Thirteen of the 42 teams participating in RBPC 2024 walked away with investment funding. Photo courteys of Rice University

For the 24th year, the Rice Alliance for Technology and Entrepreneurship hosted its Rice Business Plan Competition, facilitating over $1.5 million in investment and cash prizes to the top teams.

The 42 startups competing this year, which were announced earlier this year and included teams from around the world, participated in the three-day event that culminated in a reception on Saturday, April 6. The companies were divided into five categories: Energy, Cleantech and Sustainability; Hard Tech; Life Sciences and Healthcare Solutions; Digital Enterprise; Consumer Products and Services.

“We award the competitors $1 million in prizes, prizes that serve as foundational capital to launch their startup,” RBPC Director Catherine Santamaria says at the awards gala. “That’s a large number of prizes, but the biggest thing our startups leave with is a feeling of generosity and community from this room. This community is always ready and willing to help our founders and support our vision for the competition by investing time, money and resources in these student innovators.”

While all participating teams received $950 for being selected, several teams walked away with thousands in funding, cash, and in-kind prizes. Here's which companies won big.

MesaQuantum, Harvard University — $335,000​

MesaQuantum is developing accurate and precise chip-scale clocks. While not named a finalist, the company secured the most amount of funding across a few prizes:

  • $250,000 OWL Investment Prizes
  • $60,000 nCourage Courageous Women Entrepreneur Investment Prize
  • $25,000 Jacobs, Intuitive Machines and WRX Companies Rising Stars Space Technology and Commercial Aerospace Cash Prize

Protein Pints, Michigan State University — $251,000

The big winner of the night was Protein Pints, a high-protein, low-sugar, ice cream product from Michigan State University. Not only did the company win first place and the $150,000 GOOSE Capital Investment Grand Prize, as decided by the more than 350 judges, but it won a few other investment prizes, including:

  • $100,000 The Indus Entrepreneurs (TiE) Texas Angels Investment Prize — Protein Pints, Michigan State University
  • The Eagle Investors Prize
  • $1,000 Anbarci Family Company Showcase Prize
  • Mercury Elevator Pitch Competition Prize (Best in Consumer Products)
  • An invitation to Entrepreneur Magazine's elevator pitch show

Osphim, RWTH Aachen University —$201,000

Osphim, a data acquisition and monitoring platform from Germany, won these prizes despite not being named a finalist:

  • $200,000 Goose Capital Investment Prize
  • $1,000 Anbarci Family Company Showcase Prize
  • Mercury Elevator Pitch Competition Prize (Best in Digital)

Somnair, Johns Hopkins University — $200,000

Taking second place and a $100,000 from David Anderson, Jon Finger, Anderson Family Fund, Finger Interests, Greg Novak and Tracy Druce was Somnair is a novel non-invasive neurostimulation device for the treatment of obstructive sleep apnea. The company also won:

  • $100,000 Houston Angel Network Investment Prize
  • Mercury Elevator Pitch Competition Prize (Best in Life Science)
  • An invitation to Texas Medical Center's Accelerator Bootcamp
  • An invitation to Entrepreneur Magazine's elevator pitch show

Icorium Engineering Company, University of Kansas — $171,000

Icorium Engineering Company — a chemical engineering startup developing technologies to make sustainable, circular economies a reality for refrigerants and other complex chemical mixtures — won fifth place and a $5,000 prize sponsored by Norton Rose Fulbright, EY, Chevron Technology Ventures and Shell Ventures, as well as:

  • $100,000 OWL Investment Prizes
  • $40,000 nCourage Courageous Women Entrepreneur Investment Prize
  • $25,000 from Finger Interests, the Anderson Family Fund at the Greater Houston Community Foundation, Greg Novak and Tracy Druce
  • $1,000 Anbarci Family Company Showcase Prize
  • Mercury Elevator Pitch Competition Prize (Best in Energy, Sustainability)
  • An invitation to Entrepreneur Magazine's elevator pitch show

Informuta, Tulane University — $70,000

Informuta's proprietary technology leverages DNA sequencing to predict if bacteria will respond to different antibiotics or, for the very first time, develop future resistance thus causing treatment failure. The company won fourth place and a $5,000 prize sponsored by Norton Rose Fulbright, EY, Chevron Technology Ventures and Shell Ventures.

  • $40,000 Pearland EDC Spirit of Entrepreneurship Cash Prize
  • $25,000 from Finger Interests, the Anderson Family Fund at the Greater Houston Community Foundation, Greg Novak and Tracy Druce

EndoShunt Medical, Harvard University — $55,000

EndoShunt created a rapid, targeted blood flow control device to be use in emergency or trauma settings. The company won sixth place and the $5,000 prize, sponsored by Norton Rose Fulbright, EY, Chevron Technology Ventures and Shell Ventures, as well as:

  • $25,000 Southwest National Pediatric Device Consortium Pediatric Device Cash Prize
  • $25,000 from Finger Interests, the Anderson Family Fund at the Greater Houston Community Foundation, Greg Novak and Tracy Druce

Power2Polymers, RWTH Aachen University —$50,000

Tackling the challenge of forever chemicals, Power2Polymers is creating safe alternatives free of forever chemicals. The German company took third place and the $50,000 investment sponsored by Finger Interests, the Anderson Family Fund at the Greater Houston Community Foundation, Greg Novak and Tracy Druce. The company also won the Mercury Elevator Pitch Competition Prize (Best Overall).

D.Sole, Carnegie Mellon University — $30,000

D. Sole won the wild card ticket to the finals and took seventh place. The company is advancing the development of remote patient monitoring in podiatry with foot insoles designed for the early detection and monitoring of diabetic foot complications, such as ulcers and deformities. They also won $30,000 from Finger Interests, the Anderson Family Fund at the Greater Houston Community Foundation, Greg Novak and Tracy Druce.

Other prizes:

  • $25,000 New Climate Ventures Sustainable Investment Prize went to Oxylus Energy from Yale University
  • $25,000 Dream Big Ventures Latino Entrepreneur Investment Prize went to Dendritic Health AI from Northwestern University
  • $25,000 NOV Energy Technology Innovation Cash Prize went to LiQuidium from the University of Houston
  • $25,000 Urban Capital Network Diversity Investment Prize in Partnership with South Loop Venture Investment Prize went to TouchStone from University of California, Berkeley

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Biosciences startup becomes Texas' first decacorn after latest funding

A Dallas-based biosciences startup whose backers include millionaire investors from Austin and Dallas has reached decacorn status — a valuation of at least $10 billion — after hauling in a series C funding round of $200 million, the company announced this month. Colossal Biosciences is reportedly the first Texas startup to rise to the decacorn level.

Colossal, which specializes in genetic engineering technology designed to bring back or protect various species, received the $200 million from TWG Global, an investment conglomerate led by billionaire investors Mark Walter and Thomas Tull. Walter is part owner of Major League Baseball’s Los Angeles Dodgers, and Tull is part owner of the NFL’s Pittsburgh Steelers.

Among the projects Colossal is tackling is the resurrection of three extinct animals — the dodo bird, Tasmanian tiger and woolly mammoth — through the use of DNA and genomics.

The latest round of funding values Colossal at $10.2 billion. Since launching in 2021, the startup has raised $435 million in venture capital.

In addition to Walter and Tull, Colossal’s investors include prominent video game developer Richard Garriott of Austin and private equity veteran Victor Vescov of Dallas. The two millionaires are known for their exploits as undersea explorers and tourist astronauts.

Aside from Colossal’s ties to Dallas and Austin, the startup has a Houston connection.

The company teamed up with Baylor College of Medicine researcher Paul Ling to develop a vaccine for elephant endotheliotropic herpesvirus (EEHV), the deadliest disease among young elephants. In partnership with the Houston Zoo, Ling’s lab at the Baylor College of Medicine has set up a research program that focuses on diagnosing and treating EEHV, and on coming up with a vaccine to protect elephants against the disease. Ling and the BCMe are members of the North American EEHV Advisory Group.

Colossal operates research labs Dallas, Boston and Melbourne, Australia.

“Colossal is the leading company working at the intersection of AI, computational biology, and genetic engineering for both de-extinction and species preservation,” Walter, CEO of TWG Globa, said in a news release. “Colossal has assembled a world-class team that has already driven, in a short period of time, significant technology innovations and impact in advancing conservation, which is a core value of TWG Global.”

Well-known genetics researcher George Church, co-founder of Colossal, calls the startup “a revolutionary genetics company making science fiction into science fact.”

“We are creating the technology to build de-extinction science and scale conservation biology,” he added, “particularly for endangered and at-risk species.”

Houston investment firm names tech exec as new partner

new hire

Houston tech executive Robert Kester has joined Houston-based Veriten, an energy-focused research, investment and strategy firm, as technology and innovation partner.

Kester most recently served as chief technology officer for emissions solutions at Honeywell Process Solutions, where he worked for five years. Honeywell International acquired Houston-based oil and gas technology company Rebellion Photonics, where Kester was co-founder and CEO, in 2019.

Honeywell Process Solutions shares offices in Houston with the global headquarters of Honeywell Performance Materials and Technologies. Honeywell, a Fortune 100 conglomerate, employs more than 850 people in Houston.

“We are thrilled to welcome Robert to the Veriten team,” founder and CEO Maynard Holt said in a statement, “and are confident that his technical expertise and skills will make a big contribution to Veriten’s partner and investor community. He will [oversee] every aspect of what we do, with the use case for AI in energy high on the 2025 priority list.”

Kester earned a doctoral degree in bioengineering from Rice University, a master’s degree in optical sciences from the University of Arizona and a bachelor’s degree in laser optical engineering technology from the Oregon Institute of Technology. He holds 25 patents and has more than 25 patents pending.

Veriten celebrated its third anniversary on January 10, the day that the hiring of Kester was announced. The startup launched with seven employees.

“With the addition of Dr. Kester, we are a 26-person team and are as enthusiastic as ever about improving the energy dialogue and researching the future paths for energy,” Holt added.

Kester spoke on the Houston Innovators Podcast in 2021. Listen here

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