Spring cohort announced for Houston tech company's startup accelerator

ready to grow

Fourteen companies are joining the spring cohort of the Softeq Venture Studio. Photo courtesy of Softeq

A Houston tech company has announced the latest cohort of its accelerator program, bringing the total number of startups supported by the company to 63.

Softeq Development Corp., a technology services development company, named 14 new startups joining its three-month spring Softeq Venture Studio cohort.

“We are so proud of the success we have had with the Softeq Venture Studio, helping to support and secure funding for 63 startups to date through the Softeq Venture Fund," says Christopher A. Howard, founder and CEO of Softeq. "With 23 of 89 founders coming from outside of the U.S., we demonstrate Houston’s growing influence as a startup hub where entrepreneurs can find a welcoming innovation community, a strong talent base, and world-class research facilities."

The spring 2023 cohort for Softeq includes:

  • Houston-based AIM7, data intelligence platform that unlocks wearable and mHealth data to provide customized and predictive wellness solutions.
  • Avendly, based in Providence, Rhode Island, makes robotic automation for restaurants to help, not supplant humans. Its first of many products is Mixibot, an integrated back-bar cocktail vending system.
  • Founded in Austin, ClioVis, is meeting today’s content-creator students where they are and how they learn. The company provides unique experiential learning tools designed for today’s content-creator students who learn by doing, not lectures.
  • Based in Tel Aviv, Israel, Flometrica, is a digital health solution featuring "use anywhere" devices to remotely monitor and diagnose various urinary tract problems through analysis of different urine parameters.
  • Gophr, from Lake Charles, Louisiana, is a technology-driven logistics company that provides tailored and efficient delivery solutions for various industries, individuals, and businesses of all sizes.
  • Chicago-based KarChing puts cash in teens’ hands for safe driving. The only app built for parents, teens, and insurance companies that rewards drivers for phone- and distraction-free behavior behind the wheel.
  • Houston-founded Meander collects travel customer satisfaction micro-surveys as people go about their trips. The research platform rewards travelers for sharing their pics, videos, and insights.
  • MEedia, based in Sacramento, California, puts a professional press conference event in your pocket. Individuals can create broadcast-worthy interactive shareable content with just their phone.
  • MeterLeader, from Huntington Beach, California, gamifies saving energy in homes by using real-time utility data and behavioral science. We're like a Fitbit challenge for your home, but instead of steps we measure kWh, therm, and CO2 reductions.
  • Houston-based PayOnDelivery, integrates secure payment with delivery for markets like Craigslist and Facebook. It’s low-hassle, fraud-free buying and selling for peer-to-peer marketplaces.
  • Another Lake Charles business, Picasso Analytics has a platform that can reduce delays and save oil refiners and petrochem owners 10 to 15 percent on multi-million dollar turnaround events by providing a single source of truth integrating the schedule, time entry, and shop status.
  • Sarasota, Florida-based Toivoa develops software-based therapies for people with disabilities who experience mental health disorders. On track for FDA approval, the platform is prescription-based, clinically validated, and delivered on your phone.
  • UpBrainery Technologies, founded in Houston, helps students explore careers through digital experiences. AI guides their interests in career paths and credentials their achievements for employers and colleges.
  • Also from Houston, WellWorth (https://wellworthapp.com/), is a financial modeling SaaS platform that helps upstream oil and gas finance leaders improve their decision-making around raising, managing, and deploying capital.

Softeq Venture Studio launched over a year ago with its inaugural cohort in 2021, and the fund was launched last year. Since launch, Softeq has raised 80 percent of its inaugural $40 million Softeq Venture Fund and made investments in 63 startups. Softeq has also reformatted its accelerator program to include two cohort classes per year, allowing for more time to be spent with the Venture Studio and its cohort startups.

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8+ can't-miss Houston business and innovation events in April

where to be

Editor’s note: Houston's weeklong innovation festival kicks off April, followed by Rice University's globally recognized pitch competition returning for its 26th year. Plus, find coworking pop-ups, industry meetups, pitch battles and even a crawfish boil on the calendar. Here’s what not to miss and how to register. Please note: this article might be updated to add more events.

March 30-April 4 — H-Town Roundup

Celebrate innovation, entrepreneurship and collaboration at Houston Exponential's sixth-annual H-Town Roundup. During the free event series, previously known as Houston Tech Rodeo, attendees can expect insightful talks, workshops and networking events at venues across the city.

This event began March 30. Register here.

April 2 — Industrious Coworking Day

Enjoy a complimentary day of cowering at Industrious and network with professionals at the Ion. Breakfast, snacks, wifi and workspace tours are included. Following the cowering day, Industrious will host happy hour at Second Draught from 4-6 p.m.

This event is Thursday, April 2, from 8:30 a.m.-5 p.m. at the Ion. Register here.

April 2 — Technology Summit for Women

The fourth annual Women in Tech Cummil will feature speakers across three core tracks: Transformation + Digital strategy, Cyber + Risk + Resilience, and AI in Practice. Pearl Chu, director of technical domains and university relations at SLB, will give the opening remarks. Other panelists come from CenterPoint Energy, BP, Technip Energies and other leading companies.

This event is Thursday, April 2, from 2-5 p.m. at the Ion. Register here.

April 8 — Veterans Business Battle

Hear pitches from veterans and entrepreneurs as they compete for more than $10 million in investments at Rice Businesses' 12th annual Veterans Business Battle. This year, the two-day event will also feature a Small Business Expo, which invites Houston-based, veteran-owned businesses to participate in education, networking and the opportunity to showcase their business. Moonshots Capital and Mercury Fund will also host a fireside chat.

This event begins Wednesday, April 8, at 11 a.m. at the Ion. Click here to register.

April 9-11 — Rice Business Plan Competition

The Rice Alliance for Technology and Entrepreneurship will host the 26th annual Rice Business Plan Competition this month. Forty-two student-led teams from around the world, including one team from Rice, will present their plans before more than 300 angel, venture capital, and corporate investors to compete for more than $1 million in prizes.

This event begins Thursday, April 9. Find more information here.

April 10 — BioHouston Chili Cookoff

Connect with Houston's life sciences community at BioHouston's 21st annual chili cookout. This event is geared toward startup founders, researchers and industry veterans alike.

This event is Friday, April 10, from noon-4 p.m. at Bayou City Event Center. Register here.

April 14 — Mercury Fund Day at the Ion: Agentic Commerce

Don’t miss the latest installment of Mercury Fund Day at the Ion, previously known as Software Day. The recurring monthly event features office hours (by application), a keynote and networking opportunities. This month's topic focuses on agentic commerce.

This event is Tuesday, April 14, from 3:30-7 p.m. at the Ion. Register here.

April 19 – UH Energy Industry Crawfish Boil

Head to the UH Cullen College of Engineering Green Space for the 35th annual UH Energy Industry Crawfish Boil. The event will include a student showcase, STEM activities, a kids zone, live music, networking and, of course, crawfish. Proceeds from the event will support the multidisciplinary capstone fund that aims to increase professional readiness for Cullen College engineering and technology students.

This event is Sunday, April 19, from 1-5 p.m. at the Cullen College of Engineering Green Space. Find more information here.

April 24 — Rice Business Healthcare Conference

Leading experts, innovators and the next generation of healthcare leaders will converge at the Rice Business Healthcare Conference. Hosted by the Rice Business Healthcare Association, the conference will explore AI's potential impact on the sector.

This event is Friday, April 24, from 8 a.m.-2 p.m. at McNair Hall on Rice University's campus. Find more information here.

Houston unicorn closes $421M to fuel first phase of flagship energy project

Heating Up

Houston geothermal unicorn Fervo Energy has closed $421 million in non-recourse debt financing for the first phase of its flagship Cape Station project in Beaver County, Utah.

Fervo believes Cape Station can meet the needs of surging power demand from data centers, domestic manufacturing and an energy market aiming to use clean and reliable power. According to the company, Cape Station will begin delivering its first power to the grid this year and is expected to reach approximately 100 megwatts of operating capacity by early 2027. Fervo added that it plans to scale to 500 megawatts.

The $421 million financing package includes a $309 million construction-to-term loan, a $61 million tax credit bridge loan, and a $51 million letter of credit facility. The facilities will fund the remaining construction costs for the first phase of Cape Station, and will also support the project’s counterparty credit support requirements.

Coordinating lead arrangers include Barclays, BBVA, HSBC, MUFG, RBC and Société Générale, with additional participation from Bank of America, J.P. Morgan and Sumitomo Mitsui Trust Bank, Limited, New York Branch.

“As demand for firm, clean, affordable power accelerates, EGS (Enhanced Geothermal Systems) is set to become a core energy asset class for infrastructure lenders,” Sean Pollock, managing director, project Finance at RBC Capital Markets, said in a news release. “Fervo is pioneering this step change with Cape Station, a vital contribution to American energy security that RBC is proud to support.”

The oversubscribed financing marks Cape Station’s shift from early-stage and bridge funding to a long-term, non-recourse capital structure, according to the news release.

“Non-recourse financing has historically been considered out of reach for first-of-a-kind projects,” David Ulrey, CFO of Fervo Energy, said in a news release. “Cape Station disrupts that narrative. With proven oil and gas technology paired with AI-enabled drilling and exploration, robust commercial offtake, operational consistency, and an unrelenting focus on health and safety, we have shown that EGS is a highly bankable asset class.”

Fervo continues to be one of the top-funded startups in the Houston area. The company has raised about $1.5 billion prior to the latest $421 million. It also closed a $462 million Series E in December.

According to Axios Pro, Fervo filed for an IPO that would value the company between $2 billion and $3 billion in January.

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This article first appeared on EnergyCapitalHTX.com.

Houston food giant Sysco to acquire competitor in $29 billion deal

Mergers & Acquisitions

Sysco, the nation's largest food distributor, will acquire supplier Restaurant Depot in a deal worth more than $29 billion.

The acquisition would create a closer link between Sysco and its customers that right now turn to Restaurant Depot for supplies needed quickly in an industry segment known as “cash-and-carry wholesale.”

Sysco, based in Houston, serves more than 700,000 restaurants, hospitals, schools, and hotels, supplying them with everything from butter and eggs to napkins. Those goods are typically acquired ahead of time based on how much traffic that restaurants typically see.

Restaurant Depot offers memberships to mom-and-pop restaurants and other businesses, giving them access to warehouses stocked with supplies for when they run short of what they've purchased from suppliers like Sysco.

It is a fast growing and high-margin segment that will likely mean thousands of restaurants will rely increasingly on Sysco for day-to-day needs.

Restaurant Depot shareholders will receive $21.6 billion in cash and 91.5 million Sysco shares. Based on Sysco’s closing share price of $81.80 as of March 27, 2026, the deal has an enterprise value of about $29.1 billion.

Restaurant Depot was founded in Brooklyn in 1976. The family-run business then known as Jetro Restaurant Depot, has become the nation's largest cash-and-carry wholesaler.

The boards of both companies have approved the acquisition, but it would still need regulatory approval.

Shares of Sysco Corp. tumbled 13% Monday to $71.26, an initial decline some industry analysts expected given the cost of the deal.

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