3 Houston innovators to know this week

who's who

This week's roundup of Houston innovators includes Spencer Randall of CryptoEQ, Andy Grolnick of Graylog, and Imran Alibhai of Tvardi. Courtesy photos

Editor's note: In this week's roundup of Houston innovators to know, I'm introducing you to three local innovators across industries — from software to cryptocurrency — recently making headlines in Houston innovation.

Spencer Randall, co-founder and principal at CryptoEQ

Spencer Randall, principal and co-founder of CryptoEQ, joins the Houston Innovators Podcast to discuss how his company has grown alongside the cryptocurrency industry. Photo courtesy of CryptoEQ

It's an interesting time for cryptocurrency and no one knows that better than Spencer Randall, principal and co-founder of Houston-based CryptoEQ, a company that's built a platform for resources and information for everyone interested in cryptocurrency and digital assets.

"CryptoEQ is really built to be the North Star for digital asset research and information. We provide market insights for both newcomers and folks that are already well-versed in cryptocurrency and digital assets," Randall says on this week's of the Houston Innovators Podcast. "The idea of the company is to help shepherd folks along and guide them on their crypto journey."

Recently the company entered into a partnership with The Cannon, an entrepreneurial hub with locations across Houston, to provide a one-of-a-kind crypto starter pack to help onboard innovators to the cryptosphere worldwide. Click here to read more and stream the episode.

Andy Grolnick, CEO of Graylog

A Houston company that's created a centralized log management solution has closed a new round in funding. Photo courtesy of Graylog

Houston-based Graylog closed its $18 million growth equity round led by new investors Harbert Growth Partners and Piper Sandler Merchant Banking, as well as existing investors Houston-based Mercury Fund and Integr8d Capital.

"This investment will enable us to accelerate our global go-to-market strategies and enhancements to the award-winning solutions we deliver for IT, DevOps, and Security teams," says Andy Grolnick, CEO of Graylog, in a press release. "We're excited to have the support of new and existing investor partners to help us realize our potential." Click here to read more.

Imran Alibhai, CEO at Tvardi

Tvardi Therapeutics Inc. has fresh funds to support its drug's advancement in clinical trials. Photo courtesy of Tvardi

Houston-based, cancer-fighting company Tvardi Therapeutics Inc. closed its $74 million series B funding round led by new investors New York-based Slate Path Capital, Florida-based Palkon Capital, Denver-based ArrowMark Partners, and New York-based 683 Capital, with continued support and participation by existing investors, including Houston-based Sporos Bioventures.

"We are thrilled to move out of stealth mode and partner with this lineup of long-term institutional investors," says Imran Alibhai, CEO at Tvardi. "With this financing we are positioned to advance the clinical development of our small molecule inhibitors of STAT3 into mid-stage trials as well as grow our team." Click here to read more.

Tvardi Therapeutics Inc. has fresh funds to support its drug's advancement in clinical trials. Photo via Getty Images

Cancer-fighting company based in Houston emerges from stealth and snags $74M in its latest round

fresh funds

A Houston-based clinical-stage biopharmaceutical company has raised millions in its latest round.

Tvardi Therapeutics Inc. closed its $74 million series B funding round led by new investors New York-based Slate Path Capital, Florida-based Palkon Capital, Denver-based ArrowMark Partners, and New York-based 683 Capital, with continued support and participation by existing investors, including Houston-based Sporos Bioventures.

"We are thrilled to move out of stealth mode and partner with this lineup of long-term institutional investors," says Imran Alibhai, CEO at Tvardi. "With this financing we are positioned to advance the clinical development of our small molecule inhibitors of STAT3 into mid-stage trials as well as grow our team."

Through Slate Path Capital's investment, Jamie McNab, partner at the firm, will join Tvardi's board of directors.

"Tvardi is the leader in the field of STAT3 biology and has compelling proof of concept clinical data," McNab says in the release. "I look forward to partnering with the management team to advance Tvardi's mission to develop a new class of breakthrough medicines for cancer, chronic inflammation, and fibrosis."

Tvardi's latest fundraise will go toward supporting the company's products in their mid-stage trials for cancer and fibrosis. According to the release, Tvardi's lead product, TTI-101, is being studied in a Phase 1 trial of patients with advanced solid tumors who have failed all lines of therapy. So far, the drug has been well-received and shown multiple durable radiographic objective responses in the cancer patients treated.

Dr. Keith Flaherty, who is a member of Tvardi's scientific advisory board and professor of medicine at Harvard Medical School, offered his support of the company.

"STAT3 is a compelling and validated target. Beyond its clinical activity, Tvardi's lead molecule, TTI-101, has demonstrated direct downregulation of STAT3 in patients," he says in the release. "As a physician, I am eager to see the potential of Tvardi's molecules in diseases of high unmet medical need where STAT3 is a key driver."

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Houston biopharma company launches equity crowdfunding campaign

money moves

A clinical-stage company headquartered in Houston has opened an online funding campaign.

FibroBiologics, which is developing fibroblast cell-based therapeutics for chronic diseases, launched a campaign with equity crowdfunding platform StartEngine. The platform lets anyone — regardless of their net worth or income level — to invest in securities issued by startups.

The funding, according to a press release, will be used to support ongoing operations of Fibrobiologics and advance its clinical programs in multiple sclerosis, degenerative disc disease, wound care, extension of life, and cancer.

"We're excited to partner with StartEngine on this campaign. StartEngine has over 600,000 investors as part of their community and has raised over half a billion dollars for its clients," says FibroBiologics' Founder and CEO Pete O'Heeron, in the release.

"This is an exciting time at FibroBiologics as we continue progressing our clinical pipeline and developing innovative therapies to treat chronic diseases," he continues. "This new funding will fuel our growth in the lab and bring us one step closer to commercialization."

The campaign, launched this week, already has over 100 investors, at the time of publication, and has raised nearly $2 million, according to the page. The minimum investment is set at around $500, and the company's indicated valuation is $252.57 million.

In 2021, FibroBiologics announced its intention of going public. Last year, O'Heeron told InnovationMap on the Houston Innovators Podcast of the company's growth plans as well as the specifics of the technology.

Only two types of cells — stem cells and fibroblasts — can be used in cell therapy for a regenerative treatment, which is when specialists take healthy cells from a patient and inject them into a part of the body that needs it the most. As O'Heeron explains in the podcast, fibroblasts can do it more effectively and cheaper than stem cells.

"(Fibroblasts) can essentially do everything a stem cell can do, only they can do it better," says O'Heeron. "We've done tests in the lab and we've seen them outperform stem cells by a low of 50 percent to a high of about 220 percent on different disease paths."


Texas ranks as a top state for female entrepreneurs

women in business

Texas dropped three spots in Merchant Maverick’s annual ranking of the top 10 states for women-led startups.

The Lone Star State landed at No. 5 thanks in part to its robust venture capital environment for women entrepreneurs. Last year, Texas ranked second, up from its No. 6 showing in 2021.

Merchant Maverick, a product comparison site for small businesses, says Texas “boasts the strongest venture capital scene” for women entrepreneurs outside California and the Northeast. The state ranked fourth in that category, with $6.5 billion invested in the past five years.

Other factors favoring Texas include:

  • Women solely lead 22 percent of all employees working for a business in Texas (No. 4).
  • Texas lacks a state income tax (tied for No. 1).

However, Texas didn’t fare well in terms of the unemployment rate (No. 36) and the rate of business ownership by women (No. 29). Other Texas data includes:

  • Average income for women business owners, $52,059 (No. 19).
  • Early startup survival rate, 81.9 percent (No. 18).

Appearing ahead of Texas in the 2023 ranking are No. 1 Colorado, No. 2 Washington, No. 3 California, and No. 4 Arizona.

Another recent ranking, this one from NorthOne, an online bank catering to small businesses, puts Texas at No. 7 among the 10 best states for women entrepreneurs.

NorthOne says Texas provides “a ton of opportunities” for woman entrepreneurs. For instance, it notches one of the highest numbers of women-owned businesses in the country at 1.4 million, 2.1 percent of which have at least 500 employees.

In this study, Texas is preceded by Colorado at No. 1, Nevada at No. 2, Virginia at No. 3, Maryland at No. 4, Florida at No. 5, and New Mexico at No. 6. The rankings are based on eight metrics, including the percentage of woman-owned businesses and the percentage of women-owned businesses with at least 500 employees.