Page 84 of 351

Underminer Studios is Hosting ATXRHACK, an Immersive Technology Hackathon in Austin

Tim Porter, cofounder of Underminer Studios.

Underminer Studios, an Austin-based startup focused on Virtual Reality, Augmented Reality and Mixed Reality applications, is hosting ATXRHACK, an immersive technology hackathon at WalMart’s Technology center downtown.

The hackathon focuses on creating innovative solutions for real industry problems. It is sponsored by Underminer Studios, Intel, Walmart, Galvanize, occipital, Cuvee Coffee and Capital Factory. The sponsors will present their challenges and the hackathon participants will form teams to compete to find the best solutions. The event takes place the weekend of June 29th and runs through July 1st. Tickets are $50 and include food and drinks and prizes will be awarded to the top teams.

Alex Porter, one of the founders of Underminer Studios, provided more information on her company in the following Q&A via email.

Q. What is your company?

Underminer Studios was formed in 2016 by Alex and Tim Porter. Our family had been at the mercy of the video game industry and had lived in five cities in four years: New Orleans; Victoria, BC; Vancouver, BC; Los Angeles; Austin and we were ready to begin using the technical skills of Tim and the business skills of Alex to create our own future.

Our goal is to create a clear vision to effectively leverage Visualization Technologies. Successful implementation of powerful visual tools combined with data, analytics, and the newest hardware solutions can solidify industry leadership and provide a competitive edge for any business. We specialize in creating unique tools for growth and expansion especially in entertainment, health, marketing and education applications.

Q. Who are your customers?

Our beginnings include creating the IP and backend for the VRideo 360 video player which was a launch title on Vive, Rift, Gear, and PSVR. Marker-less facial tracking for ULSee which is a Unity Plugin now and is used by Chinese Hollywood for face swap with stunt doubles. We have worked extensively with the Intel Innovator Program to create Early Innovation projects, articles, and host events. One project actually demonstrated and defined the term XR (Extended Reality) through Intel, EnVRonments in which we combined the power of object tracking from Augmented Reality and the immersive experience of Virtual Reality for a dynamic use case. Our work has also included an AR comic, several medical devices, plus other training and marketing tools.

Q. Who is on your team?

Alexandria Porter is an experienced serial entrepreneur, designer, and leader. Her background in physical and digital design began when earning a BS in Interior Design. As a founder of Underminer she has lead the firm in development of more than 12 titles with Immersive Visual Technology. As a Chief Executive Officer her work includes cultivating the company vision, building a stellar team, and creating valuable assets to meet stakeholder’s goals. In addition to her primary job functions, Alex has been recognized by Intel for her extraordinary commitment to leading-edge technology development as a 2017 Top Innovator.

Timothy Porter, a pioneer in Visual Technology, is the Chief Technology Officer. He started his career in Video Games as a Technical Artist before moving on to endeavors as a serial entrepreneur, and later as a Pipeline Technical Director at Sony Picture Imageworks, during his career he published more than 50 titles on a multitude of platforms. Driven by a mission to utilize entertainment paradigms in leading-edge technology, Tim is best known for inspiring others to imagine the endless possibilities with technology and executing that vision. He was recognized as a 2017 Top Innovator by Intel.

Kevin Chaja, Chief Strategy Officer, began his career in post-production at Warner Bros Motion Picture Imaging. From there he moved on to Myspace, Filmlight, New Hat, Sony Colorworks utilizing his expertise in engineering, QA, and coding automation. He has served as Head of QA for Dolby Vision and recently served as Sony’s Executive Director of Post Production. As an entrepreneur he delved into VR/AR with Color Black Moment, an Augmented Reality tool for education and emotional intelligence which was acquired by EQtainment and includes serving as the companies CTO. Other endeavors include being an advisor for a few stealth projects.

Q. Why are you guys the ones to do this startup?

We are passionate and focused on changing the perspective of how technology can solve real problems. With more than two decades of experience on our team in entertainment, business, and technology we are building the paradigms that with shape the future and humanize the digital world.

Q. What challenges do you face bringing your startup into the marketplace?

We have been in the Visualization Technology space with a focus on Virtual Reality (VR), Augmented Reality (AR), and Videogrammetry which are still emerging technologies, so our markets either don’t know much about how they can use them, or they are relegated to nice to have not need to have. Much of our initial work is to educate because most of our clients do not know how they can solve their problems with these advanced solutions, yet.

Q. How do you acquire customers?

Our relationships with the Intel Innovator Program, Occipital, Sony, Vive, Leap Motion as well as our networks in video games, movies, and production have been key to acquiring customers. We are actively participating in professional conferences, demo and speaking opportunities that have also created recognition and attracted customers.

Q. What is the business model?

Our business model is a Service Model where we offer a process to ease clients into emerging technology. We begin with a Discovery Phase in which yields a Technology Strategy Plan and can include feasibility studies for software and hardware, team building, and an overview of how to take a concept from idea to product. Then we move to a Prototyping Phase to build out a Minimum Viable Product (MVP) and lastly we are available for the Development Phase of a product in which we can be the primary or the management for an outsourced team.

Our product, Volumation, is a PaaS model enabling clients to capture videos on their own equipment using set parameters, then send us the very large amount of data and lastly, we return the assets after churn reducing the necessity for the massive infrastructure.

Q. Are you bootstrapped or do you have angel or VC financing?

We have been bootstrapping since we began our company in 2016. Raising a Founder Round for Volumation last year and considering next steps as we begin to grow.

Q. What Austin resources have you found most helpful?

The Austin Startup community is amazing. The Female Founder+ group has been a wonderful place to ask questions, get support, and stay motivated. We have participated in many events Startup Week, SXSW, and Meetups as well as previously being members at Capital Factory where we embraced the collective knowledge of the Mentors.

Q. What has been your biggest win so far?

Our pivot to a hybrid consulting and development model was an important shift. Working in leading-edge technology is not easy and requires more communication and clarity than standard development. This change has helped to stream-line our processes and create an easier entry point for our clients with fewer barriers, more understanding, and better products. It has also been a huge win to fully develop a product of our own that has so much market potential.

Q. What is your long-term vision?

Much of our work has been on the path to creating impactful uses of technology for the betterment of the world and we plan to continue doing so with a focus on health applications. Volumation as a tool is going to evolve and allow us to move into medical. We envision using it to capture and analyze the body for varied uses from surgery to physical therapy and beyond. We want to realize our vision for virtual reality therapy, VR concussion detection, improved drive controls for motorized wheelchairs and more.

Q: How are you giving back to the Austin Community?

Through our work with the Intel Innovation program we are able to sponsor small events and offer resources to the local community. We have worked with Silicon Hills News, AR/VR Tools and Tech, Videogame Makers Unite, Austin Developer Week, VR Austin and other local organizations to support and create opportunity here at home. Our next event is the ATXRHACK a hackathon focusing on Visualization Technologies; AR/VR/MR/XR and offering learning opportunities with Tech Talks with prizes, food, and of course caffeine all weekend. We kickoff with a mixer on Friday June 29th at 5pm, Saturday is all about Innovation + Collaboration, and Sunday July 1st concludes with presentations and awards at 2:00pm. This event is hosted by Walmart Technology and sponsored by Intel Innovators, Occipital, Vive, Capital Factory, Cuvee Coffee, Galvanize and Underminer Studios. Learn more and grab your tickets at ATXRHACK.

Nine Early Stage Startups Pitch at DivInc’s Fourth Demo Day

In two years, DivInc, an Austin-based accelerator focused on mentoring and coaching ethnically diverse and women-led tech startups, has had four cohorts with 36 companies.

Those early-stage companies have raised $2.5 million and generated more than $1 million in revenue, said Preston James, DivInc co-founder.

“In the next three to five years, you are going to see a lot of these companies just burst onto the scene,” James said.

The 12-week accelerator program’s fourth cohort closed on Wednesday with nine companies pitching their ventures at DivInc Demo Day, a community event held at Atlassian. DivInc also announced a new board of directors with plans to expand into other cities, James said.

At the event, Monique Maley, a board member of DivInc and founder of Articulate Persuasion, talked about the need for diversity in the tech ecosystem. At 52, a native of Mexico and a female, Maley said she understands the challenges diverse founders face firsthand in a tech ecosystem like Austin.

“Groupthink doesn’t work,” Maley said. “This is not a diversity conversation. This is an economy conversation. This is a how do our companies do better conversation.”

Dana Callender and Preston James, co-founders of DivInc

At DivInc, James and co-founder Dana Callender have done a lot with few resources and a lot of grit, Maley said. And out of four DivInc cohorts, 92 percent of the companies are still in business, she said.

Next, the pitches began.

KINN – Tarica Phung Navarro, founder of Kettle and Brine, a boutique retail store with $780,000 in revenue and more than 3,000 customers, decided to shut down that business to launch a new one, KINN, modern essentials for daily living.

By 2020, Navarro said there will be a $24 billion market for sustainable tableware. Her company, KINN, plans to tackle that market. They are the new online retailer targeted at Millennials that competes with Crate and Barrel and Williams-Sonoma.

“The traditional way of buying a 16-piece collection no longer resonates with the next generation,” Navarro said.

KINN allows customers to design and build their own tabletop collection including plates, flatware, napkins, glassware and send a sample to themselves before buying more. All goods are designed in-house and produced by family-run factories that make non-toxic and earth-friendly goods, Navarro said. KINN plans to launch later this year.

“Everything you need to enjoy that better meal experience at home,” Navarro said.

OMAIVEN HEALTH – Jerold McDonald and Ani Bagepalli founded Omairven Health, a startup that helps healthcare providers deal with no-shows or missed appointments at their practices. It’s a $150 billion problem in the U.S. each year, McDonald said. It can result in about $100,000 worth of lost revenue for a family practice doctor each year, he said.

The company has created an app, AskMia, an automated bot that makes sure a doctor’s schedule stays full and fills no-shows with new appointments. Doctors subscribe to the app monthly.

The healthcare Artificial Intelligence or AI personal assistant market is estimated to be $1.5 billion by 2020. McDonald plans to launch a pilot program with 50 doctors by the end of the year using AskMia.

Kim Roxie, founder of LAMIK

LAMIK – Kim Roxie founded the cosmetics company LAMIK to create natural beauty care products for women of color.

An estimated 64 percent of women of color want to buy natural beauty care products but they can’t find them, Roxie said. Roxie’s company is focused on creating a vegan cosmetic line with natural ingredients. She initially sold the products at her own beauty store in Houston with $5 million in revenue and more than 7,000 customers. Now she is taking her product online and she’s building a community of women who want natural products.

By 2024, the U.S. market for natural beauty care products will be $7.4 billion, Roxie said.

Later this year, LAMIK will launch with its natural foundations with other products to follow, Roxie said.

“At the core of LAMIK, we are building community through cosmetics,” Roxie said.

PRO MAMA – Jessica Gaffney created Pro Mama with Ariele Rosch to provide moms with part-time and flexible work at companies.

After the birth of her daughter, Gaffney wanted to find a part-time role but found it extremely difficult. She met with friends, neighbors, and others and she found they also had a difficult time finding flexible work.

Pro Mama Co-Founder Ariele Rosch, showing off the company’s newsletter before the Demo Day.

Pro Mama is a newsletter that matches companies with qualified workers. The company generates money from companies when it hires a Pro Mama and from moms through a premium membership. It has more than 1,500 Austin-based moms receiving its newsletter. It has placed moms at companies like Bumble, Literati, Partners in Parenting and Working Not Working.

“Right now, we’re working on scaling in Austin and expanding to Dallas and Houston in the next few months and connecting with 50,000 mamas by the end of next year,” Gaffney said.

FIRE SPIKE – Anthony James, a U.S. Air Force veteran, created a patent-pending hardware system to prevent wildfires from spreading and founded Fire Spike.

“We bring 21st-century innovation to fighting wildfires – one of our most dangerous and damaging catastrophes of our time,” James said.

“The U.S. Forrest Service has said we’ve gone from having a fire season to a fire year. We are now over 350 days a year of forest fires burning,” James said.

Anthony James, founder of Fire Spike

In the last 30 years, the U.S. has had 167 million acres destroyed by wildfires, equivalent to 14 percent of the land mass of America, James said. Last year’s forest fires will cost an estimated $72 billion, he said.

The company has created a two-part unmanned system, one part is a foam barrier and the other is a water wall to contain and extinguish fires.

SEARCH PARTY – Sisters Meredith Sanger and Andrea Sanger founded a style company with a body positive social platform that lets people share their personal style.

The influencer app for everyday people lets its users share their outfits with others and earn rewards when users click on the image and buy similar items.

It’s providing an affiliate commission to users. It takes a four percent cut and provides the rest to its users.

“We are independent of other social media platforms,” Meredith Sanger said.

The company plans to launch its app in December.

“We are Search Party, style that actually fits,” Sanger said.

OROS – Amit Patel founded Oros, an algorithm-free platform that gives people the ability to have fully authentic conversations with others.

People trust peer to peer recommendations, Patel said.

“People crave authentic and real answers from real people,” he said.

Oros is an on-demand information concierge giving people the answers to their questions in real time, he said. The company launched in Austin about ten weeks ago and has attracted more than 4,000 users, Patel said.

The company plans to make money through advertising, surveys and affiliate partnerships with sites like Yelp, TripAdvisor and others.

“We’re Oros, crowdsourcing real answers from real people,” Patel said.

BIDCRANE – Brandon Matthews and Xavier Madison founded Bidcrane to grow diversity in the construction industry.

About one-fourth of all contracts awarded by government agencies are supposed to go to ethnically diverse and women-led companies, Matthews said. That’s where Bidcrane comes in. It’s a matchmaking service for small businesses and big companies to connect. It’s focused on veteran, minority and women-owned companies.

Bidcrane generates its revenue on a monthly subscription basis. It launched its pilot program in February and has two pilot customers, the City of Dallas and the City of Fort Worth.

JUICEBOX HERO – Laurie Felker Jones created JuiceBox Hero as a platform for parents to find childcare.

On Oct. 16, 2016, Felker Jones returned to work after having her second daughter. She had two children at home under the age of two and 34 progressive women on her roster at the largest political organization in the state of Texas.

“That year, a few months later, an election year, we elected 29 out of 34 of those women,” Felker Jones said. “It was hard. And it was amazing. And the only way it was possible for me to have the confidence of a modern working women with a big complex job that I loved, and a small growing family was because I had amazing childcare partners. But finding them was not easy. It was time consuming, frustrating and anxiety producing.”

Felker Jones founded JuiceBox Hero to simplify the process for all working parents.

“It turns out my story is not all that unique,” she said.

Every week, in the U.S. there are more than 11 million children in childcare and the number is growing, Felker Jones said. Eight out of ten babies are born to Millennials with mostly dual-income households, she said.

“The problem is everyone is searching for childcare with the same old tools,” Felker Jones said.

A Google search for childcare and her zip code served up 70,000 websites, she said. She created JuiceBox Hero to provide more accurate results with 24 filters to find exactly what parents are looking for.

JuiceBox Hero released its online platform last month, she said. It is focused on licensed care centers. It offers a subscription model for childcare centers and parents. It also plans to partner with major employers.

“This is not just a feel-good idea, this is a valuable one,” Felker Jones said.

Childcare is a multi-billion-dollar market. Next year, the company plans to expand to Houston and then Dallas, Felker Jones said. Since it launched five weeks ago, the platform has helped more than 1,000 parents and five percent of the local childcare market, she said.

“We’re JuiceBox Hero and we know that when we take care of working parents, they can take care of business,” Felker Jones said.

The New $35 Million Trust Ventures Fund is Looking to Invest in Disruptive Startups with Billion Dollar Big Ideas

Trust Ventures, an Austin-based venture capital firm has raised an initial $35 million fund, backed by Koch Disruptive Technologies, a subsidiary of Koch Industries, to invest in and support innovative startups facing public policy barriers.

Salen Churi and Brian Tochman lead Trust Ventures. Previously, Churi worked as a law professor and founded the Innovation Clinic at the University of Chicago Law School. He also practiced law at Kirkland & Ellis and Sidley Austin.

Tochman was the co-founder, president and chief operating officer of Kasita, an Austin-based startup that builds modular homes and apartments. Previously, he worked as vice president of mergers and acquisitions for Platinum Equity, a Beverly Hills, CA-based private equity fund.

On this edition of the Ideas to Invoices podcast, Churi and Tochman talk about what motivated them to raise a $35 million fund to focus on disruptive technologies and what kind of investments they plan to make.

“For us we saw a huge opportunity in the market,” Churi said. “More and more companies are coming up against public policy barriers that prevent them from bringing new kinds of business models to market. Often times these barriers were put in place 50 or more years ago in a different environment and a regulation addressing a problem came to be. And now many years later, we’re in a different kind of economic state and it serves as a barrier to innovation.”

Their focus is to help entrepreneurs and be a guide for them, in a lightweight way, navigate the bureaucratic barriers that exist for innovators today.

Churi, as a former law professor at the University of Chicago working for the Institute for Justice, knows the problem firsthand. He worked on a campaign in Chicago to legalize street vending.

“So I was helping folks really on the first rung of the economic ladder selling tamales and helotes and in Chicago that was illegal,” he said. The restaurants worked together with the city to fine the vendors up to $1,000 a day and shut them down, he said.

Through that experience he saw the need to do the same thing for high-growth tech companies, Churi said.

“There’s a number of them coming up against these barriers,” he said.

At Kasita, Tochman faced some of the regulatory issues that prohibit innovation. And that brought him together with Churi.

“Everything from regulation that limits the height you can build modular construction at…to RFP (Request for Proposal) contracts with FEMA (Federal Emergency Management Agency), disaster relief housing after Harvey,” Tochman said. “It was a big opportunity for Kasita but for a period of time, it wasn’t even accessible to us. We had to work with a lot of the regulators to find a path forward there.”

It hit home that this is a really big opportunity, Tochman said.

Trust Ventures focuses on a lot of industries, but it doesn’t invest in pharmaceuticals. It concentrates on energy, transportation, financial technology services, insurance, and food and beverage.

“For us, we’re looking for where can we add value,” Tochman said.

Trust Ventures plans to write checks ranging from $100,000 to as high as $3 million to $5 million. It’s looking primarily at investing at early stage investments, Tochman said. When it does make later stage investments, it will leverage its relationship with Koch Industries, he said. Trust Ventures does not take board seats on the company it invests in but seeks an advisory role. The company is looking for big ideas and considers companies that are transformative and have the opportunity to be a $1 billion-plus business.

“We are an investor who has the best interests of the entrepreneur in mind and we’re going to be available as much as possible and that’s both directly internal to the fund with Sal and I and our team and with our partners at Koch Industries and leveraging their capabilities, their skill set, knowledge and network to help drive them forward.”

For more, listen to the entire interview below in which Churi and Tochman talk about how they make their investment decisions, best traits for an entrepreneur and more.

Also, please rate and review our Ideas to Invoices podcast on iTunes and support Silicon Hills News by becoming a patron on our Patreon site. You will get to vote on what we cover in future podcasts and stories.

London-based Finastra Acquires Austin-based Malauzai

London-based Finastra announced this week its acquisition of Austin-based Malauzai, a provider of mobile and Internet banking solutions.

The financial terms of the deal were not disclosed.

“Credit unions and community banks are the fabric of American financial services. We strive to help them realize the benefits of digital transformation – including being able to deliver outstanding experiences right across their consumer and business customer lifecycles,” Simon Paris, CEO at Finastra said in a news release. “Together, our two companies deliver a fully integrated open core platform for payments, lending and digital, across Finastra’s 4,500-strong US-based community market customers and Malauzai’s non-core US-based customers. We value Malauzai’s market leadership and its open approach, which is in perfect alignment with our open platform vision.”

Finastra and Malauzai have been partners. Since 2015, the two companies have landed more than 130 joint customers.

“We’re extremely excited for the next chapter of our story with Finastra, Tom Shen, CEO at Malauzai said in a news release. “Together we have a deep understanding of the community banking space. By combining a best-in-class core experience, backed by leading innovative mobile and Internet banking capabilities and our mobile-only design approach, community financial institutions win. The acquisition creates a compelling proposition for our existing customer base and enables Finastra’s customers to deliver a seamless banking experience with a robust breadth of services, via a single provider.”

Malauzai, founded in 2010, has more than 350 U.S. financial institutions as customers that serve more than 1 million active monthly users.

Strangeworks Raises $4 Million in Funding

William Hurley, known as Whurley, photo by John Davidson.

Strangeworks, an Austin-based quantum computing software company, closed a $4 million seed round recently.

William Hurley, known as Whurley, the company’s founder and CEO previously announced the company had raised $4 million when the company made its public debut at South by Southwest Interactive in Austin.

Just recently, Strangeworks sent out a press release with more details on the funding. Lightspeed Venture Partners led the round with additional investors including Ecliptic Capital, which is Whurley’s investment firm. Other investors included GreatPoint Ventures, Lux Capital, BoxGroup and Amplify Partners. Indivudal investors included Bob Beauchamp, chairman of the board of BMC Software; Charles Stonehill, chairman of the board of Julius Baer Group AG and board member of AXA Equitable Holdings Inc.; and Jon Soberg, who led the seed round in the previous company led by Strangeworks founder Hurley, Honest Dollar, which was acquired by Goldman Sachs.

Strangeworks is focused on quantum computing. It plans to design and deliver tools for software developers and researchers and others in the technology industry. It is targeting applications in the aerospace, energy, finance and pharmaceuticals industries.

Others on the Strangeworks executive team include Justin Youens, David Cardona, and several additional members of the original Honest Dollar team.

“I’ve been working with whurley and the Strangeworks team for several months now, and I’m confident that their approach to building a business around quantum and other forms of unconventional computing is the most audacious and forward-thinking I’ve seen,” Adam Goldberg, partner at Lightspeed, said in a news release. “Strangeworks has enormous potential and I’m excited that Lightspeed has partnered with such an accomplished team.”

“We are at the dawn of the commercial quantum era, and by combining an experienced team with a smart go to market approach, Strangeworks is well positioned to lead in this fast-growing industry,” Ray Lane, managing partner, GreatPoint Ventures, said in a news release. “Our investment in whurley and his team expresses our confidence in their leadership of this nascent industry.”

“I led the seed round in Honest Dollar, which has brought retirement products to a grossly underserved market and is thriving at Goldman Sachs after the very good exit,” Jon Soberg said in a news release. “Strangeworks is doing something similar by making a rare and valuable resource – quantum computing in this case – available to more people who can benefit from it. I’m proud and excited to work with whurley, Justin, David, and the team again.”

Strangeworks has parnterships in place with IBM Q Network, a worldwide community dedicated to advancing quantum computing, Stack Overflow which together launched Quantum Computing Stack Exchange, a question and answer site for engineers, scientists, programmers, and computing professionals interested in quantum. And it partnered with the European Organization for Nuclear Research to create the CERN Entrepreneurship Student Programme that will send ten Master’s students for a five-week residency at CERN this summer.

Eventador Lands $3.8 Million in Funding

Kenny Gorman and Erik Beebe, Eventador Founders

Eventador announced recently the company has closed on $3.8 million in seed stage funding.

The Austin-based startup announced that the investment came from lead investor LiveOak Venture Partners with participation by Deep Space Ventures, RSH Ventures, Capital Factory and existing investor Keshif Ventures. The company plans to use the money to expand its U.S. and European sales and marketing operations and on engineering, operations, support and research and development for additional products.

As part of the deal, Venu Shamapant, partner at LiveOak Venture Partners, will join Eventador’s board of directors.

Eventador, founded in 2016, has built a platform that allows companies to build, deploy and manage streaming data applications. Eventador’s platform is being used by Internet of Things companies, manufacturers, social networking ventures, network security, machine learning and threat detection and geolocation services that rely on real-time data.

“As the modern enterprise increasingly depends on real-time data, streaming architectures are replacing traditional database systems as the defacto-standard. Eventador uniquely addresses this data evolution,” Shamapant said in a news release. “We are excited to work with Kenny and Erik. As repeat entrepreneurs with a proven track record, they’ve demonstrated the commitment and ability to construct a world-class managed service.”

“We couldn’t have found a better partner than LiveOak. They deeply share our vision, have vast strategic experience, and are local to us in Austin,” Kenny Gorman, Founder and CEO of Eventador, said in a news release “We are insanely passionate about what we are building here, and this round fuels our ability to grow our vision.”

“Stateful stream processing is changing how developers build modern, real-time applications,” Erik Beebe, Founder and CTO of Eventador, said in a news release. “Customers love being able to leverage a simple, powerful interface, along with expert support, to quickly build cutting-edge, production-ready streaming applications.”

Genstar Capital Acquires DrillingInfo

DrillingInfo, the Austin-based startup digitizing the oil and gas industry, has been acquired by Genstar Capital, a private equity firm based in San Francisco.

To date, DrillingInfo has raised $199.7 million in funding, with the bulk coming from private equity investor Insight Venture Partners. Upon close of the deal, Genstar will become the new majority shareholder of the business with Insight Ventures retaining a significant minority stake. Financial terms of the deal were not disclosed.

Drillinginfo, with 675 employees at 13 offices, has created a data, analytics software platform for the energy industry. The company has made ten acquisitions since its founding in 1999. It has more than 3,500 customers in 50 countries and has more than 45,000 users on its platform.

“Our investment focus in the software sector is to identify companies with market-leading technologies operating in dynamic growth markets, Eli Weiss, Managing Director of Genstar, said in a news statement. “As with our earlier successful partnerships, we will provide the additional investment capital and resources to further broaden Drillinginfo’s customer relationships and execute their growth strategy.”

“Our growth is attributed to the unmatched quality of our products combined with an unwavering focus on the customer and supported by our incredibly talented team of people,” Jeff Hughes, CEO and President of Drillinginfo said in a news statement. “We are now doing a better job than ever of serving customers as large as supermajors and as small as sole proprietors. We will continue to expand our range of product technologies to support our customers’ growing needs anywhere in the world. Genstar has a deep understanding of SaaS platforms like ours and we look forward to working together to further expand our suite of product offerings in areas important to our customers.”

Drillinginfo has successfully completed over 10 acquisitions to further strengthen its business. Recently, Drillinginfo announced the acquisition of PLS, Inc.’s research and database business and 1Derrick, two highly-visible companies in the oil and gas industry that offer services for sourcing, valuing and analyzing asset transactions.

Convey Lands $10 Million in Additional Funding

Convey’s executive team, courtesy photo.

Convey, a member of the Techstars Austin class of 2014, announced Tuesday that it has raised $10 million in funding.

The Austin-based startup received the investment from Silverton Partners, Techstars Venture Capital Fund, RPM Ventures, NextGen and others. To date, Convey has raised $25.75 million. The company plans to use the money to hire key sales, engineering and customer service staff and to expand its product features.

Convey makes software that help businesses ship items to customers easily. Its customers include four of the world’s top retailers and global carriers. Convey’s platform helps companies “proactively resolve shipping issues before they impact the customer experience.”

“Since implementing Convey, Bodybuilding.com has worked through more than 20,000 shipment issues and seen a 10 percent reduction in inbound inquiries related to delivery problems,” Greg Dahlstrom, director of global transportation at Bodybuilding.com, said in a news statement. “Not only have we greatly improved the user experience for our customers, we now also have access to valuable service provider data that can be used in carrier performance reviews and negotiations.”

Convey focuses on solving “last-mile delivery issues” for retailers and in other industries such as building and construction materials and industrial equipment and medical equipment.

“Our focus is to help businesses create amazing delivery outcomes for their customers, regardless of how large or complex a delivery might be,” Rob Taylor, CEO of Convey, said in a statement. “This latest funding will give us the resources and talent to continue expanding our capabilities beyond retail into B2B, where companies face similar last-mile visibility and performance challenges, and customers have equally heightened expectations.”

“Convey continues to demonstrate a unique understanding of the challenges shippers, carriers and consumers face in the delivery experience, and to develop innovative solutions to address these issues,” Morgan Flager, general partner at Silverton Partners, said in a statement. “The B2B market represents a wide open opportunity to apply Convey’s expertise in new and exciting ways. Given their past success and strong leadership team, I’m confident Convey will continue to exceed expectations and achieve great things.”

Earlier this month, Convey announced it had hired four key members of its executive team and the company moved into a new 7,700 square foot headquarters in the historic Hanning Row Building downtown. Convey has 46 employees right now, and plans to hire about 30 more by the end year, according to a spokeswoman.

The new hires include Kirsten Newbold-Knipp as vice president and chief marketing officer. She previously worked at HubSpot, SolarWinds and Big Commerce and she most recently served as research vice president at Gartner. It also hired Michael Miller, vice president of channels and alliances. He previously worked at Dell. Convey also hired Kellie O’Malley, director of people and experience, who previously worked at BlackLocus, Vast, Dell, Lombardi, Trilogy and others. And John Lebowitz has joined the company as a senior advisor. He previously worked at Stryker and Dell.

Morgan Flager, General Partner with Silverton Partners, on How the Firm Picks Investments

Morgan Flager, a general partner at SIlverton Partners in Austin.

Morgan Flager, a general partner of Silverton Partners, one of Austin’s oldest home-grown VC firms, is an active investor in early-stage technology startups in Austin.

Flager currently serves on the boards of Aceable, Alert Media, Convey, Outbound Engine, Trendkite, The Zebra, Turnkey Vacation Rentals, SourceDay, and Rollick. Before joining Silverton, Flager worked with FTV Capital in San Francisco and in corporate development for Ingrian Networks and as a product manager at Kintana. He grew up in Santa Cruz, California and earned his B.S. from Stanford University.

Last month, Silverton announced it had raised a $108 million fund, its largest to date. This is the firm’s fifth fund. In this episode of the Ideas to Invoices podcast, Flager discusses the firm’s investment focus and how it decides to invest in an entrepreneur.

Silverton’s offices are located downtown at seventh and Nueces in the historic Joseph and Mary Robinson Martin House, built in 1903, in Queen Anne and colonial revival styles of architecture.

Flager’s office is on the second floor and faces the ever-changing downtown Austin skyline. Flager said in the time he has been there he has seen skyscraper after skyscraper go up.

Bill Wood, one of the founders of Austin Ventures, founded Silverton first as a family office in 2005, but a year later he raised the firm’s first VC fund. Silverton is now on its fifth fund. Just last month, the firm announced it had a $108 million fund focused on investing in early-stage technology startups, primarily in the Austin area.

“We’ve always been an early stage tech investor in Austin,” Flager said. “We really haven’t changed our strategy much since the firm was started in 2006.”
Silverton tends to be the first institutional investor in the early-stage tech startups it invests in, Flager said.

Some of Silverton’s successful investments include Silicon Labs, Sailpoint Technologies, WP Engine, SpareFoot, TK20.

“We’ve had a lot of successful acquisitions lately,” he said.

Silverton has reported five full or partial exits representing an aggregate of more than $1.1 billion in market capitalization since the beginning of 2018.
Silverton typically invests between $500,000 to $5 million, with the average being around $1.5 million to $2 million, Flager said. The firm primarily concentrates its investments within a 20-mile range of Austin, but it has made investments outside the state including one in Utah and another in New York.

Silverton looks at roughly 1,000 investment opportunities in a year, of those, it typically invests in six to eight new companies, Flager said. And then it does following on financing for existing companies so it ends up making about a dozen investments a year, he said.

The biggest focus of the Silverton portfolio has been in software, particular business to business ventures. It also does consumer, Internet mobile investing like Aceable, uShip, The Zebra, he said.

“Most of the consumer stuff we’ve done is marketplaces,” Flager said. “So we feel like we know that area really well.”

Silverton also does some investing in hardware startups, tech enabled services, and consumer packaged goods, Flager said. But those are smaller parts of its practice, he said. The firm does not invest in life sciences, medical devices and pharmaceutical startups.

When evaluating which startups to invest in, Silverton’s primary criteria is the team behind the startup, Flager said.

“We like to back people who we have a high degree of confidence in,” he said.

Silverton also looks at the dynamics of the market the startup is going after, Flager said.

“If we can’t see our way to selling a company for a $100 million plus then generally it isn’t a fit for us,” Flager said.

Being authentic is the best way to pitch the company, Flager said.

“We want to help the entrepreneur achieve the vision they already have in store,” he said.

Flager recommends entrepreneurs don’t artificially inflate numbers in their pitch deck presentations to impress VCs. He also likes to see tangible dates and timelines for when things are going to get done, he said.

Flager sees the best traits for an entrepreneur to be passion, charisma, and self-awareness.

For more, listen to the entire interview below in which Flager talks about how Silverton Partners works with accelerator programs at Capital Factory and Techstars, the hotttest areas ripe for investment in Austin, some industries that are overhpyed and more.

Also, please rate and review our Ideas to Invoices podcast on iTunes and support Silicon Hills News by becoming a patron on our Patreon site. You will get to vote on what we cover in future podcasts and stories.

Google Fiber and Carver Museum to Host a Community Juneteenth Celebration on Saturday

A city-wide celebration will be held Saturday at the George Washington Carver Museum, Cultural, and Genealogy Center on Saturday in honor of Juneteenth.

Google Fiber is hosting the event with the museum to celebrate Juneteenth, also known as Freedom Day. It is a holiday that commemorates the announcement of the abolition of slavery in Texas on June 19th, 1865, as well as the emancipation of African American slaves throughout the Confederate South.

Google Fiber volunteers will staff the event, which features live music, crafts and activities for kids, food, a vendor marketplace and more. It takes place from noon to 4 p.m. at 1165 Angelina St.

The Carver Museum is also celebrating connectivity to free gigabit internet from Google Fiber as part of the City of Austin’s Community Connections program.

« Older posts Newer posts »

© 2025 SiliconHills

Theme by Anders NorenUp ↑