A Houston startup is making it easier to connect and manage the relationship between tech freelancers and businesses with software projects. Image via Pexels

With the gig economy continuing to grow — especially in light of the COVID-19-caused crisis and growing unemployment — a Houston startup has created a portal for companies to access technology-focused freelancers.

FreelancingTeams, co-founded by Raj Kal, allows companies to easily search and find tech professionals for projects — as well as manage that team throughout the work. On the other side of the table, the startup is allowing the country's growing population of freelancers a platform to get picked up for jobs.

"We are changing the way we look at team building," Kal says, noting that a huge percentage of freelancers struggle to find jobs with existing resources.

Not only does FreelancingTeams act as a marketplace for tech talent, but Kal says the platform allows for project management and payment processes. While there are other talent portals — like Fiverr and Upwork — this added capability sets the startups apart from its competition.

"People come in with an idea, and they can do it from start to finish," Kal says, explaining that users don't have to find separate tools to find their team, manage the project, and price and pay for the work.

FreelancingTeams is free for clients to list and staff their projects, and a 10 to 15 percent cut comes out of the freelancer side. However, there is an option for clients to upgrade to a paid subscription option for larger, more complex projects that require additional hands-on management resources from FreelancingTeams.

With its free option, FreelancingTeams has seen a lot of interest from startups looking to build there minimum viable product, or MVP.

"We are working with a lot of startups as a Station Houston partner," Kal says. "We are helping them get their MVP done, so that when they come to our platform, we can work with them to understand the requirements and connect them to their teams."

Betsy Furler, founder of For All Abilities, a Houston-based software company aims to help businesses support employees with ADHD, Dyslexia, learning differences, and Autism, recently used FreelancingTeams to staff her MVP development project. She says using the platform made it easy to manage and test the work the freelancers were doing.

"FreelancingTeams helped me build my MVP quickly and inexpensively," Furler says. "Their quote was much less expensive than the others [I received] and the work was fantastic. Because of the platform, I also spent more time thinking through what features were needed and how to prioritize them, rather than just giving a developer or project manager a list to complete."

Outside of affordably building tech for startups, the coronavirus has greatly affected the workforce with unemployment at a historic high. This has led to an increased interest in freelancing.

"A lot of people are unemployed and are looking for alternative options," Kal says. "Freelancing is a place where we are seeing large growth."

He says he's also observing an increased interest in freelancers from large companies and even retailers who need to upgrade their online presence.

"The COVID situation has brought more challenges to bigger businesses, and they are looking for cost-effective solutions as well," Kal says.

Kal is looking to grow FreelancingTeams, which might include fundraising in the future, he says. For now, the company has a low overhead and uses freelancers on its own site to develop its technology.

"The next step for us is to grow bigger in Houston and then around Texas," Kal says.

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Houston quantum energy chip startup emerges from stealth with $12M round

seed funding

Houston-based Casimir has emerged from stealth with a $12 million seed round to commercialize its quantum energy chip.

The round was led by Austin-based Scout Ventures. Lavrock Ventures, Cottonwood Technology, Capital Factory, American Deep Tech, and Tim Draper of Draper Associates also participated in the round. The oversubscribed round exceeded the company’s original $8 million target, according to a news release.

Casimir’s semiconductor chips can generate power from quantum vacuum fields without the need for batteries or charging. The company plans to commercialize its first-generation MicroSparc chip by 2028.

The MicroSparc chip measures 5 millimeters by 5 millimeters and is designed to produce 1.5 volts at 25 microamps, comparable to a small rechargeable battery, without degradation and no replacement cycle.

“Casimir represents exactly the kind of breakthrough dual-use technology Scout Ventures was built to back,” Brad Harrison, founder and managing partner at Scout Ventures, said in the release. “This is based on 100 years of science and we’re finally approaching a commercial product … We’re proud to lead this round and support Casimir’s journey from applied science to deployed technology.”

Casimir says it aims to scale its technology across the ”full power spectrum,” including large-scale energy systems that can power homes, commercial infrastructures and electric vehicles.

Casimir's scientific work has been supported by DARPA-funded nanofabrication research and its technology was incubated at the Limitless Space Institute (LSI). LSI is a nonprofit that works to innovate interstellar travel and was founded by Kam Ghaffarian. Technology investor and serial entrepreneur Ghaffarian has been behind companies like X-energy, Intuitive Machines, Axiom Space and Quantum Space.

Harold “Sonny” White, founder and CEO of Casimir, believes the technology can power devices for years without replacements.

“Millions of devices will operate for years without a battery ever needing to be replaced or recharged because we have engineered a customized Casimir cavity into hardware capable of producing persistent electrical power,” White added in the release. “I spent nearly two decades at NASA studying how we power humanity’s future. That work led me to the Casimir effect and the quantum vacuum, where new tools have allowed us to build on a century of scientific knowledge and bring abundant power to the world.”

Houston-based Fervo Energy bumps up IPO target to $1.82 billion

IPO update

Houston-based geothermal power company Fervo Energy is now eyeing an IPO that would raise $1.75 billion to $1.82 billion, up from the previous target of $1.33 billion.

In paperwork filed Monday, May 11 with the U.S. Securities and Exchange Commission, Fervo says it plans to sell 70 million shares of Class A common stock at $25 to $26 per share.

In addition, Fervo expects to grant underwriters 30-day options to buy up to 8.33 million additional shares of Class A common stock. This could raise nearly $200 million.

When it announced the IPO on May 4, Fervo aimed to sell 55.56 million shares at $21 to $24 per share, which would have raised $1.17 billion to $1.33 billion. The initial valuation target was $6.5 billion.

A date for the IPO hasn’t been scheduled. Fervo’s stock will be listed on Nasdaq under the ticker symbol FRVO.

Fervo, founded in 2017, has attracted about $1.5 billion in funding from investors such as Bill Gates-founded Breakthrough Energy Ventures, Google, Mitsubishi Heavy Industries, Devon Energy (which is moving its headquarters to Houston), Tesla co-founder JB Straubel, CalSTRS, Liberty Mutual Investments, AllianceBernstein, JPMorgan, Bank of America and Sumitomo Mitsui Trust Bank.

Fervo’s marquee project is Cape Station in Beaver County, Utah, the world’s largest EGS (enhanced geothermal system) project. The first phase will deliver 100 megawatts of baseload clean power, with the second phase adding another 400 megawatts. The site can accommodate 2 gigawatts of geothermal energy. Fervo holds more than 595,000 leased acres for potential expansion.

Cape Station has secured power purchase agreements for the entire 500-megawatt capacity. Customers include Houston-based Shell Energy North America and Southern California Edison.

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This article originally appeared on our sister site, EnergyCapitalHTX.com.