Houston medtech startup secures additional $3M for lung cancer diagnostic tool

fresh funding

Prana Thoracic Inc., a Houston medical device company developing a tool for early interception of lung cancer, announced an additional $3 million in funding. Photo via Getty Images

A Houston-based medtech startup with an innovative tool that's aiming to transform lung cancer intervention has closed its series A extension round.

Prana Thoracic announced an additional $3 million in funding, a raise that was oversubscribed by 30 percent, reports the company. The company's series A originally closed in March 2023 at $3 million. In August of 2022, the company secured $3 million in grant funding.

"We are grateful for the overwhelming support from our investors in this financing round. Their confidence in our mission and plan is motivating,” Joanna Nathan, CEO and co-founder of Prana Thoracic, says in a news release. “This additional funding will enable us to accelerate our efforts in bringing precision surgical solutions to lung cancer patients worldwide.”

The extension included participation from new investors, including cultivate(MD), GenHenn Capital, and Houston Angel Network, as well as from prior lead investor New World Angels. Existing investors — Johnson & Johnson Development Corp, Texas Medical Center Venture Fund, and the Cancer Prevention & Research Institute of Texas (CPRIT) — also support the company.

"We are excited to support Prana Thoracic in their mission to improve lung cancer treatment. Their innovative approach has the potential to significantly impact patient outcomes," says Dr. R. Sean Churchill, managing director of cultivate(MD), in the release.

The additional funding will support the company as it advances through its clinical and regulatory plans.

“The team has made remarkable progress in developing this novel and minimally invasive technique for lung tissue excision, which has the potential to transform the diagnosis and treatment of early-stage lung cancer," adds Dr. Edward M. Boyle, founder and director at the company. "Beyond lung applications, they are pioneering new methods to use this technology for other soft tissues and are actively exploring integration with ablation and robotic systems, aligning with the future direction of these fields."

In 2022, Nathan joined the Houston Innovators Podcast to discuss her passion for Prana Thoracic's innovation. Listen to the episode below.

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A handful of Houston startups were selected for a national accelerator program. Photo via Getty Images

4 Houston startups selected for preeminent medtech accelerator

ready to grow

Four Houston startups have been selected for the 2023 cohort of the MedTech Innovator’s four-month accelerator program.

Los Angeles-based MedTech Innovator, which bills itself as the world’s largest medtech accelerator, will award $800,000 in funding to winners of its competitions throughout the 2023 program. The grand prize is $350,000.

Almost 1,200 startups applied to participate in this year’s accelerator. From that group, MedTech Innovator, its corporate partners, and more than 400 judges picked nearly 200 candidates for in-person pitching and partnering events. Sixty-one startups ultimately were chosen for the 2023 cohort, which kicks off June 14 and 15.

Forty-two of the 61 startups will participate in MedTech Innovator’s corporate mentorship program, and five companies will join a plastic surgery accelerator in conjunction with the American Society for Plastic Surgeons.

MedTech Innovator says more than 500 startups have completed its accelerator program and have secured $6.8 billion in follow-on funding.

“We are proud of our stellar track record of identifying and perfecting the most innovative medtech startups in the world,” Paul Grand, CEO and founder of MedTech Innovator, says in a news release.

The four Houston companies selected for the MedTech Accelerator’s 2023 cohort are:

Ankr. The startup (whose name is pronounced “anchor”) provides a caregiving platform for cancer patients in the U.S. As of 2022, there were an estimated 18.1 million cancer survivors across the country. The company won The Ion’s Houston Startup Showcase in 2021.
NeuraStasis. The startup is developing an electrical stimulation device to delay the effects of acute ischemic stroke. This type of stroke happens when blood flow to the brain decreases. Acute ischemic stroke affects about 700,000 people in the U.S. each year. The company was selected for last year’s cohort of the UCSF Rosenman Institute’s Rosenman Innovators program.
Nininger Medical. The startup is working on a device for minimally invasive replacement of the tricuspid valve. Today, an estimated 1.6 million Americans experience tricuspid regurgitation. This type of heart disease occurs when the tricuspid valve’s flaps don’t close correctly. In 2021, the company received a $256,000 National Science Foundation grant.
Prana Thoracic. The startup is developing a tool for minimally invasive removal of lung tissue in lung cancer patients. In March, the company announced $3 million in series A funding.

Last year, three Houston companies were selected for the program. The startups — Ad Vital, Corveus Medical, and CorInnova.

Over 1,000 companies applied to participate in the 2023 MedTech Innovator Accelerator, 200 pitched in person, and 61 startups were selected. Graphic via https://medtechinnovator.org/

This week's roundup of Houston innovators includes Joanna Nathan of Prana Thoracic, Alfredo Arvide of Cloche, and Susan Davenport of the Greater Houston Partnership. Photos courtesy

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 health tech to mobile ordering — recently making headlines in Houston innovation.

Joanna Nathan, CEO, and co-founder of Prana Thoracic

Prana Thoracic, an innovative startup in the lung cancer diagnostics space, has raised its series A round of investment. Photo via LinkedIn

Joanna Nathan has been busy. It's been just under six months since the launch of her company, Prana Thoracic, a Houston health tech startup tackling lung cancer diagnostics, and the company has already secured its next round of investment funding. A medical device company developing a tool for early interception of lung cancer, the company announced last week that it closed a $3 million series A financing round.

In August, the company received a $3 million award from the Cancer Prevention & Research Institute of Texas. All of Prana Thoracic's funding is being used to develop the unique diagnostic product and the company's path to first-in-human clinical studies.

“Our technology provides a definitive answer to patients with lung nodules and allows physicians to intervene earlier in the lung cancer patient’s journey,” says Joanna Nathan, CEO, and co-founder of Prana, in a news release. “Our team is grateful to have the support of our investors and excited to leverage this financing to accelerate our technology to the bedside.” Read more.

Alfredo Arvide, co-founder and managing director of Cloche

This new restaurant technology allows for eateries to upgrade to mobile ordering for no cost. Photo courtesy of Cloche

A new mobile software platform has launched in Houston and is currently looking for restaurants interested in utilizing their technology to upgrade their eatery with mobile ordering at no cost to the restaurant.

Alfredo Arvide, co-founder and managing director of Cloche, tells InnovationMap that the idea for the platform came after the pandemic forced restaurateurs to quickly pivot to touch-free menus. Now that the consumer has adapted to scanning QR codes to view menus, the next step is to optimize ordering — something that will also help with the labor shortages that restaurants are now facing.

"Now is the time transform this industry by creating a better meal experience for the consumers, an easier job for the restaurant staff and a more efficient, more profitable business for restaurant owners," Arvide says. Read more.Read more.

Susan Davenport, senior vice president and chief economic development officer for the Greater Houston Partnership

The Greater Houston Partnership's Susan Davenport shares details on Houston House at SXSW, HETI House at CERAWeek, and taking the city on tour to spread awareness of the ecosystem. Photo via houston.org

Every year, one of the biggest tech conferences in the world convenes right down the road from Houston in downtown Austin. That's a huge opportunity for the Greater Houston Partnership to showcase and congregate Housto's tech innovators.

Susan Davenport, senior vice president and chief economic development officer for the Greater Houston Partnership, shares on the Houston Innovators Podcast how the GHP has made an effort to increase Houston's presence at SXSW over the past few years. This year, the third year for Houston House, the GHP and the Houston Energy Transition Initiative are convening over 20 Houston innovators for two days of programming.

"We want to further the development of our ecosystem," Davenport says on the podcast. "Houston is so uniquely place for this — we have such well-developed industry sectors and a customer base. ... All entrepreneurs want to showcase their products and talk about what their doing. We'll have people there to answer questions and, most importantly, invite them to Houston." Read more and listen to the episode.

Prana Thoracic, an innovative startup in the lung cancer diagnostics space, has raised its series A round of investment. Photo via LinkedIn

Houston health tech company closes $3M series A

money moves

It's been just under six months since the launch of Prana Thoracic, a Houston health tech startup tackling lung cancer diagnostics, and the company has already secured its next round of investment funding.

Prana Thoracic, a medical device company developing a tool for early interception of lung cancer, announced last week that it closed a $3 million series A financing round led by Florida-based New World Angels with participation from Johnson & Johnson Innovation – JJDC, Inc., Texas Medical Center Venture Fund, and the University City Science Center’s Phase 1 Ventures.

The company's technology is a minimally invasive, tissue-sparing nodulectomy tool that can evaluate suspicious pulmonary nodules early on in hopes of being able to catch and treat patients with lung cancer. The tool's development originated on the grounds of the Texas Medical Center in collaboration with Precision Thoracic Corp.

“Prana’s cutting-edge technology was developed on the TMC campus, and we are excited to continue to support Prana in meeting its next milestone through funding from the TMC Venture Fund. The technology they are spearheading could be a game changer in how physicians detect and treat lung cancer. Congratulations to the team on this exciting announcement,” says William McKeon, president and CEO of the Texas Medical Center, in the release.

Micheal Haimour, director of New World Angels, has joined Prana as a board member.

“We are delighted to support CEO Joanna Nathan and her team at Prana as they seek to develop solutions for the early detection and intervention of lung cancer,” he says in the release

Since the company emerged from stealth last summer, Prana has added a few feathers to its cap as a startup. In November, Nathan pitched and won first place at Ignite Healthcare Network’s annual Fire Pitch Competition. Prana was also named a finalist in the Female-Founded Businesses category of the Houston Innovation Awards. Currently, Prana is a member of the Spring 2023 cohort of the TMCi HealthTech Accelerator.

This month, TMCi is welcoming a slew of health tech and cancer innovators who will advance solutions in medicine over the next several months. Image via TMC.edu

TMC announces entrepreneurs, researchers joining its 2 health tech accelerators

coming soon

The Texas Medical Center has announced the latest cohorts of its two health tech accelerators.

The Texas Medical Center Innovation has named eight companies that are in the Spring 2023 Accelerator for HealthTech cohort. TMCi also announced 21 participants are set to join the 2023 Accelerator for Cancer Therapeutics cohort. Both programs connect the entrepreneurs and innovators to experts at TMC’s campuses to solve unmet clinical needs and reach the next business milestone.

“At TMC Innovation, we start with a promise of uniting cutting-edge innovators in science and medicine with the talent found at the Texas Medical Center," says Emily Reiser, associate director of TMC Innovation, in a news release. "Our 2023 cohort members are tackling some of the most critical issues we face today in healthcare.

"We are excited to welcome a new group of researchers and companies to the TMC Innovation Factory, and to work collaboratively with our new cohort members and our partners from across the Texas Medical Center," she continues.

Here's what 2023 can expect from these two program's cohorts.

TMCi HealthTech Accelerator

The six-month, twice annual HealthTech Accelerator — originally launched in 2014 with over 225 alumni companies — focuses on digital health and medical device startups. The spring cohort are addressing solutions across maternal medicine, mental health, diagnostics, patient experience, and artificial intelligence.

"Uniting talented professionals from across the globe provides a unique opportunity for innovation, creativity, and development in diverse areas of expertise," says Devin Dunn, head of the Accelerator for Healthtech at TMCi, in the release. "Our tailored program maximizes participants' experiences while determining the best match between these companies and Texas Medical Center’s network."

The cohort was selected following a November bootcamp that introduced potential startup members to the TMC and the Houston health care community.

The following companies will join the TMC this month:

Based in Roseville, Minneapolis, Bloom Standard is deploying the first self-driving pediatric ultrasound to earlier diagnose heart and lung conditions in primary care, remote and under-resourced settings.
San Francisco-based Ejenta automates remote monitoring and care using AI technology exclusively licensed from NASA. “Intelligent agents” learn from connected devices, claims and EMR data to monitor patients, predict health and to provide automated support for patients and automated workflow for clinicians.
Kintsugi, based in Berkley, California, is on a mission to see mental health more clearly by developing novel voice biomarker infrastructure to detect signs of depression and anxiety from short clips of free-form speech.
San Francisco-based Lana Health is modernizing patient experiences, across the care continuum with an end-to-end, scalable platform, enabling frictionless care transitions, high patient satisfaction, and better clinical outcomes.
Liberate Medical, from Crestwood, Kentucky, improves outcomes for mechanically ventilated patients using its breakthrough, non-invasive, respiratory muscle-protective, neurostimulation device, VentFree.
Limbix, headquartered in Palo Alto, has a mission to improve mental health with accessible technology.
Nua Surgical, from Galway, Ireland, Nua Surgical is an award-winning Irish start-up dedicated to innovating in women’s health.
Houston-based Prana Thoracic is developing solutions for the detection and intervention of early-stage lung cancer.

Accelerator for Cancer Therapeutics

The TMC has announced the 21 researchers and companies tapped to join the 2023 Accelerator for Cancer Therapeutics.

The nine-month program, funded by the Cancer Prevention and Research Institute of Texas in partnership with the Gulf Coast Consortia and the University of Texas Medical Branch, supports investigators and early-stage biotechnology companies with innovative solutions in cancer therapeutics. Participants will be mentored by a group of scientific, business, and innovation leaders to ultimately be positioned to apply for grants and pitch to investors and corporate partners to further the development of their innovative cancer solutions.

“For this third cohort, we focused on a strategic and extensive recruitment process, including the evaluation of 1,679 cancer research projects. From 56 applications, we selected 21 participants that will gain access to valuable resources, integrated training and mentorship to prepare for clinical trials,” says Ahmed AlRawi, program manager of Accelerator for Cancer Therapeutics, in the release. “Our 2023 cohort represents our most diverse cohort to date, including eight companies led by women entrepreneurs. We are excited to continue the momentum and build off the successes of our previous years.”

Forty-five participants have gone through the accelerator program since its launch in 2021, and collectively, the entrepreneurs have raised more than $90 million in funding and three projects are in the clinic.

The 2023 cohort participants are focused on a wide range of therapeutic assets, including small molecule, antibody, peptide/protein, cell therapy, and other. The 2023 cohort kicks off their nine-month program in January.

The participants include:

Dr. Amit K. Tripathi – UNT-Health Science Center
Dr. Darshan Gandhi (ImproveBio, LLC)
Dr. Frank McKeon (Tract Pharmaceutical) – University of Houston
Dr. Hemanta Baruah (Aakha Biologics)
Dr. Joshua Gruber – UT-Southwestern
Dr. Kyoji Tsuchikama – UT Health Science Center-Houston
Dr. Maralice Conacci Sorrell – UT-Southwestern
Dr. Michael Buszczak – UT-Southwestern
Dr. Nadezhda (Nadia) German -Texas Tech-Lubbock
Dr. Parsa Modareszadeh (HemePro Therapeutics) – UT-Dallas
Dr. Robert Kruse (HydroGene Therapeutics)
Dr. Xiang Zhang – Baylor College of Medicine
Dr. Youngwook Won (Singular Immune, Inc.)
Dr. Zhi-Ping Liu (Raphael Pharmaceutical LLC) – UT-Southwestern
Dr. Jonathan Arambula (InnovoTEX Inc.)
Dr. Isaac Chan – UT-Southwestern
Dr. Olga Granaturova (Ruptakine Inc.) – UT Health Science Center-Houston
Dr. Jim Song (Tranquility Biodesign) – Texas A&M-College Station
Dr. Rosa Selenia Guerra-Resendez (Quetzal Bio, LLC) – Rice University
Dr. Cassian Yee (Mongoose Bio, LLC) – UT-MD Anderson Cancer Center
Dr. Manjeet Rao (Niragen, Inc.) – UT Health Science Center-San Antonio

Three female-founded health tech startups won awards at this year's Ignite Healthcare's Fire Pitch Competition. Photo courtesy of Ignite

Houston health tech startup wins female-focused pitch competition

women in health care

For the fourth year, a Houston-based, female-focused health tech organization has spotlighted the industry's emerging technology entrepreneurs.

Earlier this month, Ignite Healthcare Network’s Accelerator Program hosted its seven women-led digital health startup finalists, narrowed down from over 330 startups, at its annual Fire Pitch Competition. The nonprofit is led by a group of women executives committed to shaping the future of health care.

“The fourth year of Ignite Health’s Accelerator Program has proved to attract more and more women founders of digital tech and med device startups from around the world,” says Ayse McCracken, Ignite's founder, in a news release.

According to McCracken, 22 applicants made it into the program, which launched earlier this year. A group of judges narrowed down that group to seven finalists, before announcing the top three companies for the competition.

Joanna Nathan, CEO of Houston-based Prana Thoracic, won the top award for her company. Stephanie Gravenor, founder of Denver-based Medecipher, and Liane Clamen, founder of Chestnut Hill, Massachusetts-based Adaptilens, won second and third, respectively.

The event doled out over $500,000 in total. Jay Goss, general partner of Wavemaker Three-Sixty Health, announced $100,000 investments into four finalists' companies. The finalists receiving this award are:

Pamela Bonnett, CEO of Denver-based Ultrasound AI
Christine Lum Lung, co-founder and CEO of Fort Collins, Colorado-based Origin Healthcare
Pamela Singh, co-founder and CEO of Houston-based CaseCTRL
Stephanie Gravenor, founder and CEO of Denver-based Medecipher

The partner organizations participating in this year's accelerator and event included Houston Methodist, Memorial Hermann Health System, Texas Children’s Hospital, Texas Children’s Pediatrics, The Menninger Clinic, HCA, Kindred Healthcare, Aetna, Texas Health Resources, Cook Children’s Hospital, TMC, Golden Seeds, Wavemaker 360 Health, Portfolia, Prosalus, 7Wire, Texas Halo Fund, Unity Point Ventures, and others.

“We are grateful for the support and generosity of our sponsors for helping to make this event possible,” says Cheryl Stavins, Ignite board member and co-chair of the event, in the news release. “Their support and involvement continue to ignite our mission and passion to ensure the success and recognition of women entrepreneurs in healthcare.”

Earlier in the day, Ignite Health hosted a new event called “Women Shaping the Future of Healthcare Luncheon." Eighty female executives, investors, founders, and community leaders gathered to hear from three of Ignite Health’s alumni founders: Somer Baburek, CEO of Hera Biotech, Dr. Liz Clayborne, CEO of Nasaclip, and Amanda Gorman, chief clinical officer of Nest Collaborative.

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Houston energy trailblazer Fervo closes $462 million Series E

Fresh Funds

Houston-based geothermal energy company Fervo Energy has closed an oversubscribed $462 million series E funding round, led by new investor B Capital.

“Fervo is setting the pace for the next era of clean, affordable, and reliable power in the U.S.,” Jeff Johnson, general partner at B Capital, said in a news release.

“With surging demand from AI and electrification, the grid urgently needs scalable, always-on solutions, and we believe enhanced geothermal energy is uniquely positioned to deliver. We’re proud to support a team with the technical leadership, commercial traction, and leading execution capabilities to bring the world’s largest next-generation geothermal project online and make 24/7 carbon-free power a reality.”

The financing reflects “strong market confidence in Fervo’s opportunity to make geothermal energy a cornerstone of the 24/7 carbon-free power future,” according to the company. The round also included participation from Google, a longtime Fervo Partner, and other new and returning investors like Devon Energy, Mitsui & Co., Ltd., Mitsubishi Heavy Industries and Centaurus Capital. Centaurus Capital also recently committed $75 million in preferred equity to support the construction of Cape Station Phase I, Fervo noted in the release.

The latest funding will support the continued buildout of Fervo’s Utah-based Cape Station development, which is slated to start delivering 100 MW of clean power to the grid beginning in 2026. Cape Station is expected to be the world's largest next-generation geothermal development, according to Fervo. The development of several other projects will also be included in the new round of funding.

“This funding sharpens our path from breakthrough technology to large-scale deployment at Cape Station and beyond,” Tim Latimer, CEO and co-founder of Fervo, added in the news release. “We’re building the clean, firm power fleet the next decade requires, and we’re doing it now.”

Fervo recently won Scaleup of the Year at the 2025 Houston Innovation Awards, and previously raised $205.6 million in capital to help finance the Cape Station earlier this year. The company fully contracted the project's capacity with the addition of a major power purchase agreement from Shell this spring. Fervo’s valuation has been estimated at $1.4 billion and includes investments and support from Bill Gates.

“This new investment makes one thing clear: the time for geothermal is now,” Latimer added in a LinkedIn post. “The world desperately needs new power sources, and with geothermal, that power is clean and reliable. We are ready to meet the moment, and thrilled to have so many great partners on board.”

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This article originally appeared on EnergyCapitalHTX.com.

Baylor center receives $10M NIH grant to continue rare disease research

NIH funding

Baylor College of Medicine’s Center for Precision Medicine Models received a $10 million, five-year grant from the National Institutes of Health last month that will allow it to continue its work studying rare genetic diseases.

The Center for Precision Medicine Models creates customized cell, fly and mouse models that mimic specific genetic variations found in patients, helping scientists to better understand how genetic changes cause disease and explore potential treatments.

The center was originally funded by an NIH grant, and its models have contributed to the discovery of several new rare disease genes and new symptoms caused by known disease genes. It hosts an online portal that allows physicians, families and advocacy groups to nominate genetic variants or rare diseases that need further investigation or new treatments.

Since its founding in 2020, it has received 156 disease/variant nominations, accepted 63 for modeling and produced more than 200 precision models, according to Baylor.

The center plans to use the latest round of funding to bring together more experts in rare disease research, animal modeling and bioinformatics, and to expand its focus and model more complex diseases.

Dr. Jason Heaney, associate professor in the Department of Molecular and Human Genetics at BCM, serves as the lead principal investigator of the center.

“The Department of Molecular and Human Genetics is uniquely equipped to bring together the diverse expertise needed to connect clinical human genetics, animal research and advanced bioinformatics tools,” Heaney added in the release. “This integration allows us to drive personalized medicine forward using precision animal models and to turn those discoveries into better care for patients.”

Houston institutions launch Project Metis to position region as global leader in brain health

brain trust

Leaders in Houston's health care and innovation sectors have joined the Center for Houston’s Future to launch an initiative that aims to make the Greater Houston Area "the global leader of brain health."

The multi-year Project Metis, named after the Greek goddess of wisdom and deep thought, will be led by the newly formed Rice Brain Institute, The University of Texas Medical Branch's Moody Brain Health Institute and Memorial Hermann’s comprehensive neurology care department. The initiative comes on the heels of Texas voters overwhelmingly approving a ballot measure to launch the $3 billion, state-funded Dementia Prevention and Research Institute of Texas (DPRIT).

According to organizers, initial plans for Project Metis include:

Creating working teams focused on brain health across all life stages, science and medical advances, and innovation and commercialization
Developing a regional Brain Health Index to track progress and equity
Implanting pilot projects in areas such as clinical care, education and workplace wellness
Sharing Houston’s progress and learnings at major international forums, including Davos and the UN General Assembly

The initiative will be chaired by:

Founding Chair: Dr. Jochen Reiser, President of UTMB and CEO of the UTMB Health System
Project Chair: Amy Dittmar, Howard R. Hughes Provost and Executive Vice President of Rice University
Project Chair: Dr. David L. Callender, President and CEO of Memorial Hermann Health System

The leaders will work with David Gow, Center for Houston’s Future president and CEO. Gow is the founder and chairman of Gow Media, InnovationMap's parent company.

“Now is exactly the right time for Project Metis and the Houston-Galveston Region is exactly the right place,” Gow said in a news release. “Texas voters, by approving the state-funded Dementia Prevention Institute, have shown a strong commitment to brain health, as scientific advances continue daily. The initiative aims to harness the Houston’s regions unique strengths: its concentration of leading medical and academic institutions, a vibrant innovation ecosystem, and a history of entrepreneurial leadership in health and life sciences.”

Lime Rock Resources, BP and The University of Texas MD Anderson Cancer Center served as early steering members for Project Metis. HKS, Houston Methodist and the American Psychiatric Association Foundation have also supported the project.

An estimated 460,000 Texans are living with dementia, according to the Alzheimer’s Association, and more than one million caregivers support them.

“Through our work, we see both the immense human toll of brain-related illness and the tremendous potential of early intervention, coordinated care and long-term prevention," Callender added in the release. "That’s why this bold new initiative matters so much."

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