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.

From Your Site Articles
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.

Ad Placement 300x100
Ad Placement 300x600

CultureMap Emails are Awesome

Property Showcase

Rice launches 'brain economy' initiative at World Economic Forum

brain health

Rice University has launched an initiative that will position “brain capital” as a key asset in the 21st century.

Rice rolled out the Global Brain Economy Initiative on Jan. 21 at the World Economic Forum in Davos, Switzerland.

“This initiative positions brain capital, or brain health and brain skills, at the forefront of global economic development, particularly in the age of artificial intelligence,” the university said in a news release.

The Rice-based initiative, whose partners are the University of Texas Medical Branch in Galveston and the Davos Alzheimer’s Collaborative, aligns with a recent World Economic Forum and McKinsey Health Institute report titled “The Human Advantage: Stronger Brains in the Age of AI,” co-authored by Rice researcher Harris Eyre. Eyre is leading the initiative.

“With an aging population and the rapid transformation of work and society driven by AI, the urgency has never been greater to focus on brain health and build adaptable human skills—both to support people and communities and to ensure long-term economic stability,” says Amy Dittmar, a Rice provost and executive vice president for academic affairs.

This initiative works closely with the recently launched Rice Brain Institute.

In its first year, the initiative will establish a global brain research agenda, piloting brain economy strategies in certain regions, and introducing a framework to guide financial backers and leaders. It will also advocate for public policies tied to the brain economy.

The report from the McKinsey Health Institute and World Economic Forum estimates that advancements in brain health could generate $6.2 trillion in economic gains by 2050.

“Stronger brains build stronger societies,” Eyre says. “When we invest in brain health and brain skills, we contribute to long-term growth, resilience, and shared prosperity.”

Rice Alliance and the Ion leader Brad Burke to retire this summer

lasting legacy

Brad Burke—a Rice University associate vice president who leads the Ion District’s Rice Alliance for Technology and Entrepreneurship and is a prominent figure in Houston’s startup community—is retiring this summer after a 25-year career at the university.

Burke will remain at the Rice Alliance as an adviser until his retirement on June 30.

“Brad’s impact on Rice extends far beyond any single program or initiative. He grew the Rice Alliance from a promising campus initiative into one of the most respected university-based entrepreneurship platforms,” Rice President Reginald DesRoches said in a news release.

During Burke’s tenure, the Rice Business School went from unranked in entrepreneurship to The Princeton Review’s No. 1 graduate entrepreneurship program for the past seven years and a top 20 entrepreneurship program in U.S. News & World Report’s rankings for the past 14 years.

“Brad didn’t just build programs — he built an ecosystem, a culture, and a reputation for Rice that now resonates around the world,” said Peter Rodriguez, dean of the business school. “Through his vision and steady leadership, Rice became a place where founders are taken seriously, ideas are rigorously supported, and entrepreneurship is embedded in the fabric of the university.”

One of Burke’s notable achievements at Rice is the creation of the Rice Business Plan Competition. During his tenure, the competition has grown from nine student teams competing for $10,000 into the world’s largest intercollegiate competition for student-led startups. Today, the annual competition welcomes 42 student-led startups that vie for more than $1 million in prizes.

Away from Rice, Burke has played a key role in cultivating entrepreneurship in the energy sector: He helped establish the Energy Tech Venture Forum along with Houston Energy and Climate Startup Week.

Furthermore, Burke co-founded the Texas University Network for Innovation and Entrepreneurship in 2008 to bolster the entrepreneurship programs at every university in Texas. In 2016, the Rice Alliance assumed leadership of the Global Consortium of Entrepreneurship Centers.

In 2023, Burke received the Trailblazer Award at the 2023 Houston Innovation Awards and was recognized by the Deshpande Foundation for his contributions to innovation and entrepreneurship in higher education.

“Working with an amazing team to build the entrepreneurial ecosystem at Rice, in Houston, and beyond has been the privilege of my career,” Burke said in the release. “It has been extremely gratifying to hear entrepreneurs say our efforts changed their lives, while bringing new innovations to market. The organization is well-positioned to help drive exponential growth across startups, investors, and the entrepreneurial ecosystem.”

Starting April 15, John “JR” Reale Jr. will serve as interim associate vice president at Rice and executive director of the Rice Alliance. He is managing director of the alliance and co-founder of Station Houston, beginning April 15. Reale is co-founder of the Station Houston startup hub and a startup investor and was also recently named director for startups and investor engagement for the Ion.

“The Rice Alliance has always been about helping founders gain advantages to realize their visions,” Reale said. “Under Brad’s leadership, the Rice Alliance has become a globally recognized platform that is grounded in trust and drives transformational founder outcomes. My commitment is to honor what Brad has built and led while continuing to serve our team and community, deepen relationships and deliver impact.”

Burke joined the Houston Innovators Podcast back in 2022. Listen to the full interview here.

Houston team uses CPRIT funding to develop nanodrug for cancer immunotherapy

cancer research

With a relative five-year survival rate of 50 percent, pancreatic cancer is a diagnosis nobody wants. At 60 percent, the prognosis for lung cancer isn’t much rosier. That’s because both cancers contain regulatory B cells (Bregs), which block the body’s natural immunity, making it harder to fight the enemies within.

Newly popular immunotherapies in a category known as STING agonists may stimulate natural cancer defenses. However, they can also increase Bregs while simultaneously causing significant side effects. But Wei Gao, assistant professor of pharmacology at the University of Houston College of Pharmacy, may have a solution to that conundrum.

Gao and her team have developed Nano-273, a dual-function drug, packaged in an albumin-based particle, that boosts the immune system to help it better fight pancreatic and lung cancers. Gao’s lab recently received a $900,000 grant from the Cancer Prevention and Research Institute of Texas (CPRIT) to aid in fueling her research into the nanodrug.

“Nano-273 both activates STING and blocks PI3Kγ—a pathway that drives Breg expansion, while albumin nanoparticles help deliver the drug directly to immune cells, reducing unwanted side effects,” Gao said in a press release. “This approach reduces harmful Bregs while boosting immune cells that attack cancer, leading to stronger and more targeted anti-tumor responses.”

In studies using models of both pancreatic and lung cancers, Nano-273 has shown great promise with low toxicity. Its best results thus far have involved using the drug in combination with immunotherapy or chemotherapy.

With the CPRIT funds, Gao and her team will be able to charge closer to clinical use with a series of important steps. Those include continuing to test Nano-273 alongside other drugs, including immune checkpoint inhibitors. Safety studies will follow, but with future patients in mind, Gao will also work toward improving her drug’s production, making sure that it’s safe and high-quality every time, so that it is eventually ready for trials.

Gao added: “If successful, this project could lead to a new type of immunotherapy that offers lasting tumor control and improved survival for patients with pancreatic and lung cancers, two diseases that urgently need better treatments."

View All Listings