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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Telsa targets Houston area for new $10 billion manufacturing plant

Project Sun City

Electric vehicle and clean energy company Tesla is considering building a new $10.1 billion solar cell manufacturing facility in Fort Bend County, according to documents filed with the Texas Comptroller’s Office.

If approved, the plant, called Project Sun City, would be located on a 3,050-acre site off FM 762 and FM 1994 in Richmond, Texas. Tesla aims to finish construction in 2028, with the plant being operational by early 2029.

The plant will manufacture photovoltaic (PV) solar cells and modules that can convert sunlight into electricity. PV Magazine reports that the facility is "the largest single manufacturing investment Tesla has proposed on paper."

Advisory and consulting firm Kroll submitted the documents to the Texas Comptroller of Public Accounts and noted if an agreement regarding tax incentives isn't reached, the project will exit Texas.

Tesla has requested credits under the Jobs, Energy, Technology, and Innovation (JETI) Act. The incentive program aims to attract large, capital-intensive economic development projects by lowering the property taxes an entity must pay over 10 years if it meets requirements related to job creation and investment. For example, pharmaceutical giant Bristol Myers Squibb Co. recently announced that its forthcoming $2.3 billion Houston-area manufacturing site is a qualified project under the JETI program.

Kroll predicts that the facility would create 9,712 new full-time jobs, over 1,100 construction jobs and billions of dollars in future property tax revenue, the documents show. Additionally, it says the project will spur $1.1 billion in local business expenditures and that Texas would increase its GDP by approximately $107 billion as a result of the project activities.

Tesla opened its $200 million Megafactory in Brookshire, Texas, last year. The company is continuing its goal to deploy 100 gigawatts of solar manufacturing in the U.S before the end of 2028. According to the U.S. Energy Information Administration, 100 gigawatts is equal to about 8 percent of the country's power grid capacity.

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This article originally appeared on EnergyCapitalHTX.com.

Tech giant Apple opens Advanced Manufacturing Center at massive Houston facility

up and running

Cupertino, California-based Apple Inc. unveiled its Advanced Manufacturing Center in the Houston area last week, marking the completion of the second of three facilities the tech giant plans to launch in the city by the end of this year.

The 20,000-square-foot training center will welcome small- and medium-sized businesses for free training and educational sessions to "help accelerate smart manufacturing across America," according to a release from Apple. Apple opened a similar Apple Manufacturing Academy in Detroit last year.

The AMC is part of Apple's 500,000-square-foot site in northwest Harris County. It also features a massive manufacturing site for Apple’s advanced AI servers and Mac mini. The facility was originally slated to open in 2026, but Apple began producing its advanced AI servers ahead of schedule in 2025.

The company said it plans to begin manufacturing its Mac mini at the site this year. The move will bring production of the compact desktop computer to the U.S. for the first time.

“In less than nine months, we have invested hundreds of millions of dollars into this Houston facility. We stood up a factory, started production, and shipped the first advanced AI servers off the line. Today, we’re thrilled to open our new Advanced Manufacturing Center, a place where businesses, workers, and students can learn the same innovative processes that we use to make Apple’s most groundbreaking products. And we’re pleased to begin Mac mini production later this year,” Tim Cook, Apple’s CEO, said in the news release. “We believe in American workers and American ingenuity, and we are moving at an incredible pace because we want to build more than great products. We want to build the future of American manufacturing.”

Apple's Advanced Manufacturing Center. Photos courtesy Apple

Apple's Houston expansion is part of a $600 billion commitment the company made to the U.S. in 2025.

The company originally announced plans in February 2025 to open a 250,000-square-foot Houston factory, but doubled the facility's planned size about a year later. Apple has reported that the factory will employ thousands of workers.

“Houston is grateful to Apple for this significant investment in our city. The Advanced Manufacturing Center will create local jobs and will continue improving the quality of life of Houston residents," Houston Mayor John Whitmire added in the release. "The AMC also recognizes our city as a growing technology hub and solidifies Houston’s leadership in the manufacturing sector of the United States.”

The opening comes on the heels of New Jersey-based pharmaceutical giant Bristol Myers Squibb Co. officially naming Houston home of its new $2.3 billion, state-of-the-art manufacturing site. Read more here.

Nominations for the 2026 Houston Innovation Awards are due by Aug. 27

Calling All Innovators

Calling all Houston innovators: The 2026 Houston Innovation Awards, presented by InnovationMap, return this fall to celebrate the best and brightest in the Houston innovation ecosystem right now.

We're asking you to nominate Houston's top innovators and startups for this year's awards. Nominations are open now through August 27 and can be made on behalf of yourself, your organization, and other influential leaders in the local innovation scene.

The annual awards program recognizes the most innovative individuals and companies in Houston across 10 prestigious categories.

This year's awards will honor the following categories:

  • Minority-founded Business, honoring an innovative startup founded or co-founded by BIPOC or LGBTQ+ representation.
  • Female-founded Business, honoring an innovative startup founded or co-founded by a woman.
  • Energy Transition Business, honoring an innovative startup providing a solution within renewables, climatetech, clean energy, alternative materials, circular economy, and beyond.
  • Health Tech Business, honoring an innovative startup within the health and medical technology sectors.
  • Deep Tech Business, honoring an innovative startup providing technology solutions based on substantial scientific or engineering challenges, including those in the AI, robotics, and space sectors.
  • Startup of the Year (People's Choice), honoring a startup celebrating a recent milestone or success. The winner will be selected by the community via an interactive voting experience.
  • Scaleup of the Year, honoring an innovative later-stage startup that's recently reached a significant milestone in company growth.
  • Incubator/Accelerator of the Year, honoring a local incubator or accelerator that is championing and fueling the growth of Houston startups.
  • Mentor of the Year, honoring an individual who dedicates their time and expertise to guide and support budding entrepreneurs.
  • Trailblazer, honoring an innovator who's made a lasting impact on the Houston innovation community.

You have three weeks to submit nominees, so don't delay — nominate today at this link or fill out the form below. Qualified nominees will receive a formal application to complete, which will be reviewed by our esteemed panel of judges to determine the finalists and winners.

More announcements about the 2026 Houston Innovation Awards are coming soon, including an introduction to this year's panel of judges. Interested in sponsoring the 2026 Houston Innovation Awards? Please contact sales@innovationmap.com.

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