TMC exited

TMC Innovation Institute leader leaves the organization

Erik Halvorsen has reportedly left his position at the TMC Innovation Institute. Courtesy TMC

Erik Halvorsen, director of the Texas Medical Center's Innovation Institute, has left his position, according to multiple reports.

TMC's medical device innovation team lead, Lance Black, was named as the interim replacement for Halvorsen, according to Xconomy. Black has been with TMC for almost two years.

Neither Halvorsen nor Black could not be reached for comment. This article will be updated as more information becomes available.

Halvorsen has lead the organization since 2015. Before that, he worked in various health technology focused roles in Boston. He oversaw TMC's accelerator program, TMCx. The program graduates around 20 companies per cohort, and there's two cohorts each year — one focused on medical devices, which just concluded with the Nov. 15 Demo Day, and the other, which is about to launch, focused on digital health. TMCx was recently given silver recognition from the Seed Accelerator Rankings Project.

In an interview with InnovationMap earlier this month, Halvorsen talked about his career and Houston's medical innovation ecosystem.

"One of the things that I knew moving to Houston from Boston was that the investment environment for life sciences wasn't as robust as Boston," he said in that interview. "I knew coming in that was going to be a bit of an issue. I also felt like we had the raw materials, that if we ran our program the right way and attracted those companies we needed, the dollars would flow. And that's really been the case."

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Originally expected to raise $150 million, Mercury's latest fund is the largest raised to date. Photo via mercuryfund.com

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.”

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