Pharmaceutical giant plans $5.9B Houston facility and more news to know

Trending News

Eli Lilly is looking to Houston for a new facility. Getty Images

Editor's note: It's time to look back at the top Houston innovation news from the second half of May 2025. From exciting VC raises to major manufacturing facilities in the works, here are the most-read InnovationMap stories from May 16-30.

1. Pharmaceutical giant looks to bring $5.9 billion facility to Houston

Eli Lilly is looking to build an active pharmaceutical ingredient manufacturing facility at Generation Park. Rendering courtesy of McCord

Pharmaceutical company Eli Lilly and Company is looking to build a $5.9 billion active pharmaceutical ingredient (API) manufacturing facility in Houston, according to a recent filing with the state of Texas.

The proposal states that the project plans to employ 604 full-time direct employees at the site upon ramp-up completion. Construction is projected to begin in 2026, with a completion target of 2030 and commercial operations beginning in 2031. Continue reading.

2. Houston VC firm closes $21M fund for underrepresented founders

Zach Ellis, founder and general partner of South Loop Ventures, which recently closed its debut fund. Photo via LinkedIn

Houston-based South Loop Ventures recently closed its debut fund for more than $21 million, led by investments from Rice Management Company and Chevron Technology Ventures.

The funds will go toward teams with at least one underrepresented founder of color working in the energy, health, space, sports and fintech sectors. Additional investments came from The Great Commission Foundation of the Episcopal Diocese of Texas, Texas CapitalBank and others organizations. Continue reading.

3. Houston-founded startup raises $1.2M and moves headquarters to Detroit

ChurchSpace, founded in Houston by Day Edwards and Emmanuel Brown, is moving to Detroit. Photo courtesy ChurchSpace.

Houston-founded ChurchSpace, known as the Airbnb for churches, has formed an official partnership with the City of Detroit and will relocate its headquarters.

The announcements come as the company successfully closed a $1.2 million oversubscribed funding round. The round was led by California-based Black Ops Ventures, with participation from Michigan Rise and Dug Song of Minor Capital, who is also the founder of the Song Foundation, another Michigan-based organization. Continue reading.

4. Houston aerospace co. soars with first U.S. test flight of hypersonic engine

Venus Aerospace successfully completed the flight test of its hypersonic engine, the first of an American-developed engine of its kind. Photo courtesy Venus Aerospace

Houston-based Venus Aerospace successfully completed the first U.S. flight test of its proprietary engine at a demonstration at Spaceport America in New Mexico.

Venus’ next-generation rotating detonation rocket engine (RDRE) is supported by a $155,908 federal Small Business Innovation Research (SBIR) grant from NASA and aims to enable vehicles to travel four to six times the speed of sound from a conventional runway. The recent flight test was the first of an American-developed engine of its kind. Continue reading.

5. Houston regenerative medicine company expands lab for future trials

FibroBiologics has opened a new 10,000-square-foot Houston lab to scale up research efforts and pave the way for in-house manufacturing. Photo via Fibrobiologics.com

A Houston regenerative medicine company has unveiled new laboratory space with the goal of expanding its pioneering science.

FibroBiologics uses fibroblasts, the body’s most common type of cell, rather than stem cells, to help grow new cells. With its new space, the publicly traded company, which has more than 240 patents issued or pending, will be even better equipped to power forward with its research. Continue reading.

These five Houston startups raised the most funding in 2024, according to InnovationMap reporting. Photo via Getty Images

Big winners: 5 Houston companies that raised the most funding in 2024

year in review

Editor's note: As 2024 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. Be sure to click on each story to read the full article.

Fervo Energy secures $600M in multiple rounds

The latest deal brings Fervo's total funding secured this year to around $600 million. Photo courtesy of Fervo

Fervo secured a lot of fresh funding this year to deliver on its 100x growth plans. Most recently, the company announced that it has raised $255 million in new funding and capital availability. A $135 million corporate equity round was led by Capricorn’s Technology Impact Fund II and a $120 million letter of credit and term loan facility was granted by Mercuria, an independent energy and commodity group that previously invested in the company. Read more about the round.

In February, Fervo secured $244 million in a financing round led by Devon Energy, and in September, the company received a $100 million bridge loan for the first phase of its ongoing project in Utah. This project, known as Project Cape, represents a 100x growth opportunity for Fervo, as Latimer explained to InnovationMap earlier this year. As of now, Project Cape is fully permitted up to 2 GW and will begin generating electricity in 2026, per the company.

Solugen scores $213.6M to support new facility

The new Solugen facility is expected to reduce annual carbon emissions by up to 18 million kilograms. Photo courtesy of Solugen

Houston-based Solugen secured financing from the U.S. Department of Energy's Loan Programs Office in June to support its mission of producing clean chemicals.

The LPO's $213.6 million loan guarantee will go toward the construction of the company's 500,000-square-foot Bioforge Marshall facility in Southwest Minnesota, which broke ground in April and will produce bio-based chemical products to be used in wastewater treatment, construction, agriculture, and the energy sector. According to Solugen, the facility is expected to reduce annual carbon emissions by up to 18 million kilograms.

"American manufacturing is at a turning point, and we are proud to have the opportunity to work with the DOE in bringing critical chemical production capabilities onshore to communities like Marshall," Gaurab Chakrabarti, CEO of Solugen, says in a news release. "By scaling cutting-edge technologies, we are meeting domestic demand for innovative solutions and setting global standards for sustainable biomanufacturing." Read more about the round.

Cart.com brings in $130M in financing, series C extension

Cart.com announced a $25 million series C extension round and $105 million in debt refinancing from investment manager BlackRock. Photo courtesy of Cart.com

While 2024 was less lucrative for Houston-based Cart.com when it comes to VC activity, the scaleup did pull in significant funding.

The company, which operates a multichannel commerce platform, secured $105 million in debt refinancing from investment manager BlackRock in July.

The debt refinancing follows a recent $25 million series C extension round, bringing Cart.com’s series C total to $85 million. The scaleup’s valuation now stands at $1.2 billion, making it one of the few $1 billion-plus “unicorns” in the Houston area. Read more about the round.

Procyrion closes $57.7M series E to fund journey to FDA approval, commercialization

Procyrion has announced the closing of its series E round of funding. Photo via Getty Images

Houston-born and bred medical device company, Procyrion, has completed its series E with a raise of $57.7 million, including the conversion of $10 million of interim financing.

Procyrion is the company behind Aortix, a pump designed to be placed in the descending thoracic aorta of heart failure patients, which has been shown to improve cardiac performance in seriously ill subjects. The money raised will allow the company to proceed with a the DRAIN-HF Study, a pivotal trial that will be used for eventual FDA approval and commercialization.

The Aortix is the brainchild of Houston cardiologist Reynolds Delgado. According to Procyrion’s CSO, Jace Heuring, Delgado, gained some of his experience with devices for the heart working with legendary Texas Heart Institute surgeon O.H. “Bud” Frazier. He filed his first patents related to the Aortix in 2005. Read more about the round.

Utility Global raises $53M series C investment

Utility Global’s technology enables reduction of greenhouse gas emissions along with generation of low-carbon fuels and chemicals. Photo courtesy of Utility Global

Houston-based Utility Global, a maker of decarbonization-focused gas production technology, has raised $53 million in an ongoing series C round.

Among the participants in the round are Canada’s Ontario Power Generation Pension Plan, the XCarb Innovation Fund operated by Luxembourg-based steel company ArcelorMittal, Houston-based investment firm Ara Partners, and Saudi Aramco’s investment arm.

Also, Utility Global and ArcelorMittal have agreed to develop at least one decarbonization facility at an ArcelorMittal steel plant. Read more about the round.

The deal brings Fervo's total funding secured this year to around $600 million. Photo courtesy of Fervo

Fast-growing Houston-based geothermal energy co. secures $255M in additional funding

show me the money

A Houston company that's responding to rising energy demand by harnessing geothermal energy through its technology has again secured millions in funding. The deal brings Fervo's total funding secured this year to around $600 million.

Fervo Energy announced that it has raised $255 million in new funding and capital availability. The $135 million corporate equity round was led by Capricorn’s Technology Impact Fund II with participating investors including Breakthrough Energy Ventures, CalSTRS, Congruent Ventures, CPP Investments, DCVC, Devon Energy, Galvanize Climate Solutions, Liberty Mutual Investments, Mercuria, and Sabanci Climate Ventures.

The funding will go toward supporting Fervo's ongoing and future geothermal projects.

“The demand for 24/7 carbon-free energy is at an all-time high, and Fervo is one of the only companies building large projects that will come online before the end of the decade,” Fervo CEO and Co-Founder Tim Latimer says in a news release. “Investors recognize that Fervo’s ability to get to scale quickly is vital in an evolving market that is seeing unprecedented energy demand from AI and other sources.”

Additionally, Fervo secured a $120 million letter of credit and term loan facility from Mercuria, an independent energy and commodity group that previously invested in the company.

“In surveying power markets across the U.S. today, the need for next-generation geothermal is undeniable,” Brian Falik, group chief investment officer of Mercuria, adds. “We believe in Fervo not just because their EGS approach is cost-effective, commercially viable, and already being deployed at scale, but because they set ambitious targets and consistently deliver.”

In February, Fervo secured $244 million in a financing round led by Devon Energy, and in September, the company received a $100 million bridge loan for the first phase of its ongoing project in Utah. This project, known as Project Cape, represents a 100x growth opportunity for Fervo, as Latimer explained to InnovationMap earlier this year. As of now, Project Cape is fully permitted up to 2 GW and will begin generating electricity in 2026, per the company.

Other wins for Fervo this year include moving into its new headquarters in downtown Houston, securing a power purchase agreement with California, growing its partnership with Google, and being named amongst the year's top inventions by Time magazine.


Several Houston institutions scored funding from the Cancer Prevention and Research Institute of Texas. Photo via Getty Images

German biotech co. to relocate to Houston thanks to $4.75M CPRIT grant

money moves

Armed with a $4.75 million grant from the Cancer Prevention and Research Institute of Texas, a German biotech company will relocate to Houston to work on developing a cancer medicine that fights solid tumors.

Eisbach Bio is conducting a clinical trial of its EIS-12656 therapy at Houston’s MD Anderson Cancer Center. In September, the company announced its first patient had undergone EIS-12656 treatment. EIS-12656 works by suppressing cancer-related genome reorganization generated by DNA.

The funding from the cancer institute will support the second phase of the EIS-12656 trial, focusing on homologous recombination deficiency (HRD) tumors.

“HRD occurs when a cell loses its ability to repair double-strand DNA breaks, leading to genomic alterations and instability that can contribute to cancerous tumor growth,” says the institute.

HRD is a biomarker found in most advanced stages of ovarian cancer, according to Medical News Today. DNA constantly undergoes damage and repairs. One of the repair routes is the

homologous recombination repair (HRR) system.

Genetic mutations, specifically those in the BCRA1 and BCRA1 genes, cause an estimated 10 percent of cases of ovarian cancer, says Medical News Today.

The Cancer Prevention and Research Institute of Texas (CPRIT) says the Eisbach Bio funding will bolster the company’s “transformative approach to HRD tumor therapy, positioning Texas as a hub for innovative cancer treatments while expanding clinical options for HRD patients.”

The cancer institute also handed out grants to recruit several researchers to Houston:

  • $2 million to recruit Norihiro Goto from the Massachusetts Institute of Technology to MD Anderson.
  • $2 million to recruit Xufeng Chen from New York University to MD Anderson.
  • $2 million to recruit Xiangdong Lv from MD Anderson to the University of Texas Health Science Center at Houston.

In addition, the institute awarded:

  • $9,513,569 to Houston-based Marker Therapeutics for a first-phase study to develop T cell-based immunotherapy for treatment of metastatic pancreatic cancer.
  • $2,499,990 to Lewis Foxhall of MD Anderson for a colorectal cancer screening program.
  • $1,499,997 to Abigail Zamorano of the University of Texas Health Science Center at Houston for a cervical cancer screening program.
  • $1,497,342 to Jennifer Minnix of MD Anderson for a lung cancer screening program in Northeast Texas.
  • $449,929 to Roger Zoorob of the Baylor College of Medicine for early prevention of lung cancer.

On November 20, the Cancer Prevention and Research Institute granted funding of $89 million to an array of people and organizations involved in cancer prevention and research.

The Investment is expected to help expand Bot Auto's tech development in autonomous trucking that will focus on safety and operation efficiency. Photo courtesy of Bot Auto

Houston-based autonomous trucking tech co. raises $20M

fresh funding

A Houston-based autonomous vehicle technology company has raised early funding.

Bot Auto has announced the completion of its pre-series A funding round which was oversubscribed and raised $20 million. The round was led by investments from Brightway Future Capital, Cherubic Ventures, EnvisionX Capital, First Star Ventures, Linear Capital, M31 Capital, Taihill Venture, Uphonest Capital, and Welight Capital.

“As true believers in autonomous trucking, we're thankful for our investors' shared vision,” Xiaodi Hou, founder and CEO of Bot Auto, says in a news release. “Our strong commitment, combined with recent AI advancements and a sharpened focus on operational efficiency, has created a clear path to commercialization.”

The funds raised will be focused on developing the technology and will opt to avoid unnecessary hiring ahead of operational maturity, scaling the operational footprint prior to product readiness, over expansion and partnership debt. The company aims for a more sustainable and efficient future, and is hoping its engineers and AV executives help Bot Auto become an autonomous trucking game changer.

The Investment is expected to help expand Bot Auto's tech development in autonomous trucking that will focus on safety and operation efficiency.

“Our prospects for success have never been more promising,” Hou adds. “ We march forward, committed to bringing this transformative technology to humanity for a brighter future.”

Bot Auto’s vision aligns with the pioneering spirit of Houston’s legacy in space exploration, striving to achieve remarkable feats in technology and transportation. The company is dedicated to leveraging this investment to make significant strides in the US autonomous trucking industry, ultimately contributing to a more sustainable and efficient future.

Rice researchers are cleaning up when it comes to grants and competitions. Photo via Rice.edu

Rice University innovators claim prizes across health care, energy research

big wins

Undergraduate students from Rice University were awarded the top prize in a health innovation challenge.

Design by Biomedical Undergraduate Teams (DEBUT) Challenge, which is organized by the National Institutes of Health (NIH) and the non-profit organization VentureWell, selected medical device team UroFlo as its winner, claiming the $20,000 prize. The technology, a continuous bladder irrigation system, was recognized for its potential to revolutionize post-operative care and improve patient outcomes.

The winning team from Rice consists of 2024 bioengineering graduates Anushka Agrawal, Sahana Prasanna, Robert Heeter, Archit Chabbi, Kevin Li, and Richard Chan. The UroFlo system provides care to patients after surgery and reduces the burden on health care professionals by implementing state-of-the-art sensors and machine learning algorithms with a touchscreen user interface. This helps with data collection, processing and visualization. UroFlo promises to enhance the management of urinary tract infections (UTIs) and help prevent blood clots.

“We have learned so much from this process and we are really proud of what we have accomplished,” says Chabbi in a news release. “It’s truly rewarding to know that our work can impact patients’ experience and help improve quality of care. Over the many hours we spent working in the Oshman Engineering Design Kitchen (OEDK) at Rice, we’ve not only developed an amazing set of skills, but have also forged really strong connections with one-another and the nearby medical community at the Texas Medical Center.”

The award will be presented on Oct. 25 in Baltimore during the annual Biomedical Engineering Society (BMES) conference.

UroFlo was also with first place in the Johns Hopkins Healthcare Design Competition in the Post-Surgical Infection Management category; first place in the American Society for Artificial Internal Organs Student Design Competition; “Best Medical Device Technology Award” in the 2024 Huff Engineering Design Showcase and competition held by the OEDK; “Outstanding Bioengineering Design Project,” Rice Department of Bioengineering; “Best Presentation” in the Texas Children’s Hospital Surgical Research Day; finalist and “Best Engineering Project” in Rice’s 2024 Shapiro Research Showcases; and semi-finalist in the H. Albert Napier Rice Launch Challenge. UroFlo will continue after Rice, as the project will be developed further.

“We are all very passionate about biomedical engineering, and dedicated and committed to making a difference” Chan said in a news release. “We actually decided to continue to develop UroFlo after our graduation from Rice a few months ago with the hope of improving our innovative solution for urological care.”

In other news, Rice University’s Naomi Halas won $7.5 million over five years from the United States Department of Defense (DOD) Air Force Office of Scientific Research (AFOSR) with her project proposal Multidisciplinary University Research Initiative (MURI) for her project titled “Combining Nonequilibrium Chemistries with Atomic Precision,” which competed in the category “plasmon-controlled single-atom catalysis.”

“Combining Nonequilibrium Chemistries with Atomic Precision” addressed the need for more energy-efficient and less protocol-intensive chemical processes that involve using light to drive chemical reactions and single-atom “reactors” to catalyze chemical reactions that are nearly 100 percent specific in terms of reaction products.

Plasmons work when they make metal nanoparticles act like antennas, and certain designed reactor sites on their surfaces can then carry out chemical reactions at a fraction of the “energy expenditure of conventional industrial catalysts” according to a news release.

Rice University and Baylor College of Medicine have also received $2.8 million in funding from the National Heart, Lung, and Blood Institute (NHLBI) for their research on reducing inflammation and lung damage in acute respiratory distress syndrome (ARDS) patients.

“Cell Based Immunomodulation to Suppress Lung Inflammation and Promote Repair,” will be co-led byRice’s Omid Veiseh, a professor of bioengineering and faculty director of the Rice Biotech Launch Pad, and professor of surgery at Baylor Ravi Kiran Ghanta. They will develop a new translational cell therapy platform “ to allow a better local administration of cytokines to the lungs in order to suppress inflammation and potentially prevent lung damage in ARDS patients” according to a news release.

Ad Placement 300x100
Ad Placement 300x600

CultureMap Emails are Awesome

Property Showcase

Intuitive Machines to acquire NASA-certified deep space navigation company

space deal

Houston-based space technology, infrastructure and services company Intuitive Machines has agreed to buy Tempe, Arizona-based aerospace company KinetX for an undisclosed amount.

The deal is expected to close by the end of this year, according to a release from the company.

KinetX specializes in deep space navigation, systems engineering, ground software and constellation mission design. It’s the only company certified by NASA for deep space navigation. KinetX’s navigation software has supported both of Intuitive Machines’ lunar missions.

Intuitive Machines says the acquisition marks its entry into the precision navigation and flight dynamics segment of deep space operations.

“We know our objective, becoming an indispensable infrastructure services layer for space exploration, and achieving it requires intelligent systems and exceptional talent,” Intuitive Machines CEO Steve Altemus said in the release. “Bringing KinetX in-house gives us both: flight-proven deep space navigation expertise and the proprietary software behind some of the most ambitious missions in the solar system.”

KinetX has supported deep space missions for more than 30 years, CEO Christopher Bryan said.

“Joining Intuitive Machines gives our team a broader operational canvas and shared commitment to precision, autonomy, and engineering excellence,” Bryan said in the release. “We’re excited to help shape the next generation of space infrastructure with a partner that understands the demands of real flight, and values the people and tools required to meet them.”

Intuitive Machines has been making headlines in recent weeks. The company announced July 30 that it had secured a $9.8 million Phase Two government contract for its orbital transfer vehicle. Also last month, the City of Houston agreed to add three acres of commercial space for Intuitive Machines at the Houston Spaceport at Ellington Airport. Read more here.

Japanese energy tech manufacturer moves U.S. headquarters to Houston

HQ HOU

TMEIC Corporation Americas has officially relocated its headquarters from Roanoke, Virginia, to Houston.

TMEIC Corporation Americas, a group company of Japan-based TMEIC Corporation Japan, recently inaugurated its new space in the Energy Corridor, according to a news release. The new HQ occupies the 10th floor at 1080 Eldridge Parkway, according to ConnectCRE. The company first announced the move last summer.

TMEIC Corporation Americas specializes in photovoltaic inverters and energy storage systems. It employs approximately 500 people in the Houston area, and has plans to grow its workforce in the city in the coming year as part of its overall U.S. expansion.

"We are thrilled to be part of the vibrant Greater Houston community and look forward to expanding our business in North America's energy hub," Manmeet S. Bhatia, president and CEO of TMEIC Corporation Americas, said in the release.

The TMEIC group will maintain its office in Roanoke, which will focus on advanced automation systems, large AC motors and variable frequency drive systems for the industrial sector, according to the release.

TMEIC Corporation Americas also began operations at its new 144,000-square-foot, state-of-the-art facility in Brookshire, which is dedicated to manufacturing utility-scale PV inverters, earlier this year. The company also broke ground on its 267,000-square-foot manufacturing facility—its third in the U.S. and 13th globally—this spring, also in Waller County. It's scheduled for completion in May 2026.

"With the global momentum toward decarbonization, electrification, and domestic manufacturing resurgence, we are well-positioned for continued growth," Bhatia added in the release. "Together, we will continue to drive industry and uphold our legacy as a global leader in energy and industrial solutions."

---

This article originally appeared on EnergyCapitalHTX.com.

2 Texas cities named on LinkedIn's inaugural 'Cities on the Rise'

jobs data

LinkedIn’s 2025 Cities on the Rise list includes two Texas cities in the top 25—and they aren’t Houston or Dallas.

The Austin metro area came in at No. 18 and the San Antonio metro at No. 23 on the inaugural list that measures U.S. metros where hiring is accelerating, job postings are increasing and talent migration is “reshaping local economies,” according to the company. The report was based on LinkedIn’s exclusive labor market data.

According to the report, Austin, at No. 18, is on the rise due to major corporations relocating to the area. The datacenter boom and investments from tech giants are also major draws to the city, according to LinkedIn. Technology, professional services and manufacturing were listed as the city’s top industries with Apple, Dell and the University of Texas as the top employers.

The average Austin metro income is $80,470, according to the report, with the average home listing at about $806,000.

While many write San Antonio off as a tourist attraction, LinkedIn believes the city is becoming a rising tech and manufacturing hub by drawing “Gen Z job seekers and out-of-state talent.”

USAA, U.S. Air Force and H-E-B are the area’s biggest employers with professional services, health care and government being the top hiring industries. With an average income of $59,480 and an average housing cost of $470,160, San Antonio is a more affordable option than the capital city.

The No. 1 spot went to Grand Rapids due to its growing technology scene. The top 10 metros on the list include:

  • No. 1 Grand Rapids, Michigan
  • No. 2 Boise, Idaho
  • No. 3 Harrisburg, Pennsylvania
  • No. 4 Albany, New York
  • No. 5 Milwaukee, Wisconsin
  • No. 6 Portland, Maine
  • No. 7 Myrtle Beach, South Carolina
  • No. 8 Hartford, Connecticut
  • No. 9 Nashville, Tennessee
  • No. 10 Omaha, Nebraska

See the full report here.

View All Listings