3 Houston innovators to know this week

Who's who

This week's innovators to know are involved in tech — from app development to revolutionizing the energy industry. Courtesy photos

From restaurant review apps to a device that monitors oil rigs, this week's innovators to know are tech savvy to say the least. All three took a chance on Houston for their startups, and that chance is paying off.

Christopher Robart, president of Ambyint USA

Christopher Robart leads Ambyint — a technology company creating the Nest thermostat for oil rigs — with his twin brother, Alex. Courtesy of Ambyint

Christopher Robart — along with his twin brother, Alex — is in the business of business development. The two run Ambyint, an oil and gas tech company that creates the Nest thermostat of oil rigs.

The company is looking to expand its customer base this year, as well as grow to be able to service different types of rig pumps.

Sumit Sikka, co-founder of Crityk

Sumit Sikka moved to Houston in order to grow his restaurant reviewing app. Courtesy of Crityk

What started as a quest to find the best Moscow Mule in Southern California has turned into growing business thriving in Houston's dining scene. Sumit Sikka first visited Houston for an event to promote the app he co-founded, Crityk, and basically never left.

"I packed up some of my bags and decided to try here in Houston," Sikka says." It's a lot easier to get to decision makers here in Houston than in LA."

Moji Karimi, co-founder of Cemvita Factory

Moji Karimi's company can take carbon dioxide from a refinery and convert it into glucose or another chemical. Courtesy of Cemvita

Moji Karimi never thought his oil and gas career would overlap with his sister's medical research. But in some ways, the fact the two of them teamed up to create a company that takes carbon dioxide from the air and turns it into something else, makes perfect sense that it crosses industries.

"There are a lot of opportunities bringing a proven science or technology from one industry into another to solve problems," he says.

Crityk's main goal is to be a marketing asset to restaurants. Getty Images

Restaurant-driven app focuses on Houston's food scene

order up

One night, Sumit Sikka was on a quest to find the best Moscow Mule in Santa Monica. He couldn't find anything helpful online, and when he finally did get a good recommendation, he was already done for the night.

It was through this experience that Sikka knew he wanted to make a restaurant finder app, but he wanted to do something different from Yelp or Google Reviews. On those platforms, a restaurant can get crushed by a bad review that provides false information. So, when he started getting the ball rolling on Crityk, he realized he needed to give the restaurants a voice.

"That was kind of the first big pivot," Sikka says. "First, we had an app based on user content. Then we pivoted to have content curated by the restaurant. For the first time ever, the restaurant gets to create their own profile."

The app launched on November 18 and has over 700 restaurant profiles live. There are 250 here in Houston, and 25 are clients, meaning they pay Crityk and have exclusive marketing opportunities, like promoting events — something most restaurants struggle to engage customers with.

"Restaurants do so much marketing, but they do the majority of it inside the restaurant," Sikka says. "Who's not going into your restaurant and not seeing that?"

Crityk users can log into the app and find different restaurant events around town to attend. Users can upload images of food from different restaurants. They rate the specific menu item, rather than the restaurant as a whole. Then, restaurants can link that photo to the specific menu item. Instead of comments on the picture, users can engage with hashtags. Any comments a user might have would go directly to the establishment to be resolved.

Another priority for Crityk is to have photos of every menu item the restaurant offers as well as complete dietary information. It's becoming more and more important for diners to know about vegan, gluten-free, etc. options before getting to the restaurant only to be disappointed with the selection.

Investing in Houston
While the idea came about in California, Sikka, who has a sister who lives in The Woodlands, took a trip to Houston to feel out consumer interest in the app. He hosted an event with a local restaurant and some influencers. The app kind of just exploded in town, Sikka says.

"I packed up some of my bags and decided to try here in Houston," Sikka says." It's a lot easier to get to decision makers here in Houston than in LA."

The development team is still based in India, and Crityk's co-founder, John Kegel, is still based in California. However, Sikka works out of Station Houston, something he says has been an extremely valuable. He says he's made some valuable connections through both Station and the Texas Restaurant Association.

"I think Houston is a phenomenal city to get started in. It's a big city, but it has the feeling of a small city."

Second course?
Still under two months old, the app has a lot of improvements and expansions in the works. Sikka says he wants to double the number of restaurant profiles to 500 by summer. He'd also like to grow the number of paying clients on the site, which would include more restaurants with a full photo menu on the app for users to browse.

Made for foodies

Screenshot via the Crityk app

Crityk is a free smartphone app that connects users to other users and to restaurants directly.

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Houston brain health co. secures $6.5M for rare disease study

neuro funding

Houston-based Goldenrod Therapeutics, part of Fannin Partners' portfolio, has announced the initial close of a $6.5 million series seed preferred stock round.

The round was led by Ataxia Ventures and an affiliate of Fannin, according to a news release.

Goldenrod Therapeutics plans to use the funding to support manufacturing, formulation optimization, IND-enabling studies and a Phase I study of its drug to treat brain inflammation, known as 11h.

The study will consider how 11h, which blocks the enzyme PDE4, could treat Friedreich’s ataxia (FA), a rare genetic disease that affects movement, speech and balance. To date, other PDE4 inhibitors have proven to regulate neuroinflammation and neuronal signaling, but have had adverse gastrointestinal side effects or have not reached enough of the central nervous system, according to Goldenrod.

The company says its 11h is expected to have "broad applicability" with limited emetric side effects.

“Our 11h program is a next-generation, orally bioavailable, brain-penetrant PDE4 inhibitor, where researchers overcame longstanding limitations associated with earlier PDE4 inhibitors," Dr. Dev Chatterjee, CEO of Goldenrod, said in the news release. "We believe this creates the potential for a best-in-class therapy for Friedreich’s Ataxia and a potential foundation for development across multiple neurodegenerative and neuroinflammatory disorders.”

11h was first developed at the University of Nebraska Medical Center (UNeMed). Houston-based Fannin Partners in-licensed the product 2020 and landed SBIR Phase I funding to support its initial development for opioid use disorder soon after.

Goldenrod has also received funding to study 11h's effectiveness for multiple sclerosis, methamphetamine addiction and cocaine addiction.

Goldenrod says it is developing 11h to target a variety of neurological and inflammatory conditions, including Alzheimer's disease, multiple sclerosis, ALS, substance use disorders, Batten disease, pain and traumatic brain injury.

Elon Musk's SpaceX is about to make its debut on Wall Street

Money Moves

Elon Musk's rocket company SpaceX will make its debut on Wall Street Friday, June 12, and both institutional and retail investors are expected to gobble up the 555.6 million shares going up for sale at $135 apiece. Musk, already the world's richest man, could become its first trillionaire.

SpaceX is likely to become the biggest IPO ever, with proceeds of around $75 billion. SpaceX hopes to become the first company to send people to Mars. In fact, part of Musk’s future compensation depends on SpaceX eventually establishing a colony of at least 1 million people on the red planet.

Why SpaceX is going public now

In a video conference on Musk's social media platform X, he told JPMorgan CEO Jamie Dimon that people have suggested for the last 10 years that he take SpaceX public. He's doing it now because the company plans to put 100,000 next-generation Starlink satellites into orbit. Deploying AI data centers in space is a “massive new growth base and you need capital for that,” he said.

Going public provides access to the capital that SpaceX needs. But it also exposes it to more scrutiny from shareholders and more regulatory oversight. That includes filing quarterly financial reports, which critics say incentivizes short-term thinking over longer-term planning and creates unnecessary costs for a company. Securities regulators are currently soliciting public comment on a proposal to require public companies to file the financial reports only twice every year.

How the IPO impacts the company

Musk will hold the majority of a special class of shares, giving him control over decisions related to company strategy, finances and personnel. On the latter, because of his ownership of most of these Class B shares, the only person who can fire Musk as CEO is Musk.

The company credits Musk with being the “driving force” behind its growth, innovation and success. But what happens if Musk is no longer in the picture? SpaceX warns that the loss of Musk could disrupt its ability to execute its strategy as well as hurt its “reputation and relationships with customers, partners and other stakeholders.”

The company also warns that finding a replacement with the same skills and experience as Musk would be time-consuming, if not nearly impossible. As Wedbush Securities analyst Dan Ives wrote Wednesday, “At the end of the day Musk is SpaceX and SpaceX is Musk.”

What could make or break SpaceX

Currently in the test phase, the gigantic reusable Starship rocket is key to SpaceX realizing Musk's ambitions. Much of the commercial space business hinges on SpaceX developing Starship’s capability to be fully reusable and hearty enough for a quick turnaround between flights. If that doesn't happen, SpaceX warns that putting data centers and satellites in space will take longer and cost more money, meaning it risks customers bailing on the company.

Analysts say that by pioneering reusable rockets, SpaceX has established a clear lead on competitors such as Blue Origin, led by Amazon founder Jeff Bezos. The Starlink satellite business competes with, among others, AST SpaceMobile – which is relying on a SpaceX rocket to send its latest generation of satellites into orbit next week.

The prospectus filed last week says SpaceX’s biggest potential market is the sale of business-oriented artificial intelligence products designed to transform how people get work done. It’s an opportunity SpaceX predicts would be worth $22.7 trillion if it could somehow dominate rivals like Anthropic, OpenAI and Microsoft in a highly competitive industry. But the prospectus shows no clear path to profitability for the xAI business, which merged with SpaceX earlier this year.

Why Wall Street is paying attention

If the SpaceX IPO is as successful, the stock could quickly join the Nasdaq 100, a widely followed index that tracks the 100 largest non-financial companies in the composite. That's important because some popular funds, such as the $460 billion QQQ exchange-traded fund, mimic the index and will automatically buy whatever is listed in the index.

Nasdaq recently changed its rules to allow select companies to enter the Nasdaq 100 after just 15 trading days.

S&P Dow Jones Indices, on the other hand, is sticking to established and more traditional thresholds that will not allow SpaceX or other companies with gargantuan IPOs faster entry into its S&P 500 index. That means even high-profile companies will still need to wait for their stocks to trade a full 12 months before they can enter the index.

Companies want to be in the S&P 500 in particular because it's arguably the most important index on Wall Street, with trillions of dollars either mimicking it exactly or benchmarked against it. Vanguard's VOO fund that tracks the S&P 500 has roughly $950 billion invested in it, for example.

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