3 Houston innovators to know this week

who's who

This week's roundup of Houston innovators includes Navin Varadarajan of the University of Houston, Kelly Pracht of nVenue, and Atul Varadhachary of Fannin. Photos courtesy

Editor's note: Every week, I introduce you to a handful of Houston innovators to know recently making headlines with news of innovative technology, investment activity, and more. This week's batch includes two health tech innovators and a sportstech CEO.

Kelly Pracht, CEO and co-founder of nVenue

Kelly Pracht joins the Houston Innovators Podcast to discuss how she's expanded nVenue to new sports. Photo courtesy of nVenue

All though career technologist Kelly Pracht began her entrepreneurial journey with her favorite sport, baseball, she's recently expanded the data-backed, fan-engaging sports betting platform to new sports.

Pract, who spent nearly 20 years designing technologies at Hewlett Packard Enterprise, founded nVenue in 2019 after realizing that, while there's endless data and stats available in baseball, there's nothing that exists for fans to engage in that data in real time. So, she set out to build it herself.

At first, the platform launched as a direct-to-fans platform, but Pracht says on the Houston Innovators Podcast that the company pivoted to B-to-B amid its participation in the Comcast SportsTech accelerator.

"The industry was super hungry for fan engagement and sports betting, and we were one of the only companies that could do it," she says on the show. "We found this huge product-market fit of the whole industry wanting ways to engage and bet in real time." Read more.

Exclusive: 2 Houston health care institutions team up to develop cancer-fighting treatments

Fannin Partners and the University of Texas MD Anderson Cancer Center have teamed up to develop drugs based on Raptamer, the creation of Fannin company Radiomer Therapeutics. Photo via Getty Images

Two Houston organizations announced a new collaboration in a major move for Houston’s biotech scene.

Fannin Partners and the University of Texas MD Anderson Cancer Center have teamed up to develop drugs based on Raptamer, the creation of Fannin company Radiomer Therapeutics.

“Raptamers combine antibody level affinities with desirable physical and pharmacokinetic properties, and a rapid path to clinic,” Dr. Atul Varadhachary, CEO of Radiomer Therapeutics and Fannin managing partner, Varadhachary, explained to InnovationMap in May. “We are deploying this unique platform to develop novel therapies against attractive first-in-class oncology targets.” Read more.

Earlier this year, Varadhachary joined the Houston Innovators Podcast to discuss Fannin's innovation approach and contribution to medical development in Houston. Listen to the episode below.

Navin Varadarajan, M.D. Anderson Professor of William A. Brookshire Chemical and Biomolecular Engineering at University of Houston

The University of Houston's Navin Varadarajan explains that while COVID vaccines prevent advanced disease, they don’t prevent transmission. But he has a solution. Photo via UH

Since the force of COVID-19 hit globally in 2020, scientists have made efficient progress in the fight against it. As Dr. Navin Varadarajan puts it, vaccines have “allowed us to become a society again.”

And he should know, the M.D. Anderson Professor of William A. Brookshire Chemical and Biomolecular Engineering at University of Houston just published back-to-back studies for nasal sprays that combat viruses. One, the NanoSTING therapeutic, has proven effective in treating strains of SARS-CoV-2 and the flu virus. The other, NanoSTING-NS Pan-coronavirus Vaccine is targeted at preventing the transmission of multiple COVID variants altogether.

Why a nasal vaccine? Varadarajan explains that while COVID vaccines prevent advanced disease, they don’t prevent transmission.

“Intramuscular vaccines do not facilitate a component of peer immunity called mucosal immunity, which takes care of these points of entries, these wet surfaces, which can be of the nose and the wet surfaces of the nose, and so they don't prevent transmission,” he tells InnovationMap. “So I can be vaccinated, I pick up a small infection that's confined largely to my nostrils, and I can still pass it on to vulnerable people, the aged, the immunocompromised people who have all the drugs they're taking to fight other things, like cancer patients. And so for them, the vaccines tend to be less efficacious, and if I transfer it to them, unfortunately they can end up in a hospital, right? And so preventing transmission is the way to end this cycle.” Read more.

Kelly Pracht joins the Houston Innovators Podcast to discuss how she's expanded nVenue to new sports. Photo courtesy of nVenue

All bets are on: Houston innovator expands sports betting platform for enhanced fan engagement

HOUSTON INNOVATORS PODCAST EPISODE 250

All though career technologist Kelly Pracht began her entrepreneurial journey with her favorite sport, baseball, she's recently expanded the data-backed, fan-engaging sports betting platform to new sports.

Pract, who spent nearly 20 years designing technologies at Hewlett Packard Enterprise, founded nVenue in 2019 after realizing that, while there's endless data and stats available in baseball, there's nothing that exists for fans to engage in that data in real time. So, she set out to build it herself.

At first, the platform launched as a direct-to-fans platform, but Pracht says on the Houston Innovators Podcast that the company pivoted to B-to-B amid its participation in the Comcast SportsTech accelerator.

"The industry was super hungry for fan engagement and sports betting, and we were one of the only companies that could do it," she says on the show. "We found this huge product-market fit of the whole industry wanting ways to engage and bet in real time."

nVenue's growth over the years, which included a partnership with Apple TV for onscreen analytics during Friday night baseball broadcasts and a $3.5 million seed funding raise last year, has been steady, and now the platform has expanded into new sports.

"Our vision was never just baseball," Pracht, who developed her technology by attending games at Minute Maid Park, says. "What a wonderful run the Astros have had since back in 2015. It was the perfect place to develop, but our vision was always that this technology — in order to do what I wanted it to do — needed to be open to all sports. As sports fans, we watch a lot of sports."

Through partnerships with the NBA and NASCAR, nVenue has officially expanded to basketball and motor sports — two sports with their own data volume and challenges. Pracht says it's important to her, with each new sport nVenue enters into, that she takes the time to learn and engage with each sport — something partnering with the professional leagues has helped with. Ultimately, Pracht explains, she's engaging with fans just like her platform does.

"The process is the same, and that's my unique speciality in life — taking something that's very complicated and breaking it down into a way that's more simple and usable," she says. "When it comes to predicting live sports — whether it's NASCAR, golf, or cricket — it comes down to watching the fan and understand what their doing."

This week's roundup of Houston innovators includes Kelly Pracht of nVenue, Aimee Gardner of SurgWise, and Kelly Avant of Mercury. Courtesy photos

3 Houston innovators to know this week

who's who

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

Kelly Pracht, CEO and co-founder of nVenue

nVenue's proprietary predictive analytics appear at the bottom right corner of the screen on Apple TV broadcasts. Photo via nvenue.com

Next time you're watching an Astros game on Apple TV, check the bottom right-hand side of the screen. That prediction data comes by way of a Texas startup with deep Houston roots. nVenue, co-founded by Houstonian Kelly Pracht, struck a deal earlier this year that allowed her data-driven sports analytics platform on the screens of baseball viewers this season.

"In under two weeks we structured the deal, convinced them it worked, pulled together every bit of testing we could — by then we only had one week of pre-season games to test — and we pulled it off," Pracht says.

The technology has a lot of potential when it comes to microbetting — a part of sports fandom that's growing by the second. Click here to read more.

Aimee Gardner, CEO and president of SurgWise

SurgeWise is giving surgical teams the right support for hiring. Photo via SurgWise.com

Hiring surgeons is a whole thing — tons of paperwork, inequitable and archaic processes, and lots of medical practitioners' time wasted. Five years ago, Aimee Gardner came up with a solution and founded SurgWise Consulting, where she serves as president and CEO.

"We help provide assessments to help screen competencies and attributes that people care about," Gardner says. "(Those) are really hard to assess, but really differentiate people who really thrive in training in their careers and people who don't."

Now, Gardner is tapping into the last five years of data she's accumulated and has big plans for developing a tech platform for her solution. Click here to read more.

Kelly Avant, investment associate at Mercury Fund

Kelly Avant, investment associate at Houston-based Mercury Fund, shares how and why she made her way into the venture capital arena. Photo courtesy of Mercury

Kelly Avant's resume might not make sense to you at first. She went from a gender studies major in undergrad, followed by a stint in the Peace Corps, before heading to law school. After moving on to get her MBA over her JD, Avant realized a way she could really make the biggest impact: venture capital.

"VC is an awesome way to shape the future in a more positive way because you literally get to wire money to the most innovative thinkers, who are building solutions to the world’s problems," Avant tells InnovationMap.

Avant joined the Mercury Fund team last year as an MBA associate before joining full time as investment associate. Now, after completing her MBA from Rice University this month, Avant tells InnovationMap why she's excited about this new career in investment in a Q&A. Click here to read more.


nVenue's proprietary predictive analytics appear at the bottom right corner of the screen on Apple TV broadcasts. Photo via nvenue.com

This Houston-born sports tech is changing the game when it comes to fan-accessible data

by the numbers

Using technology to solve big problems has always been Kelly Pracht's career, but she never thought she'd be able use her skills for the sports world she's a lifelong fan of.

After spending nearly 20 years at HP Inc. in various leadership roles and across technology, Pract was watching a baseball game when something clicked for her. Baseball — and its endless data points and metrics — wasn't serving up analytics that the fans cared about. Teams and leagues had their own metic priorities, but fans just want to engage with the game, their team, and the players.

"I saw a gap in how we handle the data coming from the field and how that can impact the fan — and nobody was getting it right," Pracht, co-founder and CEO of nVenue, tells InnovationMap. "I saw technologists coming up with the most nonsensical solutions. For fans like me, coming from my crazy sports family from West Texas where my dad was a coach, I knew that these solutions were a huge miss."

She gives the example of a wearable technology for the viewer at home that can feel what it feels like for the players on the field who get hit. Pracht says it seems like companies were trying to fit technology into the sport, rather than thinking of what the fans really wanted.

She had the idea for a data-driven fan tool in 2017 and nVenue was born. She started building out the code and the team started testing it out at Astros games at Minute Maid.

"What great years to develop this platform. It was fun — these were not boring baseball games," Pracht says. The Astros have won their division four out of the past five years, including winning the World Series in 2017.

Kelly Pracht is the CEO and co-founder of nVenue. Photo courtesy of nVenue

At first, nVenue was using historical data, and that in itself was impressive. But then, Pracht and her team decided to take it live. After building its proprietary analytics platform, nVenue could use data to make predictions in real time.

"We spent over a year — all of 2019 — mastering timing and putting it into a platform," Pracht says, explaining how they built out the artificial intelligence and designed an app for fans to interface with. "We wanted to be able to predict and play. We had over 180 people during the 2019 World Series and playoffs."

The app and algorithm were good — and nVenue expanded into football. Then, the pandemic hit and sports halted completely. Pracht says they pivoted to a B2B model but wasn't seeing any real opportunities for the platform — until the 2021 Comcast NBCUniversal SportsTech Accelerator.

"In kind of a last-ditch effort, we applied to the NBC Comcast accelerator somewhere around August or September of 2020," Pracht says, explaining that she wasn't seeing a sustainable business so it was get into the program or close up shop. "And we got in. They just resonated with everything we said — we found our people."

The accelerator gave nVenue the jumpstart it needed, and as sports returned, the company found its momentum again. Now, the company is headquartered in Dallas with 14 employees all over and three — including Pracht — in Houston. The company has raised its $3.5 million seed round co-led by KB Partners and Corazon Capital and plans to raise a Series A next year.

After a few broadcasts last season, opportunity came knocking by way of Apple TV and Houston-based TV Graphics. The companies collaborated on a deal and, two weeks before the 2022 season started, nVenue got the greenlight to have onscreen analytics on Apple TV broadcasts.

"In under two weeks we structured the deal, convinced them it worked, pulled together every bit of testing we could — by then we only had one week of pre-season games to test — and we pulled it off," Pracht says.

The technology has tons of potential when it comes to sports betting, which is a growing business across the country. Pracht says nVenue isn't looking to compete with the providers on the scene, but instead work with them as an analytics tool.

"We broke down the market down to microbets or in-the-moment bets that are going to happen annually by 2025 — it's 156 billion microbets a year, which turns out to be 3 billion a week," Pracht says.

She adds that new technologies in the streaming world – like no-delay, latency streaming — is only going to make the sports betting world more lucrative, and nVenue will be right there to ride that wave.

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Houston lab explores how AI bots can help the elderly

AI for aging

The University of Houston’s Empathetic Lifespan AI & Robotics for Aging (ELARA) Lab is currently conducting research into how AI bots may be able to help the elderly live more social and independent lives through several ongoing initiatives.

The lab officially launched last month as part of the Gerald D. Hines College of Architecture & Design under the leadership of Assistant Professor Chorong Park. Part of the lab’s mission is tackling ongoing problems with aging, such as dealing with disabilities and social isolation. Researchers’ current work is focused on designing a new AI companion bot specifically tailored to the needs of older people.

“We need to take all the needs of older adults seriously,” Park said in a news release. “They won't use the robot if they don't feel at ease or if they feel they are being constantly watched.”

The field testing of new AI bots in this population hopes to overcome several traditional obstacles in technology use among the elderly. A study by Park shows that many older people have a fear of overt surveillance when using advanced AI. There is also ageism to consider. Most new technologies are designed with younger and employed buyers in mind, not retirees who may need help remembering daily tasks or accessing important information.

“The more older adults are excluded from technology development, the worse those technology gaps will become,” Park said. “AI and the majority of technologies are created for younger people, so my research method integrates older adults directly into the design process.”

ELARA recently collaborated with the Mamie George Community Center in Richmond, Texas, to track seniors’ response to desktop AI bots like Emo and Cupboo. Researchers also had participants use air-dry modeling clay to create their ideal robotic companion.

While the eventual AI bot may be able to help the elderly feel less isolated and more supported, there are concerns to consider. A study published in the Asian Journal of Psychology charted the development of delusional thinking in a 72-year-old woman who became convinced the empathic-response bot was in love with her. The rise of “AI psychosis” has the potential to exacerbate mental health problems, particularly in socially isolated people, which a quarter of Americans over the age of 65 are.

ELARA’s research is focused on creating “pet-like” AI models with enhanced trust cues. If it can overcome the dangers of socially isolated people relying on AI for companionship, it could be a big step forward for independent aging.

SpaceX IPO set to be biggest ever and could make Elon Musk a trillionaire

IPO News

SpaceX says it plans to raise up to $75 billion when it goes public this month, setting the stage for the largest-ever stock market debut and putting Elon Musk on course to becoming the world's first trillionaire.

The company, formally known as Space Exploration Technologies Corp., said Wednesday it will sell 555.6 million shares at $135 a piece in an initial public offering. The estimated proceeds would easily top the $26 billion raised by oil giant Saudi Aramco in 2019. The offering would also give SpaceX a market value of $1.77 trillion. Only six companies in the S&P 500 are currently worth more, with Nvidia tops at $5.2 trillion.

Besides the size of the offering and the expected proceeds, SpaceX's amended prospectus updates details about how much control of the company Musk will have. As SpaceX's CEO, chief technical officer and chairman, Musk's voting power will come primarily through his ownership of 5.22 billion Class B shares, which give the holder 10 votes for every share held. According to the filing, Musk would have 82.4% of the voting power in the company.

Forbes currently values Musk's net worth at $826 billion and his stake in SpaceX at $542 billion. The estimated value of his SpaceX holdings was based on an overall value for the company of $1.25 trillion. Based on those numbers, a $1.77 trillion valuation for SpaceX would boost Musk's net worth by $223 billion, making him a trillionaire. However, much of Musk's worth is in stock that he has yet to cash in.

Even as it makes a bid for a blockbuster market debut, SpaceX is currently losing billions of dollars a year. The filing shows that the company lost $2.6 billion from operations last year on $18.7 billion in revenue, and the losses kept piling up at the start of this year, too.

Fantastical plans

Time will tell how SpaceX fares on the market. Musk's plans for the company are as fantastical as the money he hopes raise in the sale.

Colorful, even frightening in parts, the IPO document strikes a contrast with the typically dry, technical prose in IPO documents, detailing plans to use proceeds from the sale to help put men on the moon again and perhaps even Mars. In one section, it talks of a need to build "a permanent human colony" on the red planet with "at least one million inhabitants" as existential threats loom that could consign man to "the same fate as the dinosaurs."

Musk has almost equally ambitious plans for his other publicly traded company, Tesla. His goal is to transform the maker of electric vehicles into a producer of robotaxis and humanoid robots. Dan Ives of Wedbush Securities wrote in a research note that he expects Tesla and SpaceX to merge next year.

AI plays a key role

Key to the success of both companies — and any merged entity — is artificial intelligence. In its IPO filing, SpaceX says it sees potential revenue from AI of up to $26.5 trillion. But that depends on another lofty Musk ambition — putting data centers in space, which is not technologically possible at the moment.

Transforming his space company into a primarily AI-focused company will be a challenge for Musk, who started xAI in 2023 with 11 other co-founders who have all since left. Some were recruited away by rivals.

Its main AI product, the chatbot Grok, is "less impressive than anything that we see from any other major player in the space, whether that's OpenAI, or Anthropic, or (Google's) Gemini," said IDC analyst Arnal Dayaratna.

Dayaratna said that doesn't mean SpaceX doesn't have potential as a major AI player, thanks in part to its computing partnership with Anthropic and Musk's recent deal that gave SpaceX the rights to buy AI coding tool Cursor for $60 billion later this year. Folding in Cursor's capabilities would give SpaceX access to the coveted business customers now using Anthropic's Claude or OpenAI's ChatGPT.

SpaceX plans to use the net proceeds from the IPO to fund the expansion of infrastructure for its AI and rocket businesses, and to beef up the constellation of satellites that power Starlink Mobile, among other investments.

The company plans to list on the Nasdaq under the symbol "SPCX" and could begin trading as soon as the end of next week.

And SpaceX isn't the only colossal market debut investors are now bracing for. Earlier this week, Anthropic submitted a confidential filing with the U.S. Securities and Exchange Commission to officially start its own IPO clock.

OpenAI has not yet reported filing the initial SEC paperwork, but an IPO from the ChatGPT maker is widely expected.

"This listing represents the first major test for public markets after years of muted IPO activity with SpaceX paving the way for AI giants Anthropic and OpenAI to follow soon after," Ives wrote.

___

Associated Press Technology Writer Matt O'Brien contributed.

New UH survey reveals concerns over AI data center growth in Houston

data findings

A new report out of the University of Houston shows that area residents remain wary of the long-term effects of operating data centers.

The recent survey from the University of Houston’s latest SPACE City Panel, conducted by the Center for Public Policy at the Hobby School of Public Affairs, shows that while 85 percent of Houston-area residents use AI, nearly 63 percent oppose the construction of AI data centers within 1 mile of their homes.

Respondents’ concerns centered around data centers’ high energy demand and the area’s power grid reliability. According to the survey, 32 percent of residents who oppose local data center projects would be more likely to support the centers if they relied on renewable energy over fossil fuels.

“Respondents understand that AI can bring economic and educational benefits, but they are also concerned about the physical infrastructure needed to fuel AI, especially data centers,” Soran Mohtadi, post-doctoral fellow at the Hobby School and a researcher on the report, said in a news release. “This physical infrastructure demands more electricity and water, leading to environmental impacts.”

Experts estimate that 6.5 gigawatts of data center capacity will be added to the Texas grid by 2030. And Houston’s data center capacity is predicted to more than double by 2028.

The Electric Reliability Council of Texas also projects electricity demand could reach 218 gigawatts by 2031, which would be more than double the record peak set in August 2023. Data centers are expected to account for 86 gigawatts of that new demand.

Survey respondents also said they are concerned about the state's future water supply, given the large amounts of water that data centers need to stay cool.

In terms of who’s responsible for that issue, 57.6 percent of respondents said they put the onus on Texas lawmakers, while 31.5 percent say tech companies should be responsible.

Additionally, more than 75 percent of respondents believed that data center developers and technology companies—not residents—should bear the cost of infrastructure upgrades to support data centers.

“Every decision legislators make has implications on residents’ everyday lives and local infrastructure now and in the future,” Maria P. Perez Arguelles, lead researcher on the report and research assistant professor at the Hobby School, added in the news release. “This issue is going to become more important in years to come, so this is just the beginning.”

Read the full report here.

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