3 Houston innovators to know this week

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This week's roundup of Houston innovators includes Tim Neal of AmPd Labs, Sandy Guitar of HX Venture Fund, and Sahir Ali of Modi Ventures. Photos courtesy

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

Tim Neal, CEO of AmPd Labs

Tim Neal is the new CEO of AmPd Labs, a unique additive manufacturing startup in Houston. Photo via LinkedIn

Houston entrepreneur Tim Neal joined next-generation additive manufacturing company AmPd Labs as CEO of the company. He tells InnovationMap that he'd always been interested in the additive manufacturing sector, and sees a lot of potential for AmPd Labs in the industrial world in Houston — now more than ever.

“Within additive manufacturing, a lot of people focus on the medical and the aerospace sectors, but the industrial sector has been largely overlooked. Being in Houston, that really resonates,” Neal says. “The technology is now at a place that it can be at this production scale.” Read more.

Sandy Guitar, general partner of HX Venture Fund

Sandy Guitar shares some lessons learned from the fallout of Silicon Valley Bank. Photo via HXVF

In its third year, Venture Houston — taking place on Rice University's campus on September 7 — has a theme of "decarbonization in a digital world," but that's not the only thing different this year. The one-day conference has added on a unique event on September 6 to help engage around 50 investors with over 100 Houston startups.

The new activation is called Capital Connect, and HX Venture Fund will matchmake investors and startups for one-on-one meetings meant to spur collisions and collaboration.

"It's not a pitch competition — it doesn't have the stress of that," Sandy Guitar, general partner of HX Venture Fund, tells InnovationMap. "It's really just a way of connecting with a longer term horizon. We didn't want to limit it just to those who are currently raising, but actually include people who maybe just raised six months ago or are not going to raise for 12 more months, but might still want to be in the room." Read more.

Sahir Ali, founder and general partner of Modi Ventures

Sahir Ali is the founder and general partner of Modi Ventures. Photo courtesy of Modi Ventures

It might be cool to arrive fashionably late to a party, but Houston investor Sahir Ali likes to be early when it comes to new technologies.

"What has been a part of my success and has driven a lot of my profesional, scientific, and financial growth has been being ahead of the curve a little bit in technologies. That is really the basis of the fund," Ali, founder and general partner of Modi Ventures, says on the Houston Innovators Podcast.

"Hardware and software have come to a point where now artificial intelligence is ready to go, and I think the biggest benefactor of that is going to be health care and the health and medicine space — and that space is not easy for investors to just jump in right away," he continues. Read more.

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Sahir Ali is the founder and general partner of Modi Ventures. Photo courtesy of Modi Ventures

How this Houston investor closed a $32M oversubscribed fund in less than a month

Houston innovators podcast episode 201

It might be cool to arrive fashionably late to a party, but Houston investor Sahir Ali likes to be early when it comes to new technologies.

That's why Ali decided to start his own firm, Modi Ventures, with his brother, Amir. The two have invested in a family office capacity before, but raising the initial fund for Modi Ventures was a whole different story. With his background in research, cloud computing, AI, finance, and more across the country, Ali set up the fund in the Houston area where he's from.

"When I see Houston market — and Texas in general — you won't see a lot of funds raising in Houston. ... It's not New York or California where folks do go after a lot of LPs," Ali says. "There are folks who have the appetite, but they are hard to reach."

"The structure that made sense for Houston had to be access that just wasn't available."

From ideation to launch, Ali proceeded to raise the initial fund in one month, accumulating an oversubscribed amount of $32 million. He credits to this in part to the fact that he's the fund's first investor, indicating to other limited partners that he's got skin in the game. He says he also wanted have a very open door with LPs.

"The thing I noticed when a lot of funds pitched to me as a potential LP is that there's a lot of vagaries and a black box effect in VC," he says. "My process was to incorporate transparency and education."

Now with its Tech+Bio Fund I closed, Modi Ventures has already deployed capital to three startups: Amsterdam-based Lapsi Health, Houston-based Starling Medical, and Boston-based Cyberdontics.

But Modi doesn't just invest in startups. The fund is a bit of a hybrid in that it also invests as an LP into other funds. The throughline is that the funds Modi Ventures invests in — as well as the startups — sit at the intersection of AI and health care. The first fund relationships Ali has entered into include Khosla Ventures, Draper Associates, Artis Ventures, and Antler Group — funds that have proven their success in this emerging field.

Ali shares more about why he's focused on this unique tech bio space on the podcast. Listen to the interview here — or wherever you stream your podcasts — and subscribe for weekly episodes.

A new Houston firm has closed its inaugural fund to invest in health tech. Photo via Getty Images

New Houston investment firm closes $32M fund, announces 3 portfolio companies

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A new firm has emerged to invest in early-stage tech bio, artificial intelligence, and life sciences.

Modi Ventures announced its inaugural fund, Tech+Bio Fund I, closed at $32 million, an oversubscribed amount. The fund targets companies "shaping the future of humanity," reads a press release from Modi.

“Investing in next generation technologies has always been very lucrative,” says Sahir Ali, general partner of Modi Ventures, in the release. “We are entering an era of software writing software (artificial intelligence), technology that can unravel our individual genetic makeup (gene sequencing), biotech that can reprogram our genes (gene editing), and a fundamental change in how medicine is practiced by leveraging all of the above (precision medicine).

"Tech Bio companies will revolutionize multiple trillion dollar industries, providing early investors with potential for great returns,” he continues.

Ali, who's career has been focused on and the intersection of oncology and AI, has a Ph.D. and has worked with Fortune 500 companies across industries. He's joined by Andrew Yang, former presidential candidate and founder of Venture for America, as an adviser.

“Modi Ventures’ goal is to find solutions for some of the world’s most vexing problems that keep people unhealthy or struggling with illnesses that we can address collectively,” Yang says in the release. “The leadership and results that Sahir and his team have already demonstrated are one reason I’m looking forward to being a part of this team as we bring life saving solutions to market and take advantage of AI and new tools to advance the human condition.”

The first three portfolio companies Modi has announced include:

Amsterdam-based Lapsi Health, a medical technology company that is screening, diagnosing, treating and monitoring in medicine through sound and auscultation (acquired from stethoscopes).
Starling Medical, a Houston-based predictive technology platform for the early detection of bladder health issues.
Cyberdontics, an automated dental surgery using advanced imaging, AI, and robotics, that's based in Boston.

The firm announced that it has created partnerships with other investors, including Modi Ventures Khosla Ventures, Section 32, Artis Ventures, Draper Associates, and Antler Group.

“Modi Ventures is investing in healthcare tech companies with immense potential to improve lives and I'm thrilled to be partnering with Sahir and Modi Ventures,” says Tim Draper, founder of Draper Associates, in the release. “Working together we will be able to discover unique and innovative investments to collaborate on.”

Sahir Ali is the general partner of Modi Ventures. Photo courtesy of Modi Ventures

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Houston space tech company snags $9.5M contract, sets launch date for lunar mission

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Business at Houston-based space exploration company Intuitive Machines is taking off on two fronts.

First, Intuitive Machines has landed a nearly $9.5 million Air Force contract to develop technology for NASA’s Gateway project, the first space station that will orbit the moon. Specifically, the technology will support a high-powered nuclear fission system that will supply electricity for satellites, bypassing the need for power from solar, battery, or fuel-cell sources.

“As space exploration ventures become more ambitious and diverse, the need for efficient and reliable power sources in space is paramount,” Pete McGrath, vice president of business development at Intuitive Machines, says in a news release. “Developing the ability to expand power sources beyond solar, which requires heavy battery storage, could remove the burden of constantly worrying about a spacecraft’s arrays relative to the sun, and potentially deliver long-term stability for satellites that would otherwise lose power over time.”

Second, Intuitive Machines has set January window for the launch of its IM-1 lunar mission in conjunction with private aerospace company SpaceX. The liftoff is targeted for a multiday window that opens January 12, 2024.

“There are inherent challenges of lunar missions; schedule changes and mission adjustments are a natural consequence of pioneering lunar exploration,” Steve Altemus, co-founder, president, and CEO of Intuitive Machines, says in a news release. “Receiving a launch window and the required approvals to fly is a remarkable achievement, and the schedule adjustment is a small price to pay for making history.”

The IM-1 mission will be the company’s first attempted lunar landing as part of NASA’s commercial payload initiative.

Intuitive Machines went public earlier this year via SPAC. Co-founder Tim Crain shared a bit of the origin story of the company on a recent episode of the Houston Innovators Podcast.

Houston sustainable chemicals unicorn to build Midwestern biomanufacturing facility

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Solugen has scored a partnership with a global company to build a biomanufacturing facility adjacent to an existing corn complex in Marshall, Minnesota.

Solugen, a Houston company that's designed a process that converts plant-derived substances into essential materials, has announced its newest strategic partnership with sustainable solutions company ADM (NYSE:ADM). The partnership includes plans for Solugen to build a 500,000-square-foot biomanufacturing facility next to an existing ADM facility in the Midwest. The two companies will collaborate on producing biomaterials to replace fossil fuel-based products.

“The strategic partnership with ADM will allow Solugen to bring our chemienzymatic process to a commercial scale and meet existing customer demand for our high-performance, cost-competitive, sustainable products,” Gaurab Chakrabarti, co-founder and CEO of Solugen, says in a news release. “As one of the few scaled-up and de-risked biomanufacturing assets in the country, Solugen’s Bioforge platform is helping bolster domestic capabilities and supply chains that are critical in ensuring the U.S. reaches its ambitious climate targets.”

The company plans to begin on-site construction early next year, with plans to startup in the first half of 2025. The project should create at least 40 permanent jobs and 100 temporary construction positions.

“Sustainability is one of the enduring global trends powering ADM’s growth and underpinning the strategic evolution of our Carbohydrate Solutions business,” Chris Cuddy, president of ADM’s Carbohydrate Solutions business, says in the release. “ADM is one of the largest dextrose producers in the world, and this strategic partnership will allow us to further diversify our product stream as we continue to support plant-based solutions spanning sustainable packaging, pharma, plant health, construction, fermentation, and home and personal care.”

Founded in 2016 by Chakrabarti and Sean Hunt, Solugen's carbon-negative molecule factory, named the Bioforge, uses its chemienzymatic process in converting plant-sourced substances into essential materials that can be used instead of fossil fuels. The manufacturing process is carbon neutral, and Solugen has raised over $600 million from investors that believe in the technology's potential.

“The initial phase of the project will significantly increase Solugen’s manufacturing capacity, which is critical for commercializing our existing line of molecules and kicks off plans for a multi-phase large-scale U.S. Bioforge buildout,” Hunt, CTO of Solugen, says in the release. “The increase in capacity will also free up our Houston operation for research and development efforts into additional molecules and market applications.”

The project should create at least 40 permanent jobs and 100 temporary construction positions.

"As a community with a strong foundation of agriculture and innovation, we look forward to welcoming Solugen to Marshall. This industry-leading facility will serve as a powerful economic driver for the city, creating new jobs and diversifying our industry,” City of Marshall Mayor Bob Byrnes says in the statement. "We are thankful for ADM’s longstanding commitment and impact to Marshall, which has paved the way for this remarkable partnership and continues to further economic growth to our region."

It's the second major company partnership announcement Solugen has made this month, with a new arrangement with Sasol being secured last week.

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This article originally ran on EnergyCapital.

TMC delivers new building, can't miss events, and more trending Houston innovation news

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Editor's note:Another week has come and gone, and it's time to round up the top headlines from the past few days. Trending Houston tech and startup articles on InnovationMap included profiles on Houston Innovation Awards finalists, TMC Helix Park's first building opening, and more.

Texas Medical Center opens first building in massive Helix Park project

Mayor Sylvester Turner, TMC CEO Bill McKeon, Governor Greg Abbott, and others gave their remarks at the TMC3 Collaborative Building opening. Photo by Natalie Harms

For nearly a decade, the Texas Medical Center and its partners have been working on the plans for Helix Park, a 37-acre campus expansion of TMC. As of this week, the first building has opened its doors to the public.

The TMC3 Collaborative Building officially opened today to a crowd of media, public officials, and health care executives. The institutional agnostic, 250,000-square-foot building will anchor Helix Park and house research initiatives from the four founding partners: Texas Medical Center, The University of Texas MD Anderson Cancer Center, Texas A&M University Health Science Center, and The University of Texas Health Science Center at Houston.

“Today, we lay the cornerstone of a new campus fully dedicated to streamlining the commercialization of life-changing innovations in medicine and technologies,” William McKeon, president and CEO of TMC, says at the event. “We are incredibly excited to both welcome our founding institutions and industry partners to the Collaborative Building and to invite the community to experience the Helix Park campus and its beautiful parks with a series of special events in the months ahead." Read more.

Meet the 4 corporations best supporting Houston's innovation ecosystem

The Corporate of the Year category for the Houston Innovation Awards has four finalists — each playing a role in Houston's innovation ecosystem across energy, tech, and health care innovation. Photos courtesy

What corporations are most supporting Houston's startup ecosystem? The Houston Innovation Awards sought to find that out with a new category for the 2023 event.

The Corporate of the Year category has four finalists — each playing a role in Houston's innovation ecosystem across energy, tech, and health care innovation. Learn about each of these finalists in the interviews below. Read more.

Secure your Houston Innovation Awards tickets.

Read more of the editorial series:

10+ can't-miss Houston business and innovation events for November

Check out this curated list of innovation events in Houston for November. Photo via Getty Images

From networking meetups to the 2023 Houston Innovation Award ceremony, November is chock-full of happenings for Houston innovators.

Here's a roundup of events you won't want want to miss out on, so mark your calendars and register accordingly.Read more.

Rice University taps 11 Houston business leaders for new entrepreneurship council

Eleven business leaders were selected for a new entrepreneurship-focused council for Rice University. Photo courtesy of Rice University

Rice University has named 11 successful business leaders with ties Houston to its inaugural council focused on entrepreneurship.

Frank Liu, a Rice alumnus and founder of the Rice University Liu Idea Lab for Innovation and Entrepreneurship, or Lilie, recruited the entrepreneurs to the council, and each has agreed to donate time and money to the university’s entrepreneurship programs, according to the university.

Members of the council, known as the Lilie’s Leadership Council or LLC, individuals have experience in a variety of fields, from the industrial and automotive sectors to local government and public radio. Read more.

Houston software co. secures $39M in financing, launches latest product upgrade

Graylog, a Houston SaaS company, has new fuel to scale and develop its product. Photo via Getty Images

A Houston software-as-a-service company has secured $39 million in financing and announced its latest upgrade to its platform.

Graylog, which has created an innovative platform for cybersecurity and IT operations, raised equity funding with participation from new investor Silver Lake Waterman and existing investors Piper Sandler Merchant Banking and Harbert Growth Partners leading the round.

“The growth we are seeing globally is a response to our team’s focus on innovation, a superior user experience, low total cost of ownership, and strong execution from our Go-To-Market and Customer Success teams,” Andy Grolnick, CEO of Graylog, says in a news release. “We expect this momentum to continue as Graylog expands its reach and raises its profile in the security market.” Read more.

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