Overheard: Houston experts weigh in on the future of tech in real estate

eavesdropping online

What's the future of real estate — and how have technology and the pandemic affected its trajectory? A panel of experts discuss. Photo via Getty Images

The residential and commercial real estate industries have both evolved drastically as new technologies have emerged and in light of the pandemic. But where does that leave renters, homeowners, Realtors, brokers, and everyone else?

A panel of experts looked into their crystal balls and tried to answer this question at a panel for Houston Tech Rodeo last week. They discussed diversity and inclusion, home buying and rental trends, post-pandemic office design, and more on the virtual panel moderated by Allen Thornton, CEO of Money For Your Mission.

To hit the highlights from the virtual panel, check out some overheard moments below. To stream the full broadcast, click here.

“We’re dealing with a different consumer. When you look at the largest pool of buyers of residential real estate — it’s millennials.”

— Bobby Bryant, CEO of Ask Doss. Bryant says these buyers want information than just pictures, square footage, and the school it's zoned to. They want to know about the neighborhood they will be a part of.

“Folks are realizing how much waste comes from buildings — the buildings we spend 90 percent of our time in.”

— Natalie Goodman, CEO of Incentifind. She adds that renters and homebuyers, as well as commercial tenants, are increasingly demanding more sustainable options. And the government will pay you to implement these things, Goodman says.

“Before the pandemic, there were already over 60 million freelancers across the country. If the pandemic has taught us anything, it’s that a whole lot more people than just that 60 million are capable of doing a really fantastic job of powering the economy from home."

— Reda Hicks, CEO of GotSpot. People are going to be using space differently, so it's about finding those needs and providing the right access to them.

“As human beings, we’ll be drawn to operating and cooperating with other people in environments that are conducive to collaborating and creativity. We’ll probably see innovation ecosystems transition their operational pieces to an online platform. … But we’ll just naturally want to engage with other humans again."

— Alexander Gras, managing director of The Cannon. Gras adds that the opportunity for in-person collisions is too important to us as humans.

“People are getting educated and educating themselves, and there’s more inclusion. That means more opportunities for individuals of color to invest in or own residential or commercial real estate.”

— Mark Erogbogbo, influencer at 40 Acre Plan. These emerging opportunities, he adds, need to continue.

“When you don’t need to go to a specific office every day and you can work anywhere, well then you can live anywhere.”

— Sebastien Long, CEO of Lodgeur. The pandemic changed how people regarded their housing. Many opted for more spacious rentals with backyards in less crowded areas. Americans don't have a much time off as Europeans, he adds, so they are rethinking how they work remotely.

“Residential real estate has to be the only industry that sells a product that it doesn’t service.”

— Bryant says, explaining how homebuying is one of the most expensive purchases in people's lives that they use for 8 years on average, yet it's a one-time transaction that also spans across many platforms. "The future of real estate brings everything together in one place."

“What CRE needs to think about if they are going to attract and retain tenants … then they need to think about resilience and build for more extreme weather. And that’s where incentives are going to spike.”

— Goodman adds, referencing the winter storm and the hurricanes Houston gets every season.

“For a very long time, (commercial real estate) has been an industry based on a 10-year lease. There are few people who are willing to take on that kind of relationship because that’s a decade, and nobody knows what’s going to happen tomorrow.”

— Hicks says about the challenge CRE owners face with finding new tenants.

Startups all over Houston and across industries are answering the call for tech solutions to COVID-19-caused issues from real estate and mental health to new software and services. Duy Do/Getty Images

9 Houston startups that are pivoting to provide COVID-19-related services

Startups to the rescue

From software to new services, several Houston startups are using this time of crisis to roll out new options for people living in the time of the COVID-19 crisis.

Last week, InnovationMap rounded up seven health tech startups providing health care solutions. This week, here are nine more startups that have reacted to the coronavirus with new tech solutions.

GotSpot

Reda Hicks, founder of GotSpot, has launched Rescue Spot to help out Houstonians dealing with the COVID crisis. Courtesy of GotSpot

Reda Hicks founded her company Gotspot — a digital tool that helps connect people with commercial space with people who need it — on the heels of Hurricane Harvey after seeing how hard it was for Houstonians to activate physical spaces in an emergency.

Now, in the face of another — albeit drastically different — situation, Hicks has created Rescue Spot to be that activation portal for specific COVID-19-related crisis needs.

"We are working with local community leaders to try to activate specific kind of space for emergency response," Hicks says in a Facebook interview with Bunker Labs, "so, restaurants turned into community kitchens, cold storage for perishables, storefronts that can be used as drive-by distribution centers, and places for people to house their pets while their owners are feeling overwhelmed and can't take care of their four-legged family members as well."

People with space or in need of a Rescue Spot can list their space or needs online.

SocialMama

Houston-based SocialMama uses its platform to connect mothers based on location, interests, and the things their children have in common. Courtesy of SocialMama

Houston-based SocialMama was founded in May of last year to connect mothers using machine learning that factors in vicinity, children's ages, shared motherly struggles, and more to create a support group digitally and socially. Now, the startup has sped up the release of a new feature so that users have more mental health resources during the pandemic.

Founder and CEO Amanda Ducach created SocialMama's expert program — an update to the app, which has been downloaded by over 15,000 users since launch — to connect moms to professionals specializing in everything from family medicine and mental health to career and personal safety. A portion of these experts join from Gravida, a post partum and return to work resource, according to a news release.

"Knowing someone is on the other side of the screen with a very similar story is truly comforting. The app considers all females, including those planning to become moms, those who are trying to conceive, those who have lost a child, etc. SocialMama is here for our community in a whole new way with the launch of our expert program," says Ducach in the release.

With mothers being tasked with educating and entertaining their children at home during the crisis on top of their regular jobs and duties, many are turning to SocialMama's online forum and app for support, ideas, and solidarity.

Accel Lifestyle

Accel's masks are made out of their specialty anti-bacteria fabric. Photo courtesy of Accel

While you might not usually think an activewear brand has anything to contribute to the fight against the coronavirus, you have to remember that Accel Lifestyle isn't a typical activewear brand. Founder Megan Eddings created the Prema® anti-bacterial fabric for an anti-stink feature in her clothing. That feature has another use: Preventing the spread of the disease.

Accel quickly pivoted her t-shirt-making supply chain to designing and sewing the masks. The reusable, washable masks are available online for individuals to purchase, but one Houston hospital system has made a huge purchase. Houston Methodist ordered 9,000 masks to be made for their hospital staff.

"The fact that a hospital system that is on the forefront of COVID-19 is choosing Accel Lifestyle to create PPE is profound and humbling," Eddings says in a press release. "I truly believe we're all in this together and we all have a role to play during this pandemic. If Accel Lifestyle can help flatten the curve in any way, then we're going to do it."

Predictive Solutions

A Houston startup has created a web tool for tracking the coronavirus. Pexels

Houston-based Predictive Solutions created a web application in March to give the residents of Harris County all the local information on COVID-19 in the palm of their hands — and now the tool has been expanded to the entire state.

The online map identifies nearby testing locations as well as indicates cases that have been self reported in the area. While not trying to be comprehensive, the website is trying to track trends with the disease.

"We developed the app to help streamline communication between the City of Houston, the healthcare community, aid organizations and Harris County residents, while mitigating the logistical nightmare of making sure presumed cases get tested," says Stewart Severino, co-founder and CEO of Predictive Solutions, in a news release. Read more.

Truss

Truss has modified its software to advance communications while hospitals are cracking down on visitors amid the coronavirus outbreak. Getty Images

Houston-based Truss usually focuses on digital community engagement, but Patrick Schneidau, CEO of the company, says he felt called to do something to help families separated due to strict emergency visitation rules at hospitals.

"You read all the stories of loved ones not being able to be together during this time," Schneidau, who is a member of InnovationMap's board, previously told InnovationMap. "That was the area we wanted to focus on."

Schneidau describes the software as a secure portal for small groups to interact via smart devices. Physicians can interface with family members via video chat or recorded messages, as well as answer any questions. Schneidau is looking for health care organizations to work with the technology so that patients and their doctors can have secure access to loved ones. Read more.

ChaiOne

Houston-based ChaiOne has launched a new tool that can help companies track supply chain delays resulting from COVID-19. Photo courtesy of ChaiOne

Houston-based ChaiOne recently announced the soft launch of its new software called Velostics — the "slack" for logistics that solves wait times and cash flow challenges in the supply chain and logistics industry. The digital logistics platform is set to aid the struggling supply chain as surging demands stretch suppliers, offering their platform free for 60 days.

"At ChaiOne we have a history of helping Houstonians whenever disaster strikes," says CEO and founder, Gaurav Khandelwal. "We created a disaster connect app during Hurricane Harvey for free that connected people with the resources they need. Velostics by pure happenstance happened to be ready for situations like [the coronavirus] when there's a lot of parties that need to collaborate."

Velostics results in an improved cash cycle for clients, cutting a 90-day settlement down to one day, along with an overhead reduction that reduces costs and improves output along with error reduction. The digital platform is specially engineered to reduce waste while keeping the supply chain running efficiently. Read more.

Umanity

Launched in Houston, Umanity's new tool aims to better connect nonprofits with supplies and volunteers amid the COVID-19 crisis. Photos via umanity.io

Umanity, which is a part of the Ion Smart and Resilient Cities Accelerator's first cohort, has created a philanthropic supply chain tool that's now available as an app or through desktop. The software can match and map local individual or nonprofit needs to organizations or volunteers, plus provide real-time analytics. During the coronavirus outbreak, they have mobilized its resources connecting supplies with nonprofits and volunteers with safe ways to help organizations that need it most during this crisis.

The company, which is working with several city of Houston officials to direct citizens the resources they need during the crisis, is creating a network of communities to efficiently provide them the resources they need. The centralized platform shows a complete picture of who needs help and who can help all on the same platform while measuring the real-time economic impact of donations and every volunteer hour.

"I started this company because I wanted to transition everyday acts of service into actual data-driven solutions," says Ryan-Alexander Thomas, CEO and founder of Umanity. "My goal is that during the next crisis, for example, hurricane season, if somebody needs something they have access to get it when they need it, not two years later or after the crisis." Read more.

Otso

Houston small businesses are struggling to pay their rent with doors closed and operations ceased — but where should the relief come from? Getty Images

When Josh Feinberg had the idea for his newest startup, Otso, he was hoping to remove the pointless burden of cash deposits required for new commercial and retail leases. But as the coronavirus pandemic began enacting stay-at-home mandates that forced small businesses to close their physical spaces, he had another idea.

Otso, with its financial partner Euler Hermes, provides landlords with an alternative to cash security deposits. While he first envisioned this tool for new leases, Feinberg created a system so that local businesses that are struggling to pay their rent can opt into this type of contract through an addendum to the lease. They can get back their cash deposits and use that capital now when times are tough.

"If we can get some liquidity back into the hands of the business, they have some a better chance of survival," Feinberg previously told InnovationMap.

Tenants or landlords can begin the process online. Feinberg recently joined the Houston Innovators Podcast to discuss the unprecedented state of commercial real estate and offer his advice for business owners. Click here to listen.

Spruce

Houston-founded Spruce has added some new services to help sanitize multifamily facilities during the COVID-19 pandemic. Getty Images

Houston-founded, Austin-based Spruce, which has an office locally, has launched a new suite of services for disinfecting common areas — like leasing offices, hallways, mail rooms, etc. — using EPA-compliant chemicals.

"Now, more than ever, it is critical for apartment communities to make sure their common areas are regularly decontaminated and disinfected to help slow the spread of the coronavirus and to prevent as many infections as possible," says Ben Johnson, founder and CEO of Spruce, in a statement.

The services include a weekly disinfectant of high-touch spots — like door handles and elevator buttons — as well as a weekly comprehensive cleaning that involves mopping, surface cleaning, and vacuuming. The startup also offers a bimonthly fogging service that can completely cover both indoor and outdoor areas with disinfectant. This solution can protect surfaces for months, according to the news release.

"This is an unprecedented public health crisis, and we worked closely with our clients to determine the biggest need and hope these services will give apartment communities one more weapon to use in the fight against COVID-19 and will help give both operators and their residents peace of mind," Johnson continues in the release. Read more.

SXSW was canceled this year due to the rising threat of COVID19, aka the coronavirus, but these events are still ones to check out if you are still planning on attending. Marie Ketring/via sxsw.org

The show must go on with these SXSW-related events in Houston and Austin

Texas strong

With SXSW canceled — and now the Houston Livestock Show and Rodeo has followed suit — and Austin and Houston entrepreneurs are reeling from the loss of networking, pitch competitions, and business opportunities. But unaffiliated organizations are trying to keep some of the spirit of SXSW alive in both Texas cities and online.

"Coronavirus dropped an economic bomb on Austin, and we are trying to triage the scraps," says Marc Nathan, vice president of client strategy at Egan Nelson, an Austin-based, startup-focused law firm.

The economic impact of SXSW 2019 was reported by the organization to have been over $350 million, and, even assuming this year's festival was on par with that, the city of Austin has lost more than that — from the affect on restaurants, lodging, and more. At this point, refunds are not being given out to badge holders.

Additionally, the organization itself is hurting. The 10-day festival has a year-round staff of over 150 people, and SXSW has recently laid off around 30 percent of those employees. Nathan, who says he highly suspects the organization will have to look into restructuring or even bankruptcy, also notes the cancelation will hurt individuals in a way that's not so easy to track.

"This did affect individuals," Nathan says. "Yes, the big brands were hurt and lost a lot of money, but it's not about them. It's about the little guys — the startups that wanted to launch, the bands that wanted to play, or the films that were selected for the contest. It's all the people who use SXSW as a platform, and that platform just disintegrated."

A group of scrappy Austinites have banded together to create Rally Austin and are putting together resources and events online for those still coming into the city and are looking to network responsibly. A few events are also taking place digitally. Here's a list of events to attend, and keep an eye on Rally Austin for any last-minute updates.

Houston-based WatchHerWork's Female Founders Day (March 12 in Austin)

Two Houston female founders — Reda Hicks and Denise Hamilton — saw an opportunity to make SXSW more female friendly, and that's what they've done by introducing this new unofficial SXSW event. Click here for more.

Hicks recently joined the Houston Innovators Podcast to discuss the opportunity. Click here to listen.

SoFin @ SXSW 2020 (March 13 in Austin)

Focused on fintech solutions, SoFin will go on as planned and will feature Houston-based iownit.us, a blockchain-enabled investment platform. Click here for more info.

The Austin Tech Happy Hour will also still be held on Friday, March 13, in Austin. Click here for more info.

Houston-based Hatch Pitch Competition (March 16 hosted online)

The annual pitch competition, which is usually streamed online, will switch to completely online only. Click here for more info.

Hatch Pitch is also expected to host a Houston-based, cybersecurity-focused competition next month. Click here to read more.

OpenCoffee Club (March 16 in Austin)

Open Coffee Club, a monthly networking opportunity, will continue as planned. Networking is encouraged, handshaking is not. Click here for more info.

Digital Pitch - An Alternative to SXSW2020 (March 17 hosted online)

Houston's Startup Grind has organized a digital pitch competition that will be hosted completely online. Click here for more info.

Startup of the Year Virtual Pitch Competition (March 17 hosted online)

The Established's annual pitch competition is going online, despite The Established House's physical location being canceled. A Houston-based company will still pitch and the competition has Houston judges involved as well. Click here for more info.

In honor of International Women's Day on Sunday, here are three female Houston innovators to know this week. Courtesy photos

3 female Houston innovators to know this week

Who's who

In honor of International Women's Day yesterday, today's roundup of Houston innovators features three of the city's entrepreneurs.

From a French ex-pat eliminating cellulite and promoting lymphatic health to a data scientist with a growing company, here are Houston's leading ladies to keep an eye on.

Reda Hicks, founder of GotSpot Inc.

Reda Hicks created GotSpot — a digital tool that helps connect people with commercial space with people who need it. Courtesy of GotSpot

Reda Hicks is a female founder — but more importantly, she supports her fellow female founders. In a lot of ways, its another one of Hicks' side hustles.

This year for SXSW, Hicks, founder of GotSpot — a temporary space finding tool, teamed up with Denise Hamilton, founder of WatchHerWork — a professional women's resource, to create an activation at the festival on March 12 called Texas Female Founders Day, which will feature female founder-focused programming. Despite SXSW being canceled, Texas Female Founders Day will continue.

"The two of us had been to SXSW together for the past two years, and we just saw a whole where a lot of female founders were being lost," Hicks says on this week's episode of the Houston Innovators Podcast. "We can solve both of those problems by creating an experience where it's an entire day that doesn't cost attendees anything and put together a lot of different content that would be really helpful for women growing their business."

Click here to read more.

Angela Wilkins, CTO and co-CEO of Mercury Data Science

It's all a numbers game, and Angela Wilkins of Mercury Data Science is about setting up startups for success. Photo courtesy of MDS

Mercury Fund realized the power of equipping its portfolio companies with data science and artificial intelligence, and the Houston VC fund's first move was to tap data scientist Angela Wilkins to help. The efforts expanded outside Mercury's portfolio, to companies that ranged from early seed stage startups to companies that had raised over $100 million — and they wanted Wilkins' help, either with the basics of data science or execution of analytics.

"In fact, many of the more established companies were sitting on data assets with plans to build AI-enabled products but didn't have the time or people to really start that process," Wilkins says. "After helping a few companies, we realized the need was pretty deep, and bigger than the Mercury Fund portfolio."

Click here to read more.

Emeline Kuhner-Stout, founder of Élastique Athletics

Emeline Kuhner-Stout, founder of Élastique Athletics, wanted to create a product that was easy to wear and benefitted lymphatic health. Photo courtesy of Élastique Athletics

When Emeline Kuhner-Stout was new to Houston, she was a new mom and the only times she had for herself were her daily trips to the gym, and she wanted to make it worth her while.

"There were so many more things I wanted to do for myself, and I just didn't have the time," Kuhner-Stout tells InnovationMap. "It would be so much more efficient if there was a way to combine [elements] to make products that would perform for us."

She got to thinking about creating a product that promoted lymphatic health while being stylish and wearable, so she created Élastique Athletics.

Click here to read more.

Reda Hicks, founder of GotSpot — a digital tool that helps connect people with commercial space with people who need it, is looking to advocate for Texas female founders at SXSW. Courtesy of GotSpot

Houston entrepreneur plans to bring female founders to the forefront of SXSW this year

HOUSTON INNOVATORS PODCAST EPISODE 21

During the past two years of SXSW, Reda Hicks — along with Denise Hamilton, a fellow female founder — observed that the festival isn't optimized for female founders. Whether it's not accessible financially or just not creating programming that women are interested in, Hicks saw an opportunity.

"The two of us had been to SXSW together for the past two years, and we just saw a whole where a lot of female founders were being lost," Hicks says on this week's episode of the Houston Innovators Podcast. "We can solve both of those problems by creating an experience where it's an entire day that doesn't cost attendees anything and put together a lot of different content that would be really helpful for women growing their business."

Hicks, founder of GotSpot — a temporary space finding tool, teamed up with Hamilton, founder of WatchHerWork — a professional women's resource, to do just that. They have created an activation at SXSW on March 12 called Texas Female Founders Day, which will feature female founder-focused programming.

Thanks to a partnership with Ford Motors, the group will also be selecting a couple lucky female entrepreneurs to sponsor their stay and passes into SXSW. The process has been exciting to Hicks and indicative that Hicks and Hamilton aren't the only ones who have sought out a female founder focus at SXSW — or across Texas.

"What I hope is that it's the first of many similar collaborations," Hicks says. "We have such amazing power among the women in this state and we need to be working together on these kind of things."

Hicks discusses the partnership and her tips for entrepreneurs making the most of SXSW on the Houston Innovators Podcast. Plus, she shares updates and successes for GotSpot. Listen to the full episode below — or wherever you get your podcasts — and subscribe for weekly episodes.


Looking into venture capital deal growth, new coworking coming to town, and more Houston innovation news. Getty Images

Houston's spike in VC deals, accelerator acquired, new coworking, and more innovation news

Short stories

Houston has seen some big headlines this month when it comes to innovation news — and you could have missed something.

From a report on venture capital funding last year and new coworking coming to town to a Houston investor selling her accelerator company, here's the latest batch of short stories in Houston innovation.

Houston sees spike in venture capital deals in 2019

Houston saw more venture capital funding in 2019 compared to 2018. Chart via crunchbase.com

Overall, 2019 was a good one for Texas venture capital deals. Austin had a record turnout of money invested in startups. Austin companies raised over $1.8 billion, which put the state capitol in the top 10 cities based on money raised, according to a report by Crunchbase.

And this Texas VC roundup on Crunchbase focused a lot of the Austin funding and didn't harp too much on the other Texas cities. But Houston's numbers are also record breaking. The Bayou City raised nearly $400 million last year — with the bulk of that being recorded in Q2 of 2019.

Houston's recorded $399.6 million in VC deals surpasses 2018's recorded funding by almost $20 million, but if you look at PitchBook and the National Venture Capital Association's data, the amount is higher. According to Pitchbook, the total funding raised in 2019 in Houston deals surprasses $600 million across 98 deals.

Houston investor-founded accelerator acquired

Houston investor ​Diana Murakhovskaya has sold her New York-based accelerator program. ​Photo courtesy of The Artemis Fund

New York-based Monarq Incubator, a venture capital-focused accelerator program for women, has been acquired by Female Founders Alliance. Monarq was co-founded by Diana Murakhovskaya, one of the three co-founders of Houston-based, female-focused The Artemis Fund.

Since its founding in 2017, Monarq accelerated 32 companies that have then gone on to raise more than $10 million in venture capital. The combined company, according to a news release, now represents the largest network of women and non-binary venture-scalable founders.

"FFA and Monarq share more than just a mission – we share founder DNA," says Leslie Feinzaig, CEO of Female Founders Alliance, in the release. "Our two communities and accelerator programs were built by women founders, for women founders. We are uniquely able to build programming that accelerates the success of women in our space, and now along with founder cred, we have scale and a national footprint. I am so excited for what we can achieve in this next stage of FFA."

The acquisition means a heightened focus on The Artemis Fund for Murakhovskaya.

"Now that I am full time focused on raising and investing with Artemis, it's great to know that our community and founders will have a home and provide us with a great source of deal flow," she says in an email to InnovationMap.

A new coworking company to enter Houston with Galleria-area office

New Galleria-area coworking is coming later this year. Photo via serendipitylabs.com

Serendipity Labs Coworking, which has over 100 coworking spaces across the United States and United Kingdom, announced its plans to enter six new markets this year. Houston is among the new locations for the coworking company.

Expected top open in the fall, the Houston coworking space will be a 28,331-square-foot space on the 20th floor of the Marathon Oil Tower at 5555 San Felipe St. in the Galleria area. According to the release, Cameron Coworking, a division of Cameron Management, will be the development partner for the Houston market.

"By partnering with asset owners of office, retail and residential buildings and then managing the Labs, we bring our operational expertise and marketing power, and we assure the upscale service standards of one of the top national flexible workplace networks will be met at every location," says John Arenas, chairman and CEO of Serendipity Labs, in a news release.

MassChallenge Texas opens applications for second cohort

Applications are open for MassChallenge Texas' second Houston cohort. Courtesy of MassChallenge

At an event on January 29 in both Houston and Austin, MassChallenge Texas opened applications for its 2020 cohorts

The 4-month accelerator program is set to begin in June and online applications close March 9. Prizes include six months of free office space and up to $250,000 in equity free investment. Click here for more information.

Houston entrepreneur named to 2020 class of Presidential Leadership Scholars

Houston startup founder, Reda Hicks, has been named a Presidential Leadership Scholar. Photo via presidentialleadershipscholars.org

For this sixth year, the Presidential Leadership Scholars announced its class of veterans, educators, physicians, public servants, and corporate professionals to participate in the program. Reda Hicks, founder of GotSpot was named as one of the 60 scholars. The program began this week in Washington D.C..

"I cannot wait to work with, and learn from, these exceptional leaders," Hicks shares on LinkedIn. "And through the program, I will be working on RescueSpot, a community resiliency application of GotSpot Inc."

Another Houstonian was selected too — Ganesh Betanabhatla, who is the managing partner and chief investment officer at Ramas Capital Management.

Ion Smart Cities Accelerator opens applications for second cohort

Aatonomy, a member of the first cohort, walked away with a cash prize at Demo Day. F. Carter Smith/Station Houston

The second cohort for the Ion Smart Cities Accelerator Program has opened applications online. The first cohort, focused on resilience and mobility, is currently in pilot mode. Cohort II will be focused on water purification/quality, air quality, and clean technology.

The applications will close on Monday, February 17, and startups that are selected will be notified the week of March 2.

The program, which was announced in June, is backed by Microsoft and Intel and named its first cohort last fall. The demo day for the first cohort took place last month. The accelerator has its own space and prototyping lab in downtown Houston, which opened in September.

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New Houston biotech co. lands $30M for pulmonary fibrosis drug

drug money

Most of us can claim a scar or two on our bodies. But when scarring develops inside the body, it’s known as a fibrotic disorder. A freshly launched Houston company, Oorja Bio Inc., is working on a treatment that can help to repair cells and reduce the damage wrought by the growth of fibrotic tissue in patients.

Late last month, Oorja Bio hit the scene with a pair of big announcements. Not only has the company raised a $30 million Series A thanks to founding investor California-based Westlake BioPartners, but it has also already paved the way for a Phase 2 study to take place this year.

Oorja Bio received Investigational New Drug (IND) clearance from the U.S. Food and Drug Administration (FDA), allowing the company to test its treatment in patients with idiopathic pulmonary fibrosis (IPF), a scarring of the lung tissue. IPF affects more than 150,000 adults in the United States and can result in a range of symptoms from shortness of breath to organ failure and death as it progresses.

Oorja Bio’s lead drug candidate, ORJ-001, was shown in a Phase 1 in-human trial to demonstrate “therapeutically relevant exposure and favorable tolerability” in 64 healthy adult volunteers in whom it was administered daily or weekly, according to a news release. Pre-clinical studies of ORJ-001 showed durable target tissue engagement and biomarker activity in bleomycin-induced lung fibrosis.

Administered subcutaneously, ORJ-001 is intended to improve and even restore function in cells that can reduce the signaling that causes IPF. It stops advancement of IPF and also allows for tissue repair. Currently available treatments for the disease can slow the development of IPF down, but do not address the declining lung function that’s inherent in its progression.

“The clinical and preclinical results from our studies to date give us confidence that ORJ-001 represents a novel treatment approach with the potential to repair and reverse fibrosis and modify disease progression in IPF,” Dr. Janethe Pena, CMO of Oorja Bio, said in the release.

“Our team is energized to deliver on our goal of redefining the future of fibrotic diseases, beginning with ORJ-001,” CEO and founder Sujay Kango added. “As we advance ORJ-001 in the clinic, we are embracing the paradigm shift in our biological understanding of IPF pathology that aligns with the central role of the alveolar epithelium. ORJ-001 was designed with this biology in mind and may provide, for the first time, a therapeutic intervention that repairs and reverses fibrosis and promotes disease modification.”

Most patients live only three to five years following their IPF diagnosis. Soon, ORJ-001 and Oorja Bio could give them a fighting chance.

Axiom Space tops $525M in oversubscribed round, announces Swiss subsidiary

funding boost

Axiom Space tacked on an additional $175 million to a previously announced capital raise, bringing the oversubscribed round to a total of more than $525 million.

Axiom shared in February that it had secured $350 million in a financing round led by Type One Ventures and Qatar Investment Authority. In the latest release from the company, Axiom reports that Japan-based MUFG Bank Ltd. joined the round as a new investor, in addition to continued participation from existing backers.

The funding will go toward developing the company's commercial space station, known as Axiom Station, and the production of its Axiom Extravehicular Mobility Unit (AxEMU) under its NASA spacesuit contract.

“Investor interest in this round outpaced what we set out to raise, which speaks to the moment we’re in,” Jonathan Cirtain, CEO and president of Axiom Space, said in the news release. “Our partners see what is possible in low-Earth orbit, and they see who is positioned to lead it.”

Axiom announced last month that it planned to open a Japanese subsidiary July 1. Earlier this week, it also shared plans to establish Axiom Space Switzerland, a wholly owned subsidiary based in Lucerne that is also expected to begin operations this summer.

The Switzerland subsidiary aims to establish Axiom's presence in Europe and help it partner with the European Space Agency and other space organizations and companies on the continent.

“Europe is a founding leader in the creation of the commercial space economy, and Switzerland is uniquely positioned to convene the government agencies, research institutions, and industrial entities that will shape its next decade,” Cirtain added in a separate release. “Axiom Space Switzerland facilitates the scaling of development and deployment of the infrastructure that will succeed the International Space Station.”

Texas cashes in among 10 best U.S. state economies in 2026 report

State Economics

A new study gauging the success or decline in economic performance in every state has revealed Texas' economy remains stable in 2026 after it dropped out of the top five to No. 8 last year.

Texas boasts the No. 8 best state economy in the U.S. this year, according to WalletHub's annual "Best & Worst State Economies" report. The personal finance website's analysts ranked all 50 states and the District of Columbia across 28 relevant metrics to measure each state's economic activity and health status, and its "innovation potential."

Notably, Texas leads the nation for the most exports per capita in the U.S. in a five-way tie with Louisiana, Kentucky, North Dakota, and Indiana. Across the study's three main categories, Texas ranked highly for its economic activity (No. 7) and economic health (No. 11), and the state's "innovation potential" rank is the 24th best in the nation.

This is how WalletHub ranked Texas' economic performance, where No. 1 is considered the best and No. 25 is considered average:
  • No. 6 – Change in non-farm payrolls
  • No. 8 – Change in GDP
  • No. 8 – Startup activity
  • No. 11 – Annual median household income
  • No. 18 – Government surplus/deficit per capita
  • No. 21 – Percentage of jobs in high-tech industries
  • No. 30 – Unemployment rate
WalletHub previously ranked Texas one of the top three states to start a business in 2026, with Houston earning its own entrepreneurial acclaim in separate rankings of the best big cities for new businesses and for starting a career.

"U.S. economic growth depends heavily on the performance of individual states, and some contribute more than others," the report's author wrote. "For example, California, Texas, New York and Florida have economies so large that if they were countries, they would rank in the top 20 in the world."

The five states with the worst state economies in 2026 are Rhode Island (No. 47), Maine (No. 48), Louisana (No. 49), Kentucky (No. 50), and West Virginia (No. 51).

The top 10 best state economies for 2026 are:

  • No. 1 – Massachusetts
  • No. 2 – Washington
  • No. 3 – Utah
  • No. 4 – California
  • No. 5 – Delaware
  • No. 6 – North Carolina
  • No. 7 – New York
  • No. 8 – Texas
  • No. 9 – Colorado
  • No. 10 – Florida

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This article originally appeared on CultureMap.com.

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