Houston health tech company raises $18.5M, appoints new leadership

fresh funding

DECISIO has fresh funding and a new board member. Photo via decisiohealth.com

A Houston-based digital health startup has officially closed its latest funding round and has a new member to its leadership to support the company's next phase.

DECISIO has appointed Major General Elder Granger to the company's board of directors. Dr. Granger is currently president and CEO of The 5Ps LLC, a healthcare, education, and leadership consulting organization.

"Dr. Granger joining our board provides enormous value and validation for our company moving forward," says Dr. John Holcomb, co-CEO and co-founder of DECISIO, says in a news release. "His expertise and leadership in the healthcare industry is a welcome addition to our esteemed group of Board of Directors."

Dr. Granger previously served as the deputy director of TRICARE Management Activity, a Department of Defense field activity responsible for operating the Military Health System as a fully integrated healthcare system providing care for 9.2 million beneficiaries worldwide. He also serves on the board of directors for Cerner Corp., Cigna Corp., and DLH Holdings Corp.

In February, the company officially closed its $18.5 million series B. DECISIO has raised $31.5 million since it was founded in 2013. The funding raised will go toward commercialization, continued product development, and operations growth.

Decisio is a virtual care monitoring software that's based on technology licensed from and developed at the University of Texas Health Science Center in Houston. Using real-time clinical surveillance with data visualization, the DECISIOInsight software can identify risk that helps clinicians make better patient care decisions virtually. In 2015, Decisio Health was approved by the Food and Drug Administration class II medical device, which made it the first FDA-cleared web-native software.

"Virtual Care is the next step beyond traditional telemedicine, which — for many years — was limited to having a teleconference or even just a phone call with a caregiver," Hancock previously told InnovationMap. "Now we can start sharing real-time clinical data with clinicians wherever they happen to be located."

DECISIO's flagship product is called InsightIQ, and earlier this month the company launched a new tool: EnvisionIQ, which provides templated real-time and customized compliance reports to improve operational efficiency.

Dr. Elder Granger previously oversaw the DoE's health care system. Photo courtesy
Artificial intelligence is changing Houston — one industry at a time. Photo via Getty Images

3 ways artificial intelligence is changing Houston's future

Guest column

Artificial intelligence is the buzzword of the decade. From grocery shopping assistance to personal therapy apps, AI has sunk its teeth into every single industry. Houston is no exception to the AI boom. Enterprise-level companies and startups are already flocking to H-town to make their mark in AI and machine learning.

Since the world is generating more data every minute — 1,736 terabytes to be exact — Houston-based companies are already thinking ahead about how to make sense of all of that information in real-time. That's where AI comes in. By 2021, 80 percent of emerging technologies will have AI foundations — Houston is already ninth on the list of AI-ready cities in the world.

AI and machine learning can process large amounts of data quickly and use that data to inform decisions much like a human would. Here are three ways Houston-based companies are using these emerging technologies to revolutionize the city's future.

Health care

The health care industry is primed for AI's personalization capabilities. Each patient that doctors and nurses encounter has different symptoms, health backgrounds, and prescriptions they have to remember. Managing that amount of information can be dangerous if done incorrectly. With AI, diseases are diagnosed quicker, medications are administered more accurately, and nurses have help monitoring patients.

Decisio Health Inc., a Houston-based health tech startup has already made its mark in the healthcare industry with its AI software helping to tackle the COVID-19 pandemic. Their software, in collaboration with GE Healthcare Inc, allows health care providers to remotely monitor patients. By looking at data from ventilators, patient monitoring systems, health records, and other data sources, doctors can make better decisions about patients from a safe distance.

Climate change

Climate change isn't solved overnight. It's an issue that covers water salinity, deforestation, and even declining bee populations. With a problem as large as climate change, huge amounts of data are collected and need to be analyzed. AI can interpret all of that information, show possible future outcomes, track current weather patterns, and find solutions to environmental destruction.

One Houston-based company in the energy tech industry, Enovate Upstream, has created a new AI platform that will help digitize the oil and gas sector. Their AI-powered platform looks at data from digital drilling, digital completions, and digital production, to give oil companies real-time production forecasting. Their work will hopefully make their oil production more efficient and reduce their carbon emission output. Since oil drilling and fracking are a major cause for concern around climate change, their work will make a difference in slowing climate change and make their industry as a whole more climate-conscious.

Energy

Energy is an industry rich with data opportunities—and as Houston's energy sector grows, AI has become a core part of their work. Houston's large influence in the energy sector has primed it for AI integration from startups like Adapt2 Solutions Inc. By using AI and machine learning in their software, they hope to help energy companies make strategic predictions on how to serve energy to the public efficiently. Their work has become especially important in the wake of COVID-19 and the resulting changing energy needs.

Another Houston-based company using AI to influence the energy industry is the retail energy startup Evolve Energy. Their AI and machine learning system help customers find better prices on fluctuating renewable resource—helping them save money on electricity and reducing emissions. The positive feedback from the public on their AI model has shown how energy companies are using emerging technologies like AI in a positive way in their communities.

The bottom line

Houston is more primed than most cities to integrate AI and machine learning into every industry. While there are valid concerns as to how much we should lean on technology for necessary daily tasks, it's clear that AI isn't going anywhere. And it's clear that Houston is currently taking the right steps to continue its lead in this emerging AI market.

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Natasha Ramirez is a Utah-based tech writer.

Houston-based Decisio's virtual care technology has been paired with GE Healthcare and Microsoft technology in a new initiative for hospitals dealing with the COVID-19 outbreak. Photo via decisiohealth.com

GE, Microsoft tap Houston startup's technology for virtual COVID-19 treatment initiative

team work

Houston-based health tech startup Decisio Health Inc. has been enlisted in the war against the novel coronavirus.

Chicago-based GE Healthcare Inc. has tapped Decisio's AI-powered DECISIOInsight software, which enables health care providers to remotely monitor patients, for an initiative involving Redmond, Washington-based Microsoft Corp. that's designed to help treat COVID-19 patients.

The coronavirus-targeted Mural Virtual Care Solution, which was introduced April 15, marries Decisio's virtual monitoring software with GE Healthcare's telehealth technology and Microsoft's Azure cloud-computing platform. It's designed to offer hospitals a broad view of COVID-19 patients who are hooked up to ventilators in ICUs. This platform merges data from ventilators, patient monitoring systems, electronic health records, labs, and other sources.

This special technology package is a stripped-down version of the Mural Virtual Care Solution, which pairs Decisio's and GE Healthcare's technology to virtually track hospital patients. GE Healthcare invested in Decisio in 2019.

Until January 31, 2021, the Mural coronavirus bundle is being provided at no cost to hospitals. Among the users is Oregon Health & Science University in Portland.

"We're trying to carry as much of the cost burden to make this as sustainable as possible for our hospital partners that we know are hurting economically right now," says Bryan Haardt, CEO of Decisio.

"There has to be a moralistic compass," he adds. "You have to be driven by something more than just profit."

GE Healthcare, which contributed to Decisio's $13 million Series B round in December, was already partnering with the startup on the Mural Virtual Care Solution. Microsoft was brought into the mix to speed up delivery of the platform in response to the coronavirus pandemic.

"This relationship did not exist prior to this initiative," Haardt says. "We all came together and said, 'Guys, we've got to do our part. It is absolutely a moral imperative that we get together.' And we said, 'OK, well, what are the parts?'"

Haardt says this project equips hospitals to adhere to the best standards of care when it comes to treating COVID-19 patients who are relying on ventilators. In a COVID-19 treatment setting, one of the key benefits of the Mural Virtual Care Solution is that a health care clinician can monitor a patient's vital signs and other data without physical contact, he says.

Founded in 2013, Decisio built its virtual health platform using technology licensed from and developed at the University of Texas Health Science Center in Houston. Coupling real-time clinical surveillance with data visualization, the DECISIOInsight software can pinpoint risks and guide clinicians toward better decisions about patient care.

Haardt says Decisio's software aims to reduce the rate of hospital deaths, length of hospital stays, and burden on hospital resources by helping health care providers decrease the severity of hospital-acquired infections, pneumonia, the flu, and other conditions. Baylor St. Luke's Medical Center in Houston is among the customers for Decisio and GE Healthcare's broad-based Mural Virtual Care Solution, which was rolled out last year.

Also, Decisio has teamed up with professional services firm Deloitte to deliver virtual patient monitoring at U.S. Department of Defense hospitals. This technology is being piloted at Brooke Army Medical Center in San Antonio and Naval Medical Center San Diego.

"We look at doctors and nurses as heroes, because they're really good at getting people out of trouble," Haardt says. "And we like to think of our solution as keeping people out of trouble, because if you can keep them out of the trouble, then these heroic, herculean efforts [by doctors and nurses] are not required as much … ."

Haardt explains that Decisio's technology can monitor patient activity and detect patient trends in not just one area of a hospital (such as an ICU) or throughout an entire hospital but across a commonly managed group of hospitals. Those insights help hospitals ensure all of their health care professionals are following the same treatment protocols.

The No. 1 economic detriment to hospitals "is doing things different at all their different facilities," Haardt says. "If you can reduce the variability of care, we know the cost to provide goods and services goes down, and we know the outcomes improve."
Decisio Health Inc. is designing data-driven resources for clinicians and patients using virtual care. Photo via decisiohealth.com

Houston virtual health care company receives investment from GE for its $13M series B

Money moves

A Houston-based health tech company is wrapping up its series B fundraising round with an investment from Chicago-based GE Healthcare.

The fundraising round is in its initial closing, says Gray Hancock, COO Decisio Health Inc., and is expected to close at $13 million. Decisio has previously raised $7 million, according to Crunchbase. The funds will be used for product development, support, and ongoing growth in operations.

"This investment really cements our partnership with GE Healthcare," Hancock tells InnovationMap in an email. "We signed a global distribution agreement with them earlier this year, so the investment is another step forward in our strategic alignment."

GE Healthcare also invested in Massachusetts-based Formlabs, which makes low-cost 3D printers for anatomical models, and U.K.-based CMR Surgical Ltd., which specializes in surgical robotics.

"Healthcare's next chapter will be written in part by emerging technologies like 3D printing, robotic surgery and virtual patient monitoring," says Kieran Murphy, president and CEO of GE Healthcare, in a news release. "That's why we're putting GE Healthcare's innovative engine and resources behind collaborations with these exciting, next generation companies – to help change the way clinicians work and enable more precise patient care."

Decisio is a virtual care monitoring software that was founded in 2013 based on technology licensed from and developed at the University of Texas Health Science Center in Houston. Using real-time clinical surveillance with data visualization, the DECISIOInsight software can identify risk that helps clinicians make better patient care decisions virtually.

"Our theory was that if you can make the clinicians job's easier, and improve the outcomes for the patients then costs will come down," Hancock says. "But the care of the patient comes first. Do that right and the cost savings will follow. We say its 'where outcomes meet income.'"

In 2015, Decisio Health was approved by the Food and Drug Administration class II medical device, which made it the first FDA-cleared web-native software.

For Decisio, the future of health care is virtual, and the company is determined to design the best technology for clinicians and patients alike.

"Virtual Care is the next step beyond traditional telemedicine, which — for many years — was limited to having a teleconference or even just a phone call with a caregiver," Hancock says. "Now we can start sharing real-time clinical data with clinicians wherever they happen to be located."
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How this Houston innovator's tech is gearing up to impact EV charging, energy transition

houston innovators podcast episode 172

With more and more electric vehicles on the road, existing electrical grid infrastructure needs to be able to keep up. Houston-based Revterra has the technology to help.

"One of the challenges with electric vehicle adoption is we're going to need a lot of charging stations to quickly charge electric cars," Ben Jawdat, CEO and founder of Revterra, says on the Houston Innovators Podcast. "People are familiar with filling their gas tank in a few minutes, so an experience similar to that is what people are looking for."

To charge an EV in ten minutes is about 350 kilowatts of power, and, as Jawdat explains, if several of these charges are happening at the same time, it puts a tremendous strain on the electric grid. Building the infrastructure needed to support this type of charging would be a huge project, but Jawdat says he thought of a more turnkey solution.

Revterra created a kinetic energy storage system that enables rapid EV charging. The technology pulls from the grid, but at a slower, more manageable pace. Revterra's battery acts as an intermediary to store that energy until the consumer is ready to charge.

"It's an energy accumulator and a high-power energy discharger," Jawdat says, explaining that compared to an electrical chemical battery, which could be used to store energy for EVs, kinetic energy can be used more frequently and for faster charging.

Jawdat, who is a trained physicist with a PhD from the University of Houston and worked as a researcher at Rice University, says some of his challenges were receiving early funding and identifying customers willing to deploy his technology.

Last year, Revterra raised $6 million in a series A funding round. Norway’s Equinor Ventures led the round, with participation from Houston-based SCF Ventures. Previously, Revterra raised nearly $500,000 through a combination of angel investments and a National Science Foundation grant.

The funding has gone toward growing Revterra's team, including onboarding three new engineers with some jobs still open, Jawdat says. Additionally, Revterra is building out its new lab space and launching new pilot programs.

Ultimately, Revterra, an inaugural member of Greentown Houston, hopes to be a major player within the energy transition.

"We really want to be an enabling technology in the renewable energy transition," Jawdat says. "One part of that is facilitating the development of large-scale, high-power, fast-charging networks. But, beyond that, we see this technology as a potential solution in other areas related to the clean energy transition."

He shares more about what's next for Revterra on the podcast. Listen to the interview below — or wherever you stream your podcasts — and subscribe for weekly episodes.


Report: Houston's hot medical office market might be on track to cool

by the numbers

Houston’s medical office market is on a roll.

A report from commercial real estate services company JLL shows net absorption and transaction volume saw healthy gains in 2022:

  • The annual absorption total of 289,215 square feet was 50.5 percent higher than the five-year average.
  • Transaction volume notched a 31.7 percent year-over-year increase.

Meanwhile, net rents held steady at $26.92 per square foot, up 1.3 percent from the previous year. The fourth-quarter 2022 vacancy rate stood at 15.9 percent.

Despite those numbers, the report suggests a slowdown in medical office rentals may be underway.

“Tenants who may have previously considered building out or expanding their lease agreements are now in a holding pattern due to increased construction costs and higher interest rates,” the report says. “These factors are having a direct impact on financial decisions when it comes to lease renewals, making it more likely that tenants will remain in their existing location for the foreseeable future.”

Still, the report notes “a number of bright spots for the future of healthcare in Houston.” Aside from last year’s record-high jump in sales volume, the report indicates an aging population coupled with a growing preference for community-based treatment “will lift demand even higher in coming years.”

The report shows that in last year’s fourth quarter, 527,083 square of medical office space was under construction in the Houston area, including:

  • 152,871 square feet in the Clear Lake area.
  • 104,665 square feet in the South submarket.
  • 103,647 square feet in Sugar Land.
Last fall, JLL recognized Houston as a top city for life sciences. According to that report, the Bayou City lands at No. 13 in JLL’s 2022 ranking of the country’s top 15 metro areas for life sciences. JLL says Houston “is poised for further growth” in life sciences.

Houston financial services firm announces acquisition, plans to grow

M&A radar

A Houston-based financial services company has made a recent strategic acquisition that gives it a new banking status.

LevelField Financial, which is creating a platform that combines traditional banking and digital asset products and services, announced this week that it is acquiring Burling Bank, an FDIC-insured, Illinois state-chartered bank. According to the company, once it receives regulatory approval, "LevelField will be the first full-service bank to offer fully compliant traditional banking and digital asset services."

The financial terms of the deal's transaction, which is expected to close later this year, were not disclosed.

The combined company will be able to provide traditional banking services, as well as LevelField's digital asset management. Burling Bank's senior management team will join LevelField's leadership, per a press release. They will focus on serving the bank's existing clients and growing the banking business nationwide.

"We conducted a broad review of banks in the U.S. to find the ideal institution with both an existing business and a management team who are aligned with our vision; we exceeded our expectations with Burling Bank. With this acquisition, LevelField will become a traditional bank, albeit one serving customers interested in the digital asset class," says Gene A. Grant II, CEO of LevelField Financial, in the release.

"We are thrilled to have the Burling executives join our leadership team, and together we intend to deliver fantastic customer service and well-designed products to customers who have an interest in accessing the digital asset class through a traditional bank," he continues.

Founded in 2018 by former banking executives, LevelField's leadership believes "the future of money is digital and that banks will continue to be a trusted provider of financial services," according to the website. This acquisition comes ahead of the company's plans to expand nationally.

"LevelField's strategic approach presented a tremendous opportunity for the bank to expand beyond our local footprint and serve customers with shared interests across the nation," says Michael J. Busch, Burling Bank president and CEO. "Together, we will continue to provide superior service and demonstrate that we truly understand the expanding and unique needs of our customers. Additionally, through the carefully developed suite of products we can address our customers' interests in digital assets and introduce them to LevelField's safe, simple, and secure platform."

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