Houston-based Tachyus closed a $15 million Series B round. Photo courtesy of Thomas Miller/Breitling Energy

It's pay day for Houston-based Tachyus. the data-driven software company has closed its Series B fundraising round at $15 million. The round was led by Houston-based Cottonwood Venture Partners, a private equity firm that funds companies using technology to solve problems within the energy industry.

Tachyus was founded in 2013 in Silicon Valley and recently relocated to Houston. The fresh funds will go into growing its cloud-based, artificial intelligence-enabled platform.

"In this economic environment, oil and gas operators need disruptive tools to optimize their fields," Tachyus CEO and co-founder, Paul Orland, says in a release. "This investment allows us to reach more customers and accelerate the delivery of new technology that improves our clients' business performance."

The company has already grown its client base and has customers in Argentina, Europe, and Asia. Tachyus joins several other tech-focused energy startups in CVP's portfolio, including Ambyint, Novi Labs, and SitePro. Houston-based Tudor, Pickering, Holt & Co. served Tachyus as its financial adviser.

"As the oil and gas industry evolves in the face of new commercial challenges, operators need to focus on getting the best performance from their assets, and Tachyus' technology has a track record of doing just that," says Jeremy Arendt, managing partner of CVP, in the release. "We are excited to partner with the Tachyus team to expand their reach and empower customers to optimize production across their fields."

Tachyus closed its last round in 2016 with a $4 million investment from Primwest, according to CrunchBase. Before that, the company had raised several million.

Last year, the startup restructured its C-suite. Tachyus co-founder Dakin Sloss transitioned from CEO to chairman, and Orland, who was previously CTO, took the reins, according to a release.

Paul Orland is CEO of Tachyus. Photo via tachyus.com

The Agora track of CERAWeek focuses on all things innovation in energy, from panels to pods and even "houses" like the one pictured. CERAWeek/Facebook

5 can't-miss innovation events at CERAWeek featuring Houston speakers

Agora track

Hundreds of energy experts, C-level executives, diplomats, members of royal families, and more are descending upon Houston for the 2019 CERAWeek by IHS Markit. For the second year, the conference will have its Agora track, focused on innovation within the energy sector. The Agora track's events — thought-provoking panels, intimate pods, and corporate-hosted "houses" — will take place in various locations in the George R. Brown Convention Center.

Undoubtedly, many of the panels will have Houston representatives considering Houston's dominance in the industry, but here are five innovation-focused events you can't miss during CERAWeek that feature Houstonians.

March 11: Oil & Gas: Realizing value from digital transformation

In oil and gas, money talks, but justifying the value of integrating new technology or devices can be tricky and hard to navigate. Houston-based Justin Rounce of TechnipFMC and Michelle Pfluger of Chevron Corp. are among the panelists who will attempt to shed light on best practices and new ways of thinking.

Catch the panel at 4:30 pm on Monday, March 11. Learn more.

March 12: Sea Change: Autonomy, automation, offshore & the ocean

Offshore oil and gas rigs are a hotbed for new innovations and technologies — especially when it comes to automation. Two Houstonians join the panel that will discuss emerging tech in offshore E&P — Diana Grauer, TechnipFMC director, External Technology Engagement – North America, and Nicolaus Radford, Houston Mechatronics chief technology officer.

The event takes place at 9:15 am on Tuesday, March 12. Learn more.

March 12: Digital Ledgers: Oil & gas supply chain

Let's talk blockchain integration in oil and gas. The technology has a lot of potential in several aspects of the supply chain, but this panel — which features Andrew Bruce of Houston-based Data Gumbo — will weigh the pros and cons of the technology as well as go over the initial results of early adaptors.

The discussion begins on Tuesday, March 12, at 2.45 pm. Learn more.

March 12: Models of Innovation: Today & tomorrow

Inarguably, the energy's innovation ecosystem differs from that of other industries, but to what end? A panel of professionals — including Houston-based Chevron Technology Ventures President Barbara Burger — will debate the challenges within innovation in energy, innovative corporations, and the best strategies moving forward.

The panel is on Tuesday, March 12, at 2.45 pm. Learn more.

March 14: Urban Resilience in a Changing Climate

You can't have an energy-focused conference without addressing the elephant in the room that is climate change, and Houston-based Sunova CEO John Berger and City of Houston Chief Sustainability Officer Lara Cottingham are the right people to do it.

The panel will take place on Thursday, March 14, at 10:30 am. Learn more.

Can't-miss pods

While panels focus on a challenging topic of discussion, the Agora Pods are platforms for companies to showcase new tech or developments or present their successes. Here are some pods hosted by Houston companies you shouldn't miss.

Penrose's advance process control software can increase production by 10 to 15 percent in downstream oil and gas refineries. Pexels

Houston oil and gas software company is increasing downstream productivity while lowering emissions

Efficient energy

In the next 30 years, the world will need 30 percent more energy due to population growth. While energy production will increase to keep up with demand, there is an increasing concern with the impact on the environment.

"How do you produce more energy without emission increases or more air quality pollution?" asks Erdin Guma, CFO of Penrose Technologies.

According to Guma, Penrose is uniquely well-suited to solve these serious challenges with its advanced process control technology increases the productivity of a chemical plant or refinery by 10 to 15 percent. The increase in productivity means the plants use less fuel to produce the energy. The plant then releases fewer emissions while producing the same amount of energy.

The technology itself is an automation software — similar to autonomous software on a plane. The autonomous operation increases downstream productivity, which brings about the energy efficiency.

"Our autopilot software (like a human operator) can manage and foresee any unexpected disturbances in the plant," Guma explains. "The achievements that the Penrose technology has brought about seemed impossible to chemical and process engineers in the refinery space a few years ago."

Penrose recently signed its first project with one of the biggest downstream firms in the world. With a network of refineries and petrochemical plants around the world, this contract could lead to a global roll out of the Penrose technology.

A ground-breaking technology for O&G
The word "Penrose" is taken from a penrose triangle, an impossible geometrical object. Guma explained that the energy efficiency brought about from their software seemed impossible at first. Penrose has been able to reduce emissions inside plants and refineries by 15 to 20 percent while keeping production at the same level.

In 2007, a chief engineer working at a major oil and gas processing plant in Houston procured the technology for one of his plants. When the engineer saw how well the technology worked, he founded Penrose Technologies in 2017 with Tom Senyard, CTO at Penrose, who originally developed the technology.

After starting the company at the end of 2007, Penrose joined Station Houston. Guma said that by becoming a member, Penrose was able to plug into a large refining and petrochemical network.

"Penrose Technologies is completely self-financed. We worked with [Station Houston] as we finalized the software to find out what potential customers thought of the product. For us, Station Houston has been a great sounding board to potential investors in the company," Guma says.

Guma also explained that while there has been an uptick in innovation in the last few years, the refining and petrochemical business is traditional a slow mover in the uptake of innovation.

"I think more major oil and gas firms are becoming attune to startups and the innovation solutions they offer," Guma says.

He went on to explain that the biggest challenge Penrose faces is perception. Since the software allows plant operators and engineers at the plant to be hands off in the processes, there is a concern with reliability. For industry insiders, any viable product must be reliable even when process conditions at the plant change, which can happen often.

"The Penrose software is maximum hand off control from operators, and the reliability of our software gives us a huge edge in other competing products that can be unreliable," Guma says.

Future growth on a global market
Given the pressing need for more environmentally sustainable energy production, new technology will be adopted in the oil and gas energy. As Guma explains it, there will be no way to continue producing energy as it's been produced for decades because the negative effects of air pollution and emissions will be too severe — particularly in the areas where refineries operate.

"We see the global market for this type of technology as severely underserved," Guma says. "It's a big and sizable market, and I think we can reach a $2 to $3 billion valuation in the next five years."

With a core team of six employees in Houston, Penrose's software is now commercially available, and the company is in full growth mode at this point. The software can be distributed directly to customers, but they are working to develop distribution with major engineering companies as well.

Guma is grateful to be in an environment conducive to energy start-ups. He sees Houston as a major advantage given its proximity to the energy sector.

"No technology rises up in a vacuum. Any new technology needs a good ecosystem to come from," says Guma. "Houston was that ecosystem for Penrose."

From a new energy tech accelerator to an oil and gas podcasts, these three entrepreneurs have some names to remember. Courtesy photos

3 Houston energy tech innovators to know this week

Who's who

While Houston has historically been known as an oil and gas town, it's been slow on the uptake for being known for its energy tech — something these three entrepreneurs are looking to change. From a new energy startup accelerator to an oil and gas podcast, these three energy tech innovators are ones to know this week.

Jacob Corley and Collin McClelland, co-hosts of the Oil and Gas Startups Podcast

Courtesy of Oil and Gas Startups Podcast

Despite having experience in the oil and gas field and in entrepreneurship, Jacob Corley and Collin McClelland learn something new each episode of the Oil and Gas Startups Podcast. The show has seen surprising success to the duo and has been attracting around a thousand new listeners each week.

"You think thing not many people would listen to a podcast that's so focused on something they do for their job, but that's completely wrong," Corley says.

The primary goal for the pair is to share the stories of entrepreneurs who are revolutionizing an industry that tends to be known as a slow adaptor or conservative. Great startups exist here in Houston, and McClelland and Corley want to tell you about them.

"We kind of wanted to bridge the gap between Silicon Valley and oil and gas and show the world what was going on in the industry — and specifically in Houston," McLelland says. Click here to read more.

Patrick Lewis, managing partner of BBL Ventures

Patrick Lewis has worked for years trying to rethink how energy companies and private equity interact with startups. Startups have trouble proving themselves to big oil and gas companies and private equity things energy tech is more trouble than its worth.

"Energy tech is a grossly underfunded industry. Venture capitalists hate it — the hyper cyclical industry, extremely long sales cycles, slow adopters — but that creates opportunities," Lewis says.

But Lewis, managing partner of BBL Ventures, has created a software that tracks oil companies' pain points and then allows him to tap startups that are solving those issues. Now, with BBL Labs, Lewis and his team will help to accelerate these energy tech startups into the market. Click here to read more.

The Oil and Gas Startups Podcast talks to local entrepreneurs who are shaking up the industry. Pexels

Growing Houston podcast is bridging the gap between energy and tech

On air

Collin McLelland and Jacob Corley want you to know that Houston has a whole lot of innovation in the oil and gas industry, and they want to tell you about it.

The two energy professionals launched the Oil and Gas Startups Podcast a few months ago to talk to energy entrepreneurs about oil and gas technology, leadership, and innovation.

"Jake and I really had a mission to shine a light on the oil and gas industry and what was happening in the technology and startup space," McLelland says. "There's a lot of exciting things going on, but not really a medium of content to see it."

The duo interviews a leader or founder of an energy startup — notable ones include Data Gumbo, Blue Bear Capital, and OAG Analytics — on an almost-weekly basis. Corley says he can tell the podcasts are helpful to listeners, because he and McLelland are learning a lot themselves.

"The conversations we have are genuine and authentic. The questions we ask are real," Corley says. "When we schedule something with someone, we purposely try to find out just enough about them to find out if we'll have a good episode with them."

Along with their sincere questioning, the hosts also bring a diversity in industry to the table.

"Collin is the guy who grew up in the field, and I have more of the tech background," Corley says. "From that standpoint, we really compliment each other."

While still new, the podcast has seen a lot of growth — about 1,000 new listeners each week over the past couple weeks — which is surprising to the two hosts since the topic is niche and professional.

"You think thing not many people would listen to a podcast that's so focused on something they do for their job, but that's completely wrong," Corley says.

McLelland says they've seen a shift in the industry. What's been known as a siloed, traditional field is being upended by new technology being introduced into oil and gas companies. A downturn resulted in a need for efficiency and a younger senior-level leadership — that's what's changed in the business, McLelland says, and that's why the podcast is here to document.

"To see the amount of traction the podcast has gotten within oil and gas really validates where the industry is going," McLelland says.

The two want to keep doing what they're doing when it comes to the podcast, while expanding into other media. They've launched a YouTube channel, and are working on regular content for a blog.

"We kind of wanted to bridge the gap between Silicon Valley and oil and gas and show the world what was going on in the industry — and specifically in Houston," McLelland says.


Collin McLelland (right) and Jacob Corley are the hosts of Oil and Gas Startups Podcast.

Houston-based LiquidFrameworks has been acquired by San Francisco-based Luminate Capital. Pexels

Houston startup exits to Bay Area private equity firm

Grand exit

A Houston startup has entered a deal with a San Francisco-based private equity firm, the companies announced on January 10. LiquidFrameworks, which provides cloud-based, mobile field operations management solutions to oil and gas, environmental, and industrial service companies, is now operating under Luminate Capital following the acquisition.

While not all the terms of the deal have been disclosed, Chip Davis, managing partner at Houston Ventures, says the transaction exceeded $50 million of PE investment from Luminate Capital. HV has been involved with LiquidFrameworks since 2012 and has invested a cumulative $6 million, Davis says, and brought in the company's current CEO and head of sales — both of who are still a part of the company's team.

"When we got involved, it was a very small company," says Davis. "As of today, it has enterprise customers of some of the largest oilfield services companies in the world."

According to the release, Hollie Haynes, Mark Pierce, and Sanjay Palakshappa from Luminate have joined the LiquidFrameworks board of directors. The PE fund's investment is a part of the recently closed $425 million Fund II.

"For over a decade, we have served field services companies by reducing revenue leakage, shortening cash collection cycles, and increasing overall operational efficiencies. We have streamlined the day-to-day operations for field services professionals and increased transparency across organizations by transforming previously paper- or excel-based workflows," says Travis Parigi, founder and COO of LiquidFrameworks, in the release.

"With a partner like Luminate Capital, we will continue to invest and develop product capabilities to better serve field services industries that have previously been overlooked by software innovation."

One of LiquidFrameworks' tools is FieldFX, which enhances companies' data accuracy and accelerates revenue capture and cash flow.

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NASA signs 2 public-private lease agreements at Houston campus to promote human space research

ready to launch

NASA and the American Center for Manufacturing and Innovation signed an agreement Thursday, Feb. 29 to lease underutilized land in a 240-acre Exploration Park at the agency's Johnson Space Center in Houston. The deal comes after a similar lease with the Texas A&M University System.

ACMI will enable the development of facilities to enable commercial and defense space manufacturing, while A&M reports that it will develop a facility for human spaceflight research and development.

These two public/private lease agreements allow industry and academia to use NASA Johnson land to create facilities for a collaborative development environment that increases commercial access and enhances the United States' commercial competitiveness in the space and aerospace industries.

“For more than 60 years, NASA Johnson has been the hub of human spaceflight,” NASA Johnson Director Vanessa Wyche says in a news release. “Exploration Park will be the next spoke in the larger wheel of a robust and durable space economy that will benefit not only exploration of the Moon, Mars and the asteroids, but all of humanity as the benefits of space exploration research roll home to Earth.”

Calling it the Space Systems Campus, ACMI plans to incorporate an applied research facility partnered with multiple stakeholders across academia, state and local government, the Department of Defense and regional economic development organizations.

"This Space Systems Campus will be a significant component within our objectives for a robust and durable space economy that will benefit not only the nation's efforts to explore the Moon, Mars and the asteroids, but all of humanity as the benefits of space exploration research roll home to Earth," Wyche says of the ACMI deal.

As the home of Mission Control Center for the agency's human space missions, astronaut training, robotics, human health and space medicine, NASA Johnson leads the way for the human exploration. Leveraging this unique role and location, Exploration Park will play a key role in helping the human spaceflight community attain U.S. goals for the commercialization and development of a robust space economy by creating an infrastructure that fosters a multi-use environment where academic researchers, aerospace companies and entrepreneurs can collaborate with NASA. Exploration Park will create an infrastructure that allows for a multi-use space hardware development environment, where academic researchers, aerospace companies and entrepreneurs can collaborate on space exploration's greatest challenges.

"ACMI Properties will develop this Campus to serve the needs of our future tenants, aerospace industry, the Department of Defense and other significant stakeholders that comprise our ecosystem approach," said Simon Shewmaker, head of development for ACMI Properties. "Our aim is to support human spaceflight missions for the next 40 years and beyond."

NASA issued an announcement for proposals for use of the undeveloped and underutilized land near Saturn Lane on June 9, 2023, and has just completed negotiations with ACMI to formalize the lease agreement. The parcel is outside of Johnson's controlled access area and adjacent to its main campus. NASA will lease the land for 20 years with two 20-year extension options, for a potential of up to 60 years.

In the coming years, NASA and its academic, commercial, and international partners will see the completion of the International Space Station Program, the commercial development of low Earth orbit, and the first human Artemis campaign missions establishing sustainable human presence on the Moon in preparation for human missions to Mars.

Johnson already is leading the commercialization of space with the commercial cargo and crew programs and private astronaut missions to the space station. The center also is supporting the development of commercial space stations in low Earth orbit, and lunar-capable commercial spacesuits and lunar landers that will be provided as services to both NASA and the private sector to accelerate human access to space. Through the development of Exploration Park, the center will broaden the scope of the human spaceflight community that is tackling the many difficult challenges ahead.

10+ can't-miss Houston business and innovation events for March

WHERE TO BE

From networking meetups to speaker expert speaker summits, March is filled with opportunities for Houston innovators.

Here's a roundup of events you won't want to miss out on so mark your calendars and register accordingly.

Note: This post may be updated to add more events.

 March 6 — Women's History Month Mixer

Bag Talk and Jem are collaborating to produce a dynamic Rooftop Mixer, designed to bring together entrepreneurs, startups, founders, tech professionals, health experts, and investors.

In honor of Women's History Month, the speaker panel will feature trailblazing women entrepreneurs who have redefined success in their respective fields. Gain invaluable insights, strategies, and inspiration as they share their journeys in business, innovation, and leadership.

This event is Wednesday, March 6, from 6 to 9 pm at Reset. Click here to register.

 March 7 — Energy Workforce of the Future Career Fair & Summit

A variety of Gen-Z speakers will be unpacking the future of working in the energy industry. Take advantage of this unique occasion to showcase your skills, exchange ideas, and build valuable connections. Denise Hamilton will be the keynote speaker followed by a host of other energy innovators.

This event is Thursday, March 7, from 7:30 am to 4 pm at the Briar Club. Click here to register.

 March 7 — GB Spring Mixer 2024

Meet community members, network, and develop relationships with local businesses at this event for Pearland's small business community. This mixer is sponsored by Pearland Innovation Hub, a home for innovation, entrepreneurship and small business growth, custom built for Pearland's business community.

This event is March 7, from 6:30 to 8:30 pm at The Cannon. Click here to register.

 March 14 — Pi Day With Portal Innovations

TMC Helix Park will host a Pi Day celebration at TMC3. All scientists, researchers, math experts, and innovators are invited to come and recognize the significant impact Pi (3.14) has had in shaping our world today and continuously in the future. Enjoy networking opportunities with Pi bites, games, and prizes.

This event is Thursday, March 14, from 12 to 1:30 pm at TMC Helix Park. Click here to register.

 March 14 — FanTechstic Mixer

This event is a mixer for tech professionals and tech enthusiasts. Connect with potential employers, collaborators, and mentors who can shape the trajectory of your career.

This event is Thursday, March 14, from 5:30 to 9:30 at Luxtrium Event Venue. Click here to register.

March 16 — Generative AI: Understanding and Fine Tuning LLM

This webinar dives deep into Generative AI, the game-changer that creates images from text, crafts personalized campaigns, and writes reports in seconds. Attendees will learn the innerworkings of Large Language Models (LLMs), the engines behind this revolution. Learn practical skills, explore real-world use cases, and future-proof your career.

This event is Saturday, March 16, from 10 am to 12 pm at Houston Translations. Click here to register.

March 18-22 — CERAWeek by S&P Global

For the 42nd time, CERAWeek is convening energy leaders from around the world for a conference, this year with its theme of "Multidimensional Energy Transition: Markets, climate, technology and geopolitics" that will zero in on the world's journey to zero-carbon.

The event is Monday, March 18, to Friday, March 22, in Downtown Houston. Click here to register.

March 21 — Global Energy: Qatar's LNG Expansion

At this event, expert panelists will delve into issues of investment partnerships, destination markets for gas supply, and the practicalities of expanding fossil fuel exports amid global decarbonization goals. Qatar is in the midst of expanding its LNG export capacity, increasing from 77 million tons per annum to 126 million by 2027.

This event is Thursday, March 21, from 11:30 am to 1:30 pm at Rice University's Baker Institute for Public Policy. Click here to register.

March 21 — Energy Underground - Early Design Partnerships

Meet up with renewable energy product developers, service providers, energy transition thought leaders, and more at this networking event. Make industry contacts, secure financing, share deals, or recommend talent looking to enter the energy workforce. This month meeting is open to everyone, but focused on connecting energy software founders with VP's of Operations and Projects at energy companies.

This event is Thursday, March 21, from 11:30 am to 2 pm at The Cannon. Click here to register.

March 26 — Bots & Brews

This is the spring meetup of the Energy Drone / Robotics / Data crowd, with over 200 leaders attending. Enjoy beer, bites and bots. Check out the latest robotics and data / AI tech, while hearing new case studies and connecting with some of the biggest leaders in energy and autonomous systems.

This event is Tuesday, March 26, from 5:30 to 7:45 pm at the Ion. Click here to register.

March 27 — Energy Industry Young Professionals Gumbo Cook-Off & Technology Showcase

Explore cutting-edge products, network with industry professionals, and savor delicious creations in the Gumbo Cook-Off. Make it a night to remember with live music, a beverage garden, and fundraising efforts to support the energy industry and first responders.

This event is Wednesday, March 27, from 5 to 9 pm at Bad Astronaut Brewing Co. Click here to register.

March 27 — 2024 CultureMap Houston Tastemaker Awards

The CultureMap Tastemaker Awards is an annual celebration of Houston's top restaurant and bar talent, as selected by their peers. Check out this signature in-person tasting event and awards ceremony. Celebrate all of the nominees and the winners, while sampling bites and sipping specialty drinks along the way.

This event is Wednesday, March 27, from 7 to 10 pm at Silver Street Studios. Click here to register.