3 Houston innovators to know this week

who's who

This week's roundup of Houston innovators includes Aziz Gilani of Mercury, Yaxin Wang of the Texas Heart Institute, and Atul Varadhachary of Fannin Innovation. Photos courtesy

Editor's note: Welcome to another Monday edition of Innovators to Know. Today I'm introducing you to three Houstonians to read up about — three individuals behind recent innovation and startup news stories in Houston as reported by InnovationMap. Learn more about them and their recent news below by clicking on each article.


Aziz Gilani, managing director at Mercury

Aziz Gilani, managing director at Mercury, joins the Houston Innovators Podcast. Photo via LinkedIn

Aziz Gilani's career in tech dates back to when he'd ride his bike from Clear Lake High School to a local tech organization that was digitizing manuals from mission control. After years working on every side of the equation of software technology, he's in the driver's seat at a local venture capital firm deploying funding into innovative software businesses.

As managing director at Mercury, the firm he's been at since 2008, Gilani looks for promising startups within the software-as-a-service space — everything from cloud computing and data science and beyond.

"Once a year at Mercury, we sit down with our partners and talk about the next investment cycle and the focuses we have for what makes companies stand out," Gilani says on the Houston Innovators Podcast. "The current software investment cycle is very focused on companies that have truly achieved product-market fit and are showing large customer adoption." Read more.


Yaxin Wang, director of the Texas Heart Institute's Innovative Device & Engineering Applications Lab

The project is funded by a four-year, $7.8 million grant. THI will use about $2.94 million of that to fund its part of the research. Photo via texasheart.org

The United States Department of Defense has awarded a grant that will allow the Texas Heart Institute and Rice University to continue to break ground on a novel left ventricular assist device (LVAD) that could be an alternative to current devices that prevent heart transplantation and are a long-term option in end-stage heart failure.

The grant is part of the DOD’s Congressionally Directed Medical Research Programs (CDMRP). It was awarded to Georgia Institute of Technology, one of four collaborators on the project that will be designed and evaluated by the co-investigator Yaxin Wang. Wang is part of O.H. “Bud” Frazier’s team at Texas Heart Institute, where she is director of Innovative Device & Engineering Applications Lab. The other institution working on the new LVAD is North Carolina State University.

The project is funded by a four-year, $7.8 million grant. THI will use about $2.94 million of that to fund its part of the research. As Wang explained to us last year, an LVAD is a minimally invasive device that mechanically pumps a person’s own heart. Frazier claims to have performed more than 900 LVAD implantations, but the devices are far from perfect. Read more.

Atul Varadhachary, managing director of Fannin Innovation

Atul Varadhachary also serves as CEO and president of Allterum Therapeutics. Photo via LinkedIn

Allterum Therapeutics, a Houston biopharmaceutical company, has been awarded a $12 million product development grant from the Cancer Prevention and Research Institute of Texas (CPRIT).

The funds will support the clinical evaluation of a therapeutic antibody that targets acute lymphoblastic leukemia (ALL), one of the most common childhood cancers.

However, CEO and President Atul Varadhachary, who's also the managing director of Fannin Innovation, tells InnovationMap, “Our mission has grown much beyond ALL.” Read more.

Aziz Gilani, managing director at Mercury, joins the Houston Innovators Podcast. Photo via LinkedIn

Houston investor on SaaS investing and cracking product-market fit

Houston innovators podcast episode 230

Aziz Gilani's career in tech dates back to when he'd ride his bike from Clear Lake High School to a local tech organization that was digitizing manuals from mission control. After years working on every side of the equation of software technology, he's in the driver's seat at a local venture capital firm deploying funding into innovative software businesses.

As managing director at Mercury, the firm he's been at since 2008, Gilani looks for promising startups within the software-as-a-service space — everything from cloud computing and data science and beyond.

"Once a year at Mercury, we sit down with our partners and talk about the next investment cycle and the focuses we have for what makes companies stand out," Gilani says on the Houston Innovators Podcast. "The current software investment cycle is very focused on companies that have truly achieved product-market fit and are showing large customer adoption."



An example of this type of company is Houston-based RepeatMD, which raised a $50 million series A round last November. Mercury's Fund V, which closed at an oversubscribed $160 million, contributed to RepeatMD's round.

"While looking at that investment, it really made me re-calibrate a lot of my thoughts in terms what product-market fit meant," Gilani says. "At RepeatMD, we had customers that were so eager for the service that they were literally buying into products while we were still making them."

Gilani says he's focused on finding more of these high-growth companies to add to Mercury's portfolio amidst what, admittedly, has been a tough time for venture capital. But 2024 has been looking better for those fundraising.

"We've some potential for improvement," Gilani says. "But overall, the environment is constrained, interest rates haven't budged, and we've seen some potential for IPO activity."

Gilani shares more insight into his investment thesis, what areas of tech he's been focused on recently, and how Houston has developed as an ecosystem on the podcast.

Here's who's making the call for this year's Houston Innovation Awards. Photos courtesy

Houston Innovation Awards names prestigious panel of judges for 2023 awards

meet the decision makers

Ten Houstonians are in the hot seat for deciding the best companies and individuals in Houston's innovation ecosystem.

InnovationMap has announced its 2023 Houston Innovation Awards judging panel, which includes startup founders, nonprofit leaders, investors, corporate innovators, and more.

The 10 selected judges will evaluate applications from the nearly 400 nominations that were submitted this year. The judges will be using their expertise to evaluate the nominees' applications, which are due to InnovationMap by midnight on October 4.

Read about this year's judges below, and don't forget to secure your tickets to the November 8 event to see who the panel selects as the winners for the annual celebration of Houston innovation.

Natara Branch, CEO of Houston Exponential

Houston Exponential was founded to amplify and support the city's innovation ecosystem, and Natara Branch has been leading this initiative since appointed as CEO last year. For the second year, HX is partnering with InnovationMap on the Houston Innovation Awards.

Born in Germany and raised all around Texas, Branch — a University of Houston alumna — previously was the first African American woman to hold a vice president position at the NFL. Based in New York, she oversaw operations in various leadership roles at the NFL for over 18 years.

Barbara J. Burger, former Trailblazer Award recipient

Barbara J. Burger, former vice president of innovation at Chevron and president of Chevron Technology Ventures, was the inaugural recipient of the Trailblazer Award at the 2021 Houston Innovation Awards, which was previously called the InnovationMap Awards.

A self-proclaimed “graduate” from Chevron, she is senior adviser to Lazard, a member of the Greentown Labs Board of Directors, adviser to Syzygy Plasmonics, Epicore Biosystems, and Sparkz Inc., and several other energy transition and philanthropic roles. Burger holds a bachelor’s degree in chemistry from the University of Rochester, a doctoral degree in chemistry from the California Institute of Technology, and an academic honor MBA in finance from the University of California, Berkeley.

Devin Dunn, head of the Accelerator for Health Tech at TMC Innovation

As head of the Accelerator for Health Tech at the Texas Medical Center's Innovation Factory, Devin Dunn works hands on with startups — specifically to help them refine their business models and plan to scale — every day.

Prior to joining TMCi, Dunn was an early employee at a London-based digital health startup. She earned her bachelor’s degree in Biological Basis of Behavior and Healthcare Management from the University of Pennsylvania and received her Master’s in Public Health from the University of Texas Health Science Center.

Noah Fons, senior coordinator of regional economic development at the Greater Houston Partnership

Working within regional economic development at the Greater Houston Partnership, Noah Fons has the pulse on companies expanding to Houston. Previously, he worked at Houston Exponential, so he also understands Houston's evolving innovation ecosystem. He studied economics at Rice University.

Aziz Gilani, managing director at Mercury Fund

As managing director at Houston-based venture capital firm Mercury, Aziz Gilani focuses on investments in enterprise SaaS, Cloud, and data science startups. He's worked at the firm for over 15 years.

A Kauffman Fellows Program graduate, he received his bachelor's degree from the University of Texas and his MBA from Northwestern University’s Kellogg School of Management. Gilani also serves in advisory roles for the Mayor of Houston’s Tech and Innovation Council, Seed Accelerator Rankings, and SXSW Interactive and is an adjunct professor of entrepreneurship at Rice’s Jones Graduate School of Business where he teaches a course on venture capital.

Natalie Harms, editor of InnovationMap

For the third year, Natalie Harms will represent InnovationMap on the annual awards judging panel as the founding editor of InnovationMap the host of the Houston Innovators Podcast.

Recently named the editor of EnergyCapitalHTX, a newly launched sister site to InnovationMap focused on Houston's role within the energy transition, she reports on innovation, technology, energy transition — and their impact on the city of Houston. A Houston native, she's worked as a business journalist for almost a decade and has a degree in journalism from the University of Houston and a certificate in publishing from New York University.

Moji Karimi, co-founder and CEO of Cemvita Factory

Moji Karimi and his co-founder and sister, Tara Karimi, were honored at last year's Houston Innovation Awards as the winners of the Green Impact Business award. Cemvita Factory, their fast-growing startup, uses biotech to sustainably create materials to lower its customers carbon footprints.

Prior to launching Cemvita in 2018, Karimi held leadership roles at Weatherford and Biota Technology. He serves as a board member for CleanTX and adviser to Houston-based ComboCurve Inc.

Margarita Kelrikh, associate at Latham & Watkins

As associate in the Emerging Companies group at Latham & Watkins in Houston, Margarita Kelrikh has supported the firm's growing startup clients since her appointment last year. Prior to joining the firm, she held in-house counsel positions at a few companies, including WeWork.

She received her bachelor's degree at the University of Chicago and her law degree at Columbia School of Law.

Brad Rossacci, creative director at Accenture

Brad Rossacci is creative director at Accenture, where he's worked since 2018. He also co-founded and co-hosts the Curiosity Podcast. A Texas A&M University alumnus and self-proclaimed "rebellious optimist," Rossacci is passionate about Houston and innovation.

Maggie Segrich, co-founder of Sesh Coworking

As co-founder and CFO of inclusive coworking company, Sesh Coworking, Maggie Segrich is dedicated to supporting entrepreneurs of all backgrounds. Last year, Sesh Coworking won the Female-Founded Business category for the Houston Innovation Awards.

She serves as board member for Midtown Management District, where Sesh is located, and board chair for nonprofit, Magpies & Peacocks.

If you feel like it's hard to find venture capitalists in Houston, you wouldn't be wrong, according to this Houston investor. Photo via Getty Images

Houston investor outlines how rare VCs are in Houston — and how to find them

guest column

As a venture capitalist and former startup founder living in Houston, I get asked a lot about the best way to find and connect with a venture capitalist in Houston. My usual advice is to start with a list, and reach out to everyone on that list. But no one has a comprehensive list. In fact, VCs are such a quiet bunch that I’ve yet to meet someone who personally knows everyone on this proverbial list.

So, I got together with a couple of VC friends of mine, and we put together our own Houston venture capitalist list.

There are, by our count, 11 active venture capital funds headquartered in Houston of any size and type, and outside of corporate venture capital and angel investors, there are 30 total venture capitalists running funds.

Houston has always been quite thin on the VC fund front. I’ve jokingly introduced myself for a while as “one of the 13 venture capitalists in Houston.”

Let’s put this scale in some brutal perspective. With 7.2 million people in the Greater Houston Metro Area, the odds of finding a partner level active venture capitalist in Houston is about 1 in 240,000, if you take a most expanded definition of venture capitalist that might come down to 1 in 100,000. We’re the fifth largest metropolitan area in the country with a tremendous economic engine; there is a ton of capital in Houston, but it’s residing in things like institutional fixed income and equities, real estate, wealth management, corporate, private equity, family office, energy and infrastructure Basically, mostly everywhere but in venture capital funds for tech startups.

By comparison, there are almost as many Fortune 500 CEOs in Houston — 24, by our count — as venture capitalists and fewer venture capitalists than Fortune 1000 CEOs, of which there are 43. That means running into a VC in the checkout line at HEB is about as rare as running into the CEO of CenterPoint, ConocoPhillips, or Academy. In fact, as there are 115 cities in the Greater Houston area, you are three times more likely to be a mayor in Greater Houston Area than a partner at an investor at a VC firm, and more likely to be a college or university president. While we’re at it, you’re 400 times more likely to be a lawyer, 250 times more likely to be a CPA, and over 650 times more likely to be a medical doctor.

Our 30 venture capitalists in the Greater Houston Area are spread across 20 firms and all major venture sectors and stages. Venture capitalist is defined for this list as a full time managing director or partner-level investment professional actively running a venture capital fund with limited partners, currently investing in new venture capital deals from their fund from seed to growth stage, and residing in the Greater Houston Metro area.

To get to 31 we added in a couple of people running venture set asides for PE funds, and a number who work from Houston for funds with no office here. We excluded CVCs, as the decision making is more corporate than individual and rarely includes the committed fund and carried interest structure that defines venture capital, and excluded professionals at angel networks, accelerators, and seed funds that provide investment, but don’t manage conventional venture capital funds, as well as PE funds that do the occasional venture deal. We might be able to triple the number if we include venture capitalists at any professional level, and add in those professionals at PE and angel and seed funds, and corporate venture capital teams who are actively investing. But we’ll get to those other sources of funding in the next list.

The 11 venture capital funds headquartered in Houston are: Mercury, Energy Transition Ventures (my fund), Montrose Lane (formerly called Cottonwood), Texas Medical Center Venture Fund, Artemis, New Climate Ventures, Fitz Gate Ventures, Curate Capital, Knightsgate Ventures, Amplo Ventures,and First Bight Ventures.

Another half a dozen firms have a partner level venture capital investor here, but are headquartered elsewhere: Energy Innovation Capital, Decarbonization Partners, 1984 Ventures, Altitude Ventures, Ascension Ventures, Moneta Ventures, and MKB & Co. Two others, CSL Ventures and SCF Partners, are local private equity funds with a venture capital partner in Houston and a dedicated allocation from a PE fund.

Culling these for partner or managing director level currently in Houston, in alphabetical order by first name, LinkedIn profile and all.

We may have missed a couple of VCs hiding in plain sight, as venture capital is a pretty dynamic business.

VCs are just rare. And yes, perhaps more rare in Houston than in California. Something less than 1 in 100 VCs in the country live in Houston. Across the US there are somewhere around 1,000 to 2,000 active venture capital firms, and maybe another 1,000 to 2,000 active US based CVCs — so, plus or minus maybe at most 4,000 to 5,000 currently active partner level venture capitalists in the country excluding CVC professionals (active VCs and VC funds are really hard to count).

Perhaps in the most stunning statistic, the 7,386 elected state legislators in the US today outnumber the total number of American venture capitalists. Luckily for startup founders, the venture capitalists are more likely to return your phone call.

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Neal Dikeman is a venture capitalist and seven-time startup co-founder investing out of Energy Transition Ventures. He’s currently hosting the Venture Capital for First Time Founders Series at the Ion, where ETV is headquartered.

A new report finds that the Lone Star State isn't prime for innovation jobs — and more Houston innovation news. Photo via Getty Images

Houston hospital doles out DEI funds, investors join prestigious programs, and more local innovation news

short stories

Houston's summer has been heating up in terms of innovation news, and there might be some headlines you may have missed.

In this roundup of short stories within Houston startups and tech, Houston investors were tapped for impressive roles, a local hospital system has invested in the city's diversity and inclusion, and more.

Houston Methodist awards more than $4.6 million for 2022 DEI Grant program

Ryane Jackson, vice-president, community benefits at Houston Methodist, oversees the grant program. Photo courtesy of Houston Methodist

Houston Methodist announced grants to 59 Houston-area nonprofit organizations totalling more than $4.6 million thanks to the Houston Methodist Diversity, Equity & Inclusion Grant Program. The program supports "community initiatives focused on addressing the social determinants of health that lead to health inequities within racial, ethnic and social minorities, including women, people experiencing homelessness, older adults, the LGBTQ+ community, immigrants and more," per a news release.

It's the second year for the DEI Grant Program, and the latest donations will support more than 100,000 people in the Houston area through 29 healthy neighborhood programs, 16 economic empowerment programs, and 17 educational empowerment programs.

“It’s incredibly encouraging to see so many local non-profit organizations working to close the health and social disparity gaps that exist among minority groups in the Houston area,” says Ryane Jackson, vice-president, community benefits at Houston Methodist, in the release. “The goal of the Houston Methodist DEI grant program is to enact meaningful change. For us, that change entails working together with local charity agencies in our collective pursuit to build a healthier Houston that reaffirms the value and worth of everyone. Entering our second year of funding, we’re pleased to support even more local organizations this year who are critical in shaping our community.”

The program has two types of grant funding — the Social Equity Grant for health equity programs targeting racial and ethnic minorities, and the DEI Grant, which provides resources for operating growing agencies serving broader minority communities.

Some examples of the grants are:

  • DEI Grant to the The Montrose Center, which empowers the LGBTQ+ community and their families to live healthier, more fulfilling lives. DEI grant funds will benefit LGBTQ+ seniors and African American seniors from Third Ward in need of affordable and affirmative housing and will enable the hiring of a case manager to support the initiative.
  • DEI Grant tp the Santa Maria Hostel, which offers a comprehensive continuum of care for women and their families including residential detoxification, substance use disorder treatment for women, and emergency and transitional housing. DEI Grant funding will support the Recovery Support Services Program that assists formerly incarcerated women with housing and economic stability through salary support for Peer Recovery Coaches. This agency is the only recovery agency that allows women to keep their children with them while going through the program.
  • Social Equity Grant to Boat People SOS - Houston, a nonprofit social and legal services provider whose purpose is to empower, organize, and equip immigrant communities in their pursuit of liberty and dignity. The Houston Methodist Social Equity grant funding will support their senior services program designed to address social support needs and provide resources to Vietnamese seniors.

2 Mercury investors named to prestigious programs

Samantha Lewis and Aziz Gilani of Mercury have each received exciting appointments. Photos via Mercury

Houston-based venture capital firm has two employees to celebrate. Samantha Lewis, principal at Mercury, was announced as a member of the Class 27 of the Kauffman Fellows Program, a group of global innovation investors, just after Aziz Gilani, managing director at the firm, was appointed to the National Advisory Council on Innovation and Entrepreneurship, a Federal advisory committee that advises the United States Secretary of Commerce.

For Lewis, the appointment enrolls her in the two-year program, which is described as "a United Nations of venture investing," in a news release. She joins a network of 765 fellows — including 59 in the current cohort — spanning six continents and representing over 670 VC firms around the globe.

At NACIE, Gilani was one of 32 leaders appointed by U.S. Secretary of Commerce Gina M. Raimondo last month. The group, according to a news release, will be tasked with "developing a National Entrepreneurship Strategy that strengthens America’s ability to compete and win as the world’s leading startup nation and as the world’s leading innovator in critical emerging technologies."

Texas ranks as middle of the pack when it comes to innovative states

Texas ranks in the lower half of the nation when it comes to innovation jobs. Chart via Smartest Dollar

The Lone Star State was named the 30th most innovative state, according to a new report from Smartest Dollar. The report evaluated data from 350 metros and all 50 states and sought to identify the locations with the most innovative workers. Researchers calculated a composite innovation index for each location and ranked states accordingly.

Here is a summary of the data for Texas, according to the report:

  • Composite innovation index: 59.30
  • Share of workers in the most innovative jobs: 2.6 percent
  • Total workers in the most innovative jobs: 322,910
  • Average annual wage for all workers: $54,230
  • Average annual wage for workers in the most innovative jobs: $77,098

Here are the statistics for the entire United States:

  • Composite innovation index: 59.53
  • Share of workers in the most innovative jobs: 3.1 percent
  • Total workers in the most innovative jobs: 4,428,790
  • Average annual wage for all workers: $58,260
  • Average annual wage for workers in the most innovative jobs: $86,562

Applications are open for pitch competition

A new pitch competition is looking for finalists. Photo via Getty Images

Applications are now open for the Black Girl Ventures x Omaze Houston pitch competition. The deadline to submit is July 1.

This fall, seven finalists will pitch their businesses to a panel of judges, and the first place winner will win $10,000. Second and third place winners will receive $6,000 and $2,000, respectively. Capital One will match funds, effectively doubling the prize money for the top three finalists.

Eligibility includes Black and Brown woman-identifying founders with revenue-generating (under $1 million) businesses. Founders can submit their applications online. Finalists will be notified on July 18.

Black Girl Ventures has been active in Houston since 2020. According to the organization, the region has six Change Agents, or fellows, who work to strengthen and expand the local entrepreneurial ecosystem.

Houston startup joins national 5G accelerator cohort

Houston startup joins a cohort of companies changing the future of 5G. Photo via Getty Images

A Houston company has been named to a new 5G-focused accelerator program. The gBETA 5G Technology Spring 2022 cohort includes Houston-based Ohana. Using advertising revenue, the company brings free access to information and connectivity to the world and is planning to roll out a 5G smartphone and data plan free to users across the globe later this year.

gBETA, which has an industry agnostic cohort ongoing in Houston, also has this 5G-focuset version that follows a similar structure. The five companies will go through the free, seven-week accelerator — that kicked off May 5 — and receive intensive and individualized coaching and access to gener8tor’s national network of mentors, customers, corporate partners, and investors.

The program will culminate with the gener8tor Showcase Day in the fall, which will highlight each of the five companies.

“We’re so fortunate to have such a diverse set of founders from across the country, with expertise across the internet technology and communications continuum,” says Doug Applegate, gBETA director for the 5G Technology program. “They highlight the capabilities and possibilities of what 5G Technology can bring to the world, and we’re excited to see how the companies grow.”

The other companies include Chicago-based Socian Technologies, Fishers, Indiana-based Qumulex Boston-based Mentore, and Dallas-based Taubyte.

This week's innovators to know are Sean Guerre of Innovate Energy, Carolyn Rodz of Hello Alice, and Aziz Gilani of Mercury Fund. Courtesy photos

3 Houston innovators to know this week

who's who

From quickly making face masks to preparing meals for hospital workers, Houstonians everywhere are finding the best way for them to give back. For these three innovators to know this week, their way of giving back is helping startups navigate this unprecedented time.

Sean Guerre, managing director of Innovate Energy

Photo courtesy of Innovate Energy

The oil and gas industry is going through an unprecedented time. Never before have energy companies had to deal with such a large discrepancy between supply and demand, and COVID-19 closures is just the cherry on top. A victim of the situation is going to be early-stage energy tech startups. However, Guerre says he is seeing interest in startups that specialize in a specific type of technology.

"We're seeing a huge interest in autonomous, unmanned solutions," Guerre says on this week's episode of the Houston Innovators Podcast. "Anything in that remote, autonomous area that allows people to continue to do inspections, mapping, surveying, and all kinds of work that don't involve more people being involved in the process — we're seeing a real acceleration there."

Click here to read more.

Carolyn Rodz, CEO of Hello Alice

Courtesy of Hello Alice

While a bunch of companies are left idle with not much to do during the COVID-19-caused shutdown, Carolyn Rodz, CEO and co-founder of Houston-based Hello Alice, has been busier than ever. Her company, which provides digital resources for startups and small businesses, has kicked their operations into high gear.

Rodz and her team created a COVID-19 Business Center free for entrepreneurs to use, as well as announced emergency grants to businesses affected by COVID-19.

Click here to read more.

Aziz Gilani, managing director of Mercury Fund

Photo courtesy of Mercury Fund

The repercussions of the pandemic has forced Aziz Gilani to become an expert in the CARES Act in order to help Mercury Fund's portfolio companies, but Gilani has been more than willing to share his newfound expertise. He joined Rodz on a virtual panel hosted by Houston Exponential and the duo offered pertinent advice for Houston startups — especially in light of the lack of clarity in the quickly passed legislature.

"One of the challenges of the program is that it is being administered by the Small Business Administration, which traditionally hasn't worked with venture-backed and angel-backed companies," Gilani says, adding that now is the time to document everything and involve a lawyer to help you mitigate the act's details.

Click here to read more.

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4 Houston health tech startups advancing medical innovation

meet the finalists

Houston has been driving medical innovation for decades. And thanks to leading hospitals, cutting-edge research and breakthrough technologies, the region’s healthcare ecosystem continues to improve how patients are diagnosed, treated and cared for.

The Health Tech Business category in our 2025 Houston Innovation Awards will honor an innovative startup within the health and medical technology sectors.

Four forward-thinking businesses have been named finalists for the 2026 award. This year's finalists, selected by our esteemed panel of judges, range from a startup developing miniaturized medical technologies for space to a company using AI to help develop cancer treatment plans.

Read more about these businesses, their innovative founders, and how they're shaping the future of health care below.. The 2026 winners will be announced on InnovationMap.com in mid-November.

Bairitone Health

Bairitone Health is bringing anatomy imaging for sleep apnea to the home environment. The company's platform maps users' anatomy during natural sleep using a facial patch to determine the root cause of airway obstruction. It then offers effective therapies for each patient.

The company was founded in 2022 in the Texas Medical Center's Biodesign program by CEO Meagan Pitcher, CTO Onur Kilic and chief medical officer Britt Cross. It was a member of Activate Houston's inaugural cohort and has participated in numerous accelerators and incubators. The company raised an oversubscribed seed round for $2.4 million earlier this year and received Breakthrough Device Designation from the Food and Drug Administration in April.

InformAI Inc.

InformAI Inc. develops fit-to-purpose AI solutions for the clinical setting. Its RadOncAI product recently received FDA 510(k) clearance. The product uses AI to create a first-pass radiation therapy dose plan for complex head and neck cancers in an effort to eliminate bottlenecks in radiation planning and ultimately cancer treatment. The company has also developed AI products for sinus disease detection and 3D organ reconstruction.

CEO Jim Havelka founded the company in 2017. It is participating in the Mayo Clinic Accelerate Platform. It has raised about $4 million in seed funding and has received numerous non-dilutive grants from the National Science Foundation, the National Institutes of Health and the Cancer Prevention and Research Institute of Texas. The company shared in its application that it plans to launch a Series A fundraising round and submit an FDA 510K application for its organ reconstruction product, Voluquant, by the end of 2026.

Prana Surgical

Prana Surgical is developing a minimally invasive surgical platform for small, hard-to-reach lung nodules that may be cancerous. The company's Prana System cleared U.S. Food and Drug Administration (FDA) approval earlier this year.

Prana Surgical was originally founded as Prana Thoracic in 2022. It has participated in numerous accelerators, including the Texas Medical Center Innovation Accelerator in 2023 and the IGNITE Health accelerator in 2022. It raised $6 million in Series A funding rounds in 2023 and 2024 , with a Series B currently ongoing. The company said in its application that it is currently moving into the next stage of clinical validation and revenue generation in the U.S., in addition to preparing its manufacturing and commercial infrastructure for broader use.

Skybound MedTech

Skybound MedTech develops technologies that aim to address the health risks of long-duration spaceflight. Its compact, miniaturized medical technologies can deliver complex therapies without a physician.

CEO Matthew Kuhn, who previously founded Taurus Vascular, founded Skybound last year. The company emerged from stealth in January after raising a $1.25 million Series A round. It plans to advance its lead dual-use platform into critical preclinical validation in November, the company shared in its application. It is currently raising a $25 million Series A round and is pursuing federal research partnerships with DARPA and ARPA-H.

Generation Park lands new facility to scale xeno-organ production

Organ innovation

Maryland-based United Therapeutics Corp. has opened a new 77,448-square-foot facility to manufacture xeno-organs in Northeast Houston’s growing biotech hub, Generation Park.

The new Houston location is United Therapeutics’ third Designated Pathogen-Free (DPF) site, named for transplant pioneers Dr. Bartley P. Griffith and Dr. Robert A. Montgomery. The company says the new facility will enable it to scale commercial production of its xeno-organs once they receive regulatory approval.

An existing DPF facility in Virginia is supporting clinical trials for the xeno-organs, and a third site in Minnesota will also focus on commercialization with the Houston site, according to the company.

Xeno-organs are organs taken from a non-human animal source and transplanted, implanted or infused into a human recipient.

Currently, United Therapeutics is advancing clinical trials to support a Biologics License Application with the U.S. Food and Drug Administration for its investigational-stage xenotransplantation, UKidney, UThymoKidney and UHeart products. The products all involve working with the genes from humans and pigs.

In 2025, Chron.com reported the company was working to construct an estimated $96 million facility to breed genetically engineered animals. Head of investor relations at United Therapeutics Dewey Steadman told the Houston Business Journal in 2025 that the pigs’ DNA will be edited. In November 2024, a 53-year-old woman in Alabama received a transplanted kidney from UKidney that had 10 gene edits. She had the transplant removed in April 2025, after her body rejected it.

The Dr. Bartley P. Griffith and Dr. Robert A. Montgomery Xenograft Production Facility requires a “strictly controlled, biosecure barrier environment, including air filtration, filtered water, filtered feed supplies, and state-of-the-art decontamination entryways,” according to the company. Being pathogen-free means it includes calibrated air and water conduits to support the transplantability of xenograft products and to prevent contamination. For energy considerations, the building also features solar arrays.

“With our third xenograft production facility now open and clinical trials underway, United Therapeutics is moving closer to its goal of providing transplantable organs to the people who need them,” Martine Rothblatt, chairperson and CEO of United Therapeutics, said in a news release. “It is fitting that this facility is named for Dr. Griffith and Dr. Montgomery, whose first-in-human surgeries turned xenotransplantation from a theoretical possibility into a clinical reality.”

The facility, which wrapped construction in August, is located at 11848 Common Dock Dr. in Generation Park, which will house manufacturing sites for pharmaceutical heavyweights Bristol Myers Squibb and Eli Lilly. Last fall, Eli Lilly tapped Generation Park for its $6.5 billion manufacturing plant, and Bristol Myers Squibb made a $2.3 billion investment in August to bring its state-of-the-art site to the master-planned commercial district.

Elon Musk's SpaceX reports profit as AI and satellite businesses booms

Booming Business

SpaceX reported a bigger quarterly profit than expected on Tuesday, October 20, as its satellite communications and artificial intelligence businesses boomed.

The company, run by Elon Musk, posted a profit for the three months through September 2026 of $4.4 billion, or 35 cents per share, reversing a year-ago loss and easily topping Wall Street's expectations. Revenue soared to $14.6 billion, up 161%.

On a conference call with analysts, Musk suggested a merger with his electric car company Tesla might be in the works, something that has been rumored for months. He said both companies formed “special committees” of independent directors to discuss the issue, though he played down the chances of an imminent deal.

“Some people out there assume that a SpaceX and Tesla merger is a certainty,” he said. “I think that would be overstating it.”

The AI business became SpaceX's largest by revenue in the third quarter, although the Starlink satellite service remains the biggest profit generator.

“They beat across all metrics and the Starlink business looks to be accelerating,” said Dan Ives, an analyst at Yorkville Ives. “This is just what (Wall) Street wanted.”

The stock rose 7.5% in after-hours trading.

Musk also told analysts that for next month's launch of its Starship rocket, SpaceX will attempt to grab both the booster and ship with mechanical arms upon return to base, a key step toward demonstrating it can reuse the massive spacecraft.

“The only way that we can extend consciousness beyond Earth on a sustained basis is with a fully reusable orbital launch vehicle,” Musk said, calling the attempt, if successful, “a massive technology milestone.”

SpaceX hopes to get Starship on a regular launch pattern in preparation for NASA's upcoming lunar missions.

The company already has huge contracts with the federal government, and House Democrats have called for investigations into those contracts and Musk’s work with the Department of Government Efficiency. Musk has spent $276 million since July in support of Republican candidates.

In a filing for its initial public offering in June, SpaceX warned that a change in control of Congress could have a “material and adverse impact on our growth and competitive position.”

Musk recently drew criticism from politicians in Washington after speeds for a military version of SpaceX's satellite communications service were slowed for Ukraine following President Donald Trump's deal to get more diesel oil from Russia amid a push to end the war. The Wall Street Journal reported Tuesday that it was Musk who ordered the slowdown, impeding Ukraine’s use of drones along the front. SpaceX did not immediately respond to an Associated Press request for comment on the Journal story.

Both Trump and Musk have denied responsibility for the slowdown.

As midterm elections near, Musk on Monday promised to give one share of SpaceX to “every kid in America” next year, though he provided no details on how the distribution would be carried out. With communities nationwide protesting the construction of large data centers and concerns about AI safety, AI companies are trying to build goodwill. Anthropic pledged to commit 5% of its shares to a new “public benefit” fund.

SpaceX shares have been under pressure over concerns that the company was spending too much on major projects to compete with rivals such as Anthropic. The company said capital expenditures totaled $19.6 billion last quarter, nearly triple the figure from a year earlier, and it forecast spending would grow to $35 billion to $40 billion in the current quarter.

Shares of SpaceX closed Tuesday at $147.79, down from a peak near $201 after its IPO, which made Musk the world’s first trillionaire at the time. But the share prices for SpaceX and Tesla have since dropped, reducing his net worth to $925 billion, according to Forbes magazine.

Tesla reports third-quarter financial results Wednesday. Last week, Tesla unveiled a new Roadster sports car that in some versions may include thrusters allowing it to briefly fly using SpaceX technology — though experts say anything usable for drivers is a long shot.

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