all boats.”

State Sen. Charles Schwertner, R-Georgetown, who authored the bill that created the fund, said at the time it passed that it will allow Texas to “lead and compete in the digital economy.”

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This story was originally published by The Texas Tribune and distributed through a partnership with The Associated Press.

The future of Web3, investing in Houston, and how founders need to be prepared for 2023 — Samantha Lewis of Mercury joins the Houston Innovators Podcast. Photo courtesy of Mercury

Houston investor shares what startup founders need to prioritize in 2023

houston innovators podcast Episode 165

Heading into the new year, startup founders in Houston and beyond need to focus on conserving and raising cash, says Samantha Lewis, principal of Houston-based venture capital firm Mercury.

“We all know it’s turbulent market times. We’re unsure where the market is going, and when there’s uncertainty in the public markets, that puts uncertainty in the private markets,” Lewis says on this week's episode of the Houston Innovators Podcast. “What I’ve been spending the past two quarters doing is working with our portfolio companies to just make sure our balance sheets are bulked up for what’s to come in 2023.”

She says Mercury's startup portfolio has focused on extending each company's runway financially through 2024 — and she recommends all startups to try to do the same. She advises on the show that even if a company raised funding within the past year, open on the same terms and valuation just to bridge the gap.

“In 2023, if things start to look up, great. But if things continue to be volatile, then we need to be prepared for it,” she says. “What we’re advising all of our startups to do is to get as much cash in the door right now as you can.”

She outlined a lot of this analysis in a report for Mercury looking back at the market in 2022. Lewis, who was named a member of the Class 27 of the Kauffman Fellows Program, a group of global innovation investors, factors in what she's experienced through the program at an international level.

Lewis is focused on what she calls the "power theme" at Mercury, which includes fintech, blockchain, web3, and more. She says these industries have been hit in particular within market uncertainty.

"Ultimately the companies that are now getting investment and see capital flow through them within Web3 are the ones that have been building a sustainable business from the beginning," she says. "And thinking about what are the real use cases that blockchain unlocks and how it adds economic value."

When it comes to VC activity, Lewis says 2023 has been plagued with "FOMO investing" — the fear of missing out on a buzzy new technology — and "hype projects." Investors were throwing money into Web3 technology that hadn't yet been vetted in a real way.

Mercury didn't do that, Lewis says. "We've been very disciplined about where we put dollars within Web3. We've done mostly infrastructure Web3, and the only thing we'll continue to do is infrastructure." She cites Topl, a Houston-founded blockchain network company, as an example.

On the podcast, she shares more about the tumultuous ride blockchain has had in 2022, and why she's still bullish on Web3 despite the bad actors within cryptocurrency. She also shares some of the things Mercury has been up to with its Houston-based portfolio and what's next for them.

Listen to the episode below, or wherever you get your podcasts — just search "Houston Innovators Podcast."

Topl's latest fundraising round includes participation from a Houston investor as well as international partners. Image via Getty Images

Houston-founded blockchain startup raises $15M series A to increase international impact

money moves

A blockchain technology company that was founded out of Rice University has closed its latest round of funding.

Founded in 2017, Topl is a blockchain-as-a-service company that's developing a purpose-built blockchain ecosystem to empower impact and sustainability within its userbase of businesses. The company's $15 million series A round was co-led by Houston-based Mercury, Republic Asia, and Malta-based Cryptology Asset Group.

“Topl’s blockchain was purpose built to power the next wave of supply chains and markets, that are more sustainable and inclusive,” says Chris Georgen, founder and managing director of Topl, in a news release. “Every decision we’ve made has been relentlessly focused on this problem and it’s exciting to see this approach yielding results with more than 30 different impact-forward use cases already live or approaching launch. Through this latest fundraise and with the strong network we’ve built, we’re looking to accelerate the growth of our ecosystem and setting a goal of at least 100 applications launched by next year.”

The company, which is now headquartered in Austin but still has a presence in Houston, has raised over $20 million in investment to date. Topl announced its $3 million seed round of funding — also led by Mercury — in 2020.

“Despite broader market dynamics across the Web3 sector, Topl’s strategic and early focus on users allowed the team to build an incredibly strong foundation that can weather cycles by providing an increasingly in-demand service to companies implementing various sustainable initiatives,” says Samantha Lewis, principal at Mercury, in the release. “We are excited to support Topl in this pivotal growth period.”

The round included two new international investors in Topl. Republic Asia is a newly launched arm of private investing platform Republic that is focused on fintech and web3 solutions. Houstonian Youngro Lee leads the division as executive vice president at Republic and head of Republic Asia and will join Topl's board to assist with international expansion.

“Sustainability and climate considerations are no longer mere luxuries, but an absolute necessity for companies to contribute to global finance and commerce,” Lee says in the release. “Topl will make it easier than ever for any organization around the world to harness the power of blockchain to track and monetize their positive environmental impact.”

Cryptology, with its European operations, also brings Topl key international presence.

"It's been an honor to see Topl progress from when it first entered Iconic Lab's accelerator program back in 2018 to where it is today," says Patrick Lowry, CEO of Cryptology, in the release. "Cryptology is hyper-focused on driving crypto adoption in an impact-focused, sustainable manner. We are proud to add Topl to our portfolio of companies and excitedly await Topl's network decentralization."

In addition to increasing its international impact, Topl will reportedly continue to build out its blockchain and technology. Per the release, Topl expects to launch a traceability platform for ethically and sustainably sourced products later this year.

Topl, which launched a grant program to fund Web3 startups and developers with inclusive and sustainable solutions, plans to announce its first 20 grant awards early next year. The grant recipients will also receive development, go-to-market, and fundraising support from Topl's team and network.

Blockchain growth and funds reaching new groups of people — this Houston investor has VC trends for 2022. Image via Getty Images

Houston expert shares 3 venture capital predictions for 2022

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New Year’s resolutions are all well and good, but this year, in true VC fashion, I’m making some New Year’s predictions, too. Though I’m not an oracle, I am an investor, which means I use what I learned in the past to guide my decisions in the present. With that in mind, here are three predictions for 2022.

Blockchain’s gaining ground and will be used to solve some of the world’s toughest problems.

This year, expect to see more corporates adopting blockchain. Blockchain is the digital recordkeeping technology that cryptocurrencies depend on, but its impact goes far beyond powering Bitcoin and giving speculative traders something to do. It allows corporations to do everything from transferring data more securely, to tackling supply chain issues (a problem we became all too familiar with last year), to eradicating the double spending problem in carbon credit markets and helping businesses prove their ESG claims.

When it comes to environmental, social, and governance (ESG) investing, blockchain will be a major part of the solution to a myriad of pressing issues, from climate change to social unrest.

On the environmental front, expect blockchain to be an essential tool in our quest to get to net zero: the technology allows companies to better track and trace their carbon footprint, and will lead to greater accountability across industries. It also has the potential to bring much-needed transparency to the global food supply chain, so that consumers can make informed decisions about the products they’re buying.

So much of the social unrest we are experiencing today is the result of power concentrated in too few hands and the lack of access to financial services. Blockchain is already being used to help the unbanked to improve their credit scores through microloans and to provide farmers with crop insurance. In 2022, blockchain will continue to democratize access to capital and unlock opportunities for retail investors to build wealth on their own terms.

As of last fall, 85 percent of the market cap of digital assets was driven by retail investor interest. In the first half of 2021 we saw a 100 percent increase in crypto users and a 700 percent growth in the DeFi token market cap. And there’s no signs of a slowdown. In December, Visa announced they were launching a “crypto advisory practice” to help their clients understand this next frontier. Visa’s announcement is just one of many announcements from major firms embracing the notion that digital assets will soon be a vital thread in the broader financial ecosystem.

If you let 2021 pass without getting educated on blockchain, 2022 is the time to dive deep.

The tech industry knows entrepreneurs can build from anywhere, and they’re doubling down on geographic diversity.

Until a few years ago, the conventional wisdom was that you couldn’t build a successful startup from anywhere but Silicon Valley. In 2022, entrepreneurs will build — and build successfully — in cities across the country, basing themselves in communities that best align with not only their industries, but their interests.

Rising innovation hubs will succeed based on how well they distinguish themselves from their counterparts. Want to build in a vibrant metropolitan area which is also the most diverse city in America and has built an inclusive startup ecosystem? Join us in Houston. Want to join a thriving ecosystem that is close to nature activities and still (somewhat) affordable? Move to Austin.

Though this geographic diversification started pre-pandemic, COVID-19 sped it up. In 2021, for the first time in more than 10 years, the percentage of seed capital going to Bay Area startups fell under 30 percent. The possibility of building an innovation community anywhere is finally becoming a reality as the pandemic years forced digital adoption and innovative thinking.

The upshot: if you’re a founder looking to lay roots, you can find the soil that’s best for your growth.

For women, Black and Latinx founders, the needle is moving in 2022.

For years now, a few in the tech industry have been working hard to diversify capital allocation, planting seeds aimed at getting more capital into the hands of women, Black and Latinx founders. In 2022, those seeds will sprout.

Two years ago, only 5.6 percent of VC firms in the U.S. were women-led, and of those 73 percent had been founded in the previous five years. But venture is a long game so investing initiatives can take years. When women are writing the checks, they tend to fund more diverse teams, which, in turn, routinely outperform teams with no women or people of color.

The work, in short, is paying off. In 2021, venture firms founded by women were on pace to bring in over 7 billion dollars, nearly one billion dollars over the previous high, from 2019. Expect the trend to continue into this year.

In summary, expect 2022 to be a blockbuster year for blockchain utility, and enjoy the increased capital deployed into previously underrepresented founders living all across America. We’ll check back in 2023 to see how I did.

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Samantha Lewis is principal at Houston-based venture capital firm, Mercury Fund.

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Axiom Space expands executive team with two C-suite hires

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Fresh off officially making Texas its legal headquarters, Axiom Space has named two new C-level executives.

The Houston-based spacetech company, which is developing the first commercial space station, announced earlier this month that it had appointed Zach Gitomer as its new chief financial officer and Erick Wegerer as chief information officer.

Gitomer served as vice president of investor relations and capital markets for Axiom from March to June of this year. Before joining Axiom, he held various leadership roles at Bank of America, Merrill Lynch, and Citi, where he supported technology and growth companies, according to Axiom.

"Building era-defining space infrastructure and pioneering the orbital economy is a complex endeavor that requires not just an audacious vision and stellar engineering talent, but the financial infrastructure, discipline, and capital strategy to match," Gitomer shared in a LinkedIn post. "I’m honored to take on this role ... I’m looking forward to partnering with the exceptional leadership team here at Axiom Space during a defining chapter for the company and commercial spaceflight broadly, as well as a crucial period for maintaining U.S. human presence in low-Earth orbit and leadership in space exploration."

Wegerer joins Axiom after most recently serving as CIO of Washington-based Insitu Inc., a subsidiary of Boeing that develops customized unmanned hardware for commercial, government and defense customers.

"My time at Insitu was defined by talented people, meaningful challenges, and work that mattered. I'm grateful for the teams, partners, and leaders who made progress there possible. Stepping into Axiom, I'm energized by the mission, the momentum, and the opportunity to help shape what's next," Wegerer shared.

Photo via LinkedIn

The duo was celebrated on the floor of the New York Stock Exchange last week.

“We are pleased to welcome these exceptional leaders to the Axiom Space team," Axiom CEO Jonathan Cirtain added in the announcement. “Their strong record of helping complex organizations advance their strategic priorities will strengthen our executive team to further advance our core business objectives."

It's been a busy summer for Axiom. The company tacked on an additional $175 million to a previously announced capital raise, bringing the oversubscribed round to a total of more than $525 million, in June.

It also announced plans to open a Japanese subsidiary July 1. It tapped veteran Japanese astronaut Koichi Wakata to lead Axiom Space Japan as chief technology officer in the Asia-Pacific region. It also shared plans to establish Axiom Space Switzerland, a wholly owned subsidiary based in Lucerne that is also expected to begin operations this summer.

Axiom also officially redomiciled its legal headquarters from Delaware to Texas last month. Read more here.

Houston hardtech accelerator names 8 founders to 2026 cohort

hardtech fellows

Hardtech-focused organization Activate has named 50 new members to its 2026 cohort of scientists, which includes eight startups joining Activate Houston.

Activate aims to support scientists at "the outset of their entrepreneurial journey." It partners with U.S.-based funders and research institutions to support its fellows in developing high-impact technology. Its fellows receive a living stipend, research and development funding, connections from Activate's robust network of mentors and access to a curriculum specific to the program for two years.

This year's fellows represent 41 companies from 22 U.S. cities and 11 states.

“This cohort clearly demonstrates that the next industry-defining companies won't choose between modern technology and deep science; they'll be built by combining both,” Cyrus Wadia, CEO of Activate, said in the announcement. “These are the scientists and engineers turning our most urgent global challenges into the companies that will deliver a more sustainable future.”

The Houston fellows are working across the energy, space, AI infrastructure and agriculture sectors. They include:

Sophie Clare Broun, founder of Anning Corporation, which is producing clean hydrogen by stimulating naturally occurring geologic deposits
Kathy Andersen, founder of Brint Tech, which builds optical sensing systems that quantify hydrogen for infrastructure operators
Dorsa Talebi, founder of Kinetiq Drive, which builds rare-earth-free, contact-free electric motors with wireless rotors for small appliances and heavy industry alike
Neethu Pottackal, founder of Nivera, which is developing natural, edible coatings made from agricultural byproducts to reduce food waste and extend the shelf life of fresh food
Jonathan Huffman, founder of Orbital Arc, which is shrinking spacecraft propulsion to a microchip powerful enough for deep space
Tim Lee, founder of Renesin, which develops advanced materials for faster, more efficient AI hardware
Joshua Livingston, founder of Selerra Separations, which is developing high-performance membranes that cut the cost and energy consumption of water treatment
Wenli Jiang, founder of SwieNitro Recovery, which is developing technology that converts nitrogen-rich waste streams into valuable fertilizer

"Home to the largest concentration of engineers in the United States and a dense ecosystem of Fortune 100 and Fortune 500 companies, Houston is uniquely positioned for scientists tackling large-scale industrial challenges. Activate Houston fellows are connected to the city's deep networks in energy, chemicals, and materials," Activate said in the announcement.

Activate named its inaugural Houston cohort in 2024. It has other hubs in Boston, New York, and Berkley, California—where Activate is headquartered. The organization also offers a virtual and remote cohort, known as Activate Anywhere. Nationally, it has supported 346 fellows and 276 companies since 2015.

Activate Houston is led by managing director Jeremy Pitts, who co-founded Greentown Labs in Boston. It is based out of the Ion. The latest cohort is Activate Houston's third. Read more about the last year's cohort here.

Rice, Houston Methodist award $90K for cancer research projects

seed grants

Rice University’s Synthesis X Center, in partnership with the Houston Methodist Neal Cancer Center, announced earlier this month the organizations would award $90,000 in seed grant funding to two projects that could help fight cancer. One would ease the pain of chemotherapy, while the other could change the way the progression of leukemia is tracked.

“We’re excited to be collaborating with the Neal Cancer Center to support collaborative, novel and interdisciplinary proposals to improve cancer care and outcomes,” Han Xiao, Rice professor of chemistry and the director of the SynthX Center, said in a news release. “Together, we can achieve translational excellence.”

The projects

Chemotherapy is one of the most effective cancer treatments, but it can be hard on the body. The human body doesn’t like being injected with radioactive material, especially the skin around the injection point, which can become extremely irritated. For patients in long-term treatment, the skin irritation can be more than just a bother; it can lead to infections that are dangerous to a compromised immune system.

Angel A Marti, a professor of chemistry at Rice University, and Biana Godin, an associate professor of nanoscience at Houston Methodist Research Institute, are experimenting with metal nanoclusters as a way to block radiation at the injection site. The nanocluster could be applied in a cream or a gel on the skin, serving as a type of shield against the harsh radioactive material.

Meanwhile, Yuan Ma, an assistant professor of chemistry at Rice, and Shu-Hsia Chen, a professor of immunology at Houston Methodist Research Institute, are working with m6A. Discovered in the 1970s, m6A is the most prevalent chemical modifier found in mRNA in mammals. It is prevalent in many cancers, including leukemia.

Ma and Chen are working on measuring the amount of m6A in leukemia to see if it can determine the most effective cancer treatments. The team is also experimenting with ways to shut off m6A to see if it makes current leukemia treatments more effective.

Progress from SynthX

SynthX was first launched in April 2024 to turn research from Rice and Houston Methodist into real-world cancer treatments. Within a year, the center had secured $1.5 million in grant money to work on crossing the blood-brain barrier in brain cancer treatments. These latest awards show that SynthX Center continues to bridge the worlds of research and clinical practice.

“This collaboration reflects a shared commitment to team science in cancer research,” Daniela Matei, the director of the Houston Methodist Neal Cancer Center, added in the release. “These are the types of translational and pioneering projects that lead to transformation in patient care.”'

The SynthX Center awarded $90,000 in seed grants to three teams in 2025 and $80,000 to three teams in 2024.

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