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5 most popular innovation stories in Houston this week

WeWork opening its newest office was among this week's top stories. Courtesy of WeWork

This week was the beginning of the end for 2019. InnovationMap published its last curated list of business and innovation events for the year, WeWork opened its newest location in town, and a Houston startup founder shared her rollercoaster story of failure and next chapter.

Scroll through to see what Houston innovation stories trended this week.

3 Houston innovators to know this week

Get to know this week's Houston innovators to know — and the companies they've founded. Courtesy photos

This week's innovators to know are all Houston startup founders who have identified a need in their industries and created companies to provide solutions.

From blockchain and data to real estate and smart materials, these Houston entrepreneurs are making an impact across industries as well as the Houston innovation ecosystem. Continue reading.

Photos: WeWork opens 4th Houston location in Hines downtown trophy tower and plans expansion in the Galleria

wework

WeWork opened the doors to its fourth Houston location. Courtesy of WeWork

WeWork has officially doubled down on its downtown presence in Houston. The coworking company has officially opened the doors of its space within Hines' trophy tower.

The coworking space makes up 50,000 square feet on two floors of 609 Main St. The 48-story building, which is owned and developed by Houston-based Hines, premiered on the downtown Houston skyline in 2017. Continue reading.

10+ can't-miss Houston business and innovation events for December

From startup competitions to thought-provoking panels, here's where you need to be in December. Getty Images

Before everyone checks out of 2019, Houston has a couple more weeks filled with exciting entrepreneurial networking opportunities. Scroll through the curated list of innovation events you can't miss. Continue reading.

Exclusive: Promising Houston-born DNA dating startup shuts down; founder shares story

Brittany Barreto founded the first nationwide DNA-based dating app, and she shares her story of its unexpected, and unavoidable, downfall. Photo courtesy of Pheramor

When Brittany Baretto was 18 years old and sitting in an undergraduate genetics seminar, she raised her hand. She asked, to her professor's point, if particular DNA trait differences between two people can result in attraction, could she, based on that logic, make a DNA-based dating tool. With that question, she set in motion a series of events.

These events included teaming up with Bin Huang to start a dating app, called Pheramor, that factored in user DNA; raising millions for the company; hiring a team from across the country; and signing up users in all 50 states. Though, Pheramor's hockey stick growth came to a sudden stop this year when Apple pulled the app from its store, and there was nothing the founders or their investors could do about it. Continue reading.

TMC Innovation Institute leader breaks down how much the program has grown in Houston

From robots and accelerator programs to her favorite health tech startups, Emily Reiser of the TMC Innovation Institute joins the Houston Innovators Podcast. Photo courtesy of Emily Reiser

The Texas Medical Center's Innovation Institute has just celebrated five years of advancing new technologies within health care, and over the past year, the institute has evolved to set up the TMC for its next years of innovation.

"In 2019, we had a lot of big changes around our team and our leadership," says Emily Reiser, senior manager of innovation community engagement at TMC. "That enabled us to take a bigger breath and a bigger pause to say, 'How are we really doing? And how could we be doing better?'" Continue reading and listen to the episode.

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Building Houston

 
 

Growing Houston blockchain startup has raised $4 million to go toward supporting sales growth. Graphic courtesy of Data Gumbo

An industrial blockchain-as-a-service startup based in Houston has closed a series B funding round thanks to support from both new and returning investors.

Data Gumbo Corp., which uses its blockchain network GumboNet to optimize smart contracts for oil and gas supply chains, announced its first close in its $4 million series B funding round that was led by new investor L37, which has operations in the Bay Area and in Houston. The round also saw contribution from returning investors Equinor Ventures and Saudi Aramco Energy Venture.

The funds will go toward growing Data Gumbo's sales team, which has been busy with the company's growth. While providing their own set of challenges and obstacles, both the pandemic and drop in oil prices meant oil and gas companies are prioritizing lean operations — something DataGumbo is able to help with.

"The opportunity in all this is companies have got to cut expenses," Andrew Bruce, CEO and founder, tells InnovationMap. "What's happened to us is our sales have absolutely exploded — in a good way. We have a huge number of leads, and we have to be able to deliver on those leads."

Bruce says leading the sales growth is Bill Arend, who was hired Data Gumbo's chief commercial officer this spring. Data Gumbo also recently announced that Richard Dobbs, 30-year veteran of McKinsey and former director of the McKinsey Global Institute, has joined the board as chairman.

"Dobbs is a recognized strategic industry thinker," Bruce says in a release. "His distinct expertise will lend structure, support and validation to Data Gumbo as we experience aggressive company growth."

Of course, fundraising in this unprecedented time, isn't easy. Bruce says he and his team were able to succeed thanks to a new investor, L37, which came from an introduction within Bruce's network.

"Data Gumbo is the category leader for industrial smart contracts, which is an inevitable next step in digital transformation of the oil and gas industry," says Kemal Farid, a partner in L37, in a statement. "There is a lack of transparency, visibility and accuracy between counterparts of contracts that increases the costs of doing business and this has been greatly exacerbated by the current business landscape. We look forward to applying our experience to propel the company along its journey to bring transactional certainty and cost efficiency to commercial relationships."

Additionally, Bruce says he's very proud of his company's return investors, who are also clients of DataGumbo.

"[We also have] the continuous support by our original investors — Aramco and Equinor — they invested in us not just once but twice," Bruce says. "They have been tremendously supportive, not just from an investor perspective, but also proving the value. We've got multiple projects starting with both of those companies."

Bruce says he already has eyes for another venture capital round — perhaps sometime next year — for Data Gumbo, which has raised $14.8 million to date. However, the company isn't far from profitability and growth from that avenue too.

"We're going to have the luxury of choice," Bruce says. "We want to grow as aggressively as possible so we are probably going to go the venture capital route."

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