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

money moves

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

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.

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Topl has a new blockchain service for accurately and consistently tracking ESG. Photo via Getty Images

Houston startup rolls out blockchain-as-a-service model

ESG BAAS

A Houston blockchain startup has launched a new service that allows companies to enroll in the platform in just a few clicks.

Houston-based blockchain network developer Topl has announced the new platform, which is in its public beta stage. Startups, mid-level, and enterprising companies can register online. The new blockchain-as-a-service tool is purpose-built for Environmental, Social and Corporate Governance, or ESG.

The new BaaS solution allows for users to provide tangible proof that's free from data loss or manipulation.

"Adoption of blockchain technology in enterprises has been slowed because of problems with ease of use and infrastructure management," says Chris Georgen, Topl's co-founder and chief architect, in a news release. "Topl's Blockchain-as-a-Service removes these barriers to entry and provides a seamless means of upgrading current platforms with blockchain technology."

Topl's beta version of its blockchain as a service is available for free for startups and small companies, but it also has $50 and $500 a month pricing plans for larger operations.

The Topl team also recently announced it has published a new white paper called "Virtual Reality, Adapting Coffee Supply Chains To COVID-19." It focuses on how coffee supply chains are able to adapt digitally to the changes brought about by COVID-19. According to the release, the paper shows how blockchain technology allows every person and company of the global coffee supply chain can be included in the process.

Topl recently closed its $3 million seed round in December of last year. The round was led by Houston-based Mercury Fund with support from Houston-based GOOSE Capital, among others.

"We're grateful to have closed an oversubscribed venture round during a pandemic, especially given the unfortunate truth that many women-led startups are getting much less investment during this time," Kim Raath, CEO of Topl, said of the raise. "Bringing transparency to causes dedicated to environmental and social good has never been more important. We are building a modern blockchain for a world where purpose and profit go hand in hand."

For newly named CEO of Topl, it's game on. Courtesy of Topl

Coronavirus has placed new focus on digitization and supply chain, says Houston blockchain startup leader

HOUSTON INNOVATORS PODCAST EPISODE 25

From a business perspective, Kim Raath, founder and CEO of Topl, sees the challenges and expected recession caused by COVID-19 as an opportunity — and a test.

"A bunch of companies — like Airbnb — were built in the 2008 recession," Raath says on this week's episode of the Houston Innovators Podcast. "I'm excited to see if we make it through here, I think we can survive anything."

Topl was founded by Rice University graduates — Raath, James Aman, and Chris Georgen — to track impact in various industries, such as carbon footprints in oil and gas or fair wages for farmers in agriculture, via a robust blockchain network. The company closed a $700,000 seed round last year and is looking toward another round of investment this year — yes, even amidst the current situation.

Raath just recently took over as CEO for the company following the completion of her Rice Ph.D in statistics and a Master's in economics, and it was a perfect time for the founders to sit down and realign their company. Aman will continue to focus on the tech, Georgen will focus on the customer, and Raath will steer the ship.

"It was definitely a cool experience for us as founders to go through together, but I'm glad that all three of us came out of this excited about what we're doing moving forward," says Raath.

And then, the coronavirus hit, which, to Raath, has proven to be an added obstacle and an exciting time to be in the track and trace world of blockchain.

"A lot of these COVID-19 trackers that everyone is watching, the data is being pulled into these trackers in the same way you could be tracking your chocolate, diamonds, anything," says Raath. "I'm excited to see the virtual and digital side of this — people are realizing you can use data to visualize things — and at the same time use that data for informed decision making."

She's observed that people are actually thinking of the effects on supply chain — in more than just the business sense.

"I don't think any of us thought this much about supply chain. Most of us just went to the grocery store, and we had all these options," Raath says.

Raath, like many startup founders, have had to make some tough calls and some huge cuts to her business, which has been scrappy and bootstrapped most of its existence anyways. In the episode, she offers her fellow startup leaders some advice about making these cuts as well as reminds them, as well as herself, that everyone is in the same boat right now — ask yourself what you can do to stand out and survive.

"Everyone is in the same place — including your competition right now," Raath says. "You don't have control of the uncertainty — but no one does. What do you have control over right now and how can you act on that control. That's what my focus has been."

Listen to the full episode below — or wherever you get your podcasts — and subscribe for weekly episodes.


Data Gumbo, led by founder and CEO, Andrew Bruce, has expanded into Indonesia with a new client. Courtesy of Data Gumbo

Houston-based blockchain company continues growth with expansion in Southeast Asia

making moves

A Houston startup that's created a global industrial blockchain network has announced a new application and expansion into a new market.

For the first time, Data Gumbo Corp.'s GumboNet will be used in geothermal energy drilling thanks to the startup's new Indonesia-based client, Air Drilling Associates, a drilling and project management service provider.

"Expansion into Southeast Asia with ADA's deployment signals GumboNet's global applicability and benefit to industry — in this case, geothermal energy development," says Andrew Bruce, CEO and founder of Data Gumbo, in a news release. "We are excited that Data Gumbo is entering yet another sector of the energy market for improvements across its supply chain."

ADA will use GumboNet to automate invoice payments of its contracts, including ADA's work on on major geothermal exploration drilling campaign for international power company. This project is part of the country's plan to develop infrastructure to meet national electrical energy needs.

"In geothermal energy, supply chain parties are sluggish to invoice and execute payments, remote operations exist all over the world, and it takes dozens of counterparties to get a well site up and running," says Diederik Zwager, CEO of Air Drilling Associates, in the release. "By implementing GumboNet, we will gain greater transparency into our operations, and experience billing and invoicing execution at a monumentally faster rate."

Zwager will also become an adviser for Data Gumbo and is eager "to implement the network at ADA to pass along the benefits to customers, vendors and suppliers," he says in the release. The company has a presence in Southeast Asia, the Middle East, the Asia-Pacific region, and North and South America.

Since its inception in 2016, Data Gumbo has raised a total of $9.3 million — recently closing a $6 million series A led by Saudi Aramco's venture arm. While that recent pop of investment means expanding to new industries — the company announced its entrance into the construction industry — Bruce preciously commented that these funds would go toward taking Data Gumbo to new global markets.

"The whole thing for us is building this blockchain network of interconnected companies," Bruce says on a recent episode of the Houston Innovators Podcast. "The more companies that are a part of that network, the more value that network has."

Andrew Bruce talks Data Gumbo expansion on the most recent episode of the Houston Innovators Podcast. Courtesy of Data Gumbo

Houston blockchain company plans for huge growth — from new offices to new industries

HOUSTON INNOVATORS PODCAST EPISODE 9

Andrew Bruce saw that the oil and gas industry had a data problem. If energy companies were ever going to be able to set up autonomous drilling, they needed to integrate data and challenge the commercial model.

On this week's episode of the Houston Innovators Podcast, Bruce, CEO of Data Gumbo Corp., shares how he created a solution to move the needle on streamlining data within industry.

"Data Gumbo was originally founded to solve that integration problem. Take data from different sources, standardize it, clean it up, and make sure only the people who have the authority to get access to the data, can get access to the data," Bruce says on the podcast. "That's why we're called Data Gumbo — take a bunch of data, put it in the pot, stir it up, and make it taste good."

Since its inception in 2016, Bruce has led the company to raise a total of $9.3 million — recently closing a $6 million series A led by Saudi Aramco's venture arm. While that recent pop of investment means expanding to new industries — the company announced its entrance into the construction industry — Bruce says the funds will also take Data Gumbo to new global markets, including the Middle East.

"The whole thing for us is building this blockchain network of interconnected companies," Bruce says. "The more companies that are a part of that network, the more value that network has."

Bruce discusses his planned growth, the origin story of Data Gumbo, and how the Houston innovation ecosystem has helped the company grow in the episode. Listen to it below and subscribe wherever you get your podcasts.

Houston-based Data Gumbo is entering a new phase of business within oil and gas.Courtesy of Data Gumbo

Houston oil and gas blockchain company expands into new sector

Building blockchain

With a new partnership, Houston-based Data Gumbo Corp. will move into a new sector within oil and gas, allowing the startup to tap into the Permian Basin.

Austin-based Antelope Water Management, which provides sustainable water solutions within the O&G industry, has partnered with Data Gumbo on its blockchain network, called GumboNet™, allowing the Houston startup to go beyond the drilling sector. The partnership means Data Gumbo will have life operations in both onshore and offshore drilling, including in the shale basins, according to a news release.

"As an integrated water management company in the Permian Basin providing tailored management services for water infrastructure, we look forward to incorporating Data Gumbo into each of our business units," says Dustin Brownlow, CEO of Antelope, in the release. "Data Gumbo is a game changer enabling us to provide customers, vendors, and regulators the best experience that smart contracts can offer."

According to the release, this partnership is the first use of a blockchain platform for water management services in U.S. shale sites in the industry.

"Data Gumbo was the first blockchain in offshore drilling and now we are the first in oil and gas water management. We anticipate continuing to break ground across the industry as companies realize the vast benefits we afford them such as security, certainty of data and, most of all, savings to the bottom line," says Andrew Bruce, CEO of Data Gumbo, in the release.

The technology allows for valuable cost-saving initiatives, including lower overhead expenditures, fewer outstanding payments between parties, and data certainty for business transactions.

Data Gumbo operates as a blockchain-as-a-service company, where clients across midstream, drilling and completions opt into the network service. The company was founded in 2016 and recently closed a $6 million Series A round.

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Texas institute grants $12M to bring leading cancer researchers to Houston

cha-ching

Rice University has recruited a prominent Swedish cancer researcher thanks to a $6 million grant from the Cancer Prevention and Research Institute of Texas.

It’s among $68 million in research grants recently awarded by the state agency, and six recruitment grants totaling $16 million to bring leading cancer researchers to Texas.

A news release from the Cancer Prevention and Research Institute of Texas (CPRIT) describes Pernilla Wittung-Stafshede of the Chalmers University of Technology in Gothenburg, Sweden, as “an accomplished and highly gifted biophysical scientist tackling complicated biological questions regarding the role of metals and metal dysregulation in various diseases. She pioneered a new research field around the role of metal ions in the folding and function of metalloproteins.”

Metalloproteins account for nearly half of all proteins in biology, according to the National Institutes of Health. They “catalyze some of the most difficult and yet important functions in [nature], such as photosynthesis and water oxidation,” the federal agency says.

Wittung-Stafshede, a professor of chemical biology and life sciences at Chalmers, is a former professor at Rice.

Aside from the money for Wittung-Stafshede, Houston recruitment grants also went to:

  • University of Texas M.D. Anderson Cancer Center: $2 million to recruit Rosalie Griffin of the Mayo Clinic
  • Baylor College of Medicine: $2 million to recruit Dr. Nipun Verma of the Yale University School of Medicine
  • Baylor College of Medicine: $2 million to recruit Xin “Daniel” Gao of Harvard University and the Massachusetts Institute of Technology

In Houston, cancer research grants were given to:

  • Baylor College of Medicine: $7.8 million
  • M.D. Anderson Cancer Center: $20.7 million
  • Rice University: $ 1 million
  • University of Houston: $1.2 million
  • University of Texas Health Science Center at Houston: $4.5 million

“The awards … represent the depth and diversity of CPRIT funding for cancer research in Texas,” says Kristen Doyle, CEO of CPRIT. “These grants develop new approaches to preventing, diagnosing, treating, and surviving cancer for all Texans.”

See the full list of awards here.

2 Houston startups win big at SXSW 2025 pitch competition

winner, winner

Houston had a strong showing at this week's SXSW Pitch showcase in Austin, with two local startups claiming top prizes in their respective categories.

Little Place Labs, a Houston space data startup, won the Security, GovTech & Space competition. Clean-tech company Helix Earth, which spun out of Rice University and was incubated at Greentown Labs, won in the Smart Cities, Transportation & Sustainability contest.

As one of SWSX's marquee events, held March 8-10, the pitch competition featured 45 finalists, selected from 589 applicants, in nine categories.

"We faced impressive competition from a well-chosen set of finalists, and we're honored to be chosen as the winners. One of the judges even commented, ‘Who knew you could make air conditioning sexy,’” Brad Husick, Helix's co-founder and chief business officer, said in a release.

Helix Earth was launched in 2022 and is known for its space capsule air filtration system that was co-developed for NASA. The commercial air conditioner add-on technology, now in a pilot phase, has been used to retrofit HVAC systems for commercial buildings and can save up to 50 percent of the net energy, cutting down on emissions and operating costs, according to the company. Its co-founder and CEO Rawand Rasheed was named to the Forbes 30 Under 30 Energy and Green Tech list for 2025.

“This win validates our mission to drive sustainable innovation in commercial air conditioning and beyond. We are excited about the future of Helix Earth and the impact we will have in reducing energy consumption and emissions," Rasheed said in a statement.

Little Place Labs echoed that sentiment with a post on LinkedIn celebrating the win.

"This all started with a simple mission: To deliver real-time space insights to help first responders, mission planners, and decision-makers act before problems arise,” the post read. "Today, that mission feels even stronger."

The company uses advanced AI and machine learning to deliver near-real-time space analytics for both ground and space-based applications. Its software aims to help first responders, mission planners and decision-makers detect anomalies and make informed decisions quickly. It was co-founded in 2020 at Oxford by Houstonian and CEO Bosco Lai and Gaurav Bajaj and participated in the 2023 AWS Space Accelerator.

Two other Houston companies were selected as finalists:

  • Trez, a Latino-focused fintech company that uses AI and voice-command payroll through WhatsApp to provide culturally relevant payroll and streamline financial operations for Latino business owners.
  • Tempesst Droneworx, a veteran-owned software company that's Harbinger software providing real-time contextual intelligence for early warning detection, reducing time to decision and speeding time to action.

Jesse Martinez, founder of invincible, and Anu Puvvada of KPMG were two judges representing Houston.

According to SXSW, 647 companies have participated in SXSW Pitch over the years, with over 93 percent receiving funding and acquisitions totaling nearly $23.2 billion. See the full list of 2025 winners here.

A legacy of industrial technology excellence: UTSI International turns 40

Cheers to 40 Years

As UTSI International celebrates its 40th anniversary, president and CEO Shaun Six reflects on the company's history, achievements, and exciting future.

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In March 1985, Dan Nagala and a few friends took a risk, leaving their full-time jobs to pursue their passion and start their own company.

They founded UTSI Internationalamidst groundbreaking advancements in Industrial Control Systems and SCADA technology, revolutionizing remote operations for critical infrastructure. From the start, UTSI has been at the forefront of OT innovation and integration — a legacy we proudly carry forward today.

The legacy of Dan Nagala

Dan Nagala’s 50-plus-year career is too vast to cover every accomplishment, but if you’ve ever heard the phrase “Houston, we have a problem” in a movie, those screens in the control room and the logic causing the “blinky lights” to alert the operators, you’ve seen some of his work. Dan and his team ultimately paved the way for field communications to detect and communicate leaks on pipelines and give operators in remote locations situational awareness, expanding their ability to safely monitor and control their operations.

This capability was requested early on in the first pipeline control rooms, leading to UTSI’s first check-in 1985 (which I proudly have framed on my bookshelf). The protocols to communicate and do advanced calculations — which many would be tempted to call AI today — for the purpose of monitoring and control, was created from this group of enthusiasts who open sourced it and allowed it to proliferate, leading to over 80 percent of all critical infrastructure in the world now utilizing a variant thereof.

Given the novelty of the technology and the experience of UTSI, having implemented control systems and automation for pipelines in over 22 countries, Dan was asked to collaborate with industry experts, creating the first API leak detection and control room management standards for the American Petroleum Institute. These would later become regulation under PHMSA, DoT, and TSA, placing UTSI as the go-to experts in compliance in addition to their traditional expertise.

UTSI has delivered for the world’s largest infrastructure owners in multiple critical infrastructure sectors, like mining, water/wastewater, oil and gas, green energy, transportation authorities, etc. We have also done AI and cybersecurity, in addition to SCADA and ICS work for the DoD and DoE.

Strength in partners

I joined UTSI in 2022 as vice president, working under Dan, with the goal of gradually stepping into leadership. In 2023, I became CEO, president, and majority shareholder. While no one can truly fill Dan’s shoes alone, we’ve focused on strengthening our team, partnerships, and capabilities to continue UTSI’s legacy of excellence.

One of our first strategic partnerships was with Tory Tech, a leading API-compliant Control Room Management tool. UTSI has worked as integrators with Tory Tech for years and Dan worked as a CRM compliance advisor for them in the U.S. while they were setting up their headquarters in Houston. In 2024 we made it an official partnership, becoming a preferred integrator and focusing our team on training and development in the MaCRoM (Master Control Room Management) tool.

We've also made significant investments in our OT cybersecurity capabilities, expanding our team and partnering with industry leaders like Dennis Parker, Derrik Oates, Nozomi Networks, Fortinet, and Schneider Electric. These strategic moves ensure we deliver top-tier expertise, products, and solutions to better serve our customers.

Our partnership with ThreatGEN and the utilization of their AI-driven “AutoTableTop” tool not only utilizes our experience with TSA guidelines, but adds an element of reality that the traditional methods are lacking, making these engagements more interactive and beneficial for operators who are required to participate annually.

In 2024, UTSI also invested heavily in AI and Data Science by acquiring Houston-based AI company Pandata Tech and leveraging their Data-Quality-Methodology (DQM), Leak Geek, and time-series data science expertise to solve industry specific problems.

Moving up – in and around Houston

Building on our recent successes, we strategically relocated our office to the Netrality building (1301 Fannin St.), bringing us closer to clients and partners, while getting access to a Tier 3 Data Center with an uninterrupted 40-year power record.

Netrality is a SOC2-compliant facility with seven points of detection from the street to our server, including biometric screening. Our very own Roberto deLeon has architected our upgraded servers using the Purdue model as a basis of design while leveraging our relationship with Fortinet to standardize our hardware and software to the highest standards. We practice what we preach — every architecture, framework, and hardware recommendation we make is not just advised but actively implemented within our own operations.

Our investment in this space includes increasing our “SCADA R&D Lab” to play with toys from vendors, testing them out in our environment before we recommend and advise them to our clients and partners. Currently we’re working on LLMs for OT, building our own “DANN2.0” for use in-house. DANN is an homage to Dan Nagala (and, for the nerds, stands for Dan Artificial Neural Network), which we started in 2022 when I realized that knowledge capture is an industry wide epidemic and we need to be ready to integrate for our clients in a safe and local way at scale, in the OT environment.

Additionally, having come from a startup before joining UTSI, I wanted to get us closer to the heart of innovation, so we’ve added additional office space at The Cannon downtown. While there are many tech hubs around Houston, and we are proud to work with and partner with companies from Greentown Labs and the Ion, to name a few, we’ve found that The Cannon community is incredibly active and innovative, with experience in industrial use-cases.

Houston is set to become the Energy Transition capital, leading in hydrogen, carbon capture, and repurposing. With a 5:1 ratio of engineers leaving the industry and an average age over 60, we must innovate. The solution lies in combining a secure, cloud-free "ChatGPT for OT" with digital twins. Bringing the field to engineers is essential. We've partnered with a satellite constellation for asset imaging and U.K.-based Mods Solutions to leverage their CFIHOS-driven platform for intelligent digital twins — more on that partnership soon!

And we will need to leverage enhanced automation tools and actively monitor control networks to ensure security and respond quickly to issues, which is why we’ve partnered with Nozomi Networks.

Shaping the future

Although Dan has semi-retired to his cabin in Montana, he continues to do “the fun stuff” that brings him joy, such as conducting research for PRCI and assisting long-time clients. He also has been a mentor and advisor to me since I started at UTSI three years ago. I’m grateful for him and the group of industry experts he gathered around him to make UTSI such a well-known systems integrator and OT advisor for the world’s largest asset owners.

Our group of experts are active in the industry and will be speaking at events throughout the year, with a presence at Entellec, Level Zero, and participating at this year's API Cybernetics and PSIGs biannual conferences. We proudly serve on the BCarbon advisory board and GHPs Energy Committee.

Lastly, we have one request: We see a critical need for H2 and supercritical CO2 studies to develop simulation models, response plans, and leak detection best practices. These gases differ from those covered in existing standards. If you know anyone interested in funding or contributing, we’re collaborating with industry partners to secure support.

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