following the money
Houston startups are keeping pace when it comes to venture capital raised this year. In this roundup of funding closed in the second quarter, Houston businesses across sectors and industries close significant rounds from seed to series C.
Eleven startups raised over $222 million last quarter, according to InnovationMap reporting, which is more than in the first and second quarters. In chronological order, here's what companies snagged fresh funding recently.
Revterra Corp. closed a $6 million series A round led by Equinor Ventures. Photo courtesy of Revterra
Houston-based tech company Revterra Corp. has picked up $6 million in a series A funding round to propel development of its battery for electric vehicle charging stations.
Norway’s Equinor Ventures led the round, with participation from Houston-based SCF Ventures. Previously, Revterra raised nearly $500,000 through a combination of angel investments and a National Science Foundation grant.
Revterra says its kinetic flywheel battery enables quick, simple, cost-effective installation of high-powered DC chargers for electric vehicles. The technology eases the burden placed on electrical grids, the company says. Continue reading.
Topl's latest fundraising round includes participation from a Houston investor as well as international partners. Image via Getty Images
A blockchain technology company that was founded out of Rice University has closed its latest round of funding.
Founded in 2017, Topl is a blockchain-as-a-service company that's developing a purpose-built blockchain ecosystem to empower impact and sustainability within its userbase of businesses. The company's $15 million series A round was co-led by Houston-based Mercury, Republic Asia, and Malta-based Cryptology Asset Group.
“Topl’s blockchain was purpose built to power the next wave of supply chains and markets, that are more sustainable and inclusive,” says Chris Georgen, founder and managing director of Topl, in a news release. “Every decision we’ve made has been relentlessly focused on this problem and it’s exciting to see this approach yielding results with more than 30 different impact-forward use cases already live or approaching launch." Continue reading.
Madison Long, left, and Simone May co-founded Clutch to democratize side gig success on college campuses. Photo courtesy of Clutch
Two Houstonians on a mission to enable safe and equitable entrepreneurship on college campuses have launched a new beta platform and closed pre-seed funding.
Clutch, a digital marketplace startup founded by Simone May and Madison Long, closed its pre-seed round of funding at $1.2 million – led by Precursor Ventures and other partners such as Capital Factory and HearstLab. The investment from this round will support Clutch’s national open beta launch of its platform for brands and student creators nationwide and its continued investment in customer and product strategy.
“We are at this inflection point where marketing is changing,” May says in a press release. “We know that the next generation can clearly see that and I think a lot of marketing agencies are starting to catch on. We need to be prioritizing the next generation’s opinion because they are driving who is interested in what they buy. This upcoming generation does not want to be sold to and they don’t like inorganic, inauthentic advertisements. That’s why user generated content is so big, it feels authentic.” Continue reading.
Utility Global, a Houston-based sustainable hydrogen company, has closed its series B round of funding to the tune of $25 million, Axios reports.
Houston-based private equity firm Ara Partners led the round. Other participating investors included: Samsung Ventures, NOVA, and Aramco.
Utility Global, founded in 2018, has developed a clean hydrogen solution. The proprietary tech — called the eXERO Technology Platform — includes a zero electricity process that converts sustainable waste streams into high-purity hydrogen. Additionally, the company developed its H2Gen Product Line that delivers customers reliable, low carbon, and high purity hydrogen, which offers unparalleled feedstock flexibility and highly competitive economics. Continue reading.
Houston-based Data Gumbo, an industrial blockchain-software-as-a-service company, announced that its latest round or funding. Photo courtesy of Data Gumbo
Data Gumbo, a Houston-based tech startup, has picked up $4 million in a series C round from the venture capital arms of foreign energy companies Saudi Aramco and Equinor.
The funding for Data Gumbo came from Saudi Aramco Energy Ventures, the VC subsidiary of government-owned oil and natural gas giant Saudi Aramco, and Equinor Technology Ventures, the VC subsidiary of Norwegian energy operator Equinor. The U.S. headquarters for both Saudi Aramco and Equinor are in Houston. Continue reading.
The future of geothermal energy is here — and just got a big payday. Photo via Getty Images
Houston-based startup Fervo Energy has picked up $138 million in funding to propel its creation and operation of carbon-free power plants fueled by geothermal energy.
Fervos says the series C round will help it complete power plants in Nevada and Utah and evaluate new projects in California, Idaho, Oregon, Colorado, and New Mexico, as well as in other countries.
California-based investment firm DCVC led the round, with participation from six new investors. Continue reading.
Tradeblock's three co-founders have known each other since childhood. Photo via tradeblock.us
A Houston-based company is kicking it with some fresh funding with plans to expand development of its marketplace platform.
Unique sneaker trading platform, Tradeblock, has raised $8.9 million in funding from investment partners Courtside VC, Trinity Ventures, and Concrete Rose Capital. Per the news release, the company expects additional funding of around $4.5 million to its seed round.
Tradeblock — founded in 2020 by self-proclaimed "sneakerheads" and childhood friends Mbiyimoh Ghogomu, Tony Malveaux, and Darren Smith — will use the fresh funding to expand and improve its digital marketplace for shoes. Continue reading.
Optellum, which has its United States operations based in the TMC Innovation Institute, has raised fresh funding. Photo via Getty Images
A Oxford-based health tech startup that has its United States headquarters in Houston has announced the close of its series A round of funding.
Optellum, which has created a breakthrough AI platform to diagnose and treat early-stage lung cancer, has raised $14 million in a series A funding round. The round was led by United Kingdom-based Mercia, with additional investors California-based Intuitive Ventures and New York-based Black Opal Ventures. Existing investors, including St John's College in the University of Oxford, IQ Capital, and the family office of Sir Martin & Lady Audrey Wood, also participated in the round, per a news release.
"Lung cancer is an urgent public health crisis and Optellum's groundbreaking approach utilizing AI to accelerate early detection and intervention may fundamentally alter the healthcare community's approach to combating this disease," says Dr. Oliver Keown, managing director of Intuitive Ventures, in the release. "Optellum is uniquely positioned to align and provide considerable value to patients, providers, and payers alike. Intuitive Ventures is thrilled to provide our full arsenal of financial and strategic support to Optellum as we work towards a world of better outcomes for cancer patients." Continue reading.
BUCHA BIO has raised over $1 million to grow its team, build a new headquarters, and accelerate its go-to-market strategy. Image courtesy of BUCHA BIO
A Houston company that has created a plant-based material that can replace unsustainable conventional leathers and plastics has announced the close of its oversubscribed seed funding round.
BUCHA BIO announced it's raised $1.1 million in seed funding. The round included participation from existing partners New Climate Ventures, Lifely VC, and Beni VC, as well as from new partners Prithvi VC, Asymmetry VC, and investors from the Glasswall Syndicate, including Alwyn Capital, as well as Chris Zarou, CEO & Founder of Visionary Music Group and manager of multi-platinum Grammy-nominated rapper, Logic, the startup reports in a news release.
“I’m excited to back BUCHA BIO’s amazing early market traction," Zarou says in the release. "Their next-gen bio-based materials are game-changing, and their goals align with my personal vision for a more sustainable future within the entertainment industry and beyond.” Continue reading.
Codenotary's software enables tools for notarization and verification of the software development life cycle. Photo via Getty Images
A Houston software startup that raised $12.5 million earlier this year has announced additional funding of $6 million. Codenotary, whose technology helps secure software supply chains, closed its series B round in January. The fresh funding brings the company's total investment raised to $24 million — thanks to investors Bluwat and Elaia.leaders and following a series A round that was announced in 2020.
Codenotary, formerly known as vChain, was founded in 2018 by CEO Moshe Bar and CTO Dennis Zimmer. The additional capital, which will go towards scaling up sales in the U.S. and Europe as well as entering the Asian market, was raised as an extension of the series B round. Continue reading.
VR training startup, HTX Labs, has raised funding from an outside investor for the first time. Courtesy of HTX Labs
HTX Labs, a Houston-based company that designs extended reality training for military and business purposes, announced last week that it has raised its first outside capital.
The company has received a $3.2 million investment from Cypress Growth Capital. Founded in 2017, HTX Labs — developer of the EMPACT Immersive Learning Platform — has been granted funding from the Department of Defense as well as grown its client base of commercial Enterprises. The platform uses virtual and extended reality that "enables organizations to rapidly create, deploy, measure, and sustain cost-effective, secure, and centralized immersive training programs, all within engaging, fully interactive virtual environments," per a news release.
“We have been looking to secure outside capital to accelerate the growth of our EMPACT platform and customer base but we hadn’t found the right partner who provided an investment vehicle that matched our needs,“ says HTX Labs CEO Scott Schneider in the release. Continue reading.