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Former Apple exec starts Houston-based VC firm focused on synthetic biology

Veronica Wu, who moved to Houston from Silicon Valley last year, has launched a new venture capital firm to help accelerate synthetic biology startups. Photo courtesy of First Bright Ventures

Calling all startups with synthetic biology solutions — there's a new venture capital firm looking to invest in you.

Veronica Wu has announced the launch of First Bight Ventures, a new VC firm focused exclusively on early-stage synthetic biology startups.

“Synthetic Biology aims to take parts of natural biology systems to produce organisms/cells/biological systems with novel or enhanced characteristics. It sits at the convergence of technology and biology, and provides us a powerful tool to address some of the biggest challenges humanity faces, like cancer/incurable diseases, sustainability and climate change," Wu says in a news release.

Wu has over 20 years of experience in managerial positions at tech companies like Apple, Tesla, and Motorola, and she served as a founding team member of McKinsey & Company’s Greater China office's business technology practice.

As an investor, Wu has been funded 300 early-stage tech companies in the past six years. She's seen her portfolio companies reach major accomplishments, including 34 unicorns, six SPACs, and four IPOs to date, per the release.

She's betting on synthetic biology by launching First Bight Ventures — the first and only VC firm completely devoted to this field. The firm has already struck up a partnership with Ginkgo Bioworks, a leading synthetic biology platform provider.

"The potential applications are far reaching in scope as well as impact.” Wu says. “Presently, we stand at a significant inflection point. Synthetic Biology is to 2022 what the ‘.com’ era was to the 90s.”

Wu is a relative newcomer to Houston. She made the move from Silicon Valley to the Bayou City in the middle of 2021. She plans to leverage Houston's market to incubate these startups locally, according to the release.

“Houston is well positioned to become a major center for synthetic biology with its existing talent, industries, and capital," she says.

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Building Houston

 
 

Business and government leaders in the Houston area hope the region can become a hub for CCS activity. Photo via Getty Images

Three big businesses — Air Liquide, BASF, and Shell — have added their firepower to the effort to promote large-scale carbon capture and storage for the Houston area’s industrial ecosystem.

These companies join 11 others that in 2021 threw their support behind the initiative. Participants are evaluating how to use safe carbon capture and storage (CCS) technology at Houston-area facilities that provide energy, power generation, and advanced manufacturing for plastics, motor fuels, and packaging.

Other companies backing the CCS project are Calpine, Chevron, Dow, ExxonMobil, INEOS, Linde, LyondellBasell, Marathon Petroleum, NRG Energy, Phillips 66, and Valero.

Business and government leaders in the Houston area hope the region can become a hub for CCS activity.

“Large-scale carbon capture and storage in the Houston region will be a cornerstone for the world’s energy transition, and these companies’ efforts are crucial toward advancing CCS development to achieve broad scale commercial impact,” Charles McConnell, director of University of Houston’s Center for Carbon Management in Energy, says in a news release.

McConnell and others say CCS could help Houston and the rest of the U.S. net-zero goals while generating new jobs and protecting current jobs.

CCS involves capturing carbon dioxide from industrial activities that would otherwise be released into the atmosphere and then injecting it into deep underground geologic formations for secure and permanent storage. Carbon dioxide from industrial users in the Houston area could be stored in nearby onshore and offshore storage sites.

An analysis of U.S Department of Energy estimates shows the storage capacity along the Gulf Coast is large enough to store about 500 billion metric tons of carbon dioxide, which is equivalent to more than 130 years’ worth of industrial and power generation emissions in the United States, based on 2018 data.

“Carbon capture and storage is not a single technology, but rather a series of technologies and scientific breakthroughs that work in concert to achieve a profound outcome, one that will play a significant role in the future of energy and our planet,” says Gretchen Watkins, U.S. president of Shell. “In that spirit, it’s fitting this consortium combines CCS blueprints and ambitions to crystalize Houston’s reputation as the energy capital of the world while contributing to local and U.S. plans to help achieve net-zero emissions.”

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