Amazon has selected eight KIPP schools in Houston to received resources to create robotics programs. Courtesy of Amazon

Energy tech company closes round, hospital introduces VR brain tours, Amazon bets on Houston schools, and more innovation news

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From virtual reality-enabled brain scans to Amazon selecting Houston schools for its robotics program, the future is now with this latest batch of local innovation news.

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OAG Analytics closes round

Luther Birdzell, founder and CEO of Houston-based OAG Analytics is on a mission to democratize data for his upstream oil and gas clients. Courtesy of OAG Analytics

OAG Analytics, which uses artificial intelligence in the oil and gas industry, has closed its second round of strategic funding in nine months from Rice Investment Group. The capital will be used to grow the company and focus on several major enhancements to their upstream AI platform, according to a news release.

The exact amount of the raise was not disclosed by OAG, but according to a Form D filing, the company expressed that it was raising $8.72 million in this round.

"Our industry is entering the next phase of the shale revolution by moving to full-field development. As such, we need the next generation of analytical capabilities to maximize capital efficiency," says Derek Rice, partner at Rice Investment Group and director at OAG, in a release. "Large-scale development optimization requires an in-depth understanding of hundreds of uncorrelated data points, which OAG provides through data management and advanced analytics to support profitable decision making. We are thrilled to partner with OAG's team, and believe our insights and experience as an operator will continue to add value to the platform."

OAG's founder and CEO, Luther Birdzell, created a way where he can give clients an easy-to-use platform to have access to data that could save oil and gas companies millions of dollars. In fact, according to the release, OAG clients have optimized over $10 billion in capital expenditures.

"RIG's trust in the OAG team and AI platform is a huge vote of confidence," says Birdzell in the release. "As a leadership team that already built and sold a highly data-driven, technology-centric oil and gas company, RIG's market insights and capital are important to our business. We look forward to continued collaboration as we accelerate our growth."

Methodist Hospital has new VR technology for brain treatment

Patients about to undergo brain surgery can use VR to see what their surgeon is about to do to their brain. Courtesy of Methodist

Houston Methodist Hospital is channeling a Magic School Bus episode with new VR technology that allows neurosurgical patients and their family members to essentially walk through their brains ahead of their surgeries.

The patient wears a virtual reality headset and gets a 360 degree view of their brain, and the neurosurgeon can walk the patient through the surgery process. According to a release from Houston Methodist, the technology is the first of its kind that combines fighter jet flight simulation with patients' anatomy scans from MRI, CT, and/or DTI processes to make a 3D model.

Eight Houston schools named in Amazon Future Engineer Robotics Grant program

Eight Houston schools will receive resources from Amazon to create a robotics team. Courtesy of Amazon

Eight Houston schools have been selected as part of Amazon Future Engineer Robotics Grant program. The program has selected 100 schools in 21 states and each will receive support to create robotics team and a $10,000 grant. These Houston schools were selected:

  • KIPP Academy MS
  • KIPP Connect HS
  • KIPP Connect Middle School
  • KIPP Generations Collegiate
  • KIPP Northeast College Preparatory
  • KIPP NEXUS MS• KIPP Polaris
  • KIPP Sunnyside HS

The Amazon Future Engineer program launched in November, and, according to a news release, is a four-part childhood-to-career program geared at teaching technology and computer science to children from underrepresented and underserved communities. Through the program, Amazon hopes to help more than 10 million students nationwide.

Mattress Firm seeks second round of "snoozeterns"

Last summer, Mattress Firm introduced its Snoozetern program, advertising as a "dream job" for college students wanting to get "paid to sleep." The program is looking for it's next employee that will learn the ins and outs of the Houston company and test and review products. Applications are open now until May 3. To apply or learn more, visit here.

Deloitte’s 2019 Technology Fast 500 Awards are now open

Houston companies can enter to win this national recognition from Deloitte. Photo via Deloite.com

Deloitte has opened its 2019 Technology Fast 500 Awards applications. The national awards program has been honoring fast-growing tech companies for 25 years. Last year, two Houston companies were ranked: Onit and symplr. The honorees are chosen based on the past three years' of fiscal-year revenue growth over a three-year period. Applications close on June 28. Click here for more.

The Kidney Cancer Association approves $1.3 million for early detection and new treatments

Applicants have until May 20 to submit for a grant from the Kidney Cancer Association. Photo via Facebook

The Kidney Cancer Association's board of directors approved $1.3 million to be dedicated to advancing early detection and new treatments for kidney cancer. Grant applications opened April 17 and close May 20. Grant recipients will be announced in the fall.

"The KCA Board of Directors is committed to providing research funding with the goal of identifying new treatments and finding new ways to prevent and manage the disease," says Christopher Wood, board president, in a news release. "With these advancements in research and a greater understanding of these cancers, we believe the outcomes of these grants will have substantive impact for kidney cancer patients."

There will be six grants are divided into two types of awards. The Advanced Discovery Awards will honor two "established investigators" $500,000 grants, and the Young Investigator Awards will give out four $75,000 grants.

Houston neuroscientist David Eagleman to discuss new book at the Hobby Center

Courtesy images

The Barbara Bush Houston Literacy Foundation, a Houston-based nonprofit, is hosting its 25th annual A Celebration of Reading event on Thursday, May 2, at The Hobby Center for the Performing Arts. The event hosts five authors, and this year, Houston neuroscientist David Eagleman is on the lineup.

Eagleman's most recent book, The Runaway Species: How Human Creativity Remakes the World, will be the topic of discussion during his presentation. Eagleman and his co-author, Anthony Brandt, seek to determine the human mind's ability and drive to create.

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Houston space tech companies land $25 million from Texas commission

Out Of This World

Two Houston aerospace companies have collectively received $25 million in grants from the Texas Space Commission.

Starlab Space picked up a $15 million grant, and Intuitive Machines gained a $10 million grant, according to a Space Commission news release.

Starlab Space says the money will help it develop the Systems Integration Lab in Webster, which will feature two components — the main lab and a software verification facility. The integration lab will aid creation of Starlab’s commercial space station.

“To ensure the success of our future space missions, we are starting with state-of-the-art testing facilities that will include the closest approximation to the flight environment as possible and allow us to verify requirements and validate the design of the Starlab space station,” Starlab CEO Tim Kopra said in a news release.

Starlab’s grant comes on top of a $217.5 million award from NASA to help eventually transition activity from the soon-to-be-retired International Space Station to new commercial destinations.

Intuitive Machines is a space exploration, infrastructure and services company. Among its projects are a lunar lander designed to land on the moon and a lunar rover designed for astronauts to travel on the moon’s surface.

The grants come from the Space Commission’s Space Exploration and Aeronautics Research Fund, which recently awarded $47.7 million to Texas companies.

Other recipients were:

  • Cedar Park-based Firefly Aerospace, which received $8.2 million
  • Brownsville-based Space Exploration Technologies (SpaceX), which received $7.5 million
  • Van Horn-based Blue Origin, which received $7 million

Gwen Griffin, chair of the commission, says the grants “will support Texas companies as we grow commercial, military, and civil aerospace activity across the state.”

State lawmakers established the commission in 2023, along with the Texas Aerospace Research & Space Economy Consortium, to bolster the state’s space industry.

Houston experts: Can AI bridge the gap between tech ambitions and market realities?

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Despite successful IPOs from the likes of Ibotta, Reddit and OneStream, 2024 hasn’t provided the influx of capital-raising opportunities that many late-stage tech startups and venture capitalists (VCs) have been waiting for. Since highs last seen in 2021—when 90 tech companies went public—the IPO market has been effectively frozen, with just five tech IPOs between January and September 2024.

As a result, limited partners have not been able to replenish investments and redeploy capital. This shifting investment landscape has VCs and tech leaders feeling stuck in a holding pattern. Tech leaders are hesitant to enter the public markets because valuations are down 30 percent to 40 percent from 2021, which is also making late-stage fundraising more challenging. After all, longer IPO timelines mean fewer exit opportunities for VCs and reduced capital from institutional investors who are turning toward shorter-term investments with more liquid exit options.

Of course, there’s always an exception. And in the case of a slowed IPO market, a select slice of tech companies—AI-related companies—are far outperforming others. While not every tech startup has AI software or infrastructure as their core offering, most can benefit from using AI to revise their playbook and become more attractive to investors.

Unlocking Growth Potential with AI

While overall tech startup investment has slowed, the AI sector burns bright. This presents an opportunity for companies that strategically leverage AI, not just as a buzzword but as a tool for genuine growth and differentiation. Imagine a future where AI-powered insights unlock unprecedented efficiency, customer engagement and a paradigm shift in value creation. This isn’t just about weathering the current storm of reduced access to capital; it’s about emerging stronger, ready to lead the next wave of tech innovation.

Here's how to navigate the AI frontier and unlock its potential:

  1. Understand that data is the foundation of AI success. AI is powerful, but it’s not magic. It thrives on high-quality, interconnected data. Before diving into AI initiatives, companies must assess their data health. Is it structured in a way that AI can understand? Does it go beyond raw numbers to capture context and meaning—like customer sentiment alongside sales figures? Rethinking data infrastructure is often the crucial first step.
  1. Focus on amplifying strengths, not reinventing the wheel. The allure of AI can tempt companies into pursuing radical reinvention. However, a more effective strategy is to leverage AI to enhance existing strengths and address core customer needs. Why do customers choose your company? How can AI supercharge your value proposition? Consider Reddit’s strategic approach: They didn’t overhaul their platform before their 2024 IPO. Instead, they showcased the value of their vast online communities as fertile ground for AI development, leading to a remarkable first-day stock surge of 48 percent.

  2. Use AI as a customer-centric force multiplier. Companies with a deep understanding of their customer base are primed for AI success. By integrating AI into the very core of their product or service—the reason customers choose them—they can create a decisive competitive advantage based on delivering tangible customer value.

From Incremental Gains to Transformative Growth

This practical, customer-centric approach has the potential to help companies generate immediate growth while laying the foundation for future reinvention. By leveraging AI to optimize operations, deepen customer relationships, and redefine industry paradigms, late-state tech startups can not only survive but thrive in a dynamic market. The future belongs to those who embrace AI not as a destination but as a continuous journey of innovation and growth.

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Hong Ogle is the president of Bank of America Houston. Rodrigo Ortiz Gomez is a market executive in Bank of America’s Transformative Technology Banking Group as well as the national software banking lead for the Global Commercial Bank.

Houston joint venture secures $5.2M for AI-powered methane tracking tech

Fresh Funds

Houston-based Envana Software Solutions has received more than $5.2 million in federal and non-federal funding to support the development of technology for the oil and gas sector to monitor and reduce methane emissions.

Thanks to the work backed by the new funding, Envana says its suite of emissions management software will become the industry's first technology to allow an oil and gas company to obtain a full inventory of greenhouse gases.

The funding comes from a more than $4.2 million grant from the U.S. Department of Energy (DOE) and more than $1 million in non-federal funding.

“Methane is many times more potent than carbon dioxide and is responsible for approximately one-third of the warming from greenhouse gases occurring today,” Brad Crabtree, assistant secretary at DOE, said in 2024.

With the funding, Envana will expand artificial intelligence (AI) and physics-based models to help detect and track methane emissions at oil and gas facilities.

“We’re excited to strengthen our position as a leader in emissions and carbon management by integrating critical scientific and operational capabilities. These advancements will empower operators to achieve their methane mitigation targets, fulfill their sustainability objectives, and uphold their ESG commitments with greater efficiency and impact,” says Nagaraj Srinivasan, co-lead director of Envana.

In conjunction with this newly funded project, Envana will team up with universities and industry associations in Texas to:

  • Advance work on the mitigation of methane emissions
  • Set up internship programs
  • Boost workforce development
  • Promote environmental causes

Envana, a software-as-a-service (SaaS) startup, provides emissions management technology to forecast, track, measure and report industrial data for greenhouse gas emissions.

Founded in 2023, Envana is a joint venture between Houston-based Halliburton, a provider of products and services for the energy industry, and New York City-based Siguler Guff, a private equity firm. Siguler Gulf maintains an office in Houston.

“Envana provides breakthrough SaaS emissions management solutions and is the latest example of how innovation adds to sustainability in the oil and gas industry,” Rami Yassine, a senior vice president at Halliburton, said when the joint venture was announced.

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This story originally appeared on our sister site, EnergyCapitalHTX.com