Big deals: These were the top 5 investment rounds raised by Houston startups in 2022

year in review

These five deals were the largest rounds raised by Houston startups, according to InnovationMap. Photo via Getty Images

Editor's note: As 2022 comes to a close, InnovationMap is looking back at the year's top stories in Houston innovation. When it came to the money raised in Houston, these five startups raised the most, according to reporting done by InnovationMap.

Houston unicorn chemicals company raises $200M series D

Solugen closed its series D funding round at $200 million. Photo via Getty Images

Houston-based Solugen has announced its latest round of investment to the tune of $200 million. The company, which reached unicorn status after its $357 million series C round last year, uses its patented Bioforge processes to produce "green" chemicals from bio-based feedstocks.

"Solugen is reimagining the chemistry of everyday life with enzymes found in nature. We make chemicals better, faster, cheaper, and without fossil fuels from right here in Houston, Texas. Whether you care about the climate, local competitiveness, or just plain old profits, we have good news: it's working," the company states in its news release. Read more.

Houston microgrid tech company announces $150 investment

Houston-based VoltaGrid provides small-scale, self-contained microgrids that can operate independently of major power grids or in tandem with other microgrids. Photo via voltagrid.com

VoltaGrid, a Bellaire-based startup that specializes in distributed power generation via microgrids, has hauled in $150 million in equity funding.

Founded in 2020, VoltaGrid provides small-scale, self-contained microgrids that can operate independently of major power grids or in tandem with other microgrids. VoltaGrid’s product consists of natural gas engines, portable energy storage, natural gas processing and grid power connectivity. Read more.

Houston company raises $138M for next-generation geothermal energy

The future of geothermal energy is here — and just got a big payday. Photo via Getty Images

Houston-based startup Fervo Energy has picked up $138 million in funding to propel its creation and operation of carbon-free power plants fueled by geothermal energy.

Fervos says the series C round will help it complete power plants in Nevada and Utah and evaluate new projects in California, Idaho, Oregon, Colorado, and New Mexico, as well as in other countries.

California-based investment firm DCVC led the round, with participation from six new investors. Read more.

Houston company closes $76M series C round to fuel its mission of reducing carbon emissions

Syzygy Plasmonics has raised a series C round of funding. Photo courtesy of Syzygy

A Houston-based company that is electrifying chemical manufacturing has closed its largest round of funding to date.

Syzygy Plasmonics closed a $76 million series C financing round led by New York-based Carbon Direct Capital. The round included participation from Aramco Ventures, Chevron Technology Ventures, LOTTE CHEMICAL, and Toyota Ventures. The company's existing investors joining the round included EVOK Innovations, The Engine, Equinor Ventures, Goose Capital, Horizons Ventures, Pan American Energy, and Sumitomo Corporation of Americas. According to a news release, Carbon Direct Capital will join Syzygy's board and serve as the series C director. Read more.

Fast-growing energy fintech startup raises $50M series B

The series B capital will allow the company to enhance its core product, while also adding on other workflows that focus on emissions and renewable energy. Image via combocurve.com

Houston-based ComboCurve announced today that it has raised $50 million through a series B funding round led by Dragoneer Investment Group and Bessemer Venture Partners.

Founded in 2017, the company is a cloud-based energy analytics and operating platform that uses sophisticated software to forecast and report on a company's energy assets, including renewables.

The series B capital will allow the company to enhance its core product, while also adding on other workflows that focus on emissions and renewable energy. Read more.


From Your Site Articles
This week's roundup of Houston innovators includes Armand Paradis of ComboCurve, Matthew Nojoomi of Ictero Medical, and Ryan McCord of McCord Development. Courtesy photos

3 Houston innovators to know this week

who's who

Editor's note: In this week's roundup of Houston innovators to know, I'm introducing you to three local innovators across industries — from health tech to energy software — recently making headlines in Houston innovation.

Armand Paradis, co-founder of ComboCurve

Armand Paradis joins the Houston Innovators Podcast to discuss how his energy software business is scaling rapidly. Photo courtesy

Houston-based ComboCurve is growing rapidly. The energy software company has raised over $60 million in venture capital investment — $50 million of which was closed in the company’s series B round earlier this year. Since the original product launched in May of 2020, CEO and Co-Founder Armand Paradis says the platform has almost 200 companies on it.

“We built something that resonated with the market — and we were super passionate about the product and taking care of our industry,” Paradis says on the Houston Innovators Podcast. “We don’t want to be the best in oil and gas. We want to be the best software company." Click here to read more.

Matthew Nojoomi, CEO and co-founder of Ictero Medical

This innovative medical device company has closed $6 million for further product development and clinical trials. Image via TMC.edu

Houston-based medical device company Ictero Medical closed its oversubscribed series A at $6 million. The funding round was led by MedTex Ventures, S3 Ventures, and an undisclosed strategic investor. The company's novel cryoablation system was designed to treat high-risk gallstone disease patients and provide a less invasive and lower risk alternative to gallbladder removal surgery — something over 1 million Americans undergo annually.

“Our technology provides an immediate solution for critically ill patients who currently have no good treatment options, and also has the potential to benefit healthier patients who want to avoid surgery,” says Ictero Co-Founder and CEO Matthew Nojoomi in the release. Click here to read more.

Ryan McCord, president of McCord Development

Houston real estate expert shares why he thinks the city is prime for smart city tech and implementation. Photo courtesy

Houston has every tool in its toolkit to be able to emerge as a smart city leader. In a guest column for InnovationMap, Ryan McCord of McCord Development explains the momentum the city already has and the existing smart city opportunities already in town.

"Houston’s diversity, business-friendly environment, and workforce make it a prime candidate to become a smart city. Becoming smarter in our transportation, public safety, sustainability practices, and infrastructure will create a better future for Houstonians." Click here to read more.

Armand Paradis joins the Houston Innovators Podcast to discuss how his energy software business is scaling rapidly. Photo courtesy

Fresh off a $50M series B, fast-growing Houston startup aims to upgrade energy sector tech

Houston innovators podcast episode 132

The energy industry has historically made critical and timely decisions with antiquated and disjointed software, and that just was not ideal for Armand Paradis.

“In our space, all the decisions are expensive,” Paradis tells the Houston Innovators Podcast. “We could go all the way into the billions of dollars making decisions using software from 30 or 40 years ago. I really thought this was a problem.”

Paradis, observing this opportunity in the industry, left his job at Equinor to launch ComboCurve, a comprehensive and more effective software platform for various verticals within the energy industry.

ComboCurve has raised over $60 million in venture capital investment — $50 million of which was closed in the company’s series B round earlier this year. It wasn’t just funding ComboCurve expanded over the past few years. The original product launched in May of 2020 and in 2021, added around 100 companies onto its platform. Now, not even halfway through 2022, almost 200 companies use the software.

“We built something that resonated with the market — and we were super passionate about the product and taking care of our industry,” Paradis says on the podcast.

“We don’t want to be the best in oil and gas. We want to be the best software company,” he continues.

One focus ComboCurve has is on the energy transition. He says energy companies are making moves in lowering their carbon emissions and investing in greener technology — they just might not be talking about it.

“We want to be the role model — the company that’s being super proactive in their environmental practices,” Paradis says. “To be able to do that, you have to be open and proactive about reducing emissions. The other piece is to talk about it.”

At this point, Paradis says we need all energy — fossil fuels, nuclear, renewables, etc. This year, ComboCurve will roll out its GHG, or greenhouse gas, module to help customers track and lower their emissions.

“We are working with a handful of operators working in this space,” he says. “We want to allow for operators to be able to predict their emissions and see the impact on their projects.”




The series B capital will allow the company to enhance its core product, while also adding on other workflows that focus on emissions and renewable energy. Image via combocurve.com

Fast-growing energy fintech startup raises $50M series B

money moves

Houston-based ComboCurve announced today that it has raised $50 million through a series B funding round led by Dragoneer Investment Group and Bessemer Venture Partners.

Founded in 2017, the company is a cloud-based energy analytics and operating platform that uses sophisticated software to forecast and report on a company's energy assets, including renewables.

The series B capital will allow the company to enhance its core product, while also adding on other workflows that focus on emissions and renewable energy.

ComboCurve raised its series A less than six months ago, according to a release. The company was founded by Armand Paradis and Jeremy Gottlieb, who have backgrounds in engineering and finance, respectively.

“ComboCurve was created to solve critical pain points, helping energy companies better manage their forecasting, valuation, reporting and decision-making functions,” Paradis, who also serves as CEO, said in a statement. “Our solution has resulted in widespread adoption by many of the world’s leading energy companies, and this investment led by Dragoneer and Bessemer, two of the world’s leading technology investment firms, will enable us to engage with additional energy companies to operate more efficiently.”

Since the completion of the company's series A, ComboCurve has taken on more than 170 customers, including the likes of Devon Energy and Pioneer Natural Resources, according to ComboCurve's website.

The company describes its platform as a "supercharged Aries but easy to use," referring to the ARIES Petroleum Economic Software by Landmark Solutions, on LinkedIn. The platform provides forecast modules, workflows and fully integrated economics, with GHC and carbon reporting features in the works that will allow users to estimate future emissions.

“ComboCurve is in the early innings of building a truly enduring franchise that is rapidly becoming the software backbone of their customers’ day-to-day operations,” Christian Jensen, partner at Dragoneer Investment Group, said in a statement. “We are excited to partner with Armand and his world-class team as they continue to deepen their suite with existing customers and expand their platform into renewables, emissions reporting, and all corners of the energy market.”

Ad Placement 300x100
Ad Placement 300x600

CultureMap Emails are Awesome

Property Showcase

Here's how Houston ranks among the best U.S. cities to start a career

New Horizons

College graduates staying in Houston are in the right place to be, according to a new WalletHub study. Houston has emerged on a new list of the 100 best places in America for starting a career.

Houston ranked 51st out of 182 U.S. cities based on its quality of life and vast opportunities for new college graduates transitioning into the workforce. The study compared each city based on 25 relevant metrics, like the availability of entry-level jobs, each city's annual job growth rate, workforce diversity, median annual income, housing affordability, and others.

Atlanta, Orlando, and Austin respectively comprised the top three best places to start a career.

Houston ranked 48th overall for its quality of life, and appeared No. 51 for its professional opportunities for new college graduates. Whether its starting a new business or entering a high-earning job field, Houston has many more opportunities than the vast majority of other cities on the list.

"The best cities for starting a career not only have a lot of job opportunities but also provide substantial income growth potential and satisfying work conditions," said WalletHub analyst Chip Lupo. "It’s also important to consider factors such as how fun a city is to live in or how good of a place it is for raising a family, to ensure life satisfaction outside of your career."

Other Texas hotspots for early career professionals
Austin boasts the best quality of life out of all 182 cities in the report, and the 10th best professional opportunities. The state capital also outperformed all other U.S. cities with the highest monthly average starting salaries for early career workers after being adjusted for the city's cost of living. Austin also offers the 15th highest number of entry level jobs per capita, the report said.

In a separate comparison of the cities with the largest share of residents aged 25 to 34, Austin ranked No. 5 nationally.

"In addition, Austin’s median annual household income is the 10th-highest in the nation, providing strong earning potential for those starting a career or a business," the report said. "Austin is also the sixth best city for singles, offering a vibrant social scene alongside strong career opportunities for young professionals."

Elsewhere in Texas, Dallas ranked as the second-best city in Texas for new grads to start a career and 12th nationally. Additional cities that made it into the top 100 best U.S. cities for early career professionals include Plano (No. 32), Irving (No. 42), Fort Worth (No. 64), Amarillo (No. 73), and San Antonio (No. 85).

The top 10 best cities for starting a career are:

  • No. 1 – Atlanta, Georgia
  • No. 2 – Orlando, Florida
  • No. 3 – Austin, Texas
  • No. 4 – Tampa, Florida
  • No. 5 – Miami, Florida
  • No. 6 – Charleston, South Carolina
  • No. 7 – Pittsburgh
  • No. 8 – Knoxville, Tennessee
  • No. 9 – Salt Lake City, Utah
  • No. 10 – Columbia, South Carolina
---

This article first appeared on CultureMap.com.

Persona AI teams with Under Armour to protect next-gen robots

Future Fabrics

Houston-based Persona AI has cemented a partnership with sportswear manufacturer Under Armour to provide materials to protect future robots operating in dangerous conditions.

Through the partnership, Persona AI and Under Armour will launch a research initiative to explore whether advanced performance textiles can improve the durability and resilience of humanoid robots operating in harsh industrial environments.

“This is an opportunity to apply our innovation expertise in a new context,” Kyle Blakely, senior vice president of innovation, design studio, development, and testing at Under Armour, said in a news release. “Robotics presents a fascinating new design challenge, and we aim to play a leading role in shaping performance solutions for these environments. As humanoid systems take on more physically demanding roles, we see real potential to create new market opportunities, and we’re exploring how concepts like thermal management, abrasion resistance, and flexibility translate beyond sport."

Founded in June 2024 by former NASA engineer Nicolaus Radford and former Figure AI CTO Jerry Pratt, Persona AI has quickly risen to be a top name in the development of humanoid robotic systems. Radford previously was the principal investigator at NASA’s Dexterous Robotics Lab before becoming CEO of Nauticus Robotics. While at NASA, he was the chief engineer behind Robotnaut 2, the first humanoid robot on the International Space Station.

Persona AI raised preseed funding to develop humanoid robots designed to operate in shipyards and other industrial sites. The company has inked partnerships with HD Korea Shipbuilding & Offshore Engineering, HD Hyundai Robotic, and Korean manufacturing firm Vazil Company to create and deploy humanoid robots for complex welding tasks in shipyards.

These environments often involve exposure to dangerous chemicals, harsh weather and other potential hazards. The partnership between Persona AI and Under Armour will combine the clothing manufacturer’s development of resilient but flexible materials with the humanoid design of Persona AI.

Though best known for its sportswear, Under Armour produces a wide range of specialist fabrics and clothing, including an entire line used by the U.S. military. The company’s track record of developing high-performance fabrics built to withstand war zones and desert conditions makes it a strong partner in Persona AI’s latest endeavor.

“We chose to work with Under Armour because of their track record of innovation with these types of performance materials,” Radford said. “As we develop humanoids for intense and potentially hazardous environments, this collaboration helps us understand how advanced materials can enhance long-term reliability, thereby informing solutions to better protect workers in the field.”

Waymo suspends robotaxi service in Houston due to weather concerns

Transportation news

Waymo has suspended driverless car services in Houston and other major Texas cities, and in Atlanta, after one of its vehicles was stranded by flooding during heavy rains that will likely also hinder travel in a large swath of the U.S over the holiday weekend.

Severe thunderstorms with large hail and gusty winds were possible Friday, May 22 in Texas and other parts of the Southern and Central Plains, the National Weather Service said.

Forecasters warned of possible flash flooding along the Gulf Coast of Texas and Louisiana on Saturday, when rain and thunderstorms were expected across much of the central and eastern U.S.

The Waymo vehicle got stuck during a downpour in Atlanta on Wednesday that flooded streets and even part of a downtown highway. The vehicle was not occupied and was later recovered, the company said in a statement. At least one other Waymo vehicle was waylaid during the storm.

Waymo serves only the city of Atlanta in Georgia, and services Dallas, Houston, Austin, and San Antonio in Texas.

The company paused service in Texas “out of an abundance of caution for the forecasted severe weather,” the statement said.

View All Listings