Houston SPAC announces merger with Beaumont-based tech company in deal valued at $100M

speaking of spacs

This Houston-based SPAC has announced the tech company it plans to merge with. Photo courtesy of Gow Media

A Houston SPAC, or special purpose acquisition company, has announced the company it plans to merge with in the new year.

Beaumont-based Infrared Cameras Holdings Inc., a provider of thermal imaging platforms, and Houston-based SportsMap Tech Acquisition Corp. (NASDAQ: SMAP), a publicly-traded SPAC with $117 million held in trust, announced their agreement for ICI to IPO via SPAC.

Originally announced in the fall of last year, the blank-check company is led by David Gow, CEO and chairman. Gow is also chairman and CEO of Gow Media, which owns digital media outlets SportsMap, CultureMap, and InnovationMap, as well as the SportsMap Radio Network, ESPN 97.5 and 92.5.

The deal will close in the first half of 2023, according to a news release, and the combined company will be renamed Infrared Cameras Holdings Inc. and will be listed on NASDAQ under a new ticker symbol.

“ICI is extremely excited to partner with David Gow and SportsMap as we continue to deliver our innovative software and hardware solutions," says Gary Strahan, founder and CEO of ICI, in the release. "We believe our software and sensor technology can change the way companies across industries perform predictive maintenance to ensure reliability, environmental integrity, and safety through AI and machine learning.”

Strahan will continue to serve as CEO of the combined company, and Gow will become chairman of the board. The transaction values the combined company at a pre-money equity valuation of $100 million, according to the release, and existing ICI shareholders will roll 100 percent of their equity into the combined company as part of the transaction.

“We believe ICI is poised for strong growth," Gow says in the release. "The company has a strong value proposition, detecting the overheating of equipment in industrial settings. ICI also has assembled a strong management team to execute on the opportunity. We are delighted to combine our SPAC with ICI.”

Founded in 1995, ICI provides infrared and imaging technology — as well as service, training, and equipment repairs — to various businesses and individuals across industries.

The Cannon's new sportstech hub is just one step in putting a national spotlight on Houston as a city for vibrant sports innovation. Graphic courtesy of The Cannon

Newly opened hub to put Houston on the map for sports innovation

sportstech

Silicon Valley emerged as a consumer tech capital, and Atlanta has carved out a niche for fintech — but as sports innovation continues to be driven by startups and new technology, where should the innovators set up shop?

"There isn't really a sports tech town, and we felt there's an opportunity to stick a stake in the ground and claim Houston as the sports tech capital of the world," says Lawson Gow, founder of The Cannon.

The Cannon in collaboration with Braun Enterprises and Gow Media opened Houston's first dedicated space to sports innovation. (Gow Media is the parent company of InnovationMap.) The new two-story space includes 23 offices and a 1,500-square-foot open space in 53 West, a Galleria-area office building recently renovated by Braun. The hub is adjacent to Gow Media's office alongside Gow Broadcasting LLC and the SportsMap Radio Network, which includes local sports station ESPN 97.5 as well as national syndicated content.

The idea for a sports-focused tech hub has been on the minds of The Cannon team since the early days of The Cannon, where sportstech activity started occurring naturally.

"The sportstech startup scene in Houston caught us by surprise at the very early stages of the Cannon," Gow tells InnovationMap. "We were created to transform Houston's innovation community and part of that was thinking about what things we could win at. Sportstech, for a lot of reasons, seemed really logical to us."

The Cannon's new space is in 53 West, a Galleria-area office building recently renovated by Braun Enterprises. Graphic courtesy of The Cannon

Over the years, The Cannon has grown its network of sportstech startups and developed its programming within the industry. Now, these efforts have a home in The Cannon Uptown - Sports + Media.

"Houston has never been able to attract tech entrepreneurs for any reason, and sports tech can be that reason," Gow says. "Having a sports innovation hub in Houston is only one of a dozen grand initiatives that needs to happen."

Some of those other initiatives include growing sports tech density, introducing new sports-focused accelerators, more events, funding — including venture capital and angel investment — and interest from professional teams.

Another recent sportstech opportunity that's come about in Houston is the SportsMap Tech Acquisition Corp. (NASDAQ: SMAPU) going public as a blank-check company last month at $115 million. The SPAC is run by David Gow, Lawson Gow's father and CEO of Gow Media, and plans to find a sports tech business to acquire, specifically in one of four categories within the industry: fan engagement, health and wellness, esports, or fantasy/gambling.

"With the IPO complete, we now begin the search for a company to acquire in the sports tech industry, which we define as the realm where technology is transforming sports," says David Gow. "We have not been able to talk with target companies yet, but have been doing our homework to develop a list. We also plan to tap into the extensive relationships of our board."

The company is backed by an all-star team making up the board, including Oliver Luck, Reid Ryan, David Graf, and Steve Webster.

A new SPAC, SportsMap Tech Acquisition Corp., went public this week. Photo courtesy of Gow Media

Houston entrepreneur launches $100M SPAC, plans to target sports tech

IPO-ed

A new SPAC — a special purpose acquisition company — has officially started trading this week, targeting $100 million in investment and looking for an innovative sports tech company to back.

SportsMap Tech Acquisition Corp. (NASDAQ: SMAPU) announced its initial public offering of 10,000,000 units at a price to the public of $10 per unit, and trading began on October 19. The blank-check company is led by David Gow, CEO and chairman. Gow is also chairman and CEO of Gow Media, which owns digital media outlets SportsMap, CultureMap, AutomotiveMap, and InnovationMap, as well as the SportsMap Radio Network, ESPN 97.5 and 92.5.

The SPAC, which has potential for oversubscription, plans to find a sports tech business to acquire, specifically in one of four categories within the industry: fan engagement, health and wellness, esports, or fantasy/gambling.

"With the IPO complete, we now begin the search for a company to acquire in the sports tech industry, which we define as the realm where technology is transforming sports," says Gow. "We have not been able to talk with target companies yet, but have been doing our homework to develop a list. We also plan to tap into the extensive relationships of our board."

The company is backed by an all-star team making up the board, including Oliver Luck, Reid Ryan, David Graf, and Steve Webster.

"We have assembled a really strong board," Gow says. "In addition to his great tenure at the Astros, Reid has founded banks, served as president of a minor league team and has been investing in sports tech through his family office. Oliver has held positions across multiples sports at both the professional and collegiate levels. David Graf is the founder and CEO of a very successful sports tech company, HUDL. And Steve Webster has had an extraordinary track record in business, as one of the savviest PE and public company investors in Houston.

"The group has a great complement of financial, operations, and transactions experience," he continues.

Leadership for the company also includes David Gow's son, Lawson Gow, who founded the coworking and entrepreneurship hub, The Cannon. He will serve as chief strategy officer for SportsMap Tech Acquisition Corp. Jacob Swain will be the CFO of the SPAC.

David Gow (right) is the chairman and CEO of the new SPAC, and Reid Ryan will serve on the board. Photo by Michele Lee Sparks/Archer Sparks

Calling all sports tech companies. A Galleria-area sports tech hub is opening this summer. Photo via braunenterprises.com

Exclusive: Houston coworking company to open sports tech-focused hub

go team

It's game time for a Houston-based coworking company that's working on opening a sports innovation hub this summer.

The Cannon is working on opening new hub in 53 West, a Galleria-area office building recently renovated by Braun Enterprises. The project is in partnership with Braun and Gow Media, InnovationMap's parent company, and will be co-located with the media business that runs Gow Broadcasting LLC and the SportsMap Radio Network, which includes local sports station ESPN 97.5 as well as national syndicated content.

The Cannon's founder Lawson Gow tells InnovationMap that Gow Media — founded by Lawson's father, David Gow — and Braun Enterprises were opportunistic partners for the organization.

"We've always been optimistically looking for strategic partners that we can co-locate with or team up with to create a hyper focused, niche community," Lawson Gow says. "We've spent a lot of time thinking about what that can be."

Expected to open midsummer, the new two-story space will have 23 offices and a 1,500-square-foot open space that can be used for events. All existing Cannon members will have access to the space, and potential tenants can expect a similar pricing model to The Cannon's other three Houston-area locations.

Houston makes sense for sports tech, which Gow defines as encompassing four categories of innovation — fan engagement, activity and performance, fantasy and gambling, and esports. Houston has the money, the big four sports teams, a big fan base, and corporate interest, he explains.

"Sports tech is a thing we can win at. There's no global hub for sports tech — so Houston can do that," Gow says. "We've always had that in our heads as a direction we want the city to head down, so it just makes it so opportunistic to create a space for that kind of innovation at work for the city."

53 West has been undergoing renovations recently. Photo via braunenterprises.com

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World's largest student startup competition names teams for 2025 Houston event

ready, set, pitch

The Rice Alliance for Technology and Entrepreneurship has announced the 42 student-led teams worldwide that will compete in the 25th annual Rice Business Plan Competition this spring.

The highly competitive event, known as one of the world’s largest and richest intercollegiate student startup challenges, will take place April 10–12 at Houston's The Ion. Teams in this year's competition represent 34 universities from four countries, including one team from Rice.

Graduate student-led teams from colleges or universities around the world will present their plans before more than 300 angel, venture capital, and corporate investors to compete for more than $1 million in prizes. Last year, top teams were awarded $1.5 million in investment and cash prizes.

The 2025 invitees include:

  • 3rd-i, University of Miami
  • AG3 Labs, Michigan State University
  • Arcticedge Technologies, University of Waterloo
  • Ark Health, University of Chicago
  • Automatic AI, University of Mississippi and University of New Orleans
  • Bobica Bars, Rowan University
  • Carbon Salary, Washington University in St. Louis
  • Carmine Minerals, California State University, San Bernardino
  • Celal-Mex, Monterrey Institute of Technology and Higher Education
  • CELLECT Laboratories, University of Waterloo
  • ECHO Solutions, University of Houston
  • EDUrain, University of Missouri-St. Louis
  • Eutrobac, University of California, Santa Cruz
  • FarmSmart.ai, Louisiana State University
  • Fetal Therapy Technologies, Johns Hopkins University
  • GreenLIB Materials, University of Ottawa
  • Humimic Biosystems, University of Arkansas
  • HydroHaul, Harvard University
  • Intero Biosystems, University of Michigan
  • Interplay, University of Missouri-Kansas City
  • MabLab, Harvard University
  • Microvitality, Tufts University
  • Mito Robotics, Carnegie Mellon University
  • Motmot, Michigan State University
  • Mud Rat, University of Connecticut
  • Nanoborne, University of Texas at Austin
  • NerView Surgical, McMaster University
  • NeuroFore, Washington University in St. Louis
  • Novus, Stanford University
  • OAQ, University of Toronto
  • Parthian Baattery Solutions, Columbia University
  • Pattern Materials, Rice University
  • Photon Queue, University of Illinois, Urbana-Champaign
  • re.solution, RWTH Aachen University
  • Rise Media, Yale University
  • Rivulet, University of Cambridge and Dartmouth College
  • Sabana, Carnegie Mellon University
  • SearchOwl, Case Western Reserve University
  • Six Carbons, Indiana University
  • Songscription, Stanford University
  • Watermarked.ai, University of Illinois, Urbana-Champaign
  • Xatoms, University of Toronto

This year's group joins more than 868 RBPC alums that have raised more than $6.1 billion in capital with 59 successful exits, according to the Rice Alliance.

Last year, Harvard's MesaQuantum, which was developing accurate and precise chip-scale clocks, took home the biggest sum of $335,000. While not named as a finalist, the team secured the most funding across a few prizes.

Protein Pints, a high-protein, low-sugar ice cream product from Michigan State University, won first place and the $150,000 GOOSE Capital Investment Grand Prize, as well as other prizes, bringing its total to $251,000.

Tesla recalling more than 375,000 vehicles due to power steering issue

Tesla Talk

Tesla is recalling more than 375,000 vehicles due to a power steering issue.

The recall is for certain 2023 Model 3 and Model Y vehicles operating software prior to 2023.38.4, according to the National Highway Traffic Safety Administration.

The printed circuit board for the electronic power steering assist may become overstressed, causing a loss of power steering assist when the vehicle reaches a stop and then accelerates again, the agency said.

The loss of power could required more effort to control the car by drivers, particularly at low speeds, increasing the risk of a crash.

Tesla isn't aware of any crashes, injuries, or deaths related to the condition.

The electric vehicle maker headed by Elon Musk has released a free software update to address the issue.

Letters are expected to be sent to vehicle owners on March 25. Owners may contact Tesla customer service at 1-877-798-3752 or the NHTSA at 1-888-327-4236.

Houston space tech companies land $25 million from Texas commission

Out Of This World

Two Houston aerospace companies have collectively received $25 million in grants from the Texas Space Commission.

Starlab Space picked up a $15 million grant, and Intuitive Machines gained a $10 million grant, according to a Space Commission news release.

Starlab Space says the money will help it develop the Systems Integration Lab in Webster, which will feature two components — the main lab and a software verification facility. The integration lab will aid creation of Starlab’s commercial space station.

“To ensure the success of our future space missions, we are starting with state-of-the-art testing facilities that will include the closest approximation to the flight environment as possible and allow us to verify requirements and validate the design of the Starlab space station,” Starlab CEO Tim Kopra said in a news release.

Starlab’s grant comes on top of a $217.5 million award from NASA to help eventually transition activity from the soon-to-be-retired International Space Station to new commercial destinations.

Intuitive Machines is a space exploration, infrastructure and services company. Among its projects are a lunar lander designed to land on the moon and a lunar rover designed for astronauts to travel on the moon’s surface.

The grants come from the Space Commission’s Space Exploration and Aeronautics Research Fund, which recently awarded $47.7 million to Texas companies.

Other recipients were:

  • Cedar Park-based Firefly Aerospace, which received $8.2 million
  • Brownsville-based Space Exploration Technologies (SpaceX), which received $7.5 million
  • Van Horn-based Blue Origin, which received $7 million

Gwen Griffin, chair of the commission, says the grants “will support Texas companies as we grow commercial, military, and civil aerospace activity across the state.”

State lawmakers established the commission in 2023, along with the Texas Aerospace Research & Space Economy Consortium, to bolster the state’s space industry.

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