Houston energy blockchain company announces $7.7M in funding, plans to expand to the Middle East

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Data Gumbo, founded and led by Andrew Bruce, has announced its latest funding. Photo courtesy of Data Gumbo

A Houston-based tech company has announced another round of funding to support its blockchain network growth as well as to establish a presence in the Middle East.

Data Gumbo has closed its series B funding round totaling $7.7 million with follow-on investments led by Equinor Ventures. The round includes participation from Saudi Aramco Energy Ventures and Bay Area and Houston-based venture firm L37. The round's first close was announced in September 2020 at $4 million. The additional funds to close the Series B will be used to scale Data Gumbo to serve demand for GumboNet™ and GumboNet™ ESG. Additionally, Data Gumbo plans to establish a presence in the Middle East to cover expected demand growth in the region.

"The successful close of our series B is continued proof of the efficacy and booming interest in our ability to capture critical cost savings, deliver trust and provide transparency across commercial relationships," says Andrew Bruce, founder and CEO of Data Gumbo, in a news release. "Compounded by the growing demand for transparent, accurate sustainability data and the launch of our automated ESG measurement solution, GumboNet™ ESG, Data Gumbo's trajectory is well-positioned to serve our growing customer base by ensuring economic productivity and value. This infusion of capital will support our expansion efforts as we bring more international users to our network."

With this latest raise, Data Gumbo's total funding raised to date is $18.4 million.

"Data Gumbo's success is marked by a wide variety of business use cases and opportunities for expansion," says Bruce Niven, chief investment officer at Aramco Ventures, in the release. "Our continued investment is a testament to our continued support as the company attracts new customers, experiences further demand for its network and gains traction in new markets."

The company's technology features smart contract automation and execution, which reduces contract leakage, frees up working capital, enables real-time cash and financial management, and delivers provenance with unprecedented speed, accuracy, visibility and transparency, per the release.

"Data Gumbo is the market leader for smart contracts backed by blockchain, and the coming year will be a period of exponential growth for the company as they penetrate new industrial markets," says Kemal Farid, partner at L37, in the release. "We believe strongly that GumboNet will become the de facto network for smart contracts across industries for capturing value and solving enormous pain points in contractual relations. Additionally, as companies move to meet increasing sustainability measurement demands and ESG improvements, there is a huge growth path available for Data Gumbo with the launch of GumboNet ESG."

Earlier this year, the company announced its environmental, social and corporate governance tracking and reporting tool.

"Equinor's recent pilot at the Johan Sverdrup field has demonstrated that GumboNet can create strong value for the partnership," says Gareth Burns, head of Equinor Ventures, in the release. "Our follow-on investment confirms Equinor Ventures' confidence in Data Gumbo's solution for our company and the broader energy industry."
Syzygy Plasmonics has raised $23 million thanks to international support. Photos via plasmonics.tech

Houston alternative energy startup raises $23M series B with global support

money moves

A Houston startup founded based off research coming out of Rice University has closed its series B funding, the company announced this week.

Founded in 2017, Syzygy Plasmonics is a chemical company developing a photocatalyst-powered hydrogen fuel cell technology that produces a cheaper source of energy that releases fewer carbon emissions. As of this week, the company has $23 million more to fund its scaling and grow its team thanks to the closing of its series B financing led by Hong Kong-based Horizons Venture. Equinor Ventures, a new investor, also joined in on the round, along with previous seed and series A investors including The Engine, GOOSE Capital, and Evok Innovations.

"With renewable electricity as an energy source, our technology is cleaner, and because of the stability and activity of our photocatalysts, we can drive dozens of possibilities, tuning reactions that produce different chemicals," says Trevor Best, Syzygy Plasmonics' co-founder and CEO, in a news release. "Our initial product will focus on eliminating emissions from hydrogen production, transforming the industrial process involved in making semiconductors, LEDs and metals. Our system will also enable industries that are consumers of hydrogen fuel cells, like fuel cell vehicles."

The hydrogen-fueled technology originated out of research done over two decades by two Rice University professors, Naomi Halas and Peter Nordlander and further developed by the company's co-founder and CTO, Suman Khatiwada. The technology has the ability to both lower costs and emissions at industrial plants. According to the release, Syzygy's first product focused on hydrogen and the technology has the potential to cut the cost of zero emission hydrogen in half, when compared to other alternatives such as electrolysis.

"There are rules in chemical engineering, and you can't break them, but we follow them in a different way," CEO Trevor Best previously told InnovationMap. "What we're doing is fundamentally different. We're using light instead of heat to drive chemical reactions."

Currently, Syzygy employs 26 people and plans to double its workforce in the next year in order to launch its first full-size, commercial-ready chemical reactors in 2022.

In August of 2019, Syzygy raised its $5.8 million series A and secured Department of Energy ARPA-E and National Science Foundation SBIR Program grants.

"The keys to unlock the potential of hydrogen energy lie within production cost reduction and safety enhancements. Syzygy uses a photocatalysis process to produce H2 on premises, therefore mitigating risks of explosion imposed by the transportation of liquid hydrogen while lowering production costs to increase overall energy efficiency. This technology will be applicable to a wide-range of use-cases, enabling a faster path toward zero-emissions," says Patrick Poon of Horizons Ventures, who is also a new board member at Syzygy.

The international fundraise also attracted interest from Norway-based Equinor's venture arm, which has operations in more than 30 countries.

"We have announced our ambition to become a net-zero energy company by 2050 and in order for society at large to meet its climate goals it will require new solutions and technologies. We are pleased to announce the investment in Syzygy as one potential contributor to help the energy industry reduce emissions as part of our effort to shape the future of energy," says Gareth Burns, head of Equinor Ventures, in the release.

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Houston expert: 5 things to consider when tackling DEI at your organization

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Houston is often touted as the most diverse city in the country, but with that comes the responsibility of making sure we are creating inclusive and equitable opportunities that reflect the communities we serve.

With the current state of our country dealing with the COVID-19 pandemic, as well as social and political issues, employers across the city have searched for the right thing to say and do to help their employees and customers during this time when personal feelings and beliefs impact the workplace more now than ever. While there isn't a one-size-fits-all approach to implementing DEI across an organization, here are a few steps and considerations companies can take to ensure DEI is a priority moving forward.

Understand your audience

It's important to understand the perspectives of those you serve. Identifying your audience will help develop a DEI strategy that addresses concerns from multiple lenses. At Houston Methodist, we focus on our patients, employees and the communities we serve. Anyone building a DEI program needs to not only be cognizant of their audience, but also understand their needs in today's climate before spending time and resources to develop initiatives that will address those needs. Ultimately, this will help shape a more impactful approach to DEI within your organization.

Define success

When developing a DEI strategy, success may seem overwhelming or lofty. But, viewing success as progress will help your organization accomplish your goals in a way that employees and other stakeholders will benefit from in the long run.

Set strategic and measurable goals that clearly state what your organization wants to achieve through its DEI efforts. These goals need not be big at the onset; make sure they are attainable. Most importantly, it's critical to revisit your goals on a regular basis and identify gaps, and be willing to pivot, if needed, along the way so your organization eventually reaches its goals. At the hospital, we've developed a DEI dashboard for all departments in our hospitals to help us with setting those measurable goals. Once measurable goals are identified, a DEI scorecard will be used to identify progress for departments and our organization year over year. When people are able to easily track and see progress or gaps, it will make it easier to reach desired goals.

An organization can't be successful with any new type of program if everyone within the organization doesn't understand the importance of DEI in their department and within the company as a whole. Progress often starts with one person. Providing training to employees about the impact that DEI can have on their day-to-day work will help them champion that within the organization. For example, we've launched something at our hospital called "Together We Grow," a training program aimed at building a foundation for what DEI is by exploring everyday scenarios employees may encounter. This program first started with leadership and is now available to all employees within the hospital system.

Establish a timeline

Once measurable goals have been established, develop a timeline for accomplishing those goals. By selecting two or three goals that can be focused on over a particular time period (i.e., six months or one year), your organization can implement targeted programs and best practices to drive the success of DEI for a more long-term plan. It's ok if not every program is up and running within the year; creating milestones along the way will give your organization time to grow its DEI efforts and aspire to something meaningful for your employees, customers or community. The need for DEI doesn't go away, so it's important to continue efforts year-round with a growth mindset.

Evaluate how DEI holistically fits into your business

A DEI department, team or individual can't be successful if the work isn't aligned with the mission of the organization. It does not help if an organization has competing priorities, so DEI goals must be embedded in your organization's business goals.

Additionally, it's also important to have leadership set the tone for the rest of the organization to follow. Executive leaders that fully commit to the organization's DEI efforts and promote transparency, feedback and accountability for those programs will yield the most meaningful and lasting results.

Recognize your ‘why’

As a business, it's important to understand why DEI is important for your organization's success. You need to both be able to understand and articulate the business case for why diversity matters in your organization. Studies like this one from Boston Consulting Group continue to show a positive correlation between workforce diversity, innovation and overall company performance. The workforce is constantly changing and becoming more diverse, so making sure your organization is adapting to those different perspectives and taking into consideration why this work is vital to your employees, customers and your community will help turn DEI ideas into action.

For many health care organizations, health equity has shaped community engagement efforts and programs. Addressing health equity for racial, ethnic and social minorities in the Greater Houston area has been a priority for Houston Methodist for nearly 30 years, and this work has also informed and strengthened our DEI efforts in the communities we serve.

In conclusion, remember progress and feedback will help you reach your organization's DEI goals. For these initiatives to be effective, everyone within your organization must understand that each person plays a role in shaping the success of DEI efforts.

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Arianne Dowdell is vice president, chief diversity, equity and inclusion officer at Houston Methodist.

Google grants Houston founders funds, The Ion looks for artists, and more local innovation news

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The Houston innovation ecosystem is bursting at the seams with news, and for this reason, local startup and tech updates may have fallen through some of the cracks.

In this roundup of short stories within Houston innovation, the Comcast RISE program expands to grant more funds, Google names Houston-area recipients from its Black Founder Fund, The Ion is looking for artists to participate in a new initiative, and more.

Google cohort awards Black founders $100,000 each

Google has granted funds to two Houston companies. Photo via Pexels

DOSS and SOTAOG, two Houston-based startups, have received $100,000 each as a part of the second cohort of the Google for Startups Black Founders Fund, a $10 million initiative for Black founders. Originally reported to be a part of Google's accelerator early this summer, DOSS is a digital brokerage that uses tech to make homeownership more affordable, and SOTAOG is an enterprise solutions provider within the oil and gas and heavy industrial industries.

"The Google for Startups Black Founders Fund embodies our mission of helping underrepresented founders grow their businesses. We are excited to continue the fund and contribute funding to Black founders, with no strings attached. Black founders currently receive less than 1 percent of total VC funding," says Jewel Burks Solomon, head of Google for Startups US, in a news release. "We heard loud and clear from the 2020 fund recipients that Google for Startups and Goodie Nation have been crucial to their success not only through funding, but through community, mentorship, network connections and technical expertise."

Last year, Google for Startups awarded 76 Black-led startups up to $100,000 in non-dilutive funding, as well as technical support from tools and teams across Google, including as much as $120,000 in donated search Ads from Google.org and up to $100,000 in Google Cloud credits, according to the release.

In addition to the two companies from Houston, eight companies from Austin and Dallas were also chosen for the second program.

The Ion calls for local artists

The Ion is looking for local artists to create innovative window displays. Photo courtesy of The Ion

The Ion, a Midtown innovation hub that's owned and operated by Rice Management Company, is looking for local artists to work on two prominent display windows at the front of the newly renovated historic Sears building.

"As a nexus for creativity of many different kinds, The Ion welcomes Houston's talented artists to tap into their unique skill sets and diverse backgrounds to submit inventive proposals that will ultimately comprise two different art installations. Each installation will contribute to Houston's innovation ecosystem by inspiring the growing community of creators who will see the building's display windows on a daily basis," says Artistic Consultant Piper Faust in a news release.

The two art installations will reside for six months — from February to August of next year. The submissions will be evaluated by a team of experts identified by Rice Management Co. and Piper Faust. The budget for each project will be $20,000.

According to the release, the submissions are open to Houston-area artists and should be in line with The Ion's "vision and mission of accelerating innovation, connecting communities and facilitating partnerships to create growth and opportunity in Houston."

Artists can apply online until October 1 at 5 pm.

Comcast RISE announces additional $1 million for Houston founders

Comcast to dole out $1M in grants to BIPOC-owned small businesses in Houston

The Comcast RISE program will give out another batch of $10,000 grants to BIPOC-owned small businesses in Houston. Photo via Getty Images

The Comcast RISE Investment Fund, which announced funding for 100 small businesses in Houston earlier this year, has expanded to provide an additional $1 million in support. The program is focused on BIPOC-owned small businesses in Harris and Fort Bend Counties that have been in business for three or more years with 1 to 25 employees.

Eligible businesses can apply online at ComcastRISE.com beginning October 1 through October 14 for one of the one hundred $10,000 grants.

Houston startup wins $25,000

Day Edwards, founder and CEO of Church Space

Day Edwards, founder and CEO of Church Space, won $25,000 for her company. Photo courtesy of Church Space

Dallas-based Impact Ventures, a nonprofit startup accelerator focused on empowering women and communities of color, hosted its bi-annual event, The Startup Showcase. A Houston-based company, Church Space, took the top prize of $25,000.

Billed as the "Netflix of churches," Church Space originally started as a way to allow groups to rent spaces for worship. But, in light of the pandemic, the company is pivoted to launch Church Space TV, a streaming program that allows churches and ministries to stream worship services for free.

"It felt like the perfect opportunity to give churches a way to reach more people during the pandemic," Day Edwards, founder and CEO of Church Space, previously told InnovationMap. "This would create more impact than anything we could possibly offer at this time."

The company is also one of MassChallenge Texas's 2021 cohort.

Houston health care leader receives prestigious award

Dr. Peter Hotez, a leader in the development of Texas Children's and Baylor's COVID-19 vaccine construct, has been named the recipient of a prestigious award. ​Photo courtesy of TCH

Dr. Peter Hotez, Texas Children's Hospital Chair in Tropical Pediatrics, has been awarded the 2021 David E. Rogers Award. Hotez is co-director of the Center for Vaccine Development at Texas Children's Hospital and Professor of Pediatrics and Molecular Virology and dean of the National School of Tropical Medicine at Baylor College of Medicine.

The annual award, presented by the Robert Wood Johnson Foundation and the Association of American Medical Colleges, "honors a medical school faculty member who has made major contributions to improving the health and health care of the American people," according to a news release.

"I am thrilled to be honored with the David E. Rogers Award," Hotez says in the release. "As we continue this fight against COVID-19, having the additional support from the AAMC will amplify our efforts to improve public health nationally and globally."

The award will be presented to Dr. Hotez at the 2021 AAMC Awards Recognition Event on Wednesday, October 27.

Hotez is leading the development of Texas Children's and Baylor's COVID-19 vaccine construct, according to the release, and he has dedicated much of his time to vaccine advocacy efforts, countering rising antivaccine and anti-science sentiments in the United States while promoting vaccine diplomacy efforts globally.

Houston Exponential appoints new executive director and restructures its board

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Houston's nonprofit focused on accelerating the growth of the local innovation ecosystem has named its new leader.

Serafina Lalany has been named Houston Exponential's executive director. She has been serving in the position as interim since July when Harvin Moore stepped down. Prior to that, she served as vice president of operations and chief of staff at HX.

"I'm proud to be leading an organization that is focused on elevating Houston's startup strengths on a global scale while helping to make the world of entrepreneurship more accessible, less opaque, and easier to navigate for founders," Lalany says in a news release. "My team and I will be building upon the great deal of momentum that has already been established in this effort, and I look forward to collaborating closely with members of our community and convening board in this next chapter of HX."

According to the release, the organization is also "sharpening its focus and governing structure." HX's current board of directors will transition into a "convening board." In this new structure, Houston innovation leaders will come together to support one another and share advice and opportunities, as well as launch working groups to address emerging tech ecosystem challenges. An executive committee made up of five to seven members will oversee HX's operations and staff. These changes will be in effect on October 1.

"Houston's innovation ecosystem has been on an incredible run over the last four years as evidenced by the tripling of venture capital funding for local startups and the sharp increase in the number of startup development organizations supporting our emerging companies and founders," says HX Chair Barbara Burger, who is the vice president innovation at Chevron and president of Chevron Technology Ventures. "Houston Exponential has been a key catalyst for building momentum, and it's important for the organization to adapt to best meet the needs of the maturing ecosystem."

Moving forward, HX will have a strengthened focus on key efforts, like convening a startup development organization roundtable, the VC Immersions program, monthly networking events, and the annual Houston Tech Rodeo.

Additionally, as the organization's new leader, Lalany will spearhead HX's goal for Houston-based startups raising $10 billion in venture capital annually by 2030, per the release.

"Serafina has been a steadfast leader of the HX team, and we believe she is the right person to take the organization through this next chapter in its evolution," Burger says. "I'm excited to see what's next for HX under her guidance."

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