growth stage

Exclusive: Houston entrepreneurial hub set to acquire local fintech startup

The Cannon has announced plans to acquire Houston-based crowdfunding startup LetsLaunch. Courtesy of Quy Tran/The Cannon

The Cannon, a Houston startup development organization with a network of coworking hubs, has announced its plans to acquire a Houston fintech startup.

LetsLaunch, an online investment platform that allows for smaller investments from non-accredited investors, has been connected with The Cannon in the past, and the two entities have even had a partnership arrangement. Now, The Cannon has plans to acquire LetsLaunch in order to provide Cannon member companies with the fundraising option.

"The Cannon and LetsLaunch have a shared vision for enabling and optimizing the innovation ecosystem," says Jon Lambert, CEO of The Cannon, in a news release. "LetsLaunch has passionately developed a technology platform that will deliver significant value to the entrepreneurial community by bringing together start-ups and investors of all kinds. By integrating the LetsLaunch platform into The Cannon's digital offerings, we will enhance the fundraising and strategic connection value we offer to our innovation community."

Lambert says the opportunity to provide The Cannon's members this opportunity to fundraise comes at an important time.

"Fundraising in the COVID-19/Post COVID-19 era is, and is likely to remain, a bit of an unknown," he continues in the release. "Adding another viable funding channel for the startups in our community who are ready for investment will be a valued benefit for our members and will provide us exposure to a whole new group of entrepreneurial investors."

The terms of the deal haven't been disclosed, but it is expected to close in June 2020. The transaction remains subject to customary closing conditions and approvals.

"We built LetsLaunch to provide broad segments of the population with a mechanism to invest in startups, while giving startups another source of capital," says Nick Carnrite, who co-founded LetsLaunch in 2018, in the release. "Crowdfunding will always remain at LetsLaunch's core, but it also became clear we had a role to play in connecting the innovation community, including startups, investors, advisors, mentors and service providers, based on their location, interests and preferences."

According to the release, the acquisition falls in line with both companies' missions to help develop an ecosystem of resources for startups.

"[LetsLaunch's] vision is completely complementary to The Cannon's goal to develop a tightly integrated innovation ecosystem," adds Brian Coyle, co-founder of LetsLaunch. "There is no better time to work together to help support private businesses."

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Building Houston

 
 

Houston-based medical device and biotech startup Steradian Technologies has been recognized by the Bill and Melinda Gates Foundation. Photo by Dwight C. Andrews/Greater Houston Convention and Visitors Bureau

A female-founded biotech startup has announced that it has received a grant from the Bill & Melinda Gates Foundation.

Steradian Technologies has developed a breath-based collection device that can be used with diagnostic testing systems. Called RUMI, the device is non-invasive and fully portable and, according to a news release, costs the price of a latte.

“We are extremely honored to receive this award and be recognized by the Bill & Melinda Gates Foundation, a leader in global health. This funding will propel our work in creating deep-tech diagnostics and products to close the equity gap in global public health," says Asma Mirza, CEO and co-founder of Steradian Technologies, in the release. “The RUMI will demonstrate that advanced technology can be delivered to all areas of the world, ensuring the Global South and economically exploited regions receive access to high-fidelity diagnostics instead of solutions that are ill-suited to the environment.”

RUMI uses novel photon-based detection to collect and diagnose infectious diseases in breath within 30-seconds, per the release, and will be the first human bio-aerosol specimen collector to convert breath into a fully sterile liquid sample and can be used for many applications in direct disease detection.

"As the healthcare industry continues to pursue less invasive diagnostics, we are very excited that the foundation has identified our approach to breath-based sample collection as a standout worthy of their support," says John Marino, chief of product development and co-founder. “We look forward to working with them to achieve our goals of better, faster, and safer diagnostics."

Founded in 2017, Steradian Technologies is funded and supported by XPRIZE, Johnson & Johnson’s Lung Cancer Initiative, JLABS TMCi, Capital Factory, Duke Institute of Global Health, and Johnson & Johnson’s Center for Device Innovation.

The amount granted by the Bill & Melinda Gates Foundation was not disclosed. The Seattle-based foundation is led by CEO Mark Suzman and co-chaired by Bill Gates and Melinda French Gatess.

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