Over $1.4M in prizes awarded at Rice University's student startup competition

RBPC 2021

Auburn University's SwiftSku took first place in this year's virtually held Rice Business Plan Competition, but it was the second place company that went home with over half a million in cash and investment prizes. Photo via rice.edu

In its 21st year, the Rice Business Plan Competition hosted 54 student-founded startups from all over the world — its largest batch of companies to date — and doled out over $1.4 million in cash and investment prizes at the week-long virtual competition.

RBPC, which is put on by the Rice Alliance for Technology and Entrepreneurship, took place Tuesday, April 6, to Friday, April 9 this year. Just like 2020, RBPC was virtually held. The competition announced the 54 participating startups last month, and coordinated the annual elevator pitches, a semi-finals round, wildcard round and live final pitches. The contestants also received virtual networking and mentoring.

Earlier this week, Rice Alliance announced the seven student-led startups that then competed in the finals. From this pack, the judges awarded the top prizes. Here's how the finalists placed and what won:

  • SwiftSku from Auburn University, point of sales technology for convenience stores that allows for real time analytics, won first place and claimed the $350,000 grand prize from Goose Capital. The company also won the $50,000 Business Angel Minority Association Prize, the $500 Best Digital Elevator Pitch Prize from Mercury Fund, and the $500 Third Place Anbarci Family People's Choice prize, bringing the company's grand total in cash and investment prizes to $401,000. The company also won the CFO Consulting Prize, a $25,000 in-kind award.
  • AgZen from the Massachusetts Institute of Technology, a pesticide alternative spray and formulation technology company, won the second place $100,000 investment prize (awarded by Finger Interests, Anderson Family Fund, Greg Novak, and Tracy Druce). The startup also won a $300,000 Owl Investment Prize, the $100,000 Houston Angel Network Prize, the $500 Best Energy Elevator Pitch Prize from Mercury Fund, and the $1,500 Third Place Anbarci Family People's Choice prize, bringing the company's grand total in cash and investment prizes to $502,000. The company also won the $30,000 in-kind Polsinelli Energy Prize.
  • FibreCoat GmbH from RWTH Aachen University, a startup with patented spinning technology for the production of inexpensive high-performance composite fibers, won the third place $50,000 investment prize (also awarded by Finger Interests, Anderson Family Fund, Greg Novak, and Tracy Druce). The company also won the $100,000 TiE Houston Angels Prize and the $500 Best Hard Tech Elevator Pitch Prize from Mercury Fund, bringing the company's grand total in cash and investment prizes to $150,500.
  • Candelytics from Harvard University, a startup building the digital infrastructure for 3-D data, won the fourth place $5,000 prize.
  • OYA FEMTECH Apparel from UCLA, an athletic wear company that designs feminine health-focused clothing, won the fifth place $5,000 prize. The company also won the $5,000 Eagle Investors Prize, the $25,000 Urban Capital Network Prize, and the $1,000 Second Place Anbarci Family People's Choice prize, bringing the company's grand total in cash and investment prizes to $36,000.
  • LFAnt Medical from McGill University , an innovative and tech-backed STI testing company, won the sixth place $5,000 prize and the $20,000 Johnson and Johnson Innovation Prize, bringing the company's grand total in cash and investment prizes to $25,000.
  • SimpL from the University of Pittsburgh, an AI-backed fitness software company, won the seventh place $5,000 prize. The company also won the $25,000 Spirit of Entrepreneurship Prize from the Pearland Economic Development Corp., bringing the company's grand total in cash and investment prizes to $30,000.

Some of the competition's participating startups outside of the seven finalists won monetary and in-kind prizes. Here's a list of those.

  • Mercury Fund's Elevator Pitch Prizes also included:
    • Best Life Science $500 Prize to Blue Comet Medical Solutions from Northwestern University
    • Best Consumer $500 Prize to EasyFlo from the University of New Mexico
    • Best Overall $1,000 prize to Anthro Energy from Stanford University
  • The Palo Alto Software Outstanding LivePlan Pitch $3,000 Prize went to LiRA Inc. from the University of North Carolina at Chapel Hill
  • The OFW Law FDA Regulatory Strategy Prize, a $20,000 in-kind award went to Paldara Inc. from Oklahoma State University.
  • The Silver Fox Mentoring Prize, which included $20,000 in kind prizes to three winners selected Ai-Ris from Texas A&M University, BruxAway from the University of Texas, and Karkinex from Rice University as recipients.
  • The first, second, and third place winners also each received the legal service prize from Baker Botts for a total of $20,000 in-kind award.
  • The Courageous Women Entrepreneurship Prize from nCourage — a $50,000 investment prize — went to Shelly Xu Design from Harvard University.
  • The SWPDC Pediatric Device Prize — usually a $50,000 investment divided its prize to two winners to receive $25,000 each
    • Blue Comet Medical Solutions from Northwestern University
    • Neurava from Purdue University
  • TMC Innovation Healthcare Prize awarded a $100,000 investment prize and admission into its accelerator to ArchGuard from Duke University
  • The Artemis Fund awarded its $100,000 investment prize to Kit Switch from Stanford University
The awards program concluded with a plan to host the 22nd annual awards in 2022 in person.

If you missed the virtual programming, each event was hosted live on YouTube and the videos are now available on the Rice Alliance's page.

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.

This week's roundup of Houston innovators includes Niloufar Molavi of Central Houston Inc., Dan Purvis of Velentium, and Chris Staffel of Goose Capital. Courtesy photos

3 Houston innovators to know this week

who's who

Editor's note: In the week's roundup of Houston innovators to know, I'm introducing you to three innovators — each either new to their role or with a bit of acquistion news.

Niloufar Molavi, board chair at Central Houston Inc.

Niloufar Molavi will lead Central Houston Inc.'s board this year — and she's got fostering innovation on her to-do list. Photo courtesy of CHI

Last week, Nilofar Molavi assumed the role of board chair for Central Houston. She leads PwC's Global energy practice and has served on the CHI board since 2011 and chairs the organization's innovation committee. CHI was among the partners behind the Downtown Launchpad, a 17,000-square-foot innovation hub, which had its grand opening last fall.

"With the fall 2020 opening of Downtown Launchpad, we have deepened our investment in innovation, which we hope will garner long-term results and economic vitality for downtown as well as the Houston region at large," she continues. "We look forward to developing bridge programs with area universities and organizations and leveraging existing resources to bring more high-tech prospects to our central city." Read more.

Dan Purvis, CEO of Velentium

A Houston company has made a strategic acquisition. Photo courtesy of Velentium

Houston-based Velentium, which specializes in the design and manufacturing of medical devices announced that it has acquired Texas company Oasis Testing, a designer of automated test systems for the energy and manufacturing industries.

"Despite the immense challenges facing the business community in 2020, last year was a monumental year of growth for our firm, and we're pleased to start 2021 building upon our world-class team of technical experts," says Dan Purvis, CEO of Velentium, in a news release. "Oasis Testing has been a trusted partner for the last five years and shares in our commitment to solving clients' most complex challenges to change lives for a better world. We're incredibly excited to welcome them to the Velentium family and expand our business more deeply into energy and manufacturing."

Purvis will lead the new combined company as CEO. Read more.

Chris Staffel, managing director at Goose Capital

Goose Capital recently named its new managing director. Photo courtesy of Chris Staffel

Houston-based investment group Goose Capital Inc. named Chris Staffel as managing director — along with Jeff Smisek as the firm's president and Jay Collins as chair of the board of directors.

A serial entrepreneur and investor in over 30 startups, Staffel joins Goose to lead day-to-day operations and drive new investment opportunities.

"It is an honor to join the team at Goose Capital and work alongside experienced industry leaders," Staffel says in the release. "I look forward to leveraging my entrepreneurial experience to help the start-ups in which we invest, while strategically identifying early stage investment opportunities." Read more.
Goose Capital recently named its new managing director, president, and board chair. Photo courtesy

Houston investment group names new leadership

movers & shakers

A Houston-based investment group has announced three new leadership changes to its organization to start of the new year.

Goose Capital Inc. named Chris Staffel as managing director, along with Jeff Smisek as the firm's president and Jay Collins as chair of the board of directors. The three appointments are effective as of January 1.

Smisek, former chairman, CEO, and president of United Continental Holdings Inc., has been a member investor with Goose but now assumes this leadership role. He serves as president of private investment company Flight Partners Capital, as well as on the board of directors for Finch Therapeutics Group Inc., Lantha Inc., and Molecular Match Inc.

"I look forward to leading Goose Capital as we help early stage companies and their founders develop their products, grow their companies, and create value," says Smisek in a news release.

Collins formerly lead Oceaneering International as CEO and president. He currently serves on the board of directors of the company as well as on the boards of Murphy Oil Company and Pason Systems Inc. Prior to becoming chair of the board of Goose Capital, Collins was its president.

A serial entrepreneur and investor in over 30 startups, Staffel joins Goose to lead day-to-day operations and drive new investment opportunities. She has been a founding member of three startup energy companies with an aggregate exit valuation of $1.38 billion, according to the release, as well as formerly leading Houston-based digital health company, Patients We Share, as COO. Her appointment to the firm follows former director Samantha Lewis's move to Mercury Fund.

"It is an honor to join the team at Goose Capital and work alongside experienced industry leaders," Staffel says in the release. "I look forward to leveraging my entrepreneurial experience to help the start-ups in which we invest, while strategically identifying early stage investment opportunities."

Goose Capital — previously known as The GOOSE Society of Texas — was founded 15 years ago and invests about $10 million per year in early-stage companies. Last summer, the organization rebranded with a new website representing a new phase for the investment group.

Mercury Fund led Topl's $3 million seed round. Photo via Getty Images

Houston blockchain startup closes $3 million seed led by local VC

money moves

A Houston-based blockchain company that focuses on providing companies with ethical and sustainable practices within the supply chain has closed a $3 million round with support from investors both locally and across the country.

Today, Topl announced the closing of its seed round, which was led by Houston-based Mercury Fund with support from Houston-based GOOSE Capital, Chicago-based Chingona Ventures, Dallas-based RevTech Ventures, and New York-based firms Beni Venture Capital, Blue Collective, and Social Impact Capital.

"We're grateful to have closed an oversubscribed venture round during a pandemic, especially given the unfortunate truth that many women-led startups are getting much less investment during this time," says Kim Raath, CEO of Topl, in a press release. "Bringing transparency to causes dedicated to environmental and social good has never been more important. We are building a modern blockchain for a world where purpose and profit go hand in hand."

According to the release, Topl will use the fresh funds to speed up the launch of the company's blockchain-as-a-service solution for early next year.

Earlier this month, Topl announced a partnership with Denver-based TrackX, a software-as-a-service asset management and supply chain solution provider, aimed at combining technology to create a verifiable tracking and tracing solution to equip company supply chains with sustainability, transparency, and efficiency. Ultimately, it's Topl's goal to allow its users the ability to stand out to customers as sustainable and responsible brands — something that's become increasingly more important to consumers.

"A company's social and environmental impact has become a necessary point of differentiation for brands, and Topl has the potential to be the leading player for brands who are serious about [Environmental, Social, and Corporate Governance]," says Blair Garrou, managing director of Mercury Fund.

To date, Topl has raised $4.4 million in funding. It's first seed round closed September 2019. For that round, Samantha Lewis, formerly director of GOOSE Capital, was instrumental, according to the release.

"Kim and the Topl team have created a custom-designed method to measure and verify your company's sustainability efforts. We're excited to be part of this intersection of cutting-edge technology and positive impact," Lewis, who's now on the board of the startup, says in the release.

Topl's technology has the ability to affect any industry, and the company has worked with tracing products from diamonds and chocolate to natural resources and even COVID-19 testing.

"Topl's track-and-trace solution appeals to so many core industries: from healthcare to agriculture to energy," says Manolo Sánchez, former chairman and CEO of BBVA Compass and also a member of Topl's board, in the release. "Anyone who needs to ensure transparency, efficiency and sustainability would benefit from their technology."
Register for some of these informative online events happening throughout the month of December. Getty Images

10+ can't-miss Houston business and innovation events online in December ​

where to be

It's the last monthly events roundup for 2020 — and this month, understandably, is a bit slow due to the holidays, but we have a roundup of the must-attend events for December.

From workshops and panels to summits and pitch parties, here are over 10 Houston innovation events you can attend virtually via online meetings. Note: This post will be updated to add more events.

December 1 — National Resilience Town Hall: Year in Review, Year Ahead

The Insurance Information Institute and ResilientH2O Partners, in partnership with the Resilience Accelerator, will hold the final session for 2020 in an ongoing series of thought-leadership among insurance, non-insurance, public sector, and technology senior executives. December's National Townhall will bring five unique perspectives together to discuss lessons-learned from 2020 and predictions for 2021's resilience and risk mitigation "agenda" across residential, commercial, industrial, government operations, infrastructure, facilities, and communities.

The event is on Tuesday, December 1, at 10 am. It's free and can be accessed online. Click here to register.

December 1 — Angel Investing 101

Learn about how to make effective angel investment decisions and find out more about the newly launched Chicago Booth Angels Network of Texas. The event's keynote speaker is Ashok Rao, serial entrepreneur and board member of Houston-based GOOSE Capital.

The event is on Tuesday, December 1, from 5 to 6 pm. It's free and can be accessed online. Click here to register.

December 1 — The Ion's Industry Day

The goal of the inaugural Industry Day is to introduce and connect minority and women owned businesses (MWBE) with The Ion's Transwestern team. The hour long event is designed to facilitate networking and connect interested businesses with Transwestern, who will run operations for The Ion and catalyze local economic growth. Following the event, interested businesses can set up a walk through of The Ion in mid-December to finalize their bid.

The event is on Tuesday, December 1, from 6 to 7 pm. It's free and can be accessed through Zoom. Click here to register.

December 2 — NASA and Your Small Business: Understanding the NASA Procurement Process

Join The Ion to learn about NASA's commitment to providing access for all categories of small businesses to participate in the procurement process.

The event is on Wednesday, December 2, at noon. It's free and can be accessed through Zoom. Click here to register.

December 3 — Capital Factory's Venture Summit

Capital Factory is calling all investors, accelerator leaders, limited partners, and more to its annual venture summit, which is taking place virtually this year.

The event is on Thursday, December 3, from 9:45 to 2 pm. It's free and can be accessed online. Click here to register.

December 3 — Evening of Pediatric Device Innovation

JLABS @ TMC and Southwest National Pediatric Device Innovation Consortium are teaming up for the sixth Annual Evening of Pediatric Device Innovation. The evening of innovation will host top experts from Houston and across the country will discuss their views on the latest in pediatric medical device innovation and updates on bringing a pediatric medical device to market.

The event is on Thursday, December 3, from 3:40 to 5 pm. It's free and can be accessed through Zoom. Click here to register.

December 3 — An Evening With Women in Corporate Innovation

Join General Assembly Houston to hear from inspiring female leaders in corporate innovation who have blazed the path to stand up and stand out. From learnings to failings and their secrets of success, this event is an opportunity to learn from the best — serious wisdom, from seriously cool women, all designed to supercharge you and your organization's success.

The event is on Thursday, December 3, from 5 to 6:30 pm. It's free and can be accessed online. Click here to register.

December 7 — Pumps and Pipes 20/20 Vision

The annual Pumps & Pipes event is focused on convergence innovation in the fields of aerospace, energy and medicine: a truly uniquely Houston approach. The day-long summit features an expo and various panels and speakers.

The event is on Monday, December 7, from 8 am to 3 pm. It's free and can be accessed online. Click here to register.

December 8 — The Cannon Q4 Pitch Party: Presented by Dell Technologies

Join The Cannon and Dell Technologies in hearing from new companies working in Digital Transformation Tech.

The event is on Tuesday, December 8, at 5:30 pm. It's free and can be accessed via Zoom. Click here to register.

December 8 — How to Start a Startup with Heath Butler of Mercury Fund

The Ion is hosting a startup 101 workshop with Heath Butler from Mercury Fund. You have an idea...now what? Before you start looking for funding, it's important to make sure that your idea is both viable and valuable — if it doesn't have a sound model and a market willing to pay for it, investors won't be interested anyway.

    The event is on Tuesday, December 8, at 5:30 pm. It's free and can be accessed via Zoom. Click here to register.

    December 10 — Greentown Lab's Energy Bar: Wrapping Up an Unprecedented Year

    Join Greentown Labs virtually for the final edition of the EnergyBar networking event for 2020. Greentown Labs is ready to put a wrap on 2020, an unprecedent year for us all. Between the opening of the new community in Houston and a renewed national policy focus on climate action, the organization is looking ahead to 2021. Entrepreneurs, investors, students, and friends of climatetech are invited to attend, meet colleagues, and engage in a community that is focused on climate action at work.

    The event is on Thursday, December 10, from 3:30 to 6:30 pm. It's free and can be access through Remo. Click here to register.

    December 15 — The State of Space

    The Greater Houston Partnership is hosting its first State of Space event featuring NASA Administrator Jim Bridenstine as the keynote speaker. Since his appointment as Administrator in April of 2018, Bridenstine has led NASA in advancing American aeronautic, science, and space exploration objectives.

    The event is on Tuesday, December 15, at noon. It's $35 for GHP members and $60 for nonmembers. Click here to register.
    Ad Placement 300x100
    Ad Placement 300x600

    CultureMap Emails are Awesome

    Property Showcase

    President Joe Biden appoints Houston green space guru to lofty national post

    new gig

    Aprominent and nationally acclaimed Houston parks presence has just received a hefty national appointment. President Joe Biden has named Beth White, Houston Parks Board president and CEO, the chair of the National Capital Planning Commission (NCPC), the organization announced.

    The NCPC, established by Congress in 1924, is the federal government’s central planning agency for the National Capital Region. The commission provides overall guidance related to federal land and buildings in the region. Functions include reviewing the design of federal and local projects, overseeing long-range planning for future development, and monitoring capital investment by federal agencies.

    Fittingly, White was initially appointed to NCPC as the at-large presidential commissioner in January 2012, per a press release. She was reappointed for another six-year term in 2016. Most recently, White served as the commission’s vice-chair.

    “I’m honored to chair the National Capital Planning Commission and work with my fellow commissioners to build and sustain a livable, resilient capital region and advance the Biden Administration’s critical priorities around sustainability, equity, and innovation,” White said in a statement.

    Before joining Houston Parks Board in 2016, White served as the director of the Chicago Region Office of The Trust for Public Land, where she spearheaded development of The 606 public park and was instrumental in establishing Hackmatack Wildlife Refuge.

    Renowned in the Windy City, she also was managing director of communications and policy for the Chicago Housing Authority; chief of staff for the Chicago Transit Authority’s Chicago Transit Board; and assistant commissioner for the City of Chicago’s Department of Planning and Development. She was the founding executive director of Friends of the Chicago River, and currently serves on the Advisory Board for Urban Land Institute Houston.

    The graduate of Northwestern and Loyola universities most recently received the Houston Business Journal’s 2021 Most Admired CEO award, per her bio.

    ------

    This article originally ran on CultureMap.

    5 most popular innovation stories in Houston this week

    what's trending

    Editor's note: Another week has come and gone, and it's time to round up the top headlines from the past few days. Trending Houston tech and startup news on InnovationMap included innovators to know, a Q&A with a Houston entrepreneur turned author, and more.

    3 Houston innovators to know this week

    This week's roundup of Houston innovators includes Phillip Yates of Equiliberty, Chris Quintanilla, of Mexcor International, and David Hudson of Circulus. Courtesy photos

    In this week's roundup of Houston innovators to know, I'm introducing you to three local innovators across industries — from diversity and inclusion tech to sustainable plastics — recently making headlines in Houston innovation. Click here to continue reading.

    Elon Musk taps into Texas workforce for out-of-this-world bartender gig

    Looking to mix things up in your career? Elon's got a gig for you slinging cosmic cocktails. Mixology Crew

    Can you mix a mean margarita? Are you capable of slinging a superb Aperol spritz? If so, Elon Musk wants you to become a "spaceport mixologist."

    Musk's SpaceX, which builds and launches rockets, is hiring a "passionate, experienced" mixologist for its "spaceport" near Brownsville. The ideal candidate possesses at least two years of "superior" mixology experience at resorts, bars, and full-service restaurants, including the ability to pair drinks with themed menus.

    Among other duties, the mixologist will prepare drinks, including handcrafted cocktails, and will ensure "consistency and compliance with the restaurant's recipes, portioning, and waste control guidelines." Click here to continue reading.

    Q&A: Houston entrepreneur discusses big exits, startup advice, and his new book

    Blinds.com founder Jay Steinfeld has released his new book this week. Photos courtesy of Jay Steinfeld

    Jay Steinfeld is a household name — at least within Houston's growing innovation ecosystem. Steinfeld founded Blinds.com and, along with his team, grew it to a $100 million company before exiting to Home Depot in 2014. Over the past few years, Steinfeld has had time to reflect on that empire he created and recount his lessons learned in a new book.

    Lead From The Core published this week, and Steinfeld took some time to answer some questions about the new book for InnovationMap. He also shares some insight into the acquisition process and advice for fellow entrepreneurs. Click here to continue reading.

    University of Houston: Navigating between researcher and professor

    Is this going to be graded? Graphic by Miguel Tovar/University of Houston

    What is the difference between a professor teaching and conducting research? When does a professor need an Institutional Review Board to provide oversight on their project? The NSF has had this come up often enough, presumably, that they wrote a vignette on their website. Click here to continue reading.

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

    Here's your one-stop shop for innovation events in Houston this month. Photo via Getty Images

    This month, Houstonians have yet another good batch of in-person and online innovation events, and you and your tech network need to know about them.

    Here's a roundup of virtual events not to miss this month — like pitch nights, workshops, conventions, and more. Click here to continue reading.

    Houston logistics software startup secures $8.4M series A from international investors

    money moves

    A Houston-based software company that's reducing cost and risk in the marine supply chain has closed its latest round of funding.

    Voyager Portal, a software-as-a-service platform closed an $8.4 million series A investment round this week. The round was led by Phaze Ventures, a VC fund based in the Middle East, and included new investors — ScOp Venture Capital, Waybury Capital and Flexport. Additionally, all of Voyager's existing investors contributed to this round.

    Voyager has reported significant growth over the past two years since its $1.5 million seed round. Between Q3 2020 to Q3 2021, the company's revenue has increased 13 times and was up 40 percent from Q2 2021. Voyager now manages over $1 billion in freight on the platform, according to a news release.

    “Voyager Portal was created to significantly reduce cost, risk, and complexity when transporting bulk materials around the world,” says Matthew Costello, CEO and co-founder of Voyager, in the release. “The last two years have demonstrated just how critical shipping bulk commodities is to global markets – freight rates have increased and port congestion is at an all-time high – accelerating the demand for Voyager’s solution.”

    Costello says the fresh funds will be used to support Voyager's continued growth.

    “With our Series A funding, we’ll be able to expedite our product roadmap to support an international client base whilst expanding our engineering, development, marketing and sales teams internationally," he adds.

    Matthew Costello Voyager Matthew Costello is the CEO and co-founder of Voyager.

    Built from the ground up, Voyager's software was created to replace the antiquated and complex legacy systems the market has seen for decades. The platform allows companies to seamlessly collaborate in real time over a single shipment.

    “Voyager's implementation has been hugely impressive,” says Adam Panni, operations manager at OMV, a multinational energy company based in Austria, in the release. “The low-code functionality allows almost real-time modifications to the developing workflows and reporting capabilities with no lengthy development and minimal testing prior to implementation. By digitizing data capture across all our physical movements, we are able to analyze our business much better, enabling faster and smarter decisions driven by data. This, in turn, will provide significant, quantifiable cost reductions for our business.”

    Abdullah Al-Shaksy, co-founder and CEO of Phaze Ventures says the platform is evolving the industry as a whole at an important moment.

    “Voyager is changing the way companies are thinking of their global shipping operations,” he says. “Global supply chains are becoming increasingly complex and strained, and there is an incredible treasure trove of data that organizations are underutilizing in their decision-making process. We believe what Voyager has created for their customers across the globe will revolutionize this space forever.”

    View All Listings