Houston-based Software as a Service (SaaS) company Innovapptive has secured $16 million in Series A funding, according to company database Crunchbase, topping the city's recent funding headlines. The cash infusion was announced April 17 and financed by Tiger Global Management.
According to its Crunchbase profile, "Innovapptive is an American multinational enterprise software company headquartered in Houston, TX and is a provider of highly configurable cloud-based enterprise mobile solution frameworks for enterprise asset management (EAM), field operations and supply chain. With more than 150 employees across offices in the USA, Germany and India, we serve some of the world's largest brands within the oil and gas, life sciences, chemicals, and manufacturing industries, to name a few. Innovapptive was named a 2016 SAP Pinnacle Award Winner and has won this recognition three years in a row."
The seven-year-old company also raised a $1.5 million round in 2017.
Over the past year, three Houston-based apps companies have secured venture funding, totaling $217 million in new investment to the local industry.
In other local funding news, manufacturing and biotechnology company Solugen announced a $13 million Series A funding round on March 24, led by Fifty Years.
According to Crunchbase, "Solugen has developed a unique process for the synthesis of hydrogen peroxide inspired by principles of cancer biology. This technology is used for semiconductor and electronics fabrication, water purification, aseptic packaging, precious metals mining, food and feed production, textiles and pulp bleaching, biocide disinfectants, plastics production, various chemical syntheses and rocket propulsion. Currently, hydrogen peroxide is only available through a capital intensive, environmentally dangerous process that is prone to combustion and is working at the upper limits of EPA regulations."
Founded in 2016, the company has raised four previous rounds, including an $18 million round in 2018.