These five deals were the largest rounds raised by Houston startups, according to InnovationMap. Photo via Getty Images

Editor's note: As 2022 comes to a close, InnovationMap is looking back at the year's top stories in Houston innovation. When it came to the money raised in Houston, these five startups raised the most, according to reporting done by InnovationMap.

Houston unicorn chemicals company raises $200M series D

Solugen closed its series D funding round at $200 million. Photo via Getty Images

Houston-based Solugen has announced its latest round of investment to the tune of $200 million. The company, which reached unicorn status after its $357 million series C round last year, uses its patented Bioforge processes to produce "green" chemicals from bio-based feedstocks.

"Solugen is reimagining the chemistry of everyday life with enzymes found in nature. We make chemicals better, faster, cheaper, and without fossil fuels from right here in Houston, Texas. Whether you care about the climate, local competitiveness, or just plain old profits, we have good news: it's working," the company states in its news release. Read more.

Houston microgrid tech company announces $150 investment

Houston-based VoltaGrid provides small-scale, self-contained microgrids that can operate independently of major power grids or in tandem with other microgrids. Photo via voltagrid.com

VoltaGrid, a Bellaire-based startup that specializes in distributed power generation via microgrids, has hauled in $150 million in equity funding.

Founded in 2020, VoltaGrid provides small-scale, self-contained microgrids that can operate independently of major power grids or in tandem with other microgrids. VoltaGrid’s product consists of natural gas engines, portable energy storage, natural gas processing and grid power connectivity. Read more.

Houston company raises $138M for next-generation geothermal energy

The future of geothermal energy is here — and just got a big payday. Photo via Getty Images

Houston-based startup Fervo Energy has picked up $138 million in funding to propel its creation and operation of carbon-free power plants fueled by geothermal energy.

Fervos says the series C round will help it complete power plants in Nevada and Utah and evaluate new projects in California, Idaho, Oregon, Colorado, and New Mexico, as well as in other countries.

California-based investment firm DCVC led the round, with participation from six new investors. Read more.

Houston company closes $76M series C round to fuel its mission of reducing carbon emissions

Syzygy Plasmonics has raised a series C round of funding. Photo courtesy of Syzygy

A Houston-based company that is electrifying chemical manufacturing has closed its largest round of funding to date.

Syzygy Plasmonics closed a $76 million series C financing round led by New York-based Carbon Direct Capital. The round included participation from Aramco Ventures, Chevron Technology Ventures, LOTTE CHEMICAL, and Toyota Ventures. The company's existing investors joining the round included EVOK Innovations, The Engine, Equinor Ventures, Goose Capital, Horizons Ventures, Pan American Energy, and Sumitomo Corporation of Americas. According to a news release, Carbon Direct Capital will join Syzygy's board and serve as the series C director.Read more.

Fast-growing energy fintech startup raises $50M series B

The series B capital will allow the company to enhance its core product, while also adding on other workflows that focus on emissions and renewable energy. Image via combocurve.com

Houston-based ComboCurve announced today that it has raised $50 million through a series B funding round led by Dragoneer Investment Group and Bessemer Venture Partners.

Founded in 2017, the company is a cloud-based energy analytics and operating platform that uses sophisticated software to forecast and report on a company's energy assets, including renewables.

The series B capital will allow the company to enhance its core product, while also adding on other workflows that focus on emissions and renewable energy. Read more.


This week's roundup of Houston innovators includes Armand Paradis of ComboCurve, Matthew Nojoomi of Ictero Medical, and Ryan McCord of McCord Development. Courtesy photos

3 Houston innovators to know this week

who's who

Editor's note: In this week's roundup of Houston innovators to know, I'm introducing you to three local innovators across industries — from health tech to energy software — recently making headlines in Houston innovation.

Armand Paradis, co-founder of ComboCurve

Armand Paradis joins the Houston Innovators Podcast to discuss how his energy software business is scaling rapidly. Photo courtesy

Houston-based ComboCurve is growing rapidly. The energy software company has raised over $60 million in venture capital investment — $50 million of which was closed in the company’s series B round earlier this year. Since the original product launched in May of 2020, CEO and Co-Founder Armand Paradis says the platform has almost 200 companies on it.

“We built something that resonated with the market — and we were super passionate about the product and taking care of our industry,” Paradis says on the Houston Innovators Podcast. “We don’t want to be the best in oil and gas. We want to be the best software company."Click here to read more.

Matthew Nojoomi, CEO and co-founder of Ictero Medical

This innovative medical device company has closed $6 million for further product development and clinical trials. Image via TMC.edu

Houston-based medical device company Ictero Medical closed its oversubscribed series A at $6 million. The funding round was led by MedTex Ventures, S3 Ventures, and an undisclosed strategic investor. The company's novel cryoablation system was designed to treat high-risk gallstone disease patients and provide a less invasive and lower risk alternative to gallbladder removal surgery — something over 1 million Americans undergo annually.

“Our technology provides an immediate solution for critically ill patients who currently have no good treatment options, and also has the potential to benefit healthier patients who want to avoid surgery,” says Ictero Co-Founder and CEO Matthew Nojoomi in the release. Click here to read more.

Ryan McCord, president of McCord Development

Houston real estate expert shares why he thinks the city is prime for smart city tech and implementation. Photo courtesy

Houston has every tool in its toolkit to be able to emerge as a smart city leader. In a guest column for InnovationMap, Ryan McCord of McCord Development explains the momentum the city already has and the existing smart city opportunities already in town.

"Houston’s diversity, business-friendly environment, and workforce make it a prime candidate to become a smart city. Becoming smarter in our transportation, public safety, sustainability practices, and infrastructure will create a better future for Houstonians." Click here to read more.

Armand Paradis joins the Houston Innovators Podcast to discuss how his energy software business is scaling rapidly. Photo courtesy

Fresh off a $50M series B, fast-growing Houston startup aims to upgrade energy sector tech

Houston innovators podcast episode 132

The energy industry has historically made critical and timely decisions with antiquated and disjointed software, and that just was not ideal for Armand Paradis.

“In our space, all the decisions are expensive,” Paradis tells the Houston Innovators Podcast. “We could go all the way into the billions of dollars making decisions using software from 30 or 40 years ago. I really thought this was a problem.”

Paradis, observing this opportunity in the industry, left his job at Equinor to launch ComboCurve, a comprehensive and more effective software platform for various verticals within the energy industry.

ComboCurve has raised over $60 million in venture capital investment — $50 million of which was closed in the company’s series B round earlier this year. It wasn’t just funding ComboCurve expanded over the past few years. The original product launched in May of 2020 and in 2021, added around 100 companies onto its platform. Now, not even halfway through 2022, almost 200 companies use the software.

“We built something that resonated with the market — and we were super passionate about the product and taking care of our industry,” Paradis says on the podcast.

“We don’t want to be the best in oil and gas. We want to be the best software company,” he continues.

One focus ComboCurve has is on the energy transition. He says energy companies are making moves in lowering their carbon emissions and investing in greener technology — they just might not be talking about it.

“We want to be the role model — the company that’s being super proactive in their environmental practices,” Paradis says. “To be able to do that, you have to be open and proactive about reducing emissions. The other piece is to talk about it.”

At this point, Paradis says we need all energy — fossil fuels, nuclear, renewables, etc. This year, ComboCurve will roll out its GHG, or greenhouse gas, module to help customers track and lower their emissions.

“We are working with a handful of operators working in this space,” he says. “We want to allow for operators to be able to predict their emissions and see the impact on their projects.”




The series B capital will allow the company to enhance its core product, while also adding on other workflows that focus on emissions and renewable energy. Image via combocurve.com

Fast-growing energy fintech startup raises $50M series B

money moves

Houston-based ComboCurve announced today that it has raised $50 million through a series B funding round led by Dragoneer Investment Group and Bessemer Venture Partners.

Founded in 2017, the company is a cloud-based energy analytics and operating platform that uses sophisticated software to forecast and report on a company's energy assets, including renewables.

The series B capital will allow the company to enhance its core product, while also adding on other workflows that focus on emissions and renewable energy.

ComboCurve raised its series A less than six months ago, according to a release. The company was founded by Armand Paradis and Jeremy Gottlieb, who have backgrounds in engineering and finance, respectively.

“ComboCurve was created to solve critical pain points, helping energy companies better manage their forecasting, valuation, reporting and decision-making functions,” Paradis, who also serves as CEO, said in a statement. “Our solution has resulted in widespread adoption by many of the world’s leading energy companies, and this investment led by Dragoneer and Bessemer, two of the world’s leading technology investment firms, will enable us to engage with additional energy companies to operate more efficiently.”

Since the completion of the company's series A, ComboCurve has taken on more than 170 customers, including the likes of Devon Energy and Pioneer Natural Resources, according to ComboCurve's website.

The company describes its platform as a "supercharged Aries but easy to use," referring to the ARIES Petroleum Economic Software by Landmark Solutions, on LinkedIn. The platform provides forecast modules, workflows and fully integrated economics, with GHC and carbon reporting features in the works that will allow users to estimate future emissions.

“ComboCurve is in the early innings of building a truly enduring franchise that is rapidly becoming the software backbone of their customers’ day-to-day operations,” Christian Jensen, partner at Dragoneer Investment Group, said in a statement. “We are excited to partner with Armand and his world-class team as they continue to deepen their suite with existing customers and expand their platform into renewables, emissions reporting, and all corners of the energy market.”

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Houston investment firm names tech exec as new partner

new hire

Houston tech executive Robert Kester has joined Houston-based Veriten, an energy-focused research, investment and strategy firm, as technology and innovation partner.

Kester most recently served as chief technology officer for emissions solutions at Honeywell Process Solutions, where he worked for five years. Honeywell International acquired Houston-based oil and gas technology company Rebellion Photonics, where Kester was co-founder and CEO, in 2019.

Honeywell Process Solutions shares offices in Houston with the global headquarters of Honeywell Performance Materials and Technologies. Honeywell, a Fortune 100 conglomerate, employs more than 850 people in Houston.

“We are thrilled to welcome Robert to the Veriten team,” founder and CEO Maynard Holt said in a statement, “and are confident that his technical expertise and skills will make a big contribution to Veriten’s partner and investor community. He will [oversee] every aspect of what we do, with the use case for AI in energy high on the 2025 priority list.”

Kester earned a doctoral degree in bioengineering from Rice University, a master’s degree in optical sciences from the University of Arizona and a bachelor’s degree in laser optical engineering technology from the Oregon Institute of Technology. He holds 25 patents and has more than 25 patents pending.

Veriten celebrated its third anniversary on January 10, the day that the hiring of Kester was announced. The startup launched with seven employees.

“With the addition of Dr. Kester, we are a 26-person team and are as enthusiastic as ever about improving the energy dialogue and researching the future paths for energy,” Holt added.

Kester spoke on the Houston Innovators Podcast in 2021. Listen here

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SpaceX loses mega rocket in latest thrilling Starship test flight

Testing

SpaceX launched its Starship rocket on its latest test flight Thursday, but the spacecraft was destroyed following a thrilling booster catch back at the pad.

Elon Musk’s company said Starship broke apart — what it called a “rapid unscheduled disassembly." The spacecraft's six engines appeared to shut down one by one during ascent, with contact lost just 8 1/2 minutes into the flight.

The spacecraft — a new and upgraded model making its debut — was supposed to soar across the Gulf of Mexico from Texas on a near loop around the world similar to previous test flights. SpaceX had packed it with 10 dummy satellites for practice at releasing them.

A minute before the loss, SpaceX used the launch tower's giant mechanical arms to catch the returning booster, a feat achieved only once before. The descending booster hovered over the launch pad before being gripped by the pair of arms dubbed chopsticks.

The thrill of the catch quickly turned into disappointment for not only the company, but the crowds gathered along the southern tip of Texas.

“It was great to see a booster come down, but we are obviously bummed out about [the] ship,” said SpaceX spokesman Dan Huot. “It’s a flight test. It’s an experimental vehicle," he stressed.

The last data received from the spacecraft indicated an altitude of 90 miles and a velocity of 13,245 mph.

Musk said a preliminary analysis suggests leaking fuel may have built up pressure in a cavity above the engine firewall. Fire suppression will be added to the area, with increased venting and double-checking for leaks, he said via X.

The 400-foot rocket had thundered away in late afternoon from Boca Chica Beach near the Mexican border. The late hour ensured a daylight entry halfway around the world in the Indian Ocean. But the shiny retro-looking spacecraft never got nearly that far.

SpaceX had made improvements to the spacecraft for the latest demo and added a fleet of satellite mockups. The test satellites were the same size as SpaceX’s Starlink internet satellites and, like the spacecraft, were meant to be destroyed upon entry.

Musk plans to launch actual Starlinks on Starships before moving on to other satellites and, eventually, crews.

It was the seventh test flight for the world’s biggest and most powerful rocket. NASA has reserved a pair of Starships to land astronauts on the moon later this decade. Musk’s goal is Mars.

Hours earlier in Florida, another billionaire’s rocket company — Jeff Bezos’ Blue Origin — launched the newest supersized rocket, New Glenn. The rocket reached orbit on its first flight, successfully placing an experimental satellite thousands of miles above Earth. But the first-stage booster was destroyed, missing its targeted landing on a floating platform in the Atlantic.