Founders, investors sound off on Houston's VC scene, energy innovation potential, and more

EAVESDROPPING in Houston

Hit the highlights of Venture Houston 2023 with these overheard moments from the event. Photo courtesy of HX Venture Fund

Last week, nearly 1,000 people convened in Houston to discuss venture capital activity, startups, and decarbonization, and the Houston factor among it all.

On September 7, Venture Houston hosted several keynote addresses and panels throughout the day's programming, and investors from across the country discussed with Houston-based startup and corporate leaders on topics from seed funding to cultivating an ecosystem.

The annual event, presented by HX Venture Fund, a fund of funds that deploys capital into VC funds with an interest in Houston, had one significant through line throughout the day, and it was Houston's role within innovation and the energy transition.

Whether you missed the event or were there to soak in every second, here's a roundup of key statements on this topic from the panelists.

“We mapped out Texas as a high priority because we knew you can’t do energy without Texas. You can’t do energy without Houston."

— Carmichael Roberts, investment committee co-lead for Breakthrough Ventures. "The opportunity that Houston has to be the unambiguous leader is because everywhere else can do energy transition, but they still can’t do what Houston does,” he continues.

“There’s no better place in the world than Houston to build and scale a climate tech startup.”

— Tim Latimer, CEO and co-founder of Fervo Energy. “But I don’t know if I’m ready to make the claim that we’re the best place to start a business,” he adds.

“Houston needs that first, higher-profile investor who’s Houston-based, Houston-first, and wants to put as much capital as possible into energy transition and climate tech companies.”

— Craig Wilson, managing director of NYU’s Tandon Future Labs. “Houston is blessed with an incredible amount of CVC and late stage capital," he continues. "What it really could use is early stage capital.”

“There are a couple aspects you need for an ecosystem, and Houston has been putting a lot of those in place, but it’s not perfect yet, and there’s still work that this ecosystem needs to do."

— Trevor Best, CEO and co-founder of Syzygy Plasmonics. Startups need talent, facilities, capital, and customers. “Here in Houston, for energy transition technologies, I don’t know if there’s an ecosystem that can check the box (for customers) stronger than Houston," he adds, explaining that talent is here too. Where Houston needs improvement, according to Best, is in facilities, which is seeing some progress, and capital development.

“I think Houston is actually the perfect place for becoming the energy transition capital. If you ask me, I think we already are.” 

— Andrea Course, venture principal of Shell Ventures. “It really just takes people doing what we’re doing now to make it even greater," she adds.

“We have to figure out ways for how big energy companies work with new technology providers in partnership and not say it’s a David versus Goliath thing.”

— Gaurab Chakrabarti, co-founder and CEO of Solugen. “That’s a philosophical misalignment,” he continues. “Instead of saying it’s an absolute problem, accept that it’s a transition.”

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Here's your roundup of energy innovation news coming out of Houston. Photo via Getty Images

Incubator announces new program, Houston startup names new partner, and more energy innovation news

short stories

Houston's energy innovation ecosystem has seen a busy spring season, with startup accelerator cohorts announced, expanded corporate partnerships, and recent funding raised.

In this roundup of short stories within Houston energy innovation, a startup enters into a strategic partnership, Greentown Labs announces a new accelerator, and more.

Syzygy taps global company to lead scaling for tech development 

Syzygy has brought on a new partner that's key to its future growth and tech production. Photo via Emerson

Houston-based Syzygy Plasmonics, which has developed a light-based catalyst reactor technology that originated out of Rice University, has selected global technology and software company Emerson (NYSE: EMR) to automate electrification of chemical production processes.

The reactor technology uses light instead of thermal energy for chemical manufacturing. The all-electric production method has the opportunity to replace fossil fuel-based combustion, making energy generation more sustainable. Syzygy estimates, according to the news release, that its reactor systems could eliminate 1 gigaton of CO2 emissions by 2040.

“We are excited to advance this opportunity with Emerson not only for its automation technologies and software but also its sustainability leadership and domain expertise in chemical engineering, electrification and hydrogen production,” says Syzygy CEO Trevor Best in the release. “As we expand beyond traditional paradigms of reactor technology and launch a new way to electrify chemical manufacturing, we wanted a technology partner who can help us scale our technology efficiently, safely and reliably.”

Emerson will provide its suite of hardware, software, and services for the Syzygy modular reactors.

"Emerson is excited to collaborate with Syzygy Plasmonics on such promising technology that could have a significant impact on industries that are some of the most challenging to decarbonize," says Peter Zornio, CTO at Emerson. “This aligns with Emerson’s culture of innovation that takes on our customers’ biggest challenges.”

Greentown Labs announces applications opening for Shell accelerator

Shell is seeking energy tech companies. Photo via greentownlabs.com

Greentown Labs, a climatetech incubator co-located in Houston and Boston, has teamed up with Shell for a Greentown Go program, geared at accelerating startup-corporate partnerships, to focus on technologies for carbon utilization, storage, and traceability.

Greentown Go Make 2023 zeroing in on alternative carbon feedstocks for carbon-intensive commodities; biogenic and nature-based solutions; and solutions for carbon storage and traceability, according to a news release.

Applications are open now, and the selected startups will have access to mentorship from Shell and Greentown's networks, desk space and membership within Greentown, $15,000 in non-dilutive grant funding, and educational workshops throughout the duration of the six-month program.

“Greentown Go brings together groundbreaking climatetech startups and the corporations that can help commercialize and scale their technologies,” says Kevin T. Taylor, interim CEO and CFO at Greentown Labs, in a news release. “Every Greentown Go program aims to drive climate impact and accelerate the energy transition. We look forward to working with Shell, a long-time Greentown partner, on this important program and supporting the latest innovations in carbon utilization, storage, and traceability.”

The program will help support Shell’s strategy through the development and scaling of technologies for carbon utilization, storage, and traceability across chemicals, carbon fuels, and more.

“Collaboration to accelerate technology development is critical to developing the energy solutions we need for a low-carbon energy future, and I am excited to see what novel technologies arise from startups participating in the Greentown Go Make 2023 program,” says Ed Holgate, commercial partnerships manager at Shell.

Chevron Technology Ventures adds Canadian startup to its Catalyst Program

Motive.io ia using AI to optimize workforce training. Photo via Motive.io

Chevron Technology Ventures announced the addition of Vancouver-based Motive.io, which provides immersive training solutions that leverage virtual and augmented reality technologies, to its Catalyst program. The program seeks out and helps to grow breakthrough technologies and solutions that have the potential to disrupt the energy industry.

"We are honored and thrilled to be selected as part of Chevron Technology Ventures' Catalyst program," says Ryan Chapman, CEO of Motive.io, in a news release. "Selection for this program represents a tremendous opportunity for Motive.io to collaborate with Chevron Technology Ventures as we continue to advance our cutting-edge immersive training solutions for the energy sector."

Motive.io's technology, called the XR Management System, "aims to revolutionize how companies train their employees by providing realistic and interactive simulations that allow learners to practice their skills in a safe and controlled environment," according to a news release.

With this new joint effort, Syzygy is one step closer to commercial scale of its decarbonization technology. Photo courtesy of Syzygy

Houston startup teams up with nonprofit research for decarbonization pilot

seeing green

A Houston tech company has joined forces with a nonprofit to test a new sustainable fuel production process.

The project is a joint effort from Houston-based Syzygy Plasmonics and nonprofit research institute RTI International and sponsored by Equinor Ventures and Sumitomo Corporation of Americas. Based in the RTI facility in Research Triangle Park, North Carolina, the six-month pilot is testing a way to convert two potent greenhouse gases — carbon dioxide (CO2) and methane (CH4) — into low-carbon-intensity fuels, which have the potential to replace petroleum-based jet fuel, diesel, and gasoline.

"This demonstration will be the first of its kind and represents a disruptive step in carbon utilization. The sustainable fuels produced are expected to quickly achieve cost parity with today's fossil fuels," says Syzygy CEO Trevor Best in a news release. "Integrating our technology with RTI's Fischer-Tropsch synthesis system has the potential to significantly reduce the carbon intensity of shipping, trucking, and aviation without requiring major fleet modifications."

According to Syzygy, the pilot is a step toward being able to scale the process to a commercial-ready Syzygy e-fuels plant.

"By making minor adjustments in the process, we also expect to produce sustainable methanol using the same technology," Best continues.

An independent research institute, RTI International's focus is on improving the human condition. The multidisciplinary nonprofit seeks to support science-based solutions like Syzygy's technology, which has already proven its scale-up capabilities in earlier testing.

Through the partnership, RTI will assist Syzygy with process design and systems integration for the pilot-scale demonstration. Once it reaches commercial scale, the technology is expected to turn millions of tons of CO2 per year to produce sustainable fuels.

"We are excited about the opportunity to collaborate with Syzygy to test and assist in the scale-up of this promising technology," says Sameer Parvathikar, Ph.D., the director of the Renewable Energy and Energy Storage program in RTI's Technology Advancement and Commercialization business unit. "This work aligns with our capabilities, our goals of helping de-risk and commercialize novel technologies, and our vision to address the world's most critical problems with science-based solutions."

Here are the 10 Houston startups that closed venture capital investment in the fourth quarter of last year. Photo via Getty Images

10 Houston startups start 2023 with fresh venture capital funding

money moves

Houston startups saw a busy last quarter when it came to funding in 2022. From seed to series C, 10 Houston startups wrapped up the year with investment round closings.

In case you missed some of these headlines, InnovationMap has rounded up these 10 deals based on previous reporting. Scroll through to see which Houston startups are catching the eyes — and cashing the checks — of investors.

Houston-based virtual reality startup raises $3.2M in first outside capital round

VR training startup, HTX Labs, has raised funding from an outside investor for the first time. Courtesy of HTX Labs

HTX Labs, a Houston-based company that designs extended reality training for military and business purposes, announced last week that it has raised its first outside capital.

The company has received a $3.2 million investment from Cypress Growth Capital. Founded in 2017, HTX Labs — developer of the EMPACT Immersive Learning Platform — has been granted funding from the Department of Defense as well as grown its client base of commercial Enterprises. The platform uses virtual and extended reality that "enables organizations to rapidly create, deploy, measure, and sustain cost-effective, secure, and centralized immersive training programs, all within engaging, fully interactive virtual environments," per a news release.

“We have been looking to secure outside capital to accelerate the growth of our EMPACT platform and customer base but we hadn’t found the right partner who provided an investment vehicle that matched our needs,“ says HTX Labs CEO Scott Schneider in the release. “We found everything we were looking for in Cypress Growth Capital. They have a non-dilutive funding model that aligns with our capital expectations and have the level of experience that really makes this smart money." Read more.

Houston-based travel tech startup raises nearly $1M to continue expansion

A Houston company has raised additional funding as it grows its encrypted lodging booking platform. Photo via Gustavo Fring/Pexels

A travel booking technology company that's looking to alleviate some of the stresses of finding and making hotel reservations has raised additional seed funding.

Houston-based Pinktada has raised additional funding to the tune of $975,000. Ireland-based Selenean Capital contributed to the seed funding round, joining the company's previous investor True Global Ventures 4 Plus, which has invested $2 million to date. According to Crunchbase data, the latest investment brings the company's total to $3.9 million.

“Selenean Capital’s approach to partnership is identifying real world future needs and then working relentlessly to achieve those goals," says Davin Browne, Selenean’s CEO, in a news release. "Pinktada encapsulates this perfectly with a transformational approach to the hotel booking model built around a brilliant team. We look forward to the partnership and journey with them." Read more.

Houston microgrid tech company announces $150 investment

Houston-based VoltaGrid provides small-scale, self-contained microgrids that can operate independently of major power grids or in tandem with other microgrids. Photo via voltagrid.com

VoltaGrid, a Bellaire-based startup that specializes in distributed power generation via microgrids, has hauled in $150 million in equity funding.

Founded in 2020, VoltaGrid provides small-scale, self-contained microgrids that can operate independently of major power grids or in tandem with other microgrids. VoltaGrid’s product consists of natural gas engines, portable energy storage, natural gas processing and grid power connectivity.

Investors in the $150 million round include the Canada Pension Plan Investment Board (CPP Investments), Longbow Capital, Walter Ventures, and Pilot Company (operator of more than 800 retail and fueling locations in the U.S. and Canada). The $150 million round comes less than a year after VoltaGrid announced a $100 million round featuring the same investors.Read more.

Houston SaaS company raises $15M series B, announces latest release

Houston-based GoCo.io has raised fresh funding and launched the latest version of its platform. Courtesy of GoCo

A Houston startup that is optimizing human resource operations for small businesses has raised fresh funding from an Austin-based venture capital investor.

GoCo.io raised $15 million in September in a funding round led by ATX Venture Partners. Founded in 2015, the company has raised $27.5 million to date, including its $7 million series A in 2019.

The fresh funding will be used to continue expanding on the company's software services operations and upgrades to its product, which is is modernizing HR, benefits, and payroll.

“We believe that GoCo is the company best positioned to provide HR departments at SMBs with the most flexible employee management software,” says Chris Shonk, general partner at ATX Venture Partners, in a news release. “In a crowded marketplace, GoCo clearly rises to the top with its ease-of-use, flexibility and unparalleled customization. Read more.

Houston tech startup raises $3.5M following industry expansion

Rivalry Tech's co-founders — Marshall Law and Aaron Knape — share news of the company's latest round of investment. Photo courtesy of Rivalry Tech

A Houston-based company that optimizes mobile ordering for large venues has closed its latest round of funding.

Rivalry Tech, originally founded as sEATz and tackling mobile ordering in sports venues, has raised $3.5 million following expanding with a new product, myEATz, that targets the health care, leisure, and business industries. The round was led by Houston-based Sightcast, with participation from Houston-based Softeq Venture Studio, Rice University’s Valhalla Investment Group, and more.

“Sightcast Capital Partners looks to invest in strong, founder-led companies that bring a forward-thinking solution to everyday problems," says Neal Simpson, managing partner of Sightcast Capital Partners, in a news release. "In Rivalry Tech, we saw a team that recognized an opportunity to streamline the way in which food and beverage transactions occur in the healthcare, leisure, sports, and entertainment markets. Their two-sided approach of using technology as a tool to increase vendor profitability and also positively influence consumer experience is what immediately attracted us to this opportunity." Read more.

Houston unicorn chemicals company raises $200M series D

Solugen closed its series D funding round at $200 million. Photo via Getty Images

Houston-based Solugen has announced its latest round of investment to the tune of $200 million. The company, which reached unicorn status after its $357 million series C round last year, uses its patented Bioforge processes to produce "green" chemicals from bio-based feedstocks.

"Solugen is reimagining the chemistry of everyday life with enzymes found in nature. We make chemicals better, faster, cheaper, and without fossil fuels from right here in Houston, Texas. Whether you care about the climate, local competitiveness, or just plain old profits, we have good news: it's working," the company states in its news release. Read more.

Houston company closes $76M series C round to fuel its mission of reducing carbon emissions

Syzygy Plasmonics has raised a series C round of funding. Photo courtesy of Syzygy

A Houston-based company that is electrifying chemical manufacturing has closed its largest round of funding to date.

Syzygy Plasmonics closed a $76 million series C financing round led by New York-based Carbon Direct Capital. The round included participation from Aramco Ventures, Chevron Technology Ventures, LOTTE CHEMICAL, and Toyota Ventures. The company's existing investors joining the round included EVOK Innovations, The Engine, Equinor Ventures, Goose Capital, Horizons Ventures, Pan American Energy, and Sumitomo Corporation of Americas. According to a news release, Carbon Direct Capital will join Syzygy's board and serve as the series C director.

"We were very attracted to the multiple use cases for the Syzygy reactor and the lifetime-value of each Syzygy customer," says Jonathan Goldberg, Carbon Direct Capital's CEO, in the release. "Emissions from hydrogen production total more than 900 million metric tons of carbon dioxide per year. Syzygy's photocatalysis technology is a key solution to decarbonize hydrogen production as well as other critical industries." Read more.

Houston SaaS startup raises $6M seed

Houston-based SynMax has closed its first round of funding. Photo via Getty Images

A Houston-based satellite data analytics company is celebrating an oversubscribed round of recent funding.

SynMax announced this week that it closed its seed round at $6 million with an oversubscription of $2 million. The startup is providing geospatial intelligence software as a service to customers within the energy and maritime industries. The technology combines earth observation imagery and key data sources for predictive analytics and artificial intelligence.

The company reports that all of the investment came from SynMax customers. The round was led by Houston-based Skylar Capital, an investment management firm focused on the natural gas market. Read more.

Houston health tech startup secures $27M in financing

A Houston startup that created a remote monitoring and care platform has raised millions in financing. Image via michealthcare.com

A virtual health care and analytics provider startup has closed its latest round of funding for a total of $27 million in financing.

Medical Informatics Corp. closed a $17 million series B co-led by Maryland-based Catalio Capital Management and California-based Intel Capital. The financing also includes an additional $10 million in debt led by Catalio through Catalio’s structured equity strategy, according to a news release.

“We are excited to have had this round co-led by Catalio and Intel Capital," says Emma Fauss, CEO and co-founder of MIC, in the release. "Catalio brings significant financial and technical resources, while Intel Capital possesses strong operational and industry experience, and we look forward to continuing to leverage both firms’ expertise as we continue to scale.” Read more.

Houston sportstech platform raises $1.3M seed round

This Houston startup has fresh funding to build out its data intelligence platform. Photo via aim7.com

How many times have you forced yourself to do an arduous workout when you just weren’t feeling it? Despite what some trainers will tell you, you probably didn’t feel any better after. Sports scientist Dr. Erik Korem could have told you that, but more importantly, so could his creation, AIM7.

Marketed as “the fastest, easiest way to change your habits and improve your health,” Korem just raised a $1.3 million seed round that will bring his ambitious app to consumers in its beta form early next month.

The data intelligence platform would know that on a day that you’re stressed, that Peloton tabata ride might not be in your best interest. How? “The data from your Apple Watch or your Fitbit is just data. ‘I walked 7000 steps or I slept 8 hours,’” explains Korem. “We are the recommendation engine that makes this usable for you.” Read more.

These five deals were the largest rounds raised by Houston startups, according to InnovationMap. Photo via Getty Images

Big deals: These were the top 5 investment rounds raised by Houston startups in 2022

year in review

Editor's note: As 2022 comes to a close, InnovationMap is looking back at the year's top stories in Houston innovation. When it came to the money raised in Houston, these five startups raised the most, according to reporting done by InnovationMap.

Houston unicorn chemicals company raises $200M series D

Solugen closed its series D funding round at $200 million. Photo via Getty Images

Houston-based Solugen has announced its latest round of investment to the tune of $200 million. The company, which reached unicorn status after its $357 million series C round last year, uses its patented Bioforge processes to produce "green" chemicals from bio-based feedstocks.

"Solugen is reimagining the chemistry of everyday life with enzymes found in nature. We make chemicals better, faster, cheaper, and without fossil fuels from right here in Houston, Texas. Whether you care about the climate, local competitiveness, or just plain old profits, we have good news: it's working," the company states in its news release. Read more.

Houston microgrid tech company announces $150 investment

Houston-based VoltaGrid provides small-scale, self-contained microgrids that can operate independently of major power grids or in tandem with other microgrids. Photo via voltagrid.com

VoltaGrid, a Bellaire-based startup that specializes in distributed power generation via microgrids, has hauled in $150 million in equity funding.

Founded in 2020, VoltaGrid provides small-scale, self-contained microgrids that can operate independently of major power grids or in tandem with other microgrids. VoltaGrid’s product consists of natural gas engines, portable energy storage, natural gas processing and grid power connectivity. Read more.

Houston company raises $138M for next-generation geothermal energy

The future of geothermal energy is here — and just got a big payday. Photo via Getty Images

Houston-based startup Fervo Energy has picked up $138 million in funding to propel its creation and operation of carbon-free power plants fueled by geothermal energy.

Fervos says the series C round will help it complete power plants in Nevada and Utah and evaluate new projects in California, Idaho, Oregon, Colorado, and New Mexico, as well as in other countries.

California-based investment firm DCVC led the round, with participation from six new investors. Read more.

Houston company closes $76M series C round to fuel its mission of reducing carbon emissions

Syzygy Plasmonics has raised a series C round of funding. Photo courtesy of Syzygy

A Houston-based company that is electrifying chemical manufacturing has closed its largest round of funding to date.

Syzygy Plasmonics closed a $76 million series C financing round led by New York-based Carbon Direct Capital. The round included participation from Aramco Ventures, Chevron Technology Ventures, LOTTE CHEMICAL, and Toyota Ventures. The company's existing investors joining the round included EVOK Innovations, The Engine, Equinor Ventures, Goose Capital, Horizons Ventures, Pan American Energy, and Sumitomo Corporation of Americas. According to a news release, Carbon Direct Capital will join Syzygy's board and serve as the series C director.Read more.

Fast-growing energy fintech startup raises $50M series B

The series B capital will allow the company to enhance its core product, while also adding on other workflows that focus on emissions and renewable energy. Image via combocurve.com

Houston-based ComboCurve announced today that it has raised $50 million through a series B funding round led by Dragoneer Investment Group and Bessemer Venture Partners.

Founded in 2017, the company is a cloud-based energy analytics and operating platform that uses sophisticated software to forecast and report on a company's energy assets, including renewables.

The series B capital will allow the company to enhance its core product, while also adding on other workflows that focus on emissions and renewable energy. Read more.


Rice University and Houston Methodist have teamed up to fund life science research — and more Houston innovation news you need to know. Image courtesy of Rice

Houston health startups make most promising list, clean energy co. wins award, and more news

short stories

Houston startup news has still been full speed ahead, despite the year coming to a close, and there might be some headlines you may have missed.

In this roundup of short stories within Houston startups and tech, a climatetech leader steps down, two digital health companies have been recognized internationally, and more.

Two Houston startups land on most-promising health tech list

Houston has some representation on this year's Digital Health 150. Image via CB Insights

CB Insights released The Digital Health 150, an annual ranking of the 150 most promising digital health startups in the world, last week and two Houston companies made the cut. Houston-based companies Koda Health and Starling Medical were two of the eight Texas startups on the list.

Founded in 2020, Koda Health is a B2B Enterprise SaaS solution that guides patients through the process of proactive healthcare planning and document authentication. The company has been expanding its service across the country this year following a seed round of funding in February.

"Each year, 150 winners are selected from a pool of over 13,000 companies," Koda's CEO and Co-Founder Tatiana Fofanova tells InnovationMap. "Honorees have quickly become industry titans and household names, so we were honored — and frankly, surprised! — to be recognized in this year's group of honorees.

"I've personally taken inspiration from the Digital Health 150 for years now ± these are people and companies we've emulated and aspired to — so to see the Koda Health logo on there was incredibly affirming," she continues.

Starling Medical is using AI and telehealth enabled medical devices to enable millions with bladder dysfunctions to be able to urinate safely and conveniently again. The company has been named most promising by the Rice Alliance as well, and a top 10 company by MassChallenge.

Optellum, a United Kingdom-based company focused on lung cancer diagnostics, also made the list. They have their United States-based operations in Houston. Additionally, seven startups on the list — Babyscripts, Cerebriu, Iterative Health, Kintsugi, Mindtrace, Redox, and Lightbeam — have ties to TMC.

This is the fourth annual Digital Health 150, and this new cohort has already raised approximately $5.6 billion in aggregate funding across 378 deals since 2017, according to CB Insights.

Houston startup snags win at the 'Oscars' of energy industry

Syzygy Plasmonics was recognized for being an outstanding energy transition company. Photo via LinkedIn

At the 24th annual Platts Global Energy Awards gala, S&P Global Commodity Insights honored industry excellence across 19 categories. Described as the "Oscars" of energy, the program "recognizes corporate and individual innovation, leadership, and performance in the energy and petrochemicals industry," according to a news release.

"We are proud to recognize the leadership and innovation of this year's finalists and winners of the Platts Global Energy Awards," says Saugata Saha, president of S&P Global Commodity Insights, in the release. "These companies have demonstrated a commitment to excellence while serving customers and enabling a balanced energy transition, a key area of focus for the industry and our teams at S&P Global Commodity Insights."

Houston-based alternative energy company, Syzygy Plasmonics, took home a win for the "Energy Transition Technology of the Year Award." Syzygy, which recently raised a $76 million series C round, has a technology that harnesses the power of light to energize chemical reactions — rather than the traditional process that is fueled by heat. The Syzygy approach reduces feedstock waste and produces fewer emissions when powered by renewable electricity.

Greentown Labs CEO steps down

In her capacity as Greentown Labs CEO, Emily Reichert cut the ribbon on Greentown Houston over a year and a half ago. Photo by Lee Bond/Greentown Labs

The leader of Somerville, Massachusetts-based Greentown Labs, which has its only other location in Houston, has stepped down after a decade at the helm of the climatetech incubator.

In an email to the Greentown Labs community, Emily Reichert confirmed that she has stepped down as CEO and will remain involved as "CEO Emeritus." The organization's CFO, Kevin Taylor, has picked up more leadership responsibilities in the interim.

"As I hand the baton off to the next leader of Greentown Labs, I’m confident in our community’s ability to continue making an enormous impact deploying climatetech solutions and our team’s ability to continue growing Greentown to be an ever-more-impactful space for climatetech entrepreneurs and collaborators," Reichert says in the email.

Rice backs new research collaborations with Houston Methodist

Rice University and Houston Methodist have again teamed up to support life science research. Photo via rice.edu

Two Houston organizations — Rice University and the Houston Methodist Academic Institute — have created a seed grant program and awarded grants for research in robotics, imaging, cardiovascular bioengineering, and more. Twenty multi-year projects will be supported by both Houston Methodist and Rice, according to a news release.

It's the third collaborative program between the two organizations in less than two years.

“Our collaborations with Houston Methodist will impact human health and wellness, foster new research opportunities and advance our understanding of diseases," says Rice Provost Amy Dittmar in a news release.

The projects within the nursing category have not been announced, but the awards for the other categories have been named online.

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Houston-based VC secures oversubscribed $160M fund for early-stage startups

show me the money

A Houston venture capital firm has announce big news of its latest fund.

Mercury, founded in 2005 to invest in startups not based in major tech hubs on either coast, closed its latest fund, Mercury Fund V, at an oversubscribed amount of $160 million. Originally expected to raise $150 million, Fund V is the largest fund Mercury has raised to date.

“We are pleased by the substantial support we received for Fund V from both new and existing investors and thank them for placing their confidence in Mercury,” Blair Garrou, co-founder and managing director of Mercury Fund, says in a news release. “Their support is testament to the strength of our team, proven investment strategy, and the compelling opportunities for innovation that exist in cities across America.”

The fund's limited partners include new and existing investors, including endowments at universities, foundations, and family offices. Mercury reports that several of these LPs are based in the central region of the United States where Mercury invests. California law firm Gunderson Dettmer was the fund formation counsel for Mercury.

Fresh closed, Fund V has already made investments in several companies, including:

  • Houston-based RepeatMD, a patient engagement and fintech platform for medical professionals with non-insurance reimbursed services and products
  • Houston and Cheyenne Wyoming-based financial infrastructure tech platform Brassica, which raised its $8 million seed round in April
  • Polco, a Madison, Wisconsin-based polling platform for local governments, school districts, law enforcement, and state agencies
  • Chicago-based MSPbots, a AI-powered process automation platform for small and mid-sized managed service providers

Mercury's investment model is described as "operationally-focused," and the firm works to provide its portfolio companies with the resources needed to grow rapidly and sustainably. Since 2013, the fund has contributed to creating more than $9 billion of enterprise value across its portfolio of over 50 companies.

“Over the past few years there has been a tremendous migration of talent, wealth and know-how to non-coastal venture markets and this surge of economic activity has further accelerated the creation of extraordinary new companies and technology," says Garrou. "As the first venture capital firm to have recognized the attractiveness of these incredible regions a dozen years ago, we are excited to continue sourcing new opportunities to back founders and help these cities continue to grow and thrive.”

Real estate giant taps downtown Houston tower for new smart building tech

hi, tech

Houston-based real estate giant Hines is rolling out a new smart building platform with the goal of better serving workers and workplaces at its buildings across the country, including one building in Houston that's aiming to be an office building of the future.

From the employee perspective, the new Hines app will allow employees and employers to book spaces within buildings, order food from on-site cafes and restaurants, book on-site fitness classes and access the building via their smartphone or smartwatch. For employers and tenants, the app will help them gain insights into building performance, occupancy data, ESG targets and employee satisfaction, according to a statement from Hines.

“We’re committed to a people-centric experience and this investment takes that commitment to the next level,” Ilene Goldfine, chief digital strategy officer at Hines, says in a statement. “The traditional systems were managed building by building and made it difficult or impossible to track performance across a portfolio. This new digital ecosystem, which unites back-end technology with front-end experiences, will deliver long-term cost savings to our investors and clients.

"Our clients will also be able to track employee satisfaction, make informed decisions about their space needs and ensure they’re monitoring their carbon targets,” Goldfine continues.

The new digital platform will be launched at eight Hines buildings across five cities, including 717 Texas Ave., a 33-story Class A office tower in Downtown Houston.

The other buildings where Hines will roll out the app include:

  • Salesforce Tower in Chicago
  • 1144 15th Street in Denver
  • The Kearns Building in Salt Lake City
  • CIBC Square in Toronto
  • T3 Bayside in Toronto
  • Two buildings at T3 Sterling Road in Toronto

The company plans to add more locations across its global portfolio.

Hines' opened its first location of The Square coworking space at 717 Texas Ave. in 2020 as part of its coworking concept Hines². The company, in collaboration with Montreal-based Ivanhoé Cambridge, opened a second Houston location of The Square recently and has a coworking space in The Kearns Building in Salt Lake City where it will roll out the new app.

Earlier this year, Hines also launched a sustainability-focused business unit, known as EXP by Hines. The unit, led by Hines veteran Doug Holte, aims to address “the disruptive changes in the built environment.”

Houston expert encourages energy industry to bridge its generational divides

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What’s the biggest obstacle between us and net-zero? Is it policy? Technology? Financing? All of these are important, yes, but none of them is what is really holding us back from our energy transition goals.

The biggest obstacle is a lack of open-mindedness and an unwillingness of people across the industry and across generations to work together.

In October of 2022, I was invited to speak at Energy Dialogues’s North American Gas Forum, a conference that brings together executives from across the energy industry. Over the two days of the conference, I was amazed by the forward-thinking conversations we were having on decarbonization, the future of clean energy, emissions reduction, and much more. I returned back to campus at Duke University, energized by these conversations and excited to share them. But rather than seeing the same sense of excitement, I was met with doubt, disbelief, even scorn.

There’s a fundamental distrust between generations in this industry, and it goes both ways. Experienced energy professionals often see the younger generation as irrational idealists who are too politicized to be pragmatic, while the younger generation often paints the older generation as uncaring climate denialists who want nothing to do with clean energy. Neither is true.

Over the past two years since founding Energy Terminal, I’ve met hundreds (maybe thousands) of people all across the energy industry, from CEOs of major energy companies to students just getting started on their career journey. Despite being so different on the surface, their goals are strikingly similar. Almost all can agree on three things: we want to reduce emissions, we want to expand energy access, and we want to do so while encouraging economic prosperity. The perceived barrier between generations in the energy industry is exponentially larger than the actual barrier.

For experienced professionals — take a chance to engage in conversations with young energy leaders. Understand their priorities, listen to their concerns, and find the middle ground. We are a generation passionate about impact and growth, and enabled with the right resources, we can do incredible things. The changing energy world presents unbelievable opportunities for both progress and profit, but without the next generation on board, it will never be sustainable.

For the young energy leaders of the future–listen to the experiences of the leaders that have come before us. Understand the balance between energy that is clean with energy that is secure, reliable, and affordable. We have brilliant ideas and an insatiable appetite for progress, but we won’t do it alone. Every person and every company has a valuable role to play in the energy transition, so consider how we can amplify our strengths rather than attack each other’s weaknesses.

If my co-founder, a climate activist from New York, and myself, the son of an oil and gas family from south Texas, can do it, so can you. This is a call to find the middle ground, to open up your mind to new possibilities, and to make real progress by working with each other rather than against each other.

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Michael Wood III is co-founder of Energy Terminal, a platform that aims to build the next generation of energy leaders and to bridge the gap between youth and the energy industry.

This article originally ran on EnergyCapital.

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