money moves

Houston artificial intelligence startup raises $6M in seed funding

This Houston startup has a game-changing technology for deep learning. Photo via Getty Images

A computer science professor at Rice University has raised seed funding last month in order to grow his company that's focused on democratizing artificial intelligence tools.

ThirdAI, founded by Anshumali Shrivastava in April, raised $6 million in a seed funding round from three California-based VCs — Neotribe Ventures and Cervin Ventures, which co-led the round with support from Firebolt Ventures.

Shrivastava, CEO, co-founded the company with Tharun Medini, a recent Ph.D. who graduated under Shrivastava from Rice's Department of Electrical and Computer Engineering. Medini serves as the CTO of ThirdAI — pronounced "third eye." The startup is building the next generation of scalable and sustainable AI tools and deep learning systems.

"We are democratizing artificial intelligence through software innovations," says Shrivastava in a news release from Rice. "Our innovation would not only benefit current AI training by shifting to lower-cost CPUs, but it should also allow the 'unlocking' of AI training workloads on GPUs that were not previously feasible."

The technology ThirdAI is working with comes from 10 years of deep learning research and innovation. The company's technology has the potential to make computing 15-times faster.

"ThirdAI has developed a breakthrough approach to train deep learning models with a large number of parameters that run efficiently on general purpose CPUs. This technology has the potential to result in a gigantic leap forward in the accuracy of deep learning models," per and announcement from Cervin Ventures. "Our investment in ThirdAI was a no-brainer and we are fortunate to have had the opportunity to invest."

Anshumali Shrivastava is an associate professor of computer science at Rice University. Photo via rice.edu

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Building Houston

 
 

Optellum and Liongard have hired two new members to their executive teams. Photos courtesy

A couple of Houston tech startups have recently announced new appointments to their C-suites. A med tech company with its national headquarters in Houston has a new leader, and a Houston software has a new exec focused on strategy.

Optellum names new CEO

Jason Pesterfield will lead United States operations for Optellum. Photo courtesy of Optellum

Optellum, a medical software startup based in the United Kingdom and has its United States HQ in Houston, has appointed Jason Pesterfield as CEO to lead growth in the U.S. clinical market. Optellum AI-based software enhances early lung cancer diagnosis and therapy with its medical device software platform, Virtual Nodule Clinic.

Pesterfield was previously the president and CEO of Veran Medical Technologies, a leader in image-guided lung cancer diagnosis. He brings 25 years of leadership experience in the medtech sector. Optellum was founded by Václav Potěšil, Lyndsey Pickup, Timor Kadir, Professor Sir Mike Brady, and Jérôme Declerck.

"It took us almost a year to find the right successor who shares our vision and has the right expertise to take Optellum on to the next stage of growth," says Potěšil in a news release. "I am really excited to work with Jason, to make Optellum's platform available to every clinician in the USA and around the world, and to help them diagnose their lung cancer patients as early as possible. With Jason on board, I can focus on advancing Optellum's vision to transform early lung cancer therapy through partnerships that harness the power of AI software combined with molecular diagnostics, robotics and interventional devices, and drugs."

Liongard announces chief strategy officer

Patrick Schneidau is the chief strategy officer for Liongard. Photo courtesy

​Houston software-as-a-service company, Liongard, has named Patrick Schneidau as chief strategy officer. The company, founded in 2015, was a 2021 InnovationMap Awards finalist and reported that the team was looking to expand by around 70 new hires over the next year.

"Liongard is an incredible Houston growth story," Schneidau tells InnovationMap. "Our founders, Joe Alapat and Vincent Tran, have built a first-class team that allow technology service providers to operate at 10x by providing unprecedented insight and data into the systems deployed in the modern IT stack. In a rapidly growing market, they are quickly becoming 'must have' technology. I'm excited to join to team to accelerate their growth into new markets and with new products."

Schneidau spent over a decade at Houston-based PROS before serving in C-level positions at two other Houston startups — Commtrex and Truss. He's also previously served as talent committee chair for Houston Exponential.

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