Editor's note:Let's roundup the most-read Houston innovation news from the week. Trending Houston tech and startup articles from InnovationMap and its daily newsletter included renderings from Rice's new hub at the Ion, two Houston startups raising funds, and more.
Houston medtech startup secures additional $3M for lung cancer diagnostic tool
Prana Thoracic Inc., a Houston medical device company developing a tool for early interception of lung cancer, announced an additional $3 million in funding. Photo via Getty Images
A Houston-based medtech startup with an innovative tool that's aiming to transform lung cancer intervention has closed its series A extension round.
Prana Thoracic announced an additional $3 million in funding, a raise that was oversubscribed by 30 percent, reports the company. The company's series A originally closed in March 2023 at $3 million. In August of 2022, the company secured $3 million in grant funding.
"We are grateful for the overwhelming support from our investors in this financing round. Their confidence in our mission and plan is motivating,” Joanna Nathan, CEO and co-founder of Prana Thoracic, says in a news release. “This additional funding will enable us to accelerate our efforts in bringing precision surgical solutions to lung cancer patients worldwide.” Continue reading.
Axiom Space CEO steps down, search begins for replacement
Axiom Space Co-founder Michael Suffredini is stepping down as CEO. Photo courtesy of Axiom Space
Houston-based space exploration company Axiom Space is searching for a new CEO.
Co-founder Mike Suffredini stepped down effective August 9 as CEO. He cites unidentified personal reasons for his transition from CEO to company advisor. Suffredini remains a board member of Axiom Space. Co-founder Kam Ghaffarian, the company’s executive chairman, is serving as interim CEO until Axiom Space taps Suffredini’s permanent successor.
“We are grateful for Mike’s invaluable contributions to human space exploration and the remarkable growth of Axiom Space,” Ghaffarian says in a news release. “He will continue to offer his unique perspective and expertise as we advance our mission.” Continue reading.
Houston clean energy co. raises $10.8M series A
Branch Energy aims to provide customers with clean energy at a lower cost than competitors. Photo via Getty Images
Branch Energy raised a $10.8 million round led by climate-focused venture capital firm Prelude Ventures with co-investor Zero Infinity Partners, an infrastructure tech-focused firm. The fresh funding will go toward accelerating the company's battery management tech and build out the infrastructure of its field services.
A vertically integrated power provider, Branch Energy aims to provide customers with demand management software and battery storage systems to ensure long-term, stable, and clean energy at a lower cost than competitors.
“Our century-old grid design is not equipped for the complexity of today’s energy needs," Alex Ince-Cushman, Branch Energy co-founder and CEO, says. Continue reading.
Rice University reveals details of collaborative hub expected to open in the Ion later this year
Introducing the Rice Nexus. Rendering courtesy of Rice University
Rice University is going beyond the hedges with its hub at the Ion, for which the school has just details and renderings.
For over a year, Rice has been planning its Rice Nexus, a collaborative hub for the university's innovation efforts located in the Ion District, Rice Management Company's 16-acre district in Midtown. Expected to open this fall, the new space will be located across 10,000 square feet on two floors of the Ion.
“We believe in the power of innovation to transform lives and shape the future,” Rice President Reginald DesRoches says in a news release. “With the launch of the Rice Nexus at the Ion, we are embarking on a journey to unleash the full potential of Houston’s innovation ecosystem, driving positive change and rapid economic growth.” Continue reading.
This new Houston lab is translating genetics research into clinical diagnostics
Baylor Genetics has paired with Baylor’s department of molecular and human genetics to launch the Medical Genetics Multiomics Laboratory with a goal for the collaboration is to turn research into clinical diagnostics. Photo via Getty Images
A new lab at Baylor College of Medicine is primed to do groundbreaking work in the field of genetics.
Baylor Genetics has paired with Baylor’s department of molecular and human genetics to launch the Medical Genetics Multiomics Laboratory (MGML). The goal for the collaboration is to turn research into clinical diagnostics. Continue reading.