Houston tech co. makes acquisition, free coworking space contest launches, and more innovation news

Short stories

From a free workspace competition at The Cannon to a tech company's big acquisition, here are some Houston innovation short stories. Courtesy of The Cannon

It's easy to miss some of Houston's innovation news — there's quite a lot coming out across town. From contests launching out of The Cannon to a Houston tech company making a major acquisition, here are some quick news stories you need to know.

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Onit Inc.makes acquisition

Houston-based contract management software company, Onit Inc., announced the acquisition of SimpleLegal, another legal services software company. The terms of the deal were not made public.

"Onit and SimpleLegal share both a passion for both disrupting the legal technology space and valuing product innovation," says Eric M. Elfman, Onit CEO and co-founder, in a release. "Our shared commitment to elevate legal operations technology is an asset for all of our customers – from rapidly growing startups with their first in-house counsel all the way to the largest, most complex organizations. Together, our goal is to help all legal operations professionals achieve operational excellence on their legal technology journey."

According to the release, all product, support and services will go on without any interruption for customers of both companies. Elfman will serve as the CEO of the merged organization, and Nathan Wenzel, who was the CEO and co-founder of SimpleLegal, has been named the general manager of SimpleLegal.

"Today, corporations spend more than $160 billion on their in-house legal teams. The combination of Onit and SimpleLegal is a game-changer for the legal market and the future of legal operations," says Wenzel in the release. "Our teams are uniquely equipped to help shape the technology that is powering legal departments worldwide. Together, we're looking forward to combining efforts and talent to build and bring to market the next generation of legal operations technology."

The Cannon and Insperity launch startup competition

The Cannon's 120,000-square-foot space is on track to open this summer. Courtesy of The Cannon

The Insperity Innovation Scholarship is back — this time the prize of 6 months of free office space inside The Cannon means the new, 120,000-square-foot space that's set to open in West Houston very soon.

"We are so excited that Insperity has chosen to bring back this year's Innovation Scholarship and will be rewarding another lucky Houston area startup with space in our brand new building," says The Cannon's founder and CEO, Lawson Gow, in a release. "As one of our original partners, we are looking forward to another year of working with Insperity to fulfill a mission that we share — providing Houston area startups with all the resources they need to succeed and establish Houston as an exceptional place to start your business." (Gow is the son of InnovationMap's CEO.)

The applications are open from now until June 5. The finalists will be notified on June 7. All of the finalists will pitch their company to a panel of judges on June 13. Companies based in the Houston area with 3 to 8 employees are eligible. Startups can apply here.

New-to-Houston coworking concept in CITYCENTRE breaks ground

FUSE Dynamic Workspace just announced its new 26,000-square-foot project coming to CITYCENTRE. Photo via workfuse.com

The construction process has officially started this month for Texas-based FUSE Dynamic Workspace's second location in CITYCENTRE. The complex will consist of 26,000 square feet of coworking space in two buildings connected by a bridge, and include an additional 5,000 square feet across four outdoor terraces. The space will have 95 private offices, a coworking café and lounge, dedicated desks, and conference space for up to 100 people.

FUSE strives to provide business professional amenities while also giving back to its community. The first location was in Prosper, Texas.

re:3D wins over $700,000 grant

After just opening a new factory and community space, re:3D was awarded a large grant. Courtesy of re:3D

Houston-based re:3D, which just opened its new 7,000-square-foot community space and factory, recently won a six-figure grant from the National Science Foundation.

The SBIR Phase II grant is for $749,111 to further commercialize the company's Gigabot and increase maker manufacturing through 3D printing with reclaimed plastic and direct drive pellet extrusion, according to an email sent to re:3D's community.

Griddy grows with new partnership

Griddy Energy enables customer pricing transparency. Photo via gogriddy.com

Griddy Energy has signed a strategic partnership with EDF Trading Ltd — a subsidiary of low-carbon energy group EDF Group. Through this partnership, EDF will provide support to Griddy as it expands its services.

"We're thrilled to announce this deal because our focus has always been saving Texans money by connecting them directly to the grid for wholesale electricity rates. This partnership means we can bring the power of wholesale to far more people," Greg Craig, CEO of Griddy, says in a release, "In 2018, Texans paid a combined $20 billion to REPs. Had Texans paid wholesale last year, they would have paid just $14 billion. That means Texans overpaid by a staggering $6 billion last year. Our goal is to get as much of that money back into the hands of Texans in the form of savings — and this partnership with EDF will allow us to do just that."

Griddy, which has a huge presence in Texas, provides customers wholesale electricity prices and promises to be open, honest, and transparent. Rather than charging inflated rates, the company only makes a profit from the $9.99 monthly membership fees. Everything else is at cost — no margins, hidden fees, or break fees. Read more about Griddy here.

LetsLaunch and The Cannon team up ahead of a live fundraising event

LetsLaunch, a Houston-based fundraising platform, has teamed up with The Cannon. Courtesy of LetsLaunch

Fundraising for your company could be stressful, but exciting. Now, imaging that process taking place at an event in a face-to-face capacity. LetsLaunch and The Cannon have teamed up to put on a live fundraising event — think of it like a online fundraising platform meets a cocktail party.

The event is set for June 15, and LetsLaunch is taking applications for potential participating startups until May 24. Apply here.

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Houston edtech company closes oversubscribed $3M seed round

fresh funding

Houston-based edtech company TrueLeap Inc. closed an oversubscribed seed round last month.

The $3.3 million round was led by Joe Swinbank Family Limited Partnership, a venture capital firm based in Houston. Gamper Ventures, another Houston firm, also participated with additional strategic partners.

TrueLeap reports that the funding will support the large-scale rollout of its "edge AI, integrated learning systems and last-mile broadband across underserved communities."

“The last mile is where most digital transformation efforts break down,” Sandip Bordoloi, CEO and president of TrueLeap, said in a news release. “TrueLeap was built to operate where bandwidth is limited, power is unreliable, and institutions need real systems—not pilots. This round allows us to scale infrastructure that actually works on the ground.”

True Leap works to address the digital divide in education through its AI-powered education, workforce systems and digital services that are designed for underserved and low-connectivity communities.

The company has created infrastructure in Africa, India and rural America. Just this week, it announced an agreement with the City of Kinshasa in the Democratic Republic of Congo to deploy a digital twin platform for its public education system that will allow provincial leaders to manage enrollment, staffing, infrastructure and performance with live data.

“What sets TrueLeap apart is their infrastructure mindset,” Joe Swinbank, General Partner at Joe Swinbank Family Limited Partnership, added in the news release. “They are building the physical and digital rails that allow entire ecosystems to function. The convergence of edge compute, connectivity, and services makes this a compelling global infrastructure opportunity.”

TrueLeap was founded by Bordoloi and Sunny Zhang and developed out of Born Global Ventures, a Houston venture studio focused on advancing immigrant-founded technology. It closed an oversubscribed pre-seed in 2024.

Texas space co. takes giant step toward lunar excavator deployment

Out of this world

Lunar exploration and development are currently hampered by the fact that the moon is largely devoid of necessary infrastructure, like spaceports. Such amenities need to be constructed remotely by autonomous vehicles, and making effective devices that can survive the harsh lunar surface long enough to complete construction projects is daunting.

Enter San Antonio-based Astroport Space Technologies. Founded in San Antonio in 2020, the company has become a major part of building plans beyond Earth, via its prototype excavator, and in early February, it completed an important field test of its new lunar excavator.

The new excavator is designed to function with California-based Astrolab's Flexible Logistics and Exploration (FLEX) rover, a highly modular vehicle that will perform a variety of functions on the surface of the moon.

In a recent demo, the Astroport prototype excavator successfully integrated with FLEX and proceeded to dig in a simulated lunar surface. The excavator collected an average of 207 lbs (94kg) of regolith (lunar surface dust) in just 3.5 minutes. It will need that speed to move the estimated 3,723 tons (3,378 tonnes) of regolith needed for a lunar spaceport.

After the successful test, both Astroport and Astrolab expressed confidence that the excavator was ready for deployment. "Leading with this successful excavator demo proves that our technology is no longer theoretical—it is operational," said Sam Ximenes, CEO of Astroport.

"This is the first of many implements in development that will turn Astrolab's FLEX rover into the 'Swiss Army Knife' of lunar construction. To meet the infrastructure needs of the emerging lunar economy, we must build the 'Port' before the 'Ship' arrives. By leveraging the FLEX platform, we are providing the Space Force, NASA, and commercial partners with a 'Shovel-Ready' construction capability to secure the lunar high ground."

"We are excited to provide the mobility backbone for Astroport's groundbreaking construction technology," said Jaret Matthews, CEO of Astrolab, in a release. "Astrolab is dedicated to establishing a viable lunar ecosystem. By combining our FLEX rover's versatility with Astroport's civil engineering expertise, we are delivering the essential capabilities required for a sustainable lunar economy."

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This article originally appeared on CultureMap.com.

Houston biotech co. raises $11M to advance ALS drug development

drug money

Houston-based clinical-stage biotechnology company Coya Therapeutics (NASDAQ: COYA) has raised $11.1 million in a private investment round.

India-based pharmaceuticals company Dr. Reddy’s Laboratories Inc. led the round with a $10 million investment, according to a news release. New York-based investment firm Greenlight Capital, Coya’s largest institutional shareholder, contributed $1.1 million.

The funding was raised through a definitive securities purchase agreement for the purchase and sale of more than 2.5 million shares of Coya's common stock in a private placement at $4.40 per share.

Coya reports that it plans to use the proceeds to scale up manufacturing of low-dose interleukin-2 (IL-2), which is a component of its COYA 302 and will support the commercial readiness of the drug. COYA 302 enhances anti-inflammatory T cell function and suppresses harmful immune activity for treatment of Amyotrophic Lateral Sclerosis (ALS), Frontotemporal Dementia (FTD), Parkinson’s disease and Alzheimer’s disease.

The company received FDA acceptance for its investigational new drug application for COYA 302 for treating ALS and FTD this summer. Its ALSTARS Phase 2 clinical trial for ALS treatment launched this fall in the U.S. and Canada and has begun enrolling and dosing patients. Coya CEO Arun Swaminathan said in a letter to investors that the company also plans to advance its clinical programs for the drug for FTD therapy in 2026.

Coya was founded in 2021. The company merged with Nicoya Health Inc. in 2020 and raised $10 million in its series A the same year. It closed its IPO in January 2023 for more than $15 million. Its therapeutics uses innovative work from Houston Methodist's Dr. Stanley H. Appel.

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