In total, Texas saw seven companies reach unicorn status in 2021. Image via Getty Images

Houston welcomed a duo of unicorns in 2021, according to a new report. But these unicorns aren’t those mythical multicolored creatures. Rather, they’re startups valued at $1 billion or more.

As of December 2021, there were more than 900 unicorns around the world, according to market research company CB Insights. Former unicorns include Airbnb, Facebook, and Google.

Joining the unicorn club in 2021 were two startups based in the Houston area:

  • Solugen, currently valued at $1.8 billion, according to the company, which uses corn syrup to produce chemicals.
  • Axiom Space, valued at more than $1 billion as of February. The startup is developing the world’s first space station for commercial purposes.

Houston's other unicorn is fintech company, HighRadius, which reached the $1 billion valuation mark in January of 2020.

The Lone Star State added a few other companies to its unicorn herd. Austin had four companies claim the prestigious status — the most newly minted unicorns in Texas — and now has a total of six unicorns. Dallas added one new unicorn to its economy, making a total of three Dallas area-based unicorns, according to CB Insights.

Here are the other 2021 unicorns in Texas:

  • Austin-based Iodine Software, valued at more than $1 billion as of December. The company’s artificial intelligence offering aims to help healthcare organizations improve their operations.
  • Austin-based ZenBusiness, valued at $1.7 billion as of November. ZenBusiness provides an online platform designed to help entrepreneurs start, run, and grow their small businesses.
  • Cedar Park-based Firefly Aerospace, valued at more than $1 billion as of May. The startup makes rockets and commercial spacecraft.
  • Austin-based The Zebra, valued at more than $1 billion as of April. The Zebra runs an online marketplace that enables consumers to compare insurance quotes.
  • Irving-based Caris Life Sciences is valued at a whopping $7.83 billion as of May. Caris employs artificial intelligence to come up with targeted cancer treatments.

Startups, particularly those in the tech space, increasingly are drawn to Austin. In 2020, CompTIA, a trade group for the tech industry, placed Austin atop its Tech Town USA index. The organization cited Austin as a “favorable alternative” to the San Francisco Bay Area and New York City for startups and other companies.

Joshua Baer, founder and CEO of Austin-based Capital Factory, an accelerator for startups, told Texas Monthly in April that Austin’s status as a business magnet has risen recently.

“Suddenly, we’ve gone from us having to beat our chest and tell everybody else how great Austin and Texas are to everybody showing up here, telling us why it’s so great, and why they moved here,” Baer says.

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This article originally ran on CultureMap.

Last year, HighRadius became Houston's first unicorn — a privately held startup valued at over $1 billion. Now, the fintech company has raised more funds. Image via HighRadius.com

Houston fintech unicorn raises $300M in series C

money moves

Houston's first "unicorn," fintech company HighRadius, is growing up fast.

On March 30, HighRadius, a software-as-a-service (SaaS) business, reported it raised a $300 million Series C round of funding that values the company at $3.1 billion. D1 Capital Partners and Tiger Global Management led the round, with participation from existing investors ICONIQ Growth and Susquehanna Growth Equity. Also contributing to the round were four high-profile entrepreneurs:

  • Frank Slootman, chairman and CEO of Snowflake, a cloud-computing company based in San Mateo, California. Both D1 Capital and Tiger Global invested in Snowflake, which went public in September.
  • Michael Scarpelli, chief financial officer of Snowflake.
  • Tooey Courtemanche, CEO of Carpinteria, California-based Procore Technologies, which produces software for management of construction projects. D1 Capital and Tiger Global are investors in Procore.
  • Howie Liu, co-founder and CEO of Airtable, a cloud-based collaboration platform based in San Francisco. D1 Capital is among Airtable's investors.

In a news release, HighRadius says it will spend the money to fuel product development and expand its global reach.

The $300 million funding round comes nearly 15 months after HighRadius announced it raised $125 million in a Series B round that catapulted it to unicorn status. In the fundraising world, a unicorn refers to a startup valued at $1 billion or more.

HighRadius, based in West Houston, was founded in 2006. It employs more than 1,000 people around the world. The HighRadius website listed 16 job openings as of March 30, with 10 of them in Houston.

HighRadius' AI-powered SaaS offering streamlines accounts-receivable and cash-management processes. For instance, HighRadius' Cash Application software relies on AI to comb through documents like emails and invoices to automatically match incoming payments with customer accounts. The company has over 600 customers, including more than 200 of the Forbes Global 2000.

"Our goal has always been to build a long-lasting business that outlasts all of us," Sashi Narahari, founder and CEO of HighRadius, says in the news release. "I look forward to working with [our] high-quality, long-term investors, who share a common vision of transforming the office of the CFO using a combination of artificial intelligence built on top of connected-finance workspaces and embedded analytics."

In the news release, Daniel Sundheim, founder of New York City-based D1 Capital, says CFOs and their teams have historically relied on antiquated methods to handle accounts receivable and cash management.

"HighRadius is in the opening innings of defining the next big software market for the office of the CFO," John Curtius, a partner at New York City-based Tiger Global, says in the news release. "HighRadius bears all of the signs of being a category-defining business for order-to-cash automation."

HighRadius, a SaaS fintech company and Houston's first unicorn, has expanded in Europe. Getty Images

Houston fintech software startup expands with new German office

unicorn on the move

A growing Houston fintech software-as-a-service startup has announced that it's opening an additional European office following reaching unicorn status earlier this year.

HighRadius, which has a software that automates key treasury management processes, is opening an office in Frankfurt, Germany, the company announced today.The news comes after the company has posted triple-digit year-over-year growth, according to a press release. HighRadius boasts of 25 new customers and a 250 percent increase in bookings over the past year.

"Frankfurt's position in central Germany makes other parts of the country readily accessible, and its status as the financial center of the country opens up a gateway to a deep pool of talent and relevant partnerships," says Jon Keating, HighRadius' Vice President and General Manager, EMEA, in a news release.

The company, which achieved unicorn status with a $1 billion valuation following a $125 million raise in January, opened an office in Amsterdam last year and has had its London office since 2017. According to the release, Germany, Switzerland, and Austria are territories with major market opportunities. The Frankfurt office will house sales, pre-sales, marketing, and consulting employees.

HighRadius's technology is relevant amid the COVID-19 pandemic more than ever as its clients are in need of safe and easy remote technology and automation to prevent delays in accounts receivable. Last month, the SaaS company launched new technology to help with this need: the RadiusOne A/R Suite for mid-sized businesses.

"We launched the RadiusOne B2B Network to facilitate suppliers and A/R teams to digitally connect with their buyers and A/P teams for faster processing of receivables and payments. Currently, the network has millions of active businesses," says Sashi Narahari, founder and CEO of HighRadius, in a news release. "The RadiusOne A/R Suite will provide the essential apps for A/R teams at mid-sized businesses to instantly plug their ERPs and A/R processes into this network and digitally connect with their buyers across the globe."

Houston startups have raised millions so far this year. Getty Images

Here's what 6 Houston startups have raised millions of dollars this year so far

VENTURE ADVENTURES

This year is starting strong when it comes to Houston startups receiving funding. From a $125 million raise from Houston's first unicorn to a local fund gathering up $50 million to deploy in mobility startups, Houston funding news has been pretty exciting.

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

HighRadius Corp.

Houston-based HighRadius has reported reaching unicorn status following a $125 million raise. Photo via highradius.com

Let's start with the biggest one, shall we? Houston-based HighRadius, an artificial intelligence-powered fintech software company, closed a $125 million raise, which earned it a a new title: Unicorn.

The series B round, which achieved this status for HighRadius, was led by ICONIQ Capital, with participation from existing investors Susquehanna Growth Equity and Citi Ventures, according to a news release from the company.

The company, which offices in West Houston, was founded in 2006 founded in 2006 and employs more than 1,000 people in North America, Europe, and Asia. In November, HighRadius opened an office in Amsterdam. According to the news release, the company will use the funds to further expand its global footprint.

Read the full story here.

Proeza Ventures

Auto Driving Smart Car image

A new venture capital fund based in Houston and Monterrey, Mexico, has raised $50 million to back mobility startups. Hiroshi Watanabe/Getty Images

New fund Proeza Ventures, which is based in Houston and Monterrey, Mexico, reportedly closed its first fund Proeza Ventures I at $50 million. The fund is backed by Grupo Proeza, a Mexican portfolio management company with two global platforms operating in the mobility and agroindustry sectors, according to the fund's website.

With the fund's money, Proenza Ventures will invest in 12 to 15 early or growth-stage startups with solutions or new technology within industrial, smart components, new vehicles, MaaS, and digital data services.

Read the full story here.

Ambyint

oil and gas

Ambyint, which has offices in Calgary and Houston, has secured funding from Houston venture capital firms. Getty Images

Canada-based Ambyint, which has an office in Houston, has closed its $15 million series B funding. Houston-based Cottonwood Venture Partners led the round, and Houston-based Mercury Fund also contributed — as did Ambyint's management team, according to a news release.

The money will be used to grow both its Houston and Calgary, Alberta, offices and expand its suite of software solutions for wells and artificial lift systems. Ambyint's technology pairs artificial intelligence with advanced physics and subject matter expertise to automate processes on across all well types and artificial lift systems.

Read the full story here.

vChain Inc.

Houston-based vChain, creator of CodeNotary, has raised $7 million in a series A financing round. Pexels

Houston-based vChain, which created the CodeNotary Open Source code trust solution, has raised $7 million in a series A funding round. Paris-based Elaia Partners led the investment round, and other contributors include Zug, Switzerland-based Bluwat and Seattle-based Acequia Capital.

The software tool, which is used to ensure code is securely transmitted throughout the entire development to production process, has several platform integrations and works with languages such as JavaScript, Python, Go, Java, and more.

Read the full story here.

Vivante Health

good intestine health intestine Food for bowel Health

Vivante Health, which uses technology and at-home testing to help users treat chronic digestive health issues, has raised $5.8 million. Getty Images

Vivante Health raised $5.8 million in a series A1 round, according to a news release. The round was led by California-based Lifeforce Capital and Athens, Greece-based Big Pi Ventures. Additionally, NFP Ventures, FCA Venture Partners, and Longmont Capital contributed to the round.

With the fresh funds, Vivante will continue to develop its GI health platform, GIThrive. The digital tool has an at-home microbiome test kit for users, as well as a breath tester that monitors food sensitivities. GIThrive also connects users to on-demand support from nutritionists and experts on the GIThrive app.

Read the full story here.

Hitched Inc.

Houston-based Hitched has dug up new investment money from a local private equity firm. Pexels

Hitched Inc. raised $5.5 million in its series A funding led by Houston-based Cottonwood Venture Partners, a growth equity firm that focuses on digital tech solutions in the energy industry.

The company, which was founded in 2018, coordinates the rentals — from hosting and chartering to managing them — all on one centralized platform. Hitched has a catalogue of equipment from generators and cranes to light towers, pumps to forklifts, and the site lists out the cost per day of each piece of machinery.

Read the full story here.

Houston-based HighRadius has reported reaching unicorn status following a $125 million raise. Photo via highradius.com

Houston SaaS company achieves unicorn status following $125 million fundraising round

New unicorn

Following the closing of a $125 million series B investment round, a Houston software-as-a-service company is boosting a new title: Unicorn.

HighRadius, an artificial intelligence-powered fintech software company, has announced its unicorn status, which is defined as being valued at over $1 billion. The series B round, which achieved this status for HighRadius, was led by ICONIQ Capital, with participation from existing investors Susquehanna Growth Equity and Citi Ventures, according to a news release from the company.

"Today marks an important milestone for HighRadius and we're thrilled to have ICONIQ join us in our vision to modernize the Order to Cash space," says Sashi Narahari, founder and CEO of HighRadius, in a news release. "ICONIQ combines patient capital with a long-term vision of investing in category-defining businesses, and the firm has worked with some of the world's most successful tech entrepreneurs. We are building HighRadius into a self-sustaining, long-term category leader, and ICONIQ is a great partner for us in this journey."

The company, which offices in West Houston, was founded in 2006 founded in 2006 and employs more than 1,000 people in North America, Europe, and Asia. In November, HighRadius opened an office in Amsterdam. According to the news release, the company will use the funds to further expand its global footprint.

"We're thrilled to support HighRadius' efforts to bring innovative AI capabilities to the financial side of the enterprise," says Will Griffith, partner at ICONIQ Capital, in a news release. "As we have seen in many of our portfolio companies and past investments, including BlackLine and Coupa, digital transformation is increasingly a CFO priority."

HighRadius' AI-powered software is designed to streamline accounts-receivable and cash-management processes. For instance, HighRadius' Cash Application software relies on AI to comb through documents like emails and invoices to automatically match incoming payments with customers' accounts.

"The HighRadius platform is game-changing for CFOs and finance departments, and the company has earned tremendous customer loyalty by enabling receivables and treasury teams to perform more efficiently and effectively, and by delivering mission-critical ROI," Griffith continues in the release. "HighRadius fits squarely into our commitment to invest in best-in-class, long-term technology businesses driven by incredible teams, and we look forward to working alongside Sashi and the rest of the HighRadius team through their next phase of growth."

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Houston-based creator economy platform goes live nationally

so clutch

An app that originally launched on Houston college campuses has announced it's now live nationwide.

Clutch founders Madison Long and Simone May set out to make it easier for the younger generation to earn money with their skill sets. After launching a beta at local universities last fall, Clutch's digital marketplace is now live for others to join in.

The platform connects brands to its network of creators for reliable and authentic work — everything from social media management, video creation, video editing, content creation, graphic design projects, and more. With weekly payments to creators and an inclusive platform for users on both sides of the equation, Clutch aims to make digital collaboration easier and more reliable for everyone.

“We’re thrilled to bring our product to market to make sustainable, authentic lifestyles available to everyone through the creator economy," says May, CTO and co-founder of Clutch. "We’re honored to be part of the thriving innovation community here in Houston and get to bring more on-your-own-terms work opportunities to all creators and businesses through our platform.”

In its beta, Clutch facilitated collaborations for over 200 student creators and 50 brands — such as DIGITS and nama. The company is founded with a mission of "democratizing access to information and technology and elevating the next generation for all people," according to a news release from Clutch. In the beta, 75 percent of the creators were people of color and around half of the businesses were owned by women and people of color.

“As a Clutch Creator, I set my own pricing, schedule and services when collaborating on projects for brands,” says Cathy Syfert, a creator through Clutch. “Clutch Creators embrace the benefits of being a brand ambassador as we create content about the products we love, but do it on behalf of the brands to help the brands grow authentically."

The newly launched product has the following features:

  • Creator profile, where users can share their services, pricing, and skills and review inquiries from brands.
  • Curated matching from the Clutch admin team.
  • Collab initiation, where users can accept or reject incoming collab requests with brands.
  • Collab management — communication, timing, review cycles — all within the platform.
  • In-app payments with a weekly amount selected by the creators themselves.
  • Seamless cancellation for both brands and creators.
Clutch raised $1.2 million in seed funding from Precursor Ventures, Capital Factory, HearstLab, and more. Clutch was originally founded as Campus Concierge in 2021 and has gone through the DivInc Houston program at the Ion.

Madison Long, left, and Simone May co-founded Clutch. Photo courtesy of Clutch

2 Houston suburbs roll onto top-15 spots on U-Haul’s list of growing cities

on the move

More movers hauled their belongings to Texas than any other state last year. And those headed to the Greater Houston area were mostly pointed toward Missouri City and Conroe, according to a new study.

In its recently released annual growth report, U-Haul ranks Missouri City and Conroe at No. 13 and No. 19, respectively among U.S. cities with the most inbound moves via U-Haul trucks in 2022. Richardson was the only other Texas cities to make the list coming in at No. 15.

Texas ranks No. 1 overall as the state with the most in-bound moves using U-Haul trucks. This is the second year in a row and the fifth year since 2016 that Texas has earned the distinction.

“The 2022 trends in migration followed very similar patterns to 2021 with Texas, Florida, the Carolinas and the Southwest continuing to see solid growth,” U-Haul international president John Taylor says in a news release. “We still have areas with strong demand for one-way rentals. While overall migration in 2021 was record-breaking, we continue to experience significant customer demand to move out of some geographic areas to destinations at the top of our growth list.”

U-Haul determines the top 25 cities by analyzing more than 2 million one-way U-Haul transactions over the calendar year. Then the company calculated the net gain of one-way U-Haul trucks entering a specific area versus departing from that area. The top U-Haul growth states are determined the same way.

The studies note that U-Haul migration trends do not directly correlate to population or economic growth — but they are an “effective gauge” of how well cities and states are attracting and maintaining residents.

Missouri City is known for its convenient location only minutes from downtown Houston. The city’s proximity to major freeways, rail lines, the Port of Houston, and Bush and Hobby Airports links its businesses with customers “around the nation and the world,” per its website.

The No. 19-ranked city of Conroe is “the perfect blend of starry nights and city lights,” according to the Visit Conroe website. Conroe offers plenty of outdoor activities, as it is bordered by Lake Conroe, Sam Houston National Forest and W. Goodrich Jones State Forest. But it also has a busy downtown area with breweries, theaters, shopping and live music.

To view U-Haul’s full growth cities report, click here.

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This article originally ran on CultureMap.

Houston expert: Space tourism is the future — do we have the workforce to run it?

guest column

Throughout history, humans have always been fascinated in exploring and traveling around the world, taking them to many exotic places far and away. On the same token, ever since the dimension of space travel has been inaugurated with multiple private companies launching rockets into space, it has become an agenda to make space travel public and accessible to all. We believe that space travel is the next frontier for tourism just like for our forefathers world travel to faraway places was the next frontier, for recreational and adventure purposes.

In a world racing on technology, we can picture flying cars, invisible doors, and international cuisine in space. With this rapid expansion of the land, the idea of space tourism has stirred the space industry to think about running businesses, start trade, and set up universalization beyond the ring of the earth. It is no longer science fiction but our immediate future. However, the true question remains. Who will be responsible for all of it? Are we training the right workforce that is needed to build and run all of this?

Space tourism is an exciting idea in theory, traveling to extra-terrestrial destinations, exploring new planets, all by being in an anti-gravitational environment. Through these diminishing borders and rapid advancements soon we'll be living the space life, all the virtual, metaverse gigs coming to reality. But before that let's explore space tourism and how the solar system will welcome humans.

What is Space tourism?

Ever since 1967, Apollo opened the getaway of space travel and the technological intervention spun to rise. Just like nomad tourism, space tourism is human space travel for commercializing interstellar for leisure or pleasurable adventures of the unknown. Space has different levels of horizons, according to research, orbital space has high speeds of 17,400 mph to allow the rocket to orbit around the Earth without falling onto the land. While lunar space tourism goes into subcortical flights and brings people back at a slower speed.

Studies have shown that in the upcoming years, commercial space exploration will hike up the economical database, by generating more than expected revenue. On these grounds, space tourism won't be limited to suborbital flights but rather take onto orbital flights, this revolutionary expenditure will change the future.

Everything aligns when the right team works together endlessly to reach the stars. The space exploration will only take place with enthusiastic and empowered individuals catering towards their roles.

Astronomers, space scientists, meteorologists, plasma physicists, aerospace engineers, avionics technicians, technical writers, space producers, and more will work in the field to make this space dream come true.

The attraction of Space exploration

Curiosity is the gateway to the seven wonders of the world. Humans are born with novelty-seeking, the drive to explore the unknown and push boundaries. This exploration has benefited society in a million ways, from making bulbs to jets.

The attraction towards exploring the space stems from the same desire for novelty seeking. We want to answer the most difficult questions about the universe, is there only darkness beyond that sky? Can we live on another planet if ours die? To address the challenges of space and the world, we have created new technologies, industries, and a union worldwide. This shows how vital space exploration is to humans. Many astronauts dwell on the idea of seeing the iconic thin blue outline of our planet, the quintessential experience makes the astronaut go back and back. However, are we entering this dimension with the right skills? Is our future workforce ready to take need the best

Who will lead the path?

The main question that still goes unanswered is who will run space tourism. When it comes to the future, there are infinite options. One decision and you will fly into an endless sky.

This expenditure has opened multiple career opportunities for the future workforce to take on for diversification and exploration of space. Currently, we cannot predict how people will find meaning and improve their lives through space tourism, but it will be a soul-awakening experience. According to experts, travelers would prefer a livelihood in space for which companies are working day and night to figure out accommodation and properties. The ideas include having space hotels, offices, research labs, and tents for operations.

Lastly, space tourism is just a start, we are moving into a dimensional field of physics and astronomy to create new opportunities and ground-breaking inventions to explore the untouchable. The new era of more refined and thoroughly accessed careers are on the rise, let's see how the world evolves in the next 10 years.

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Ghazal Qureshi is the founder and CEO of UpBrainery, a Houston-based immersive educational technology platform that taps into neuroscience research-based programs to provide adaptive learning and individualized pathways for students at home or in the classroom.