Cadence is investing in Girlstart, an Texas-based nonprofit empowering women in STEM. Photo by Amber Heckler

This week, the worlds of the Lone Star State's tech scene, women in STEM, and Formula 1 collided.

At a private event on Wednesday, October 19, hosted by computational software company Cadence Design Systems, Senior VP of Global HR Tina Jones spoke highly about the pride she felt about Cadence’s company culture and their goals for leaving the world better than they found it in regards to sustainability and giving back to the community. Last week, Cadence was ranked 19th in the 2022 World’s Best Workplaces list.

One of the ways Cadence is giving back to the community is through their Giving Foundation. The foundation is investing in organizations like Girlstart, an Austin-based nonprofit whose mission is to empower young girls’ interest in STEM through educational programs and camps.

“We are determined to make a difference in access to STEM education for those who have been traditionally underrepresented,” Jones said.

Jones announced Cadence would make a $25,000 donation to Girlstart to help further the organization’s mission and to invest in the future women they want to hire. The organization has locations all around Texas, including Dallas, Houston, San Antonio and the Rio Grande Valley, as well as locations in other states like California, Illinois, Washington, and Massachusetts.

“We want to start at Kindergarten and take them through 12th grade and give girls confidence in STEM,” Jones said, “Girlstart is doing that here in Austin, and we’re super proud to be associated with them.”

Girlstart Executive Director Shane Woods was present to accept the donation. During her speech, Woods discussed the importance of broadening young women’s understanding of what STEM is and nurturing a positive mentality so they can stay inspired in their careers.

Part of Woods’ work is to make sure girls know about the different fields that “need STEM eyes” such as biomedical engineering, environmental sustainability, and social justice.

The rest of the event centered around Cadence’s partnership with F1 team McLaren Racing, with three primary team members in attendance – CEO Zak Brown, Team Principal Andreas Seidl, and driver Daniel Ricciardo.

Ricciardo has never been shy about his love for the capital of Texas. He said he was naive about the city when F1 first arrived in 2012, but now it’s one of his favorite places. Circuit of the Americas is one of his favorite challenging tracks, noting the “high speed snake section” at turns three through eight that remind him of similar turns Maggotts and Becketts at Silverstone.

“A circuit that really pushes the car to the limits is fun,” he said, “That’s what I love about Austin.”

McLaren’s partnership with Cadence is significant for more than their expertise with computational fluid dynamics. Both companies share similar goals in regards to environmental sustainability and equality. In 2021, McLaren became the first F1 team to release an annual sustainability report, showing they are on track to achieve carbon net zero by 2040. In that same year, they announced Emma Gilmour would be the team’s first female racing driver, racing in Extreme E alongside Tanner Foust.

When asked about what they predict the next 10 years of Formula 1 will look like, Brown and Ricciardo agreed they hoped to see F1 still thriving and at the pinnacle of motorsport, while also giving recognition to the rise of other motorsports. Brown said he would like to see the introduction of rotational races in other countries.

“We have a lot of countries that want races. We’re at a maximum schedule of 24…I would love to see us in 30 countries, but 24 times a year. You might land on 18 permanent races and then have 10 that rotate every two years or something like that,” Brown said. “I think there’s room to grow the sport globally."

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This article originally ran on CultureMap.

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Top stories: Houston's most-read health tech news of 2024

year in review

Editor's note: As the year comes to a close, InnovationMap is looking back at the year's top stories in Houston innovation. In the health tech category on InnovationMap, top stories included startup funding raised, IPO plans, FDA clearance, and more. Be sure to click through to read the full story.

New report ranks Houston top market for life sciences

Houston lands in the No. 7 spot for growth in the granting of degrees in biological and biomedical sciences. Photo by Natalie Harms/InnovationMap

Thanks in large part to producing hundreds of college-trained professionals, Houston’s life sciences industry ranks among the top U.S. markets for talent in 2024.

In a report published by commercial real estate services company CBRE, Houston lands in the No. 7 spot for growth in the granting of degrees in biological and biomedical sciences. From 2017 to 2022, Houston notched a growth rate of 32.4 percent in this category.

In 2022, the University of Houston led the higher education pack in the region, graduating 746 people with a bachelor’s degree or above in biological or biomedical sciences, according to the report. Continue reading.

Houston innovator raises pre-seed funding for health care staffing platform

Ayoade Joy Ademuyewo founded Lokum last year to create a solution to better connecting medical specialists with health care facilities nationwide. Photo courtesy of Lokum

A Houston health care innovator is celebrating an oversubscribed round of pre-seed funding to improve on her startup's unique staffing platform.

Ayoade Joy Ademuyewo founded Lokum last year to create a solution to better connecting medical specialists with health care facilities nationwide. The new platform, which cuts out the middleman and lowers staffing costs, raised $700,000 in pre-seed funding that will go toward further development of the technology.

"Healthcare organizations spend $26 billion annually to support a crippling dependence on third-party agencies for connecting with clinical staff," Ademuyewo says in a news release. "Technological solutions that are pointed precisely to streamline and strengthen the relationships between highly specialized clinicians and their future employers are vital to alleviating this detrimental dependance, and central to our mission." Continue reading.

Houston regenerative medicine company to IPO, move toward more human trials

FibroBiologics will IPO this week. Photo via Getty Images

Want a piece of one of Houston’s most promising biotech companies? On January 31, FibroBiologics will begin the trading of its common stock on the Nasdaq stock exchange.

While most labs in the realm of regenerative medicine are focused on stem cells, FibroBiologics has bet on fibroblasts as the secret to treating myriad ailments. Fibroblasts, the most common type of cell in the body, are the primary cells that compose connective tissue.

Interested investors can find a prospectus to peruse before taking the leap. FibroBiologics filed with the U.S. Securities & Exchange Commission (SEC) on November 7, 2023. In September, FibroBiologics CEO Pete O’Heeron told InnovationMap, “I think what we're going to see is that fibroblasts are going to end up winning... They're just a better overall cell than the stem cells.” Continue reading.

Houston organizations identify promising life science cos. at annual event

The Rice Alliance and BioHouston acknowledged innovations from a dozen promising health tech companies. Photo via Rice University

For the 13th year, the Texas Life Science Forum hosted by BioHouston and the Rice Alliance for Technology and Entrepreneurship celebrated innovative companies from around the world that are creating new treatments and solutions to today's biggest health care challenges.

This week, over 40 companies presenting their innovations across cancer, cardiovascular disease, biotechnology, and more. Nearly 700 venture capitalists, corporate innovation groups, angel networks, industry leaders, academics, service providers, and others attended the event on November 7 at Rice's BioScience Research Collaborative in the Texas Medical Center.

Just like in previous years, the event ended with the announcement of the 10 companies that were deemed "most promising" based on their pitches and technologies. Of the 10 companies named, six are headquartered in Houston and an additional two startups on the list have a presence here. Continue reading.

FDA greenlights Houston surgery robotics company's unique technology

EndoQuest Robotics secured an Investigational Device Exemption from the FDA for its clinical study. Photo via Getty Images

A Houston surgical robotics company has gotten a Investigational Device Exemption from the FDA to go forward with human trials.

This news allows EndoQuest Robotics to begin its Prospective Assessment of a Robotic-Assisted Device in Gastrointestinal Medicine (PARADIGM) study, which will be conducted at leading United States health care facilities, including Brigham and Women’s Hospital (Boston), Mayo Clinic (Scottsdale), Cleveland Clinic (Cleveland), AdventHealth (Orlando), and HCA Healthcare (Houston). The study will include surgeries on 50 subjects, who will hopefully begin to enroll in January.

“The foundational thesis is we're trying to make sure that the world's largest medical center is also the world's largest med tech innovation center,” Eduardo Fonseca, interim CEO of EndoQuest Robotics, tells InnovationMap. Continue reading.

Houston billionaire Tilman Fertitta nominated as ambassador to Italy

foreign affairs

Houston billionaire and Rockets owner Tilman Fertitta has been nominated to serve as the United States ambassador to Italy, according to U.S. President-elect Donald Trump.

On Saturday, Trump sent the following statement via Truth Social Post:

"I am pleased to announce that Tilman J. Fertitta has been nominated to serve as the United States Ambassador to Italy. Tilman is an accomplished businessman, who has founded and built one of our Country's premier entertainment and real estate companies, employing approximately 50,000 Americans. Tilman has a long history of giving back to the community through numerous philanthropic initiatives, which include children's charities, Law Enforcement, and the medical community. Additionally, Tilman is the longest serving Chairman of the Board of Regents for the University of Houston. He also owns the Houston Rockets Basketball Team. Congratulations to Tilman, and his remarkable family!"

Fertitta, 67, also is the chairman, CEO, and president of Landry's Inc. and the chairman of the University of Houston's board of regents.

"It is an honor to be nominated to serve my country as ambassador to Italy and I look forward to the process ahead. Italy is such an extraordinary country with its wonderful people, culture, and history and its strategic importance to The United States of America," Fertitta said.

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Read the full story on CultureMap's news partner, ABC13.com.

Houston biotech biz to merge with public co., set local HQ

big deal

Houston-based Tvardi Therapeutics and Cara Therapeutics announced the companies have entered into a definitive merger agreement to combine in an all-stock transaction. Once completed, Houston will house the headquarters.

Tvardi is a clinical-stage biopharmaceutical company that focuses on the development of novel, oral, and small molecule therapies that target STAT3 to treat fibrosis-driven diseases. Tvardi will merge with a wholly owned subsidiary of Cara.

Once complete, the pre-merger Cara Therapeutics stockholders are expected to own approximately 17 percent of the combined company and pre-merger Tvardi Therapeutics investors are expected to own 83 percent of the combined company. Prior to adjustment from the issuance of the shares in the recently completed Tvardi financing and assuming Cara, which went public in 2014, has net cash at closing of between $22.9 million and $23.1 million with the percentage of the combined company that pre-merger Cara stockholders and pre-merger Tvardi stockholders will own upon the closing of the merger, which is subject to further adjustment if Cara’s net cash balance falls outside of the range.

“As we approach meaningful value inflection points next year, including two Phase 2 readouts of our lead program in idiopathic pulmonary fibrosis, followed by the readout in our hepatocellular carcinoma program, this merger, the recently completed financing, and becoming a publicly traded company give us access to the critical funding required to further advance our promising pipeline programs that address significant unmet needs,” Imran Alibhai, CEO of Tvardi Therapeutics, says in a news release.

Also, Tvardi has completed an approximately $28 million private financing from a syndicate of new and existing institutional investors. With the cash from both companies at closing and the proceeds of this financing, the post-merger company plans to have cash to fund its operating expenses and capital expenditure requirements into the second half of 2026.

“I am grateful to the Cara Board, leadership team, and shareholders who share our vision of Tvardi that is well-positioned to introduce effective, new treatment options to patients suffering from serious, chronic, fibrosis-driven diseases,” Alibhai continues.

In 2021, Tvardi emerged from stealth and closed a $74 million series B funding round led by 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.