Houston's fund of funds expands its portfolio and team after reaching benchmark with local investment

money moves

The HX Venture Fund reached a proof point of its model — one that arrived much earlier than expected. Getty Images

When a Houston software startup closed a $17 million series B funding round, it was a big win for more than just the startup. Not only was the deal among the few Houston venture capital deals to happen amid the COVID-19 outbreak, but it represented a proof of concept for Houston's fund of funds.

The HX Venture Fund was founded in October of 2018 to encourage investment into local startups by raising corporate funds and investing into a portfolio of non-Houston venture capital funds that show an interest in Houston. HXVF hit a milestone last month when Liongard, a software-as-a-service company based in Houston, closed its fundraising round led by Updata Partners — one of HXVF's portfolio funds.

To date, the HXVF has reviewed over 150 venture capital funds and invested in eight: Austin-based LiveOak Venture Partners and Next Coast Ventures, Washington D.C.-based Updata Partners, Chicago-based Baird Capital, San Francisco-based VenBio, and Boston-based .406 Ventures, OpenView Venture Partners, and Material Impact Fund. Since each investment, those funds have invested in over 30 startups that are also included in the greater HXVF portfolio.

These HXVF portfolio funds represent various stages — from seed to growth stages, like Liongard — and across industries, from software and hardware to life sciences — "the whole gamut," says Sandy Guitar, managing director of HXVF.

"What that means now is there is over $2 billion of venture capital that actively has Houston on its radar right now," Guitar tells InnovationMap.

The Liongard investment represents a proof point for the fund of funds — one that comes earlier than expected. HXVF invested in Updata less than six months before Liongard closed its round with Updata's lead investment. Guitar says she expected to get to this milestone within 18 to 24 months of the fund of funds deploying capital — and it's happened in just nine months.

"You have this trickle down effect, where it can easily take two to three years to get your capital at work," Guitar says, explaining that HXVF first has to raise funds from its corporate partners, then vet and invest in the VCs, and, finally, wait to see how those funds invest.

Of course, the pandemic has not exactly helped the growth of Houston's startup and venture capital sectors. While COVID-19 has allowed growth in some sectors — telemedicine, for instance — it has limited the opportunities for startups to test the market.

"To build great startups, a startup has to do what I call 'run into walls.' They have to test the market, get it wrong, and pivot. The problem right now is there are no walls to run into," Guitar says. "You have to have an actively running economy and market for proof points of what's working and what's not working."

Meanwhile, Guitar observes, VC investors have limited their activity to their own networks due to the inability to meet face-to-face with unfamiliar startups. Comparing the VC-startup relationship to a marriage, you wouldn't meet and marry someone you've never met in person just like investors wouldn't fund an entrepreneur they have only ever met via Zoom.

"A lot of VCs are staying in their known networks in the short term," says Guitar, while, in the long term, VCs are going to rely on introductions to entrepreneurs from their network.

With this benchmark secured, HXVF is continuing to grow its portfolio — as well as its team. Recently, Guitar — who runs the fund with Guillermo Borda — brought on Houston native Aleece Hobson as venture partner.

"Aleece joining is a phenomenal step for us — a dedicated resource and venture partner on activation," says Guitar on the hire. "I think it speaks to the seriousness of purpose we have to make this not just an investment platform, but one that moves the needle on Houston."

Guitar says HXVF is also growing its limited partners with the addition of Rice University, which joins the likes of HEB, Shell, Chevron, and Houston Methodist — to name a few.

"We're going to be getting even closer to our limited partners' needs and introducing them to the 34 portfolio companies," Guitar says "and creating meaningful collisions between those two groups."

Aleece Hobson joined the HX Venture Fund as venture partner. Photo courtesy of HXVF
Pat Matthews of Active Capital visited Houston with a collaboration with the HX Venture Fund. Photo courtesy of Active Capital

Here's how a visiting venture capitalist explores Houston's startup ecosystem for the first time

a day in the life

When Houston Exponential established the HX Venture Fund, the goal was to bring out-of-town capital and investors into the city of Houston. The fund of funds invests in a portfolio of venture capital funds with the hope that those funds find a way back into the Houston startup ecosystem.

After a little over a year, HXVF has invested in five funds: Boston-based .406 Ventures, Austin-based Next Coast Ventures, Boston-based OpenView Venture Partners, Washington D.C.-based Updata Partners, and Austin-based LiveOak Venture Partners.

The fund of funds is also regularly hosting those five funds — as well as a mix of potential portfolio fund members — in Houston for what the HXVF calls "immersion days" where the venture capitalists can meet local startups, innovation leaders, and even fellow investors that they could eventually co-invest with.

"The goals of these days are to have venture capitalists travel to Houston, meet with our entrepreneurs (and the startup development organizations like Station, Cannon and WeWork that support them), and provide both capital and expertise in company building to the tech companies," says Sandy Guitar Wallis, managing partner at HXVF. "The venture capitalists also meet with HX Venture Fund corporate LPs, who can be customers or acquirers of their portfolio companies."

Just this month alone, HXVF is hosting four funds — two from their portfolio and two that they haven't yet invested in. San Antonio-based Active Capital, which has raised a $21 million fund, is among the visiting VCs this month. The fund's founder, Pat Matthews, an entrepreneur turned venture capitalist, has shared his busiest day — February 5 — as well as his perspective on Houston innovation with InnovationMap.

A morning too busy for breakfast

After waking up at the Hotel Derek, Matthews starts his second day in Houston by taking a Lyft to the Greater Houston Partnership for what he believes to be a breakfast meeting with Wallis and Guillermo Borda of HXVF, but the group has too much to discuss that a meal falls by the wayside.

Before this trip, Matthews hasn't visited Houston in a professional capacity. While Active Capital is based just down I10 in San Antonio, the firm's investments are split almost in half by deals done in Texas versus the rest of the world. Active Capital focuses on B2B SaaS investments — usually leading — in seed or series A rounds.

Matthews has called Texas home for around a decade. He founded an email marketing startup in Virginia, which was acquired by San Antonio-based Rackspace. He relocated to join Rackspace and worked on growing the organization for six years before creating Active Capital.

Following the meeting — still unfed, Matthews meets up with Serafina Lalany from Houston Exponential to carpool to The Cannon on the west side of town.

Loading up on carbs and fireside chats

Matthews forgoes his usual carb aversion to eat slices of Domino's pizza at The Cannon before beginning his first of three fireside chats with Houston innovators. Patrick Schneidau, CEO of Truss, leads the conversation at The Cannon. (Schneidau is a board member of InnovationMap's.) After the chat, Matthews has a meeting with a startup before heading back into town.

With one fireside chat down, Matthews heads into his second one of the day at Station Houston with Joe Alapat, founder of Liongard. Matthews observes that each of the entrepreneurs who interviewed him had great questions, and seemed to be far along with their companies. Meanwhile, any of the people he met before or after the chat seemed to be at a much earlier stage in their startup journey.

The last fireside chat was hosted by Rakesh Agrawal of Snapstream at WeWork's Jones Building location. Matthews and Agrawal attempted to set up a Facebook livestream for the conversation, but an issue with the technology wouldn't allow for the stream.

An evening of good food and great mentorship

With meetings and fireside chats done, Matthews heads straight to a dinner with Blair Garrou, founder and managing director of Mercury Fund. The two venture capitalists dine at Eunice and split several appetizers and a bottle of wine while discussing their own recent investments and interests. Matthews, who met Garrou in 2014, thinks of him as a great mentor in venture capital.

Matthews headed back to the hotel after dinner and crashes hard after the long day. He would head back to San Antonio on a Vonlane bus — he gets a lot of work done on his trips — the next day.

What's next for Active Capital and Houston?

Matthews says he left Houston with an overall positive opinion of the city, and says it's similar to other Texas cities, aside from Austin, in its startup presence and capacity. While he assumed he'd meet energy and space startups, he realized Houston had a lot more going on than that.

"It definitely seemed like there was a lot of passion and a lot of hustle," Matthews says. "And it seems like the city is really working to support and cultivate that and keep it in Houston. I was inspired."

Throughout the visit, Matthews handed out his business card and some conversations have developed from those connections, he says. Another representative from Active Capital who is focused on sourcing deals with startups will visit next, and Matthews says he also thinks that he'll return to Houston to continue conversations he's been having, including some with other investors.

"I could definitely see doing deals in Houston," Matthews tells InnovationMap.
This week's innovators to know are focused on bringing startup programming and venture capital to Houston. Courtesy photos

3 Houston innovators to know this week

who's who

This past week has been full of exciting innovation news in Houston — from big fundraising round closings to a new unicorn coming out of the Bayou City.

Houston innovators to know this week include a new program director for Houston's newest startup accelerator, a venture capital fund leader, and more.

Eléonore Cluzel, program director of gBETA Houston program as director

Courtesy of gBETA Houston

Houston's newest accelerator program, gBETA, named its new local leader. Eléonore Cluzel will lead the gBETA Houston program as director, and will be the point person for the program in the region for the two annual cohorts. Previously, Cluzel worked for Business France mentoring French startups and small businesses. In her new position, she says she's excited to support founders across all industries and foster innovation.

"We're adding another resource for local founders to grow their startups and to raise money, and not have to move to Silicon Valley to do it," she says. "We will also serve as a connector, introducing founders to mentors and investors within the community and across gener8tor broader network." Click here to read more.

Sandy Wallis, managing director of the HX Venture Fund

Courtesy of Sandy Wallis

After 20 years in the venture capital world, Sandy Guitar Wallis has seen the evolution of investing — on both coasts and here in Houston as well. Now, as managing director of the HX Venture Fund, Wallis leads the fund of funds that's investing in VCs around the country in order to bring investment to Houston.

"We have raised a fund of funds with the HX Venture Fund, and we're deploying that capital across probably 10 venture capital funds over time," Wallis explains on the most recent episode of the Houston Innovators Podcast. "Each one of those funds, will invest in 15 to 20 underlying private companies. So, at the end of the day, HX Venture Fund 1 will have exposure to 10 VC funds, as an example, and — by virtue of those investments — maybe 300 private companies." Click here to read more.

James Y. Lancaster, Texas branch manager for Arkansas-based VIC Technology Venture Development

Photo courtesy of VIC

Startups fail — and there are a number of reasons why that is. James Y. Lancaster, who serves as Texas branch manager for Arkansas-based VIC Technology Venture Development, writes in a guest column for InnovationMap about the second most common reason for startup failure: funding.

"A key part of the startup CEO's job is to understand how much total cash remains on hand and whether it is enough to carry the startup towards a milestone that can lead to successful financing as well as a positive cash flow," Lancaster writes. "Just as important is how to allocate their time and efforts to the fundraising process along the way." Click here to read more.

Sandy Wallis, managing director of the HX Venture Fund, has seen investing in Houston change over her 20-year career. Courtesy of Sandy Wallis

HX Venture Fund leader talks investment trends in Houston and plans for 2020

HOUSTON INNOVATORS PODCAST EPISODE 13

After 20 years in the venture capital world, Sandy Guitar Wallis has seen the evolution of investing — on both coasts and here in Houston as well.

Now, as managing director of the HX Venture Fund, Wallis is playing the long game. The fund of funds acts as a broker to other venture funds, raising money from limited partners and then strategically doling out investments to non-Houston venture funds, with the hope that those funds circle back into the Houston innovation ecosystem with a multiplier effect.

"We have raised a fund of funds with the HX Venture Fund, and we're deploying that capital across probably 10 venture capital funds over time," Wallis explains on the most recent episode of the Houston Innovators Podcast. "Each one of those funds, will invest in 15 to 20 underlying private companies. So, at the end of the day, HX Venture Fund 1 will have exposure to 10 VC funds, as an example, and — by virtue of those investments — maybe 300 private companies."

The HX Venture Fund is aiming to raise between $50 million and $70 million for its first fund. Last year, HXVF made six investments, and Wallis says she expects another three to five investments in 2020. Ultimately, Wallis says, HXVF is looking to get a wide range of of firms involved — from early stage to later, growth stages — as well as a diversity in industries of focus.

Beyond the money, HXVF is opening up the discussion on a national scale, with visiting VCs and potential investors.

"We are getting a lot of interest in coastal VCs who want to invest here," Wallis says on the podcast.

Wallis, who is a co-founder of Weathergage Capital, got her MBA at Northwestern University's Kellogg School of Management, but has been in Houston for most of her career — traveling to each coast for business. Wallis shares her expertise, discussing everything from why the IPO process has slowed to what startups need to know about venture capital.

Listen to the full episode below — or wherever you get your podcasts — and subscribe for weekly episodes.


This week's innovators to know are all female innovation leaders with big news. Courtesy photos

3 female Houston innovators to know this week

who's who

Three female innovators announced big news last week within the Houston innovation community. Two women joined the board of a local startup and one entrepreneur got into a national program with a big-name mentor.

Sandy Wallis and Gina Luna, board of directors members of Truss

Gina Luna and Sandy Wallis will both be key in moving forward Truss as new board members. Courtesy photos

Sandy Wallis and Gina Luna have been named members of the board of directors for Truss. Both women have been involved with Houston Exponential.

Wallis is the co-founder and managing director of Weathergage Capital and the managing director of the HX Venture Fund, and Luna is CEO of Luna Strategies and active member of several boards of directors. Luna also was the founding chairman for HX.

"Our new board members are leaders in the Houston technology and innovation community, and their joining the Truss team is a testament to our compelling mission and broader market potential," says Patrick Schneidau, CEO of Truss, in a news release. Schneidau is a member if InnovationMap's board of directors. Read more.

Megan Eddings, founder and CEO of Accel Lifestyle

Megan Eddings Accel Lifestyle

Megan Eddings wants her ethical and bacteria-resistant activewear line to be as big as Lululemon — heard of it? Courtesy of Accel Lifestyle

Houston entrepreneur Megan Eddings, who invented a bacteria-resistant, stink-free material, is one of 40 selected entrepreneurs across the United States to participate in Inc. Magazine's Founders Project. In honor of Inc.'s 40th anniversary, it launched the year-long initiative.

Designed to assist entrepreneurs to grow their business, the initiative will match 40 established entrepreneurs, including Houston's billionaire Tilman Fertitta, MailChimp's Ben Chestnut, and Drybar's Ali Webb to provide advice, access to capital, marketing guidance, and other valuable assets.

Eddings says she was blown away and couldn't wait to learn about the new mentor-mentee relationship. "I was super excited to be paired with Tilman Fertitta," she says. Read more.
Gina Luna and Sandy Wallis will both be key in moving forward Truss as new board members. Courtesy photos

Houston startup adds 2 big names to its board of directors

All aboard

A Houston startup specializing in digital community engagement has added two big names in Houston innovation to its board of directors.

Sandy Wallis and Gina Luna will both be key in moving forward Truss as new board members. Sandy Wallis is the co-founder and managing director of Weathergage Capital and the managing director of the HX Venture Fund, and Gina Luna is CEO of Luna Strategies and active member of several boards of directors.

"Our new board members are leaders in the Houston technology and innovation community, and their joining the Truss team is a testament to our compelling mission and broader market potential," says Patrick Schneidau, CEO of Truss, in a news release. Schneidau is a member if InnovationMap's board of directors.

Schneidau was tapped for his position as CEO in March and was tasked by former CEO Chris Buckner to grow the company. Schneidau is excited about the two additions to Truss's leadership.

"Gina has extensive experience across corporate, nonprofit and startup companies, as well as financial operations," Schneidau says in the release. "Sandy brings invaluable insights into capital raises; her experience in venture funding is unmatched in our city. Both new board members bring the expertise necessary to catapult our growth and expand our customer base."

In September, Truss announced its rebrand and name change from FanReact. The transition opens doors for the company to reach new clients that aren't in the sports industry — but that maybe want to take a page out of the fan experience's book.

Luna, who is the founding chairman of the board for Houston Exponential, has decades of pertinent experience and is very involved in the innovation ecosystem.

"Truss is leading in digital community experiences for athletics and is in a high-growth phase as they expand into other sectors," says Luna in the release. "I'm excited to join the board to help propel the mission and future direction of the company. The sky's the limit as groups of any kind can create the communication, collaboration and connections they desire with Truss."

Wallis has also been very invloved in the ecosystem and was named managing director of HX Venture Fund this summer. Weathergage Capital, a venture capital fund of funds with approximately $1 billion in venture partnership commitments, has been under her leadership for over 13 years.

"Truss is for organizations and their audiences who want better user experiences and levels of engagement in their digital communities," says Wallis in the release. "The market is ready for Truss's privacy-focused platform to serve these organizations. I appreciate the focus on diversity at the company and its passion for hiring the best talent across the board — goals from the company's leaders I look forward to seeing continue long term."

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3 businesses join Houston initiative for carbon capture and storage

seeing green

Three big businesses — Air Liquide, BASF, and Shell — have added their firepower to the effort to promote large-scale carbon capture and storage for the Houston area’s industrial ecosystem.

These companies join 11 others that in 2021 threw their support behind the initiative. Participants are evaluating how to use safe carbon capture and storage (CCS) technology at Houston-area facilities that provide energy, power generation, and advanced manufacturing for plastics, motor fuels, and packaging.

Other companies backing the CCS project are Calpine, Chevron, Dow, ExxonMobil, INEOS, Linde, LyondellBasell, Marathon Petroleum, NRG Energy, Phillips 66, and Valero.

Business and government leaders in the Houston area hope the region can become a hub for CCS activity.

“Large-scale carbon capture and storage in the Houston region will be a cornerstone for the world’s energy transition, and these companies’ efforts are crucial toward advancing CCS development to achieve broad scale commercial impact,” Charles McConnell, director of University of Houston’s Center for Carbon Management in Energy, says in a news release.

McConnell and others say CCS could help Houston and the rest of the U.S. net-zero goals while generating new jobs and protecting current jobs.

CCS involves capturing carbon dioxide from industrial activities that would otherwise be released into the atmosphere and then injecting it into deep underground geologic formations for secure and permanent storage. Carbon dioxide from industrial users in the Houston area could be stored in nearby onshore and offshore storage sites.

An analysis of U.S Department of Energy estimates shows the storage capacity along the Gulf Coast is large enough to store about 500 billion metric tons of carbon dioxide, which is equivalent to more than 130 years’ worth of industrial and power generation emissions in the United States, based on 2018 data.

“Carbon capture and storage is not a single technology, but rather a series of technologies and scientific breakthroughs that work in concert to achieve a profound outcome, one that will play a significant role in the future of energy and our planet,” says Gretchen Watkins, U.S. president of Shell. “In that spirit, it’s fitting this consortium combines CCS blueprints and ambitions to crystalize Houston’s reputation as the energy capital of the world while contributing to local and U.S. plans to help achieve net-zero emissions.”

Texas doctor dives into Shark Tank with invention that stops hiccups

shark bait

Humans are weird. Take, as a perfect example, the phenomenon of hiccups — the sudden and involuntary spasm of the diaphragm muscle between regular breaths. All humans experience them, and so do other mammals and even amphibians. But we’re guessing other animals don’t approach treating hiccups in the wacky ways humans do.

For instance, some less-than-successful hiccup remedies of lore include sipping water upside down (and subsequently trying to not drown), holding one’s breath for a long time (and often hiccupping throughout the hold anyway), sucking on a peppermint, gagging oneself or pulling on the tongue, and even gobbling up a spoonful of peanut butter to help change the breathing and swallowing pattern.

The truth is those ideas are mostly a waste of breath. Luckily, one San Antonio doctor has invented a device that supposedly instantly relieves hiccups — and his invention is getting so much attention that he’s even hooked a chance to pitch the product on a new episode of ABC’s entrepreneurial-focused reality show, Shark Tank.

Dr. Ali Seifi, a neurointensivist at UT Health San Antonio and the inventor of the aptly named HiccAway, will appear on an episode of Shark Tank that airs tonight, January 21 at 7 pm.

HiccAway, a straw-like device that a hiccup sufferer uses to sip water through, is likely to wow the sharks — maybe even take their breath away? — as it is the world’s first scientifically proven medical product that safely relieves hiccups.

In fact, HiccAway was recently the subject of an article in JAMA Network Open, a publication of the Journal of the American Medical Association Network. The article addresses a four-month cross-sectional study of 249 participants from multiple countries that found that HiccAway stopped hiccups in almost 92 percent of cases and was rated a heck of a lot more favorably than home remedies.

“I believe that the science behind our product is what makes our product trustworthy and reliable. There are many hiccup remedies that are all hit and miss with no exact science to them,” Seifi says. “Some healthcare products claim they can cure a medical condition, but they don’t have scientific backup to support the product. I can confidently state that HiccAway is one of the few products on Shark Tank so far with a strong published research study as a backup.”

While hiccups are simply an annoyance for most of us, they can also be chronic for patients with cancer, meningitis, multiple sclerosis, stroke, traumatic brain or thoracic injury, and even for patients who have had surgery that requires anesthesia.

“After I witnessed my own neurology patients suffering from hiccups without an effective treatment, I was inspired to develop a safe and effective device that would be simple to use and easily available to all people,” Seifi says. “When you forcefully sip water through the device, it keeps the phrenic and vagus nerves occupied, so they don’t have enough time to cause unwanted spasms in the diaphragm. This interruption stops the hiccups.”

While the HiccAway device is already available to purchase through hiccaway.com and on Amazon, as well as at walmart.com and even in H-E-B stores throughout South Texas and at heb.com, Shark Tank (which boasts a viewing audience of about 7 million) could propel HiccAway and Seifi into a new realm of entrepreneurial success.

“For me, the experience was surreal,” says Victor Fehlberg, president and CEO of Higher Innovations Inc., which manufactures and distributes HiccAway from the Denver area. “It took so long to prepare, so much time was spent waiting, that when the pitch and appearance were finally recorded, it went too fast. It was like I was dreaming because it had been so long in the making.”

The Shark Tank appearance is likely a dream come true for Seifi and the HiccAway team — and a total breath of fresh air for the hiccup-suffering public.

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This article originally ran on CultureMap.

5 most popular innovation stories in Houston this week

what's trending

Editor's note: Another week has come and gone, and it's time to round up the top headlines from the past few days. Trending Houston tech and startup news on InnovationMap included news out of the Houston Spaceport, innovators to know, innovators within energy transition, and more.

3 Houston innovators to know this week

This week's roundup of Houston innovators includes Thomas Vassiliades of BiVACOR, Katie Mehnert of ALLY Energy, and Don Whaley of OhmConnect Texas. Courtesy photos

In this week's roundup of Houston innovators to know — the first of this new year — I'm introducing you to three local innovators across industries — from health care innovation to energy — recently making headlines in Houston innovation. Click here to continue

Space City News: Houston Spaceport receives grant, unicorn hires architecture firm

Catch up on two big pieces of news landing at the Houston Spaceport. Image via fly2houston.com

The Space City is starting 2022 off strong with news launching out of the Houston Spaceport — a 400-acre development in Southeast Houston.

The two big headlines include a unicorn company releasing the latest details of its earthbound project and fresh funds from the state to support the space ecosystem in Texas. Click here to continue reading.

Greentown Labs appoints Houston founder among 4 new board members

Four climatetech-focused individuals have been named to Greentown Lab's board. Photo via greentownlabs.com

Greentown Labs, a Massachusetts-based climatetech startup incubator with its secondary location in Houston, has appointed four new board members.

Of the new appointees, two community board members have been named in order to act as liaisons between startups and Greentown Labs. Greentown Houston's appointed representation is Nisha Desai, founder and CEO of Intention, and community member. The other new board members are Gilda A. Barabino, president of Olin College of Engineering and professor of biomedical and chemical engineering; Nidhi Thakar, senior director of resource and regulatory strategy and external engagement for Portland General Electric; and Leah Ellis, co-founder and CEO of Sublime Systems, who is the Sommerville location's community board member).

"It is important for a startup incubator to have leadership and insight from stakeholders including the public and private sector, academic and university communities," says Greentown Labs CEO Dr. Emily Reichert in a news release. "These leaders bring a wealth of knowledge relevant to not only climatetech but to our continued growth as an organization. Their voices will be important to have at the table as Greentown charts its course for the next decade of climate action." Click here to continue reading.

Texas named No. 2 state for women-led startups thanks to increased VC investment

Contributing to Texas’ better showing on this year's ranking is an increase in female-focused VC investments. Photo via Getty Images

A more than 120 percent surge in female-focused venture capital investments helped push up Texas’ ranking in an annual study of the best states for women-led startups.

In Merchant Maverick’s 2021 report on the best states for women-led startups, Texas lands at No. 2, up from No. 6 the previous year. Colorado retains its No. 1 ranking from last year. Merchant Maverick judged each state based on several gender-specific metrics, such as VC funding. Click here to continue reading.

Energy transition innovator shares how Houston could be a biomanufacturing hub​

Moji Karimi joins InnovationMap to discuss how Cemvita Factory has deployed its recent investment funding and what's next for the company and Houston as a whole when it comes to biomanufacturing. Photo courtesy of Cemvita

Moji Karimi and his sister Tara had the idea for a company that could transform carbon emissions and mitigate new damage to the environment. Only, it seems, they were a bit ahead of their time.

Houston-based Cemvita Factory, founded in 2017, uses synthetic biology and take carbon emissions and transform them into industrial chemicals. However, it's only been since recently that the conversation on climate change mitigation has focused on carbon utilization.

"I think people are realizing more about the importance of really focusing on carbon capture and utilization because fossil fuels are gonna be here, whether we like it or not, for a long time, so the best thing we could do is to find ways to decarbonize them," Moji Karimi, co-founder and CEO, tells InnovationMap. "There's been this focus around carbon capture and storage, and I think the next awakening is going to be utilization." Click here to continue reading.

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