Tech companies contribute to recovery fund for those affected by Houston storm

helping hands

High winds and flooding have devastated Houston over the past month. Photo by Eric Turnquist

The past month in Houston has been marked by severe flooding and a sudden storm that left nearly a million residents without power. The Houston Disaster Alliance has established the Severe Weather and Derecho Recovery Fund to help those impacted by the weather.

“The Greater Houston Disaster Alliance was formed so that in times of crisis, there is a swift and efficient response to help those severely impacted begin the process of recovery,” said Stephen Maislin, president and CEO, Greater Houston Community Foundation. “When disaster strikes, it requires a collaborative and coordinated response from the nonprofit, for-profit, public sector, and philanthropic community to ensure the most vulnerable in our region get the help they need to start the recovery and rebuilding process.”

At least a million dollars has been donated to the fund, courtesy of $500,000 from the CenterPoint Energy Foundation and another $500,000 from Comcast. With Houston now a federally declared disaster area by President Joe Biden, impacted residents are able to apply for various grants and aid.

Those still struggling from the weather events should call the 211 Texas/United Way HELPLINE. Assistance is available for housing, utilities, food, elder assistance, and other areas. Crisis counseling is also available.

“Outside of times of disaster, we know that 14 percent of households in our region are struggling on income below the federal poverty line and 31 percent of households in our region are working hard but struggling to make ends meet. It’s these neighbors who are disproportionately impacted when disaster strikes,” said Amanda McMillian, president and CEO, United Way of Greater Houston. “This fund allows us to lift up the most vulnerable who have been impacted by recent weather events to ensure they can not only recover from the immediate crisis, but also prepare themselves for future disasters.”

The derecho storm that hit Houston on Thursday, May 16 had wind gusts up to 100mph. Nearly a million people in the Houston area were left without power, and as of Wednesday CenterPoint was still working to restore electricity to more than 60,000 people. Photos showed that the storm toppled massive power pylons, took down trees, and even ripped the sides off buildings. Miniature tornadoes touched down in parts of the city, adding to the devastation.

The Houston Disaster Alliance was launched in 2023 as a joint effort between the Greater Houston Community Foundation and United Way of Greater Houston to help mitigate the damage of weather crises year-round. This has become increasingly necessary as Houston's weather has become more unpredictable than ever.

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This article originally ran on CultureMap.

Mayor Sylvester Turner announced the grant recipients last week. Photo via evolvehouston.org

13 initiatives receive grant funding from new EV-focused, Houston-led program

driving toward net-zero

Evolve Houston awarded its inaugural microgrants this week to 13 groups, neighborhoods and an individual working to make electric vehicles accessible to all Houstonians.

Launched in 2022, Evolve's eMobility Microgrant Initiative supports community efforts that propose electric vehicle, micro-mobility and charging infrastructure projects in some of Houston's most underserved neighborhoods. The grants ranged from $10,000 to $15,000.

Shell, NRG, CenterPoint, the University of Houston, and the city of Houston are partners in Evolve Houston. GM and bp America helped found the microgrant program.

“The eMobility Microgrant Initiative is a culmination of my vision and the collaborative efforts from many individuals and corporate supporters who recognize the importance of the transition to electric transportation,” Houston Mayor Sylvester Turner says in a statement. “The grant winners we recognized today are trailblazers in their communities, leveraging EV technology to residents in neighborhoods that have been historically underserved.”

Winners of the Round 1 eMobility Microgrants and their proposed projects included:

  • Alliance for Multicultural Community Services: Adding a charging station for the Gulfton area and a youth advocacy initiative
  • Third Ward Real Estate Council & Northern Third Ward Neighborhood Implementation Project: Introducing an interactive “mobility hub” to show what EV infrastructure would look like in Third Ward
  • Coalition of Community Organizations: Bringing eBikes and a charging station in the Fifth Ward
  • Edison Arts Foundation: Installing an EV charging station and green energy awareness at the Edison Center in Fort Bend
  • GROW: Promoting green energy careers to youth in underserved communities through EV education and outreach events
  • Hiram Clarke Fort Bend Houston Redevelopment Authority: Brining a bike share program to Southwest Houston
  • Houston Southeast: Expanding its existing rideshare program that offers free and reduced rides in partnership with Uber EV fleet of electric vehicles
  • Pangea Charging: Adding EV chargers to two Complete Communities apartment complexes/buildings
  • RYDE: Brining a free micro-transit service in the Third Ward, including two electric shuttles that could serve more than 1,000 passengers per month
  • Shawn R. Owens: Introducing a new eBike food delivery service, called Electric Eats, to bring food from from the Third Ward food pantries to the area's senior, underserved and immobile residents
  • South Union Community Development Corporation: Creating a workforce development program for green energy careers
  • The Reflections of Christ's Kingdom (The R.O.C.K.) Church–BroadwayCampus: Adding a DC-Fast charger in the South Houston/Hobby Airport area
  • University of Houston-Downtown: Installing a no-cost EV charging station on campus

“This program is designed to provide launch funding to community-based, EV ecosystem-related projects," says Evolve Houston President and Executive Director Casey Brown. "We see significant opportunities to make meaningful progress by using an exciting new technology that is centered around community-based direction. Our governance system puts the community in charge and knows that the ideas of those that know their communities best will carry the greatest impact.”

Applications for the second round of microgrants are now open.Information can be found here. The application deadline is Friday, September 22, 2023.

Evolve Houston was founded in 2019 through Houston's Climate Action Plan. The nonprofit relaunched in 2022, naming Brown as its new president and executive director. The organization's main goal is to improve air quality, reduce greenhouse gas and to accelerate EV adoption so that half of all new vehicles sold in the Houston area would be EVs by 2030.

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Top stories: Houston's most-read health tech news of 2024

year in review

Editor's note: As the year comes to a close, InnovationMap is looking back at the year's top stories in Houston innovation. In the health tech category on InnovationMap, top stories included startup funding raised, IPO plans, FDA clearance, and more. Be sure to click through to read the full story.

New report ranks Houston top market for life sciences

Houston lands in the No. 7 spot for growth in the granting of degrees in biological and biomedical sciences. Photo by Natalie Harms/InnovationMap

Thanks in large part to producing hundreds of college-trained professionals, Houston’s life sciences industry ranks among the top U.S. markets for talent in 2024.

In a report published by commercial real estate services company CBRE, Houston lands in the No. 7 spot for growth in the granting of degrees in biological and biomedical sciences. From 2017 to 2022, Houston notched a growth rate of 32.4 percent in this category.

In 2022, the University of Houston led the higher education pack in the region, graduating 746 people with a bachelor’s degree or above in biological or biomedical sciences, according to the report. Continue reading.

Houston innovator raises pre-seed funding for health care staffing platform

Ayoade Joy Ademuyewo founded Lokum last year to create a solution to better connecting medical specialists with health care facilities nationwide. Photo courtesy of Lokum

A Houston health care innovator is celebrating an oversubscribed round of pre-seed funding to improve on her startup's unique staffing platform.

Ayoade Joy Ademuyewo founded Lokum last year to create a solution to better connecting medical specialists with health care facilities nationwide. The new platform, which cuts out the middleman and lowers staffing costs, raised $700,000 in pre-seed funding that will go toward further development of the technology.

"Healthcare organizations spend $26 billion annually to support a crippling dependence on third-party agencies for connecting with clinical staff," Ademuyewo says in a news release. "Technological solutions that are pointed precisely to streamline and strengthen the relationships between highly specialized clinicians and their future employers are vital to alleviating this detrimental dependance, and central to our mission." Continue reading.

Houston regenerative medicine company to IPO, move toward more human trials

FibroBiologics will IPO this week. Photo via Getty Images

Want a piece of one of Houston’s most promising biotech companies? On January 31, FibroBiologics will begin the trading of its common stock on the Nasdaq stock exchange.

While most labs in the realm of regenerative medicine are focused on stem cells, FibroBiologics has bet on fibroblasts as the secret to treating myriad ailments. Fibroblasts, the most common type of cell in the body, are the primary cells that compose connective tissue.

Interested investors can find a prospectus to peruse before taking the leap. FibroBiologics filed with the U.S. Securities & Exchange Commission (SEC) on November 7, 2023. In September, FibroBiologics CEO Pete O’Heeron told InnovationMap, “I think what we're going to see is that fibroblasts are going to end up winning... They're just a better overall cell than the stem cells.” Continue reading.

Houston organizations identify promising life science cos. at annual event

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

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

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

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

FDA greenlights Houston surgery robotics company's unique technology

EndoQuest Robotics secured an Investigational Device Exemption from the FDA for its clinical study. Photo via Getty Images

A Houston surgical robotics company has gotten a Investigational Device Exemption from the FDA to go forward with human trials.

This news allows EndoQuest Robotics to begin its Prospective Assessment of a Robotic-Assisted Device in Gastrointestinal Medicine (PARADIGM) study, which will be conducted at leading United States health care facilities, including Brigham and Women’s Hospital (Boston), Mayo Clinic (Scottsdale), Cleveland Clinic (Cleveland), AdventHealth (Orlando), and HCA Healthcare (Houston). The study will include surgeries on 50 subjects, who will hopefully begin to enroll in January.

“The foundational thesis is we're trying to make sure that the world's largest medical center is also the world's largest med tech innovation center,” Eduardo Fonseca, interim CEO of EndoQuest Robotics, tells InnovationMap. Continue reading.

Houston billionaire Tilman Fertitta nominated as ambassador to Italy

foreign affairs

Houston billionaire and Rockets owner Tilman Fertitta has been nominated to serve as the United States ambassador to Italy, according to U.S. President-elect Donald Trump.

On Saturday, Trump sent the following statement via Truth Social Post:

"I am pleased to announce that Tilman J. Fertitta has been nominated to serve as the United States Ambassador to Italy. Tilman is an accomplished businessman, who has founded and built one of our Country's premier entertainment and real estate companies, employing approximately 50,000 Americans. Tilman has a long history of giving back to the community through numerous philanthropic initiatives, which include children's charities, Law Enforcement, and the medical community. Additionally, Tilman is the longest serving Chairman of the Board of Regents for the University of Houston. He also owns the Houston Rockets Basketball Team. Congratulations to Tilman, and his remarkable family!"

Fertitta, 67, also is the chairman, CEO, and president of Landry's Inc. and the chairman of the University of Houston's board of regents.

"It is an honor to be nominated to serve my country as ambassador to Italy and I look forward to the process ahead. Italy is such an extraordinary country with its wonderful people, culture, and history and its strategic importance to The United States of America," Fertitta said.

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Read the full story on CultureMap's news partner, ABC13.com.

Houston biotech biz to merge with public co., set local HQ

big deal

Houston-based Tvardi Therapeutics and Cara Therapeutics announced the companies have entered into a definitive merger agreement to combine in an all-stock transaction. Once completed, Houston will house the headquarters.

Tvardi is a clinical-stage biopharmaceutical company that focuses on the development of novel, oral, and small molecule therapies that target STAT3 to treat fibrosis-driven diseases. Tvardi will merge with a wholly owned subsidiary of Cara.

Once complete, the pre-merger Cara Therapeutics stockholders are expected to own approximately 17 percent of the combined company and pre-merger Tvardi Therapeutics investors are expected to own 83 percent of the combined company. Prior to adjustment from the issuance of the shares in the recently completed Tvardi financing and assuming Cara, which went public in 2014, has net cash at closing of between $22.9 million and $23.1 million with the percentage of the combined company that pre-merger Cara stockholders and pre-merger Tvardi stockholders will own upon the closing of the merger, which is subject to further adjustment if Cara’s net cash balance falls outside of the range.

“As we approach meaningful value inflection points next year, including two Phase 2 readouts of our lead program in idiopathic pulmonary fibrosis, followed by the readout in our hepatocellular carcinoma program, this merger, the recently completed financing, and becoming a publicly traded company give us access to the critical funding required to further advance our promising pipeline programs that address significant unmet needs,” Imran Alibhai, CEO of Tvardi Therapeutics, says in a news release.

Also, Tvardi has completed an approximately $28 million private financing from a syndicate of new and existing institutional investors. With the cash from both companies at closing and the proceeds of this financing, the post-merger company plans to have cash to fund its operating expenses and capital expenditure requirements into the second half of 2026.

“I am grateful to the Cara Board, leadership team, and shareholders who share our vision of Tvardi that is well-positioned to introduce effective, new treatment options to patients suffering from serious, chronic, fibrosis-driven diseases,” Alibhai continues.

In 2021, Tvardi emerged from stealth and closed a $74 million series B funding round led by New York-based Slate Path Capital, Florida-based Palkon Capital, Denver-based ArrowMark Partners, and New York-based 683 Capital, with continued support and participation by existing investors, including Houston-based Sporos Bioventures.

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