13 Houston energy tech startups pitch at Rice Alliance's first virtual event

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The show had to go on at the annual Energy Tech Venture Day, which was put on virtually by the Rice Alliance on May 7. Zukiman Mohamad/Pexels

Rice Alliance for Technology and Entrepreneurship's annual Energy Tech Venture Day is usually hosted as a part of the Offshore Technology Conference that takes over NRG Center each May. However, when OTC announced its cancelation, Rice Alliance made sure the show would go on.

"We had many startups and corporations reach out to us and ask us if we could go ahead with the event in a virtual format, so that's how we ended up where we are today," says Brad Burke, managing director of the Rice Alliance at the start of the event.

Throughout the two-hour pitch event, 39 startups pitched their companies in two minutes and 30 seconds or less. The companies were selected based on input from the alliance's energy advisory board. The companies, Burke says, represent innovations across the energy industry.

An additional 24 companies participated in virtual office hours with investors through a speed-networking process.

"We know that the needs of startups to raise capital, to find customers, and to find pilots is even greater today than it was several months ago," Burke says. "And we know that the needs of energy companies to find innovative technologies to reduce costs and increase production are even greater as well."

Usually at this event, the advisory board decides on the 10 most promising energy tech startups, however, this list will not be revealed this year.

Of the startups that pitched that represented 11 different states and six different countries, 13 call Houston their HQ. Here's what local startups pitched.

Bluware

Bluware's E&P clients use the startup's cloud computing and deep learning technology to access seismic data. This data is crucial for geoscientists to make faster and smarter decisions to reduce time to oil. Bluware's headquarters is in West Houston, and has an European office in Norway.

DAMorphe

Southwest Houston-based DAMorphe uses nanotechnology to provide solutions within oil and gas — among other sectors, including life sciences, consumer goods, and more. Within O&G specifically, the company has designed dissolvable frac plugs and balls with superior performance and lower cost, as well as a flowable sensor for downhole measurements.

dataVediK

Early-stage Houston startup dataVediK focusing on enterprise digital transformation with a plan to create an artificial intelligence platform for collaboration between data scientists and domain experts to provide tech solutions for oil and gas — such as optimizing operations costs and productivity, enhancing safety, and more.

DelfinSia

Houston-based Delfin specializes in text analytics and is working with two oil supermajors. Sia, Delfin's product, is a virtual adviser, able to reference a client's unstructured data in real-time to ensure that decisions are fully informed. Users can simply ask Sia a question and get the best answers from company data.

Flutura Decision Sciences and Analytics

Flutura's motto is to promote actions — not just insights with data. The company's main product is Cerebra uses artificial intelligence and industrial internet of things to connect the dots within the oil and gas supply chain. Flutura's clients include Shell, Honeywell, Henkel, TechnipFMC, Patterson UTI, ABB, BJ Services, Daimler Benz, and more.

MyPass Global

A workforce management system, MyPass Global is putting the power of data into the hands of the individual workers at oil and gas companies and is creating digital work skills passport for each employee. The startup has developed a network of over 180 business partners across Australia, New Zealand, and the United States, which includes more than 27,000 registered workers.

Nomad Proppant Services

For E&P companies, Nomad is revolutionizing the way sand is delivered and used by wells. The average well uses 10,000 tons of sand, and that means trucking that volume via long hauls. However, Nomad has created a new, mobile mine that can save 25 percent of the company's spend on sand.

Osperity

Houston-based Osperity's technology provides AI-driven intelligent visual monitoring for industrial operations that can result in improved safety, reduced carbon footprints, and more. The company has more than 40 industrial customers using its monitoring services. Osperity offices in the Galleria area and has a location in Calgary.

PhDsoft Technology

PhDsoft, an engineering technology company, has created a technology specializing in industrial digital twins. The company's 4D software, PhDC4D®, can predict the effect of time and elements on equipment and facilities, which can save its industrial clients money and downtime of its machinery, as well as improve safety conditions.

Quidnet Energy

Clean energy tech company, Quidnet Energy, is providing electricity storage solutions that are cost effective and are able to be used long term. Quidnet uses traditional pumped hydro storage that, before the company, was restricted to specific terrains. The company offices out of downtown Houston.

SOTAOG

Data analytics company SOTAOG wants to be one-stop shop for its energy clients' data needs. SOTAOG's proprietary algorithms can provide real-time data that can improve operations and create cost-saving initiatives. The company works out of The Cannon's West Houston campus.

Voyager

Houston-based software startup Voyager is making waves in the maritime bulk-shipping industry. Whether shipping plans are transporting crude oil and LNG or complex offshore rig movements, Voyager can replace the thousands of logistics emails shared across several companies and bring communications and data onto one platform. The company's main office is in downtown Houston, but also has an office in Brazil.

WellNoz

WellNoz creates inflow control devices, or ICDs, for its oil and gas industry clients. The downhole devices are crucial for controlling the opening and closing of the well. WellNoz's device is made from a proprietary metal alloy that remains strong to remain closed when required, and then dissolves after a certain time to open up the valve. The startup's first client is Abu Dhabi National Oil Company, which will will purchase 10,000 ICDs each year for the next five years.

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Gow Media's media platform launches to report on Houston energy transition news

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Houston's newest media platform has officially gone live.

EnergyCapitalHTX.com, originally announced in March, is now up and running. Houston-based Gow Media, a multi-platform media company and the parent company of InnovationMap, CultureMap, SportsMap, and ESPN Radio 97.5FM and 92.5FM, launched the site tonight at an event at Gow Media's office.

“We are excited to roll out our new outlet, EnergyCapitalHTX.com. We have been very impressed by Houston’s efforts to lead the global transition of energy and to address the 'dual challenge' of meeting the world’s growing demand for energy while at the same time reducing carbon emissions,” says David Gow, CEO of Gow Media.

“On our new site, we plan to provide informative, unbiased coverage of the Houston-based initiatives, spanning big corporations and startups," he continues. "We hope that a site dedicated to the transition will bring visibility to the city’s substantive progress and to the path forward.”

The site will cover Houston's energy transition ecosystem — the people, companies, capital sources, and numerous initiatives in Houston. Lindsey Ferrell serves as the inaugural editor of the site.

The site’s inaugural sponsor is HETI, which launched in 2021. Led by Executive Director Jane Stricker, HETI was founded to drive economic growth in the Houston area within the energy transition toward a lower carbon future.

“We are excited to support Gow Media with the launch EnergyCapitalHTX.com,” Stricker says in an earlier news release. "There is so much innovative and exciting activity in our ecosystem. Houston is the Energy Capital of the World, and this platform will amplify the energy leadership that is already happening here.”

Houston wealth management adviser weighs in on benefit options as key for small business success

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While Small Business Appreciation month has come to an end, my work in aiding small businesses achieve financial success is continuous.

In 2009, I began my career as a financial adviser recently co-founded Volante Integrated Planning, a Houston-based office of Northwestern Mutual focused on comprehensive financial planning and helping clients achieve financial freedom.

After years of working with business owners, and as a small business owner myself, I have learned the importance of offering benefits that help attract and retain talent, foster improved work habits and provide a foundation for growth. According to the annual SHRM employee benefit survey, health-related benefits and retirement plans were ranked the two most important benefits for employees. Whether you are a new small business owner or an established one, it is important to be aware of the benefit options available to you and the considerations that go into mapping out a benefits strategy.

1. Retirement plan options

The most common retirement plans available to small business owners are 401(k), simplified employee pension (SEP) IRA and savings incentive match plan for employees (SIMPLE) IRA. The SEP IRA and SIMPLE IRA provide employers the ability to save on a pre-tax basis. While there are some required contributions on behalf of any full-time employees, the SEP and SIMPLE IRA’s are often recommended for the self-employed or businesses with part-time or contract employees. The 401(k) also provides employers with a pre-tax savings opportunity and the ability to save on a Roth basis. Because a 401(k) requires additional administration and ongoing requirements, it is often a valuable tool for business owners who have more full-time employees.

2. Health care benefit options

According to the Affordable Care Act, companies with fewer than 50 employees are not required to provide health insurance. However, offering a competitive health insurance benefits package is an increasingly important strategy to help boost both new employee acquisition and retention. Following the global pandemic, health benefits have become increasingly important. According to a study by McKinsey & Company, 51 percent of employers now offer health care benefits to attract new employees with dental, vision, and short-term disability as the most important for job-seekers.

Not only are these benefits of importance to employees, they provide protection for business owners by ensuring good health and protection from illness-related lost productivity. Some health care benefits available to small business owners include health reimbursement accounts, where you make contributions to an account that can be used by employees to pay for individual health insurance policies acquired on their own. Consider hiring a broker, benefits consultant or financial adviser to help compare your options.

3. Life and disability insurance options

As a small business owner, you have a duty to your family, employees and business partners. It is often the unexpected that can derail the success of a business. To that extent, taking the steps to ensure you and your business are protected if you are unable to work is important. Disability insurance is a versatile product that can be used to protect you, as the owner, and your employees against loss of income due to the inability to work. Additionally, disability overhead coverage and disability buy-out insurance can protect the business and any business partners from an owner’s disability, ensuring that the business can still run smoothly. Life insurance is also important, and often required if seeking a business-related loan, to provide income replacement for your family and any business partners in the event of an owner’s death.

4. Get creative with your benefit options

The small business world is ever changing, which is why it is essential — and sometimes difficult — to keep up with benefit options. I encourage small business owners to get creative with their benefit options by exploring a professional employer organization (PEO) and a multiple employer welfare arrangement (MEWA). PEO is designed to help small businesses manage their administrative overhead, benefits and compliance duties. Through MEWA, small businesses are able to collaborate on group insurance benefits for a low cost. Lastly, if your family members contribute to your small business, make sure they are on the payroll and eligible for various benefits. This may allow you to increase the benefits your household takes home.

While creating a small business employee benefits plan can be tedious, it will take your small business to the next level. Consult in a CPA, business attorney, and financial adviser to help navigate what benefits are a good fit for you and your small business.

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Jennifer Steil is principal and wealth management adviser at Volante Integrated Planning, a private client group at Northwestern Mutual.

Disgraced Theranos CEO Elizabeth Holmes begins prison sentence just 90 minutes from her hometown of Houston

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A longtime Houstonian is coming home — by way of prison.

Elizabeth Holmes, the disgraced founder of blood-testing startup Theranos, reported to F.P.C. Bryan, on Tuesday, May 30, per multiple news outlets. She is set to serve 11 years and three months in the women's minimum-security prison located some 90 minutes from Houston hometown.

According to the the New York Times, the onetime Tanglewood resident arrived at the prison in a Ford Expedition that appeared to be driven by her mother, Noel Holmes. Her father, Christian Holmes, appeared to be inside.

The Times adds that after some shuffling around, out of the view of the cameras gathered nearby, Holmes entered the facility wearing jeans, glasses and a sweater, and carrying some papers.

Prior to her arrival in Bryan, Holmes, 39, spent Memorial Day weekend with her family on the beach near her oceanfront San Diego home with her partner Billy Evans and their two children, according to the Daily Mail.

As CultureMap previously reported, Holmes was sentenced to more than 11 years in prison on November 18, 2002 in San Jose, California following her conviction in January that year for defrauding Theranos investors.

Actress Amanda Seyfried, who played Holmes in the Hulu series The Dropout, shared her thoughts on the woman she portrayed to great acclaim. “Life’s not fair,” Seyfried noted on Good Morning America on Tuesday, “but in a lot of ways, it’s fair. For her, in particular.”

Thrust into the spotlight as the new face of white-collar, Silicon Valley fraud, Holmes now serves as a warning to those who might consider a similar path, her sentencing judge made clear.

“I suppose we step back and ask what is the pathology of fraud? Is it the refusal to accept responsibility or express contrition in any way?" Judge Edward Davila said during the ruling, according to Yahoo! Finance. "Perhaps that is the cautionary tale that will go forward from this case."

Davila ordered Holmes to turn herself into custody on April 27, 2023.

Specifically, Holmes' sentence is 11 years and three months in prison, with another three years of supervision after release. Additionally, Holmes and her ex-boyfriend and former Theranos COO Ramesh “Sunny” Balwani have been ordered to pay $452 million to their fraud victims.

Once compared to disruptors and innovators Steve Jobs and Bill Gates, Holmes rose to fame by enticing investors with the promise that her Theranos could run hundreds of blood tests via a simple pin prick. Buzz for Theranos grew to the point that Theranos was valued at $9 billion, which made Holmes the world’s first self-made female billionaire.

Yet, after securing more than $900 million in funding, Theranos was proven to be essentially bogus by the Wall Street Journal in 2015.

Facing up to 20 years in prison, a tearful Holmes, who is pregnant, addressed the court. "I stand before you taking responsibility for Theranos," she said, per Yahoo. "I loved Theranos. It was my life’s work. My team meant the world to me. They wanted to make a difference in the world. I am devastated by my failings," she said. "Every day for the past years, I have felt deep pain for the people…those people who believe in us and those patients. I worked so hard to serve. I gave everything I had to try to to build...Theranos. Looking back, there are so many things I would do differently. I tried to realize my dream too quickly."

Holmes is the subject of the aforementioned series, The Dropout, which centers on her early life in Houston, where she grew up in Tanglewood and attended St. John's School. Her father's layoff from Enron is presented as clearly an inciting incident in her life. As The Dropout depicts, Holmes would meet boyfriend/partner Ramesh "Sunny" Balwani, drop out of Stanford, and launch Theranos.

One of the most memorable lines in the miniseries comes when a young Holmes plainly states her goals at a family gathering. "I wanna be a billionaire," she said plainly — a memorable and clearly prophetic statement.

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This article originally ran on CultureMap.

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