Done deal

Verizon taps Houston tech company for product support

Houston-based SnapStream, led by CEO Rakesh Agrawal, has been selected by Verizon to provide support. Courtesy of SnapStream

A Houston software company that enables TV and broadcast monitoring just snagged a deal with Verizon. The partnership will call for 10 new Houston employees.

Verizon Digital Media Services announced that SnapStream is the "official transition partner" for a product under Volicon Observer, a company that was acquired by Verizon in 2016. SnapStream's CEO Rakesh Agrawal says in a release that the two entities have similar products, features, and even customers, but have always had a respectful relationship.

"SnapStream is known, among other things, for the great support we provide, and we look forward to providing the same high-quality support to Volicon customers," Agrawal says in the release. "We hope to eventually earn the business of current Volicon customers by converting them into SnapStream customers."

SnapStream's technology has been used by hundreds of organizations around the world, the release says, including CBS, MLB Networks, the Daily Show, Last Week Tonight, Samantha Bee, and the U.S. Senate. While SnapStream is a software solution, Volicon is appliance based, and Verizon announced the termination of the company's solutions in January — citing the need "to focus continued development on future solutions that better align with industry trends and market needs."

Now, Volicon customers will be redirected to SnapStream support into 2020 and can transition into SnapStream's model should they like.

"Verizon Digital Media Services is committed to providing high-quality products and services for our customers," says Peter Gallagher, COO of Verizon Digital Media Services, in the release. "The partnership with SnapStream will provide Volicon Observer customers with a dedicated support team at the highest level of commitment to ensure continued success in their business operations."

SnapStream's technology is a TV broadcast monitoring software used by CBS, MLB, The Daily Show, and more.Courtesy of SnapStream

Houston-based M1neral has raised $1.6 million in an oversubscribed pre-seed round. Getty Images

A Houston energy tech startup that's digitally optimizing the minerals rights buying and selling process has closed an oversubscribed pre-seed financing round to the tune of $1.6 million.

M1neral's round was co-led by Amnis Ventures and Pheasant Energy, among a few other select investors and strategic partners. The company was co-founded by Jacob Avery, Kyle Chapman, and Shawn Cutter.

"Amnis Ventures is delighted to co-lead the current round of funding in M1neral. The founders come with deep knowledge of oil and gas, coupled with proven, delivered technology implementations in the energy space," says Manuel Silva III, president of Amnis Ventures Inc., in a press release. "The M1neral platform will bring age-old upstream oil and gas processes into the technology revolution of the 21st century that we have come to expect in other sectors."

M1neral's founders believe the mineral rights transaction process — akin to the real estate market in terms of the logistics — is ripe for a tech transformation, as it's been "stuck in the dark ages," according to the release.

"The mineral and royalty market is extensive in value but highly fractionated – over $500 billion in value spread across more than 12 million owners around the country," says Chapman, who serves as CEO, in the news release. "Add to that a lack of quality information and processes that are mostly manual, and it's easy to see what makes these transactions a painful and lengthy process."

M1neral's cloud-based platform acts as a one-stop shop for buyers. They can easily research opportunities and engage with sellers and service providers. The platform optimizes artificial intelligence and workflow automation to close deals quicker than traditional methods, Chapman says in the release.

"M1neral has identified, analyzed, and addressed significant issues on the technology side of the mineral and royalty market. Pheasant Energy has always taken a technology-driven approach and a partnership with M1neral was an obvious next step," says Ryan C. Moore, CEO of Pheasant Energy, in the news release. "The executive team at M1neral is well-versed in the industry and the challenges that both professionals and individual owners face on a daily basis. As the platform develops, everyone will understand the difference in vision with the M1neral team and the efficiencies that will be achieved with their product."