Houston offshore robotics company secures $12M, names new CEO

big moves

Houston-based Nauticus Robotics has a new CEO and fresh funding. Photo via Nauticus

In the wake of a leadership reshuffling and amid lingering financial troubles, publicly traded Nauticus Robotics, a Webster-based developer of subsea robots and software, has netted more than $12 million in a second tranche of funding.

The more than $12 million in new funding includes a $9.5 million loan package.

Nauticus says the funding will accelerate certification of the company’s flagship Aquanaut robot, which is being prepared for its inaugural mission — inspecting a deep-water production facility in the Gulf of Mexico that’s owned by a major oil and gas company.

The new funding comes several weeks after the company announced a change in leadership, including a new interim CEO, interim chief financial officer, and lead general counsel.

Former Halliburton Energy Services executive John Gibson, the interim CEO, became president of Nauticus last October and subsequently joined the board. Gibson replaced Nauticus founder Nicolaus Radford in the CEO role. Radford’s LinkedIn profile indicates he left Nauticus in January 2024, the same month that Gibson stepped into the interim post.

Radford founded what was known as Houston Mechatronics in 2014.

Victoria Hay, the new interim CFO at Nauticus, and Nicholas Bigney, the new lead general counsel, came aboard in the fourth quarter of 2023.

“We currently have the intellectual property, prototypes, and the talent to deliver robust products and services,” Gibson says in a news release. “Team Nauticus is now laser-focused on converting our intellectual property, including both patents and trade secrets, into differentiated solutions that bring significant value to both commercial and government customers.”

A couple of weeks after the leadership shift, the NASDAQ stock market notified Nauticus that the average closing price of the company’s common stock had fallen below the $1-per-share threshold for 30 consecutive trading days. That threshold must be met to maintain a NASDAQ listing.

Nauticus was given 180 days to lift its average stock price above $1. If that threshold isn’t reached during that 180-day period, the company risks being delisted by NASDAQ. The stock closed February 6 at 32 cents per share.

The stock woes and leadership overhaul came on the heels of a dismal third-quarter 2023 financial report from Nauticus. The company’s fourth-quarter 2023 financial report hasn’t been filed yet.

For the first nine months of 2023, Nauticus reported an operating loss of nearly $20.9 million, up from almost $11.3 million during the same period a year earlier. Meanwhile, revenue sank from $8.2 million during the first nine months of 2022 to $5.5 million in the same period a year later.

Nauticus went public in September 2022 through a SPAC (special purpose acquisition company) merger with New York City-based CleanTech Acquisition Corp., a “blank check” company that went public in July 2021 through a $150 million IPO. The SPAC deal was valued at $560 million when it was announced in December 2021.

Nauticus recently hired investment bank Piper Sandler & Co. to help evaluate “strategic options to maximize shareholder value.”

One of the strategic alternatives involves closing Nauticus’ previously announced merger with Houston-based 3D at Depth, which specializes in subsea laser technology. When it was unveiled last October, the all-stock deal was valued at $34 million.

------

This article originally ran on EnergyCapital.

From Your Site Articles
The acquisition is valued at $34 million. Photo via Nauticus Robotics

Houston robotics company makes strategic acquisition in $34M deal

M&A Moves

A Houston company that harnesses the power of robotics hardware and programing for underwater use has made an acquisition.

Nauticus Robotics Inc. (NASDAQ: KITT) announced it has acquired 3D at Depth Inc., a Colorado-based company with a subsea light detection and range, LiDAR, technology for inspection and data services. The deal closed for approximately $34 million in stock, before certain purchase price adjustments and the assumption of debt, per the news release.

“The future of subsea services lies in autonomy, data gathering, and analytics,” Nicolaus Radford, Nauticus’ founder and CEO, says in the release. “LiDAR has long since been core to terrestrial autonomy and by adding 3D’s capabilities to the Nauticus Fleet, we enhance autonomous vehicles in the offshore market. This acquisition increases the value of Nauticus’ fleet services and positions the Company to capitalize on data acquisition and analytics for subsea operations.”

The acquisition expands Nauticus' capabilities for its autonomous underwater suite of technology for its customers. With the deal, Nauticus will assume 20 patents secured or pending by acquiring 3D, which generated $9.8 million in revenue last year and is slated to grow revenue by more than 20 percent in 2023, according to the release.

“In addition to the compelling strategic and financial benefits of this deal, the acquisition will add momentum to our commercial growth trajectory,” Radford continues. “By adding 3D’s technology, offshore inspection and data service, and experienced team, Nauticus expands our addressable market and accelerates our customer penetration in the offshore energy and renewables industries.”

Founded in 2009, 3D will operate as a division of Nauticus when the deal closes sometime before the end of the year. Nauticus will also assume approximately $4.1 million of debt in the transaction.

“The Nauticus Robotics and 3D at Depth combination creates a compelling solution for the subsea market and should help improve our products and services for all our clients,” Carl Embry, founder and CEO of 3D at Depth, says in the release. “We believe the integration of our unique subsea multi-dimensional data collection and processing with an emerging leader in subsea robotics creates a differentiated offering for customers seeking safer, cleaner, lower-cost subsea services.”

Nauticus, founded by Radford in 2014 as Houston Mechatronics, went public via a blank check company last year.

Nauticus Robotics has extended a contract with one of its biggest customers. Photo via nauticusrobotics.com

Houston robotics startup secures $2.1M contract extension with engineering tech co.

customer success

A Houston startup has just secured an extended contract with a major customer.

Webster-based Nauticus Robotics, a maker of autonomous oceangoing robots, has bulked up its current contract with Reston, Virginia-based Leidos in a $2.1 million extension.. That brings Leidos’ total financial commitment from $14.5 million to $16.6 million.

In partnership with Leidos, Nauticus is developing next-generation underwater drones for business and military customers. These unmanned underwater vehicles are being designed to carry out tasks that are dangerous or impossible for human divers to do, such as mapping the ocean floor, studying sea creatures, and monitoring water pollution.

“This very important work combines great attributes from each company to deploy a truly novel subsea capability,” says Nicolaus Radford, founder and CEO of Nauticus.

Based on Nauticus’ Aquanaut product, these robots will feature the company’s toolKITT software, which supplies artificial intelligence capabilities to undersea vehicles.

“This work is the centerpiece of Nauticus’ excellent collaboration with Leidos,” says Radford, “and I look forward to continuing our mutual progress of advancing the state of the art in undersea vehicles.”

Founded in 2014 as Houston Mechatronics, Nauticus adopted its current branding in 2021. Last year, Nauticus became a publicly traded company through a merger with a “blank check” company called CleanTech Acquisition Corp.

During the first six months of 2023, Nauticus generated revenue of nearly $4 million, down from a little over $5.2 million in the same period last year. Its operating loss for the first half of 2023 was almost $12.7 million, up from slightly more than $5.2 million during the same time in 2022.

Nauticus attributes some of the revenue drop to delays in authorization of contracts with government agencies.

The company recently lined up a $15 million debt facility to bolster its operations.

“I’ve never been more optimistic about the future of Nauticus. We employ some of the best minds in the industry, and we are positioned with the right product at the right time to disrupt a $30 billion market,” Radford said earlier this month. “Demand from potential customers is high, but constructing our fleet is capital-intensive.”

More good news for Nauticus: It recently signed contracts with energy giants Shell and Petrobras. Financial terms weren’t disclosed.

The Shell contract involves a project in the Gulf of Mexico’s Princess oil and gas field that Nauticus says could lead to millions of dollars in additional contracts over the next few years. Shell operates the offshore field, which is around 40 miles southeast of New Orleans, and owns a nearly 50 percent stake in it.

Co-owners of the Princess project are Houston-based ConocoPhillips, Spring-based ExxonMobil, and London-based BP, whose North American headquarters is in Houston. In July, the Reuters news service reported that ConocoPhillips was eyeing a sale of its stake in the Princess field.

Under the contract with Petrobras, whose U.S. arm is based in Houston, Nauticus will dispatch its Aquanaut robot to support the Brazilian energy company’s offshore activities in South America. Nauticus says this deal “opens up a potential market opportunity” in Brazil exceeding $100 million a year.

------

This article originally ran on EnergyCapital.

In the latest round up of Houston innovation news you may have missed, an offshore robotics company has rebranded, two startups earned bragging rights, and more. Photo via Getty Images

Houston robotics company rebrands, startups snag​  international spotlights, and more local innovation news

short stories

Houston startups have had a busy fourth quarter so far with exciting news from all around the local innovation ecosystem.

In this roundup of short stories within Houston innovation, a pair of Houston startups receive national and international praise, a local robotics company rebrands, Houston Community College receives funding for BIPOC female founders, and more.

Houston-area robotics company rebrands

Nicolaus Radford is the founder of Nauticus Robotics Inc., neé Houston Mechatronics. Photo courtesy

Houston Mechatronics Inc. based in Webster, Texas, announced that it has rebranded its offshore robotics firm as Nauticus Robotics Inc.

"The name Nauticus Robotics makes clear our commitment to the blue economy," says Nicolaus Radford, the company's founder and CEO, in a news release. "Our mission is to grow that economy through sustainable robotics that deliver value while protecting our planet's most valuable resources. This rebrand aligns us with that goal and positions us as a leader in our space."

The company has also launched a new website, representing an expanded vision of "Green robotics for a blue economy," according to the news release.

"Our new website will really lead the charge for us on the sales side," says Todd Newell, senior vice president of business development at Nauticus Robotics, in the release. "Prospective customers can get an overview of our robotics and their capabilities. If they desire, they can download detailed specifications to see how a product might fit into their operations. And we've made it very easy for those interested in a demo or a call to quickly get in touch with our team."

Houston IT company forms new partnership

Joe Alapat is the CEO of Houston-based Liongard. Courtesy of Liongard

Liongard has formed a new partnership with email defense solution Vade to release a new tool for its users. The feature automatically surfaces critical account data, streamlining user management, and billing for M365 users, according to a news release.

"I'm very pleased that Vade for M365 is now integrated with Liongard's leading IT automation platform," says Adrien Gendre, chief technology and product officer at Vade, in the release. "MSPs who offer managed cybersecurity can now combine the threat detection and remediation capabilities of Vade for M365 with the automation and unified visibility of Liongard. Together, Liongard and Vade for M365 give MSPs the tools they need to save time, improve efficiencies, and grow their businesses."

The tool is already included in Liongard’s latest release and users can leverage licensing, billing, and security data to simplify security management, accounting, and reporting.

“We’re very excited about our new Vade Inspector and the value it brings to the MSP community,” says Matt Miller, vice president of product for Liongard. “Both Vade and Liongard are committed to helping the managed services community stay security-focused. This Inspector enables MSPs to maintain a strong security posture through automation, with the added benefit of saving time and effort across the organization.”

Houston startup snags national spotlight

Cobalt's founders wanted to avoid harsh alcoholic smells and opted for calming and fun scents. Photo courtesy of Cobalt

Southern Living magazine's December issue features the annual holiday gift guide, and making the list this year is Houston-based small business Cobalt's Crisp Peppermint Hand Sanitizer.

“We are beyond thrilled to be included in Southern Living magazine with the best company,” says Christina Milligan, co-founder of Cobalt, in a news release. “It’s so exciting to see how much Cobalt has grown in the past 12 months. The idea has surpassed the pandemic and become an everyday necessity for healthy lifestyles. What started out as blending and filling each bottle from our kitchen tables has evolved into corporate partnerships, multiple scents, and new product lines. We are so grateful for all of our customers across the country and look forward to the next phase of Cobalt.”

Milligan and Molly Voorhees launched Cobalt in November 2020 with a line of personal-sized surface cleaners, hand sanitizers, and travel kits.

Cobalt is the only Houston-based company in the 2021 guide, according to the release. The issue is on newsstands now.

Houston blockchain company wins startup of the year

Data Gumbo's team was recognized internationally for its impact. Courtesy of Data Gumbo

Data Gumbo, which has created an industrial smart contract network company, announced last month that it has been named the Oil and Gas Start Up Company of the Year at the Abu Dhabi International Petroleum Exhibition and Conference Awards Gala — the largest annual oil and gas awards event in the Middle East.

According to a news release from the company, "Data Gumbo was recognized for its potential to reshape the energy industry based on its continued innovation, strong business model and the impressive impact of its global industrial smart contract network."

“Our industrial smart contract network, GumboNet, offers the new gold standard for organizations to execute business better through guaranteed transactional certainty across commercial relationships,” says Andrew Bruce, CEO and founder of Data Gumbo. “It’s an honor to be recognized by ADIPEC for our work and commitment to expanding our network across the global energy industry, allowing companies to eliminate the lack of trust in industrial sectors, streamline contract execution and capture significant cost savings.”

The 11th annual ADIPEC Awards' judges reviewed more than 700 entries from over 50 countries across digitalization, sustainability, research, innovation and more. For more info on the ADIPEC Awards, click here.

Houston university system receives $750,000 grant to drive women-owned business success

HCC has fresh funds to support female entrepreneurs. Photo via Getty Images

Wells Fargo granted $750,000 to Houston Community College to support the new Open for Business program aimed at empowering women-owned businesses in the Houston region. The grant is part of a $420 million small business recovery effort by Wells Fargo to support nonprofit and educational organizations assisting women of color in overcoming longstanding obstacles to entrepreneurship.

“We are delighted to broaden our programs to help women succeed in owning and operating businesses,” says Maya Durnovo, HCC’s chief entrepreneurial officer, in a news release, adding that the program has a particular focus on African American, Indo-American, Hispanic, Asian and Native American women.

The Open for Business Program – led by Director Tamala Austin – is already staffed with more than 165 women registered in the program.

“We can only imagine what kinds of businesses might have taken off, what products consumers might have enjoyed and what returns might have been realized had women and people of color enjoyed equal access to capital and opportunity,” Durnovo says in the release.

Ad Placement 300x100
Ad Placement 300x600

CultureMap Emails are Awesome

Property Showcase

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.

These 5 trailblazing Houston startups are leading the energy transition

meet the finalists

Houston is home to a growing number of startups reshaping what it means to be called the "Energy Capital of the World."

As part of the 2026 Houston Innovation Awards, our Energy Transition Business category honors those innovative startups that are providing solutions within renewables, climatetech, clean energy, alternative materials, circular economy and more.

Five clean energy startups have been named finalists for the 2026 award. The finalists, selected by our esteemed panel of judges, range from a lower-emission steel producer to a diagnostics platform developer working to support batteries used in data centers.

Read more about these innovative businesses, their initiatives, and their inspirational founders below. The 2026 winners will be announced on InnovationMap.com in mid-November.

Capwell Services

Methane capture company Capwell Services works to eliminate vented oil and gas emissions economically for operators. According to the company, methane emissions are vented from most oil and gas facilities due to safety protocols, and operators are not able to capture the gas cost-effectively, leading operators to emit more than 14 million metric tons of methane per year in the U.S. and Canada. Founded in 2022, Capwell specializes in low and intermittent flow vents for methane capture.

The company began as a University of Pennsylvania senior design project led by CEO Andrew Lane. It has since participated in programs with Greentown Labs, the Rice Clean Energy Accelerator and the Creative Destruction Lab Energy Cohort at Texas A&M University. The company moved to Houston in 2023 and raised a pre-seed round. It deployed two commercial units this year, according to its application.

FlowCellutions

Energytech startup FlowCellutions is developing a chemistry-agnostic diagnostics platform for flow and metal-air batteries supporting data centers and critical infrastructure. The platform is designed to help reduce operating costs, prevent failures and costly downtime, and extend battery lifetime from approximately seven years to more than 30 years. It has deployed four paid pilots and plans to take insights from the programs to develop its next-gen sensor platform technology.

CEO Becca Segel founded the company in 2022. It is a member of Greentown Labs, and Segel was a 2025 Activate Fellow. The company has raised over $2 million in non-dilutive funding and received a $1.5 million NSF SBIR Fast-Track award earlier this year.

Hertha Metals

Hertha Metals produces lower-cost, lower-emission steel and high-purity iron. The company has developed a single-step process that uses natural gas as a direct reductant instead of metallurgical coal, which cuts production costs by more than 25 percent and emissions by up to 50 percent, according to the company. The same process produces high-purity iron needed for high-purity steels and rare earth magnets. The company says it aims to "re-industrialize America’s production of critical materials."

Hertha Metals was founded by CEO Laureen Meroueh in 2022 and emerged from stealth last year with more than $17 million in venture capital funding. The company closed a $133.65 million Series A this month and also broke ground on its $100M high-purity iron factory known as Chalyx in Conroe.

Mars Materials

Clean chemical manufacturing business Mars Materials is working to convert captured carbon into resources, such as carbon fiber and wastewater treatment chemicals. The company develops and produces its drop-in chemical products in Houston and uses an in-licensed process for the National Renewable Energy Lab to produce acrylonitrile, which is used to produce plastics, synthetic fibers, and rubbers.

Founded in 2019 by CEO Aaron Fitzgerald, CTO Kristian Gubsch, and vice president of operations Trey Sheridan, the company has secured over $7.2M in financing and is backed by Bill Gates’ Breakthrough Energy, Shell, Black & Veatch, and other organizations. It won in the Minority-founded Business Category in last year's Houston Innovation Awards.

Solidec

Chemical manufacturing company Solidec has developed autonomous generators that extract molecules from water and air and convert them into pure chemicals and fuels that are free of carbon emissions on-site, eliminating the need for transport, storage, and permitting. The company was founded around innovations developed by Rice University associate professor Haotian Wang.

The company was selected for the Chevron Technology Ventures’ Catalyst Program, Greentown Labs, NSF I-Corps and was part of the first cohort of the Activate Houston program. It won first place at the 2024 startup pitch competition at CERAWeek. Solidec was founded in 2023 by Wang, who serves as an advisor, CEO Ryan DuChanois, and CTO Yang Xia. It closed a $2.5 million seed round in 2025.

Houston businessman and philanthropist to receive legendary Texas award

Making History

The Texas State History Museum Foundation (TSHMF) has set the date for its 23rd annual Texas Independence Day Dinner and unveiled the 2027 recipients of its prestigious History-Making Texan Award, which includes a prominent Houston businessman.

Since 2005, the organization has honored "living Texas legends whose contributions to the state and the nation have been truly historic and exceptional in scope and nature." Past galas have recognized prominent Texas figures such as former presidents George H.W. and George W. Bush and former first ladies Barbara and Laura Bush, as well as H-E-B chairman Charles Butt, among others.

The two 2027 History-Making Texan Award recipients are Texas Historical Commission chairman, businessman, and philanthropist John L. Nau, III, and trailblazing Texas actor, director, producer, and writer Taylor Sheridan. The 2027 gala will be held at the Bullock Texas State History Museum in Austin on March 2, Texas Independence Day.

"Our honorees are national leaders whose accomplishments have elevated Texas’ distinctive place on the national and international stage," Debbie Raynor, dinner chair and TSHMF Trustee, said in a statement. "John L. Nau, III and Taylor Sheridan have each, in very different ways, helped tell the Texas story — one through the preservation of our history and treasured places, the other through the power of storytelling that has brought Texas and the American West to audiences around the world.

"Nau is the former chairman and CEO of Silver Eagle Beverages, one of the largest Anheuser-Busch distributors in the U.S. He has served as chairman of the Texas Historical Commission since 2015. Raynor said Nau's "commitment to preservation" extends further than his protection of Texas historic sites "to the stewardship and conservation of the land itself, including his bay area lodge in South Texas and his ranch in West Texas.

"[Nau's] leadership and lifelong dedication to history have earned him national recognition, but perhaps his greatest legacy is his determination to ensure that the stories and places that shaped Texas endure for generations to come," Raynor said.Quadruple-threat filmmaker Sheridan is most widely recognized for his award-winning neo-Western TV series Yellowstone and its associated spin-offs 1883, 1923, Marshals, and Dutton Ranch. Raynor hailed Sheridan for his success in bringing a "remarkable new dimension to the way the world sees Texas and the American West."

"As a creator, writer, director, and executive producer of some of television’s most successful series, he has captured the imagination of audiences across the globe while bringing the people, landscapes, traditions and enduring spirit of the West into millions of homes," she said. "And he does more than tell the Texas story — he lives it, as a native Texan, accomplished horseman and steward of two legendary Texas ranches."

A release estimates about 450 "business, political, and community leaders" attend the Texas Independence Day Dinner each year, and proceeds will benefit the Bullock Museum's educational programs and special projects.

The 2027 Texas Independence Day Dinner will take place March 2, 2027, at the Bullock Museum in Austin. A VIP reception will start at 6:30 pm, followed by a 7 pm reception, and 7:30 dinner and program.

---

This article first appeared on CultureMap.com.

View All Listings