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Houston companies are attracting major venture funding

Houston-based consumer company Innowatts has secured $18 million in Series B funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced May 14 and led by Energy Impact Partners.

According to its Crunchbase profile, "Innowatts is a leading provider of AMI-enabled predictive analytics and AI-based solutions for utilities, energy retailers and smart energy communities. To date, the Innowatts eUtility™ technology platform has enabled over 18 million energy consumers and their energy providers with access to lower energy costs and a more reliable and personalized energy experience. Innowatts is backed by Shell Technology Ventures, Iberdrola and Energy and Environment Investment (Japan)."

The six-year-old company also raised a $6 million Series A round in 2017.

The round brings total funding raised by Houston companies in energy over the past 90 days to $318 million. The local energy industry has produced 20 funding rounds over the past year, securing a total of $1.5 billion in venture funding.

In other local funding news, artificial intelligence company OAG Analytics announced a corporate round on April 23, financed by Rice Investment Group.

According to Crunchbase, "OAG Analytics uses AI and Machine Learning to help subsurface professionals design more profitable oil and gas wells by correlating subsurface and well data with production to optimize well locations, completion designs and operating decisions. Putting the power of analytic tools in the hands of engineers, geophysicists and decision makers through easily accessed SaaS software."

Founded in 2013, the company has raised two previous rounds, including a convertible note round in 2017.


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