Industrial robotics company raises $73M series C, prepares to grow Houston office

money moves

Gecko Robotics has over 50 Houston area employees working on robotics and software solutions for infrastructure. Photo via GeckoRobotics.com

A Pittsburgh-based tech company that has created a hardware and software solution for industrial asset management has closed its latest round of funding.

Gecko Robotics, which has a growing Houston office, has closed its series C funding round at $73 million. The round was led by XN with participation from Founders Fund, XYZ, Drive Capital, Snowpoint Ventures, Joe Lonsdale, Mark Cuban, Gokul Rajaram, and others.

Gecko's Houston office was stood up in 2019 as a way to further grow oil and gas industry customers. Gecko has over 100 customers within infrastructure, power, energy, and more, Troy Demmer, chief product officer and co-founder, tells InnovationMap. Gecko's customers include Dow Chemical, Marathon, Shell, and Chevron, to name a few.

“By opening up an office in Houston, we could not only better serve power generation customers in that region, but also really plant ourselves as a provider for oil and gas," Demmer says.

The company's technology includes wall-climbing robots that can collect data on customer's equipment. The software component transform the collected data into actionable solutions. Demmer founded the company with CEO Jake Loosararian to, according to their mission statement, "protect today’s critical infrastructure, and give form to tomorrow’s."

“Our goal is really to digitize these industries and make them more safe and environmentally friendly and really make it a place where innovation happens," Demmer tells InnovationMap.

Demmer says the goal is to double their headcount over the next 12 to 18 months following this fresh funding. The company currently has 180 employees, with around 50 to 60 people based in their Houston office. Gecko has offices in Austin, New York City, Boston, and Europe.

"Gecko's unique combination of robotics and software radically improves the ability to inspect, protect, and efficiently maintain critical infrastructure," says Tim Brown, partner at XN and lead investor in the round, in the press release. We are excited to partner with Jake and Troy as they extend Gecko's powerful technology into new geographies and industries, helping customers collect and make sense of physical data to optimize the safety and performance of their assets."

Riversand and Gecko Robotics are starting of 2020 with fresh funds for scaling business. Pexels

2 Houston startups land multimillion-dollar venture capital investments

Money moves

Two Houston tech companies are starting off 2020 with fresh funds in their pockets — to the tune of millions and millions of dollars.

Houston-based Riversand raised an additional $10 million last month, and Gecko Robotics, which has an office in Houston, closed a $40 million series B round.

In early December, Crestline Investors invested $10 million into Riversand, which specializes in Master Data Management and Product Information Management software solutions. In 2017, Crestline put $35 million into Riversand's series A round. According to a press release, the additional funds will be used to continue the software-as-a-service company's growth.

"Crestline Investors is a valued partner and has enabled us to deliver a best-in-class product that is seeing incredible adoption and high levels of customer satisfaction," says Upen Varanasi, CEO and founder of Riversand, in a news release. "We will use this additional capital to continuously strengthen our product through innovation, amplify our sales and marketing efforts, and accelerate growth in new geographies and market verticals."

Meanwhile, Gecko raised $40 million in its series B round in December to scale its business plans. The company has grown from 45 to 115 employees in the past year, per a news release. The company will continue to hire.

The round was led by Drive Capital, and had contributions from Founders Fund, Next47, and Y-Combinator.

"We are growing fast solving a critical infrastructure problems that affect our lives, and can even save lives," says Jake Loosararian, Gecko Robotics' co-founder and CEO, in a news release. "At our core, we are a robot-enabled software company that helps stop life threatening catastrophes. We've developed a revolutionary way to use robots as an enabler to capture data for predictability of infrastructure; reducing failure, explosions, emissions and billions of dollars of loss each year."

Gecko Robotics - industrial inspection Gecko Robotics focuses on industrial solutions. Photo via the release

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Houstonian Dr. Bernard Harris named to Astronaut Hall of Fame

out of this world

University of Houston alumnus Dr. Bernard Harris, who was the first Black astronaut to walk in space, is being inducted into the Astronaut Hall of Fame.

The induction ceremony will be held May 31 at the Kennedy Space Center Visitor Complex in Cape Canaveral, Florida.

“Being inducted into the Astronaut Hall of Fame is a tremendous honor, made even more special by the fact that it comes from my peers,” Harris says in a UH news release. “This recognition isn’t just about my accomplishments. It is also a testament to the teamwork and dedication of everyone who shared this amazing journey with me along the way.”

Harris and former astronaut Peggy Whitson, who spent more time in space than any other woman, will join 109 other astronauts inducted into the Hall of Fame. The Astronaut Scholarship Foundation selects the honorees.

Harris, a Texas native who spent much of his childhood in Houston and San Antonio, earned a bachelor’s degree in biology from UH in 1978 and went on to medical school. After completing his residency at the Mayo Clinic and a fellowship at NASA’s Ames Research Center, he joined NASA as a clinical scientist and flight surgeon. He was chosen for the astronaut training program in 1990 and became an astronaut a year later.

In 1993, Harris flew his first mission on Space Shuttle Columbia, during which he conducted research and experiments in physical and life sciences. During his second mission, on Space Shuttle Discovery in 1995, Harris became the first Black astronaut to walk in space. In total, Harris logged 437 hours in space and traveled over 7 million miles.

After leaving NASA, Harris founded the Houston-based investment firm Vesalius Ventures to support emerging medical technology and devices. He also focuses on philanthropy through The Harris Foundation, a Houston-based nonprofit that empowers socially and economically disadvantaged students and communities.

“Space exploration has always been about pushing boundaries, inspiring future generations and proving that the impossible is achievable,” Harris says. “I am grateful for the opportunities that I have been given, and I hope to continue empowering others to reach for the stars.”

Texas ranks as top U.S. manufacturing hub, behind only one state

By The Numbers

Texas ranks among the country’s biggest hubs for manufacturing, according to a new study.

The study, conducted by Chinese manufacturing components supplier YIJIN Hardware, puts Texas at No. 2 among the states when it comes to manufacturing-hub status. California holds the top spot.

YIJIN crunched data from the U.S. Census Bureau, International Trade Administration, and National Association of Manufacturers to analyze manufacturing activity in each state. The study weighed factors such as number of manufacturing establishments, number of manufacturing employees, total value of manufacturing output, total manufacturing exports and manufacturing’s share of a state’s gross domestic product.

Here are Texas’ figures for those categories:

  • 19,526 manufacturing establishments
  • 847,470 manufacturing employees
  • Total manufacturing output of $292.6 billion
  • Total manufacturing exports of $291.9 billion
  • 11.3 percent share of state GDP

According to Texas Economic Development & Tourism, the state’s largest manufacturing sectors include automotive, tech, petroleum, chemicals, and food and beverage.

“The Lone Star State is truly a manufacturing powerhouse,” the state agency says.

In an October speech, Texas Gov. Greg Abbott praised the state’s robust manufacturing industry.

“We are proud that Texas is home to a booming manufacturing sector,” he said. “Thanks to our strong manufacturing sector, ‘Made in Texas’ has never been a bigger brand.”

Houston is a cornerstone of Texas’ manufacturing industry. The region produces more than $75 billion worth of goods each year, according to the Greater Houston Partnership. That makes Houston the second-ranked U.S. metro area for manufacturing GDP. The more than 7,000 manufacturing establishments in the area employ over 223,000 people.

“As one of the most important industrial bases in the world, Houston has access to many global markets thanks to its central location within the U.S. and the Americas,” the partnership says.

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This story originally appeared on our sister site, EnergyCapitalHTX.

Houston's top 25 business and civic leaders named by local organization

HTown leaders

As part of its 25th anniversary celebrations, the Center for Houston’s Future has named its first-ever group of Top 25 Business/Civic Leadership Forum Alumni, including energy transition CEOs and legendary craft brewery founders.

The group was selected from among 1,400 alumni of the Center for Houston's Future's Leadership Forum, which hosts two cohorts per year, bringing together leaders from across industries to focus on issues critical to the long-term success of Greater Houston.

The individuals will be honored throughout the year, starting with an event this Thursday, March 20, at the Junior League of Houston called Leaders for Houston’s Future: Women Who Stand Apart, and culminating in the signature Dinner & Conversation event this fall.

Earlier this year, the organization selected an honor roll of 75 Leaders Who Stand Apart before naming the list of 25. See the honor roll here.

“Both our Top 25 and the honor roll of 75 Leaders are a testament to the amazing group of leaders working for the good of our region every day,” David Gow, the center’s CEO and president, said in a statement. “They are also a reflection of the Center’s historical and ongoing commitment to develop, inspire and connect leaders across all facets of our region.

Gow is the founder and chairman of Gow Media, InnovationMap's parent company.

The Top 25 Business/Civic Leadership Forum Alumni list includes:

  • Laura Bellows, president and board chairman, W.S. Bellows Construction
  • Richard Campo, chairman and CEO, Camden Property Trust
  • Anne Chao, co-founder, Houston Asian American Archive
  • Donna Cole, founder, president and CEO, Cole Chemical & Distributing
  • Suzan Deison, CEO, president and founder, Greater Houston Women's Chamber of Commerce
  • Amanda Edwards, principal, The Community Based Solutions Firm
  • Bob Eury, retired president and CEO, Central Houston, Inc.
  • Sidney Evans II, senior advisor, business affairs, Reliant Energy
  • Roland Garcia, shareholder, Greenberg Traurig LLP
  • Cullen Geiselman, board chair, Houston Parks Board
  • Bernard Harris Jr., former NASA astronaut
  • Winell Herron, senior vice president of public affairs, diversity and environmental affairs, H-E-B
  • Paul Hobby, founder and managing director, Genesis Park
  • Laura Jaramillo, executive director, LISC
  • Melanie Johnson, president and CEO, Collaborative for Children
  • Laura Murillo, president and CEO, Houston Hispanic Chamber of Commerce
  • Wilhelmina "Beth" Robertson, president, Cockspur, Inc. and Westview Development Inc.
  • Judson Robinson III, president and CEO, Houston Area Urban League
  • Kimberly Sterling, principal, Sterling for Good
  • Y. Ping Sun, of counsel, Yetter Coleman LLP
  • Bobby Tudor, founder and CEO, Artemis Energy Partners
  • Brock Wagner, founder, Saint Arnold Brewing Company
  • Barron Wallace, public finance partner and practice group co-Head, Bracewell LLP
  • Marc Watts, president, The Friedkin Group
  • Beth Wolff, founder and chairman, Beth Wolff Realtors

Eury, Sun and Wolff serve on the center’s board of directors.

“I’m grateful to be included on the Top 25,” Wolff said in the release. “I cannot stress enough what an extraordinary opportunity it is to participate in the Leadership Forum and focus on Houston’s future. Fellow cohort members become friends and colleagues working together in service of the community.”

This week's panel will feature Cole, Geiselman and Herron. They will be joined by Lharissa Jacobs, executive director of Fit Houston, who made the top 75 list. Frances Castañeda Dyess, president of the Houston East End Chamber of Commerce, will moderate.

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