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

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 startup recognized for inclusivity on journey to commercialize next-gen therapeutics

future of medicine

A new Houston biotech company won a special award at the 16th Annual SXSW Pitch Award Ceremony earlier this month.

Phiogen, one of 45 companies that competed in nine categories, was the winner for best inclusivity, much to the surprise of the company’s CEO, Amanda Burkhardt.

Burkhardt tells InnovationMap that while she wanted to represent the heavily female patient population that Phiogen seeks to treat, really she just hires the most skilled scientists.

“The best talent was the folks that we have and it ends up being we have three green card holders on our team. As far as ethnicities, we have on our team we have Indian, African-American, Korean, Chinese Pakistani, Moroccan and Hispanic people and that just kind of just makes up the people who helped us on a day-to-day basis,” she explains.

Phiogen was selected out of 670 companies to be in the health and nutrition category at SXSW.

“We did really well, but there was another company that also did really well. And so we were not selected for the pitch competition, which we were a little bummed about because I killed the pitch,” Burkhardt recalls.

But Phiogen is worthy of note, pitch competition or not. The new company spun off from research at Dr. Anthony Maresso’s TAILOR Labs, a personalized phage therapy center at Baylor College of Medicine, last June.

“Our whole goal is to create the next generation of anti-infectives,” says Burkhardt.

That means that the company is making alternatives to antibiotics, but as Burkhardt says, “We’re hoping to be better than antibiotics.”

How does it work? Bacteriophages are viruses that infect bacteria.

“You can imagine them as the predators in the bacteria world, but they don't infect humans. They don't affect animals. They only infect bacteria,” Burkhardt explains.

Phiogen utilizes carefully honed bacteriophages to attack bacteria that include the baddies behind urinary tract infection (UTI), bacteremia (bacteria in the blood), and skin wounds.

The team’s primary focus is on treatment-resistant UTI. One example was a male patient who received Phiogen’s treatment thanks to an emergency-use authorization from the FDA. The gentleman had been suffering from an infection for 20 years. He was treated with Phiogen’s bacteriophage therapy for two weeks and completely cleared his infection with no recurrence.

Amanda Burkhardt is the CEO of Phiogen. Photo via LinkedIn

But Phiogen has its sights set well beyond the first maladies it’s treated. An oft-quoted 2016 report projected that by 2050, 10 million people a year will be dying from drug-resistant infections.

“A lot of scientists call it the silent pandemic because it's happening now, we're living in it, but there's just not as much being said about it because it normally happens to people who are already in the hospital for something else, or it's a comorbidity, but that's not always the case, especially when we're talking about urinary tract infections,” says Burkhardt.

Bacteriophages are important because they can be quickly trained to fight against resistant strains, whereas it takes years and millions of dollars to develop new antibiotics. There are 13 clinical trials that are currently taking place for bacteriophage therapy. Burkhardt estimates that the treatment method will likely gain FDA approval in the next five years.

“The FDA actually has been super flexible on progressing forward. Because they are naturally occurring, there's not really a safety risk with these products,” she says.

And Burkhardt, whose background is in life-science commercialization, says there’s no better place to build Phiogen than in Houston.

“You have Boston, you have the Bay [Area], and you have the Gulf Coast,” she says. “And Houston is cheaper, the people are friendlier, and it’s not a bad place to be in the winter.”

She also mentions the impressive shadow that Helix Park will cast over the ecosystem. Phiogen will move later this year to the new campus — one of the labs selected to join Baylor College of Medicine.

And as for that prize, chances are, it won’t be Phiogen’s last.

Houston student selected for prestigious health care research program

bright future

A Houston-area undergraduate student has been tapped for a prestigious national program that pairs early-career investigators with health research professionals.

Mielad Ziaee was selected for the National Institutes of Health’s 2023-2024 All of Us Research Scholar Program, which connects young innovators with experts "working to advance the field of precision medicine," according to a statement from UH. Ziaee – a 20-year-old majoring in psychology and minoring in biology, medicine and society who plans to graduate in 2025 — plans to research how genomics, or the studying of a person's DNA, can be used to impact health.

“I’ll be one of the ones that define what this field of personalized, precision medicine will look like in the future,” Ziaee said in a statement. “It’s exciting and it’s a big responsibility that will involve engaging diverse populations and stakeholders from different systems – from researchers to health care providers to policymakers.”

Ziaee aims to become a physician who can use an understanding of social health conditions to guide his clinical practice. At a young age, he was inspired to go into the field by his family's own experience.

According to UH, Ziaee is the oldest child of Iranian American immigrants. He saw firsthand the challenges of how language and cultural barriers can impact patients' access to and level of care.

“I think a lot of people define health as purely biological, but a lot of other factors influence our well-being, such as mental health, financial health, and even access to good food, medical care and the internet,” he said in a statement. “I am interested in seeing the relationship among all these things and how they impact our health. So far, a lot of health policies and systems have not really looked beyond biology.”

"I want everyone to have an equal chance to access health care and take charge of their well-being. We need to have the systems in place that let people do that,” he added.

Ziaee is already on his way to helping Houston-based and national health systems and organizations make headway in this area.

He was named as a student regent on the UH System Board of Regents last year, sits on the board of the Houston chapter of the American Red Cross, and is an Albert Schweitzer Fellow.

Last year he was a Centers for Disease Control and Prevention John R. Lewis scholar, for which he presented his research project about predicting food insecurity in pediatric clinical settings and recommendations to improve the assessment based off his summer research with the Johns Hopkins University School of Medicine and the Kennedy Krieger Institute.

Prior to this, he completed a 10-week guided research experience using data visualization and predictive modeling techniques to assess food insecurity in the Third Ward.

“I just took every opportunity that came to me,” Ziaee said. “All my experiences connect with my central desire to increase health access and improve health care. I am very intentional about connecting the dots to my passion.”

Earlier this year, three UH student researchers were named among 16 other early-stage research projects at U.S. colleges and universities to receive a total of $17.4 million from the DOE's Office of Fossil Energy and Carbon Management (FECM). The projects were each awarded between about $750,000 to up to $1.5 million.

Houston tech entrepreneur expands energy data co. in Europe, continues to scale

houston innovators podcast episode 229

The technology that Amperon provides its customers — a comprehensive, AI-backed data analytics platform — is majorly key to the energy industry and the transition of the sector. But CEO Sean Kelly says he doesn't run his business like an energy company.

Kelly explains on the Houston Innovators Podcast that he chooses to run Amperon as a tech company when it comes to hiring and scaling.

"There are a lot of energy companies that do tech — they'll hire a large IT department, they'll outsource a bunch of things, and they'll try to undergo a product themselves because they think it should be IP," he says on the show. "A tech company means that at your core, you're trying to build the best and brightest technology."

To Kelly, Amperon should be hiring in the same field as Google and other big tech companies that sit at the top of the market. And Kelly has done a lot of hiring recently. Recently closing the company's $20 million series B round last fall led by Energize Capital, Amperon has tripled its team in the past 14 months.

With his growing team, Kelly also speaks to the importance of partnerships as the company scales. Earlier this month, Amperon announced that it is replatforming its AI-powered energy analytics technology onto Microsoft Azure. The partnership with the tech giant allows Amperon's energy sector clients to use Microsoft's analytics stack with Amperon data.

And there are more collaborations where that comes from.

"For Amperon, 2024 is the year of partnerships," Kelly says on the podcast. "I think you'll see partnership announcements here in the next couple of quarters."

Along with more partners, Amperon is entering an era of expansion, specifically in Europe, which Kelly says has taken place at a fast pace.

"Amperon will be live in a month in 25 countries," he says.

While Amperon's technology isn't energy transition specific, Kelly shares how it's been surprising how many clean tech and climate tech lists Amperon has made it on.

"We don't brand ourselves as a clean tech company," Kelly says, "but we have four of the top six or eight wind providers who have all invested in Amperon. So, there's something there."

Amperon, which originally founded in 2018 before relocating to Houston a couple of years ago, is providing technology that helps customers move toward a lower carbon future.

"If you look at our customer base, Amperon is the heart of the energy transition. And Houston is the heart of the energy transition," he says.