Houston medtech startup clears FDA approval for new surgical tool

precision surgery

Prana Surgical has developed a minimally invasive, image-guided, single-use tissue extraction tool. Photo via LinkedIn

Houston-based Prana Surgical will soon bring a new electrosurgical tool to operating rooms around the country. The Prana System officially cleared U.S. Food and Drug Administration (FDA) approval earlier this month.

"Receiving FDA clearance for the Prana System represents a defining milestone for our company," Joanna Nathan, CEO and co-founder of Prana Surgical, said in a news release. "Surgeons today are increasingly focused on achieving precise outcomes while minimizing disruption to healthy tissue. The Prana System was designed to support that shift by integrating targeting and excision into a single, streamlined tool."

Prana Surgical began as Prana Thoracic in 2022. Back then, the company primarily focused on developing screening tools for lung cancer diagnosis. It raised $6 million in series A funding rounds in 2023 and 2024 before transitioning to broader surgical needs in 2025.

The Prana System is a minimally invasive, image-guided, single-use tissue extraction tool designed to retrieve samples without damaging healthy tissue. The tool is still designed with the respiratory system in mind, helping Prana in the fight against lung cancer and other thoracic diseases.

Reducing the impact of tissue extraction via electrosurgery and enhanced image scanning can significantly reduce complications. The Prana System combines localization and tissue-cutting capabilities in one, which keeps surgeons from having to swap out components during a procedure, making for a smoother process. It can core, cut and feel blood vessels on the way toward the intended target, giving surgeons greater control over tissue preservation.

"Electrosurgery is foundational to modern surgery, but there is still opportunity to improve how energy-based tools are applied in minimally invasive settings," Nathan added. "Our goal is to introduce a new class of image-guided surgical tools that enable more precise intervention across a range of procedures."

The company projects the market size for lung nodules to be $7.5 billion in the United States, estimating that 2.5 million nodules will be able to benefit from the new tool. While starting out focused on biopsies, the company plans to evolve the system into other procedures, such as ablation, in the future. It is also planning for a controlled U.S. clinical rollout as it moves toward commercialization

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Prana Thoracic Inc., a Houston medical device company developing a tool for early interception of lung cancer, announced an additional $3 million in funding. Photo via Getty Images

Houston medtech startup secures additional $3M for lung cancer diagnostic tool

fresh funding

A Houston-based medtech startup with an innovative tool that's aiming to transform lung cancer intervention has closed its series A extension round.

Prana Thoracic announced an additional $3 million in funding, a raise that was oversubscribed by 30 percent, reports the company. The company's series A originally closed in March 2023 at $3 million. In August of 2022, the company secured $3 million in grant funding.

"We are grateful for the overwhelming support from our investors in this financing round. Their confidence in our mission and plan is motivating,” Joanna Nathan, CEO and co-founder of Prana Thoracic, says in a news release. “This additional funding will enable us to accelerate our efforts in bringing precision surgical solutions to lung cancer patients worldwide.”

The extension included participation from new investors, including cultivate(MD), GenHenn Capital, and Houston Angel Network, as well as from prior lead investor New World Angels. Existing investors — Johnson & Johnson Development Corp, Texas Medical Center Venture Fund, and the Cancer Prevention & Research Institute of Texas (CPRIT) — also support the company.

"We are excited to support Prana Thoracic in their mission to improve lung cancer treatment. Their innovative approach has the potential to significantly impact patient outcomes," says Dr. R. Sean Churchill, managing director of cultivate(MD), in the release.

The additional funding will support the company as it advances through its clinical and regulatory plans.

“The team has made remarkable progress in developing this novel and minimally invasive technique for lung tissue excision, which has the potential to transform the diagnosis and treatment of early-stage lung cancer," adds Dr. Edward M. Boyle, founder and director at the company. "Beyond lung applications, they are pioneering new methods to use this technology for other soft tissues and are actively exploring integration with ablation and robotic systems, aligning with the future direction of these fields."

In 2022, Nathan joined the Houston Innovators Podcast to discuss her passion for Prana Thoracic's innovation. Listen to the episode below.

This week's roundup of Houston innovators includes Joanna Nathan of Prana Thoracic, Alfredo Arvide of Cloche, and Susan Davenport of the Greater Houston Partnership. Photos courtesy

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 mobile ordering — recently making headlines in Houston innovation.

Joanna Nathan, CEO, and co-founder of Prana Thoracic

Prana Thoracic, an innovative startup in the lung cancer diagnostics space, has raised its series A round of investment. Photo via LinkedIn

Joanna Nathan has been busy. It's been just under six months since the launch of her company, Prana Thoracic, a Houston health tech startup tackling lung cancer diagnostics, and the company has already secured its next round of investment funding. A medical device company developing a tool for early interception of lung cancer, the company announced last week that it closed a $3 million series A financing round.

In August, the company received a $3 million award from the Cancer Prevention & Research Institute of Texas. All of Prana Thoracic's funding is being used to develop the unique diagnostic product and the company's path to first-in-human clinical studies.

“Our technology provides a definitive answer to patients with lung nodules and allows physicians to intervene earlier in the lung cancer patient’s journey,” says Joanna Nathan, CEO, and co-founder of Prana, in a news release. “Our team is grateful to have the support of our investors and excited to leverage this financing to accelerate our technology to the bedside.” Read more.

Alfredo Arvide, co-founder and managing director of Cloche

This new restaurant technology allows for eateries to upgrade to mobile ordering for no cost. Photo courtesy of Cloche

A new mobile software platform has launched in Houston and is currently looking for restaurants interested in utilizing their technology to upgrade their eatery with mobile ordering at no cost to the restaurant.

Alfredo Arvide, co-founder and managing director of Cloche, tells InnovationMap that the idea for the platform came after the pandemic forced restaurateurs to quickly pivot to touch-free menus. Now that the consumer has adapted to scanning QR codes to view menus, the next step is to optimize ordering — something that will also help with the labor shortages that restaurants are now facing.

"Now is the time transform this industry by creating a better meal experience for the consumers, an easier job for the restaurant staff and a more efficient, more profitable business for restaurant owners," Arvide says. Read more.Read more.

Susan Davenport, senior vice president and chief economic development officer for the Greater Houston Partnership

The Greater Houston Partnership's Susan Davenport shares details on Houston House at SXSW, HETI House at CERAWeek, and taking the city on tour to spread awareness of the ecosystem. Photo via houston.org

Every year, one of the biggest tech conferences in the world convenes right down the road from Houston in downtown Austin. That's a huge opportunity for the Greater Houston Partnership to showcase and congregate Housto's tech innovators.

Susan Davenport, senior vice president and chief economic development officer for the Greater Houston Partnership, shares on the Houston Innovators Podcast how the GHP has made an effort to increase Houston's presence at SXSW over the past few years. This year, the third year for Houston House, the GHP and the Houston Energy Transition Initiative are convening over 20 Houston innovators for two days of programming.

"We want to further the development of our ecosystem," Davenport says on the podcast. "Houston is so uniquely place for this — we have such well-developed industry sectors and a customer base. ... All entrepreneurs want to showcase their products and talk about what their doing. We'll have people there to answer questions and, most importantly, invite them to Houston." Read more and listen to the episode.

Prana Thoracic, an innovative startup in the lung cancer diagnostics space, has raised its series A round of investment. Photo via LinkedIn

Houston health tech company closes $3M series A

money moves

It's been just under six months since the launch of Prana Thoracic, a Houston health tech startup tackling lung cancer diagnostics, and the company has already secured its next round of investment funding.

Prana Thoracic, a medical device company developing a tool for early interception of lung cancer, announced last week that it closed a $3 million series A financing round led by Florida-based New World Angels with participation from Johnson & Johnson Innovation – JJDC, Inc., Texas Medical Center Venture Fund, and the University City Science Center’s Phase 1 Ventures.

In August, the company received a $3 million award from the Cancer Prevention & Research Institute of Texas. All of Prana Thoracic's funding is being used to develop the unique diagnostic product and the company's path to first-in-human clinical studies.

“Our technology provides a definitive answer to patients with lung nodules and allows physicians to intervene earlier in the lung cancer patient’s journey,” says Joanna Nathan, CEO, and co-founder of Prana, in a news release. “Our team is grateful to have the support of our investors and excited to leverage this financing to accelerate our technology to the bedside.”

The company's technology is a minimally invasive, tissue-sparing nodulectomy tool that can evaluate suspicious pulmonary nodules early on in hopes of being able to catch and treat patients with lung cancer. The tool's development originated on the grounds of the Texas Medical Center in collaboration with Precision Thoracic Corp.

“Prana’s cutting-edge technology was developed on the TMC campus, and we are excited to continue to support Prana in meeting its next milestone through funding from the TMC Venture Fund. The technology they are spearheading could be a game changer in how physicians detect and treat lung cancer. Congratulations to the team on this exciting announcement,” says William McKeon, president and CEO of the Texas Medical Center, in the release.

Micheal Haimour, director of New World Angels, has joined Prana as a board member.

“We are delighted to support CEO Joanna Nathan and her team at Prana as they seek to develop solutions for the early detection and intervention of lung cancer,” he says in the release

Since the company emerged from stealth last summer, Prana has added a few feathers to its cap as a startup. In November, Nathan pitched and won first place at Ignite Healthcare Network’s annual Fire Pitch Competition. Prana was also named a finalist in the Female-Founded Businesses category of the Houston Innovation Awards. Currently, Prana is a member of the Spring 2023 cohort of the TMCi HealthTech Accelerator.

Three female-founded health tech startups won awards at this year's Ignite Healthcare's Fire Pitch Competition. Photo courtesy of Ignite

Houston health tech startup wins female-focused pitch competition

women in health care

For the fourth year, a Houston-based, female-focused health tech organization has spotlighted the industry's emerging technology entrepreneurs.

Earlier this month, Ignite Healthcare Network’s Accelerator Program hosted its seven women-led digital health startup finalists, narrowed down from over 330 startups, at its annual Fire Pitch Competition. The nonprofit is led by a group of women executives committed to shaping the future of health care.

“The fourth year of Ignite Health’s Accelerator Program has proved to attract more and more women founders of digital tech and med device startups from around the world,” says Ayse McCracken, Ignite's founder, in a news release.

According to McCracken, 22 applicants made it into the program, which launched earlier this year. A group of judges narrowed down that group to seven finalists, before announcing the top three companies for the competition.

Joanna Nathan, CEO of Houston-based Prana Thoracic, won the top award for her company. Stephanie Gravenor, founder of Denver-based Medecipher, and Liane Clamen, founder of Chestnut Hill, Massachusetts-based Adaptilens, won second and third, respectively.

The event doled out over $500,000 in total. Jay Goss, general partner of Wavemaker Three-Sixty Health, announced $100,000 investments into four finalists' companies. The finalists receiving this award are:

  • Pamela Bonnett, CEO of Denver-based Ultrasound AI
  • Christine Lum Lung, co-founder and CEO of Fort Collins, Colorado-based Origin Healthcare
  • Pamela Singh, co-founder and CEO of Houston-based CaseCTRL
  • Stephanie Gravenor, founder and CEO of Denver-based Medecipher

The partner organizations participating in this year's accelerator and event included Houston Methodist, Memorial Hermann Health System, Texas Children’s Hospital, Texas Children’s Pediatrics, The Menninger Clinic, HCA, Kindred Healthcare, Aetna, Texas Health Resources, Cook Children’s Hospital, TMC, Golden Seeds, Wavemaker 360 Health, Portfolia, Prosalus, 7Wire, Texas Halo Fund, Unity Point Ventures, and others.

“We are grateful for the support and generosity of our sponsors for helping to make this event possible,” says Cheryl Stavins, Ignite board member and co-chair of the event, in the news release. “Their support and involvement continue to ignite our mission and passion to ensure the success and recognition of women entrepreneurs in healthcare.”

Earlier in the day, Ignite Health hosted a new event called “Women Shaping the Future of Healthcare Luncheon." Eighty female executives, investors, founders, and community leaders gathered to hear from three of Ignite Health’s alumni founders: Somer Baburek, CEO of Hera Biotech, Dr. Liz Clayborne, CEO of Nasaclip, and Amanda Gorman, chief clinical officer of Nest Collaborative.

The five finalists in the BIPOC and Female-Founded Business categories for the Houston Innovation Awards share the challenges they have had to overcome. Photos courtesy

Overheard: Houston-based BIPOC, female founder finalists of 2022 share challenges overcome

eavesdropping at the houston innovation awards gala

Houston is often lauded as one of the most diverse cities in America, and that diversity is seen across its business communities as well, which includes its innovation ecosystem.

Some of the BIPOC-Founded and Female-Founded Business category finalists from the Houston Innovation Awards Gala, which will be held on November 9, shared some of the challenges they faced being in the minority of their industries and careers.

"The biggest challenge I've faced as a female BIPOC founder is having to work 2 to 4 times harder to convince individuals that I am an expert in my field, and that I know what I'm talking about when it comes to my technology and implementation."

Photo courtesy

— Asma Mirza, CEO and co-founder of Steradian Technologies. "The way I overcame it was by showing irrefutable data to support my expertise and our invention, as well as hiring a diverse team that could substantiate our claims," she adds.

"As a female founder, I used to think that I was looked at as 'less than,' compared to my male counterparts. While I still struggle with this feeling,...  I decided that the biggest hinderance in my confidence as a female founder was the lies that I was telling myself."

Photo courtesy

— Megan Eddings, founder of Accel Unite. "I felt — and still sometimes do — insecure in a room filled with male founders, not because I thought I was any less-than, but because I was thinking they thought I was less-than — before ever even meeting me," Eddings added, sharing how she tries to change her own perspective. "I now feel a responsibility to share my story, as to show other women that they are not alone, their voice matters and to keep going."

"As a BIPOC founder, it was not easy in the beginning to find the connections and network with folks that had the resources to help us with our aspirations. That was the biggest challenge in getting started."

Photo courtesy

— Enrique Carro, CEO of Blue People. "Now that we have a few clients and testimonials, we are able to pull on them to help us find new clients and connections," he continues. "But this was something that we had to really work hard on at the beginning."

"One of my fears going into the fundraising process was being seen as too weak or too fragile to lead an early-stage venture."

Photo courtesy

— Joanna Nathan, CEO of Prana Thoracic, who shares she feels this way following the loss of her son. "I found that in being transparent with potential investors, after building some trust, and speaking openly about my loss and how it has inspired me to build this company, I was able to overcome this fear."

"The biggest challenge I’ve faced as a female founder comes down to resources. Finding the capital and time to get everything done is difficult for female founders because we have a lot on our shoulders and there are systemic inequalities that make things even more difficult."

Photo courtesy

— Allie Danziger, founder and CEO of Ampersand. "I’m creating a billion dollar company, but I’m a mom of two young girls, the executive director of one nonprofit and a board member of another, and a dependable friend, wife, daughter, sister and niece, too," she continues. "Other female founders and VCs are stretched, too, so it can be difficult to connect and find time to figure it out together. I have been very fortunate and also worked really hard to find both the time and resources to make it all work."

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15+ startups fueling Houston's $1 billion funding haul for Q1-Q2 2026

cha-ching

Houston startups started 2026 strong, bringing in nearly $1 billion in venture capital in the first half of the year, Pitchbook data shows.

Here are 17 Houston companies that secured funding since January, according to reporting by InnovationMap and our sister site, EnergyCapitalHTX.com.

Did we miss a funding round? Let us know by emailing innoeditor@innovationmap.com.

Sage Geosystems

Sage Geosystems raised a $97 million Series B. Photo via sagegeosystems.com.

Houston-based geothermal energy startup Sage Geosystems closed its Series B fundraising round in January and plans to use the money to launch its first commercial next-generation geothermal power generation facility.

Ormat Technologies and Carbon Direct Capital co-led the $97 million round, according to a press release from Sage. Existing investors Exa, Nabors, alfa8, Arch Meredith, Abilene Partners, Cubit Capital and Ignis H2 Energy also participated, as well as new investors SiteGround Capital and The UC Berkeley Foundation’s Climate Solutions Fund.

The new geothermal power generation facility will be located at one of Ormat Technologies' existing power plants. The Nevada-based company has geothermal power projects in the U.S. and numerous other countries around the world. The facility will use Sage’s proprietary pressure geothermal technology, which extracts geothermal heat energy from hot dry rock, an abundant geothermal resource. Continue reading.

TrueLeap Inc.

Sandip Bordoloi and Sunny Zhang, founders of True Leap Inc. Photo via trueleapinc.com.

Houston-based edtech company TrueLeap Inc. closed an oversubscribed seed round in January.

The $3.3 million round was led by Joe Swinbank Family Limited Partnership, a venture capital firm based in Houston. Gamper Ventures, another Houston firm, also participated with additional strategic partners.

TrueLeap reports that the funding will support the large-scale rollout of its "edge AI, integrated learning systems and last-mile broadband across underserved communities." Continue reading.

Wellysis

Wellysis is known for its continuous ECG/EKG monitor with AI reporting, known as the S-Patch. Photo via wellysis.com.

Wellysis, a Seoul, South Korea-headquartered wearable biosensing company with its U.S. subsidiary based in Houston, closed a $13.5 million pre-IPO funding round in February and plans to expand its Texas operations.

The round was led by Korea Investment Partners, Kyobo Life Insurance, Kyobo Securities, Kolon Investment and a co-general partner fund backed by SBI Investment and Samsung Securities, according to a news release.

Wellysis reports that the latest round brings its total capital raised to about $30 million. The company is working toward a Korea Securities Dealers Automated Quotations listing in Q4 2026 or Q1 2027.

Wellysis is known for its continuous ECG/EKG monitor with AI reporting. Its lightweight and waterproof S-Patch cardiac monitor is designed for extended testing periods of up to 14 days on a single battery charge. Continue reading.

DexMat

DexMat plans to use its seed funding to commercially scale Galvorn, its carbon-based conductive fiber. Photo courtesy DexMat

Houston-based material science and climatech startup DexMat closed a $5 million seed round in February.

The round was led by non sibi ventures, with participation from Governance Partners, Tailwind Futures, BetterWay, Capital Factory and other investors. The company additionally announced that it has secured $3 million of non-dilutive funding.

DexMat plans to use the recent round to commercially scale Galvorn, its carbon-based conductive fiber. The high-performance copper alternative, originally developed at Rice University, is made from carbon nanotube (CNT) fibers, which are less energy- and CO2-intensive to produce. Continue reading.

Coya Therapeutics

Houston biotech co. raises $11M to advance ALS drug development

Coya Therapeutics plans to scale up manufacturing and prepare for the commercialization of COYA 302, its ALS therapy drug. Photo via Getty Images

Houston-based clinical-stage biotechnology company Coya Therapeutics (NASDAQ: COYA) closed a $11.1 million in a private investment round in February.

India-based pharmaceuticals company Dr. Reddy’s Laboratories Inc. led the round with a $10 million investment, according to a news release. New York-based investment firm Greenlight Capital, Coya’s largest institutional shareholder, contributed $1.1 million.

Coya reports that it plans to use the proceeds to scale up manufacturing of low-dose interleukin-2 (IL-2), which is a component of its COYA 302 and will support the commercial readiness of the drug. COYA 302 enhances anti-inflammatory T cell function and suppresses harmful immune activity for treatment of Amyotrophic Lateral Sclerosis (ALS), Frontotemporal Dementia (FTD), Parkinson’s disease and Alzheimer’s disease. Continue reading.

Utility Global

Utility Global’s H2Gen technology aims to decarbonize the heavy industrial sector. Photo courtesy of Utility Global

Houston-based Utility Global raised $100 million in an ongoing Series D round to globally deploy its decarbonization technology at an industrial scale, the company reported in February.

The round was led by Ara Partners and APG Asset, according to a news release. Utility plans to use the funding to expand manufacturing, grow its teams and support its commercial developments and partnerships.

Utility Global's H2Gen technology produces low-cost, clean hydrogen from water and industrial off-gases without requiring electricity. It's designed to integrate into existing industrial infrastructure in hard-to-abate assets in the steel, refining, petrochemical, chemical, low-carbon fuels, and upstream oil and gas sectors. Continue reading.

Cart.com

Cart.com raised $180 million to scale its logistics network, expand AI capabilities and develop workflow automation tools. Photo courtesy of Cart.com

Houston-based commerce and logistics platform Cart.com raised $180 million in growth capital from private equity firm Springcoast Partners, pushing the startup past the $1 billion funding mark since its founding in 2020, the company reported in March.

Cart.com says it will use the capital to scale its logistics network, expand AI capabilities and develop workflow automation tools. Continue reading.

Artemis

Houston-based Artemis, formerly Monalee, closed its latest funding round in March. Rendering courtesy Artemis.

Houston tech startup Artemis raised $6 million from 10 investors, it reported in March. The company offers an AI-supported platform that enables solar, battery storage and home improvement contractors to design, sell and finance energy projects.

Long Journey and Copec WIND Ventures co-led the round, with participation from angel investor Scott Banister, Coalition Operators, FJ Labs, Ludlow Ventures, Palm Tree Crew, Plug and Play Ventures, Shrug Capital and Tribeca Ventures.

To help propel growth, the company secured $10 million in financing last year (under its previous name, Monalee) from venture debt and growth credit provider Applied Real Intelligence. As Monalee, the company raised $16 million in venture capital. Continue reading.

Helix Earth

Helix Earth's technology is estimated to save up to half of the net energy used in commercial air conditioning, reducing both emissions and costs for operators. Photo via Getty Images

Houston-based Helix Earth Technologies closed a $12 million Seed 2 funding round to scale manufacturing of its energy-efficient commercial HVAC add-on technology in April.

Veriten, a Houston-based energy investment firm, led the round. Rua Ventures, Carnrite Ventures, Skywriter LLC and Textbook Ventures also participated.

Helix Earth—which was founded based on NASA technology, spun out of Rice University and has been incubated at Greentown Labs—is developing high-efficiency retrofit dehumidification systems that aim to reduce the energy consumption of commercial HVAC units. The company reports that its technology can lead to "healthier indoor air, lower energy bills, reduced building maintenance, and more comfortable spaces for building owners and occupants." Continue reading.

NanoTech Materials

The company has developed thermal insulation technology that improves efficiency and safety in buildings and outdoor infrastructure. Photo via LinkedIn

Houston-based NanoTech Materials closed a $29.4 million Series A in April.

The round was led by Austin-based HPI Real Estate & Investments. Houston-based Goose Capital and Austin-based Milliken & Company also participated.

Nanotech has developed its patented Insulative Ceramic Particle (ICP) technology, which reduces heat transfer in buildings and outdoor infrastructure, improving efficiency and safety. It's known for its Cool Roof Coat, Wildfire Shield and Insulative Coat: Cool Touch product lines. Continue reading.

Paige

Paige founder and CEO Emily Cisek. Photo courtesy Paige

Houston-based Paige, a comprehensive life planning and succession software company, secured a $2.5 million investment to expand the AI-driven tools on its platform this spring.

The funding comes from Alabama-based 22nd State Banking Company, according to a news release. Paige says it will use the funding to expand automation, AI-driven onboarding and self-service tools, as well as add to its sales and customer success teams.

The company was originally founded by CEO Emily Cisek in 2020 as The Postage and rebranded to Paige last year. It helps users navigate and organize end-of-life planning with features like document storage and organization, password management, and funeral and last wishes planning. Continue reading.

Ace Green Recycling

The company plans to use the funds to support its flagship Texas facility and planned merger. Photo via LinkedIn

Houston-based Ace Green Recycling raised $32 million in private investment in public equity (PIPE) financing to support its future plans for growth, the company reported in May.

The battery recycling technology company secured the financing with Athena Technology Acquisition Corp. II, a publicly traded special purpose acquisition company that Ace previously announced it plans to merge with. Once the merger is completed, Ace will become a publicly traded company on the Nasdaq Stock Exchange under the ticker symbol "AGXI."

Ace says the financing will be used to complete the merger and scale the company. Continue reading.

Casimir

Casimir’s semiconductor chips can generate power from quantum vacuum fields without the need for batteries or charging. Photo via casimir.inc

Houston-based Casimir emerged from stealth in May with a $12 million seed round to commercialize its quantum energy chip.

The round was led by Austin-based Scout Ventures. Lavrock Ventures, Cottonwood Technology, Capital Factory, American Deep Tech, and Tim Draper of Draper Associates also participated in the round. The oversubscribed round exceeded the company’s original $8 million target, according to a news release.

Casimir’s semiconductor chips can generate power from quantum vacuum fields without the need for batteries or charging. The company plans to commercialize its first-generation MicroSparc chip by 2028. Continue reading.

VoltaGrid

VoltaGrid has developed a modular power generation system that improves reliability and limits emissions. Photo via voltagrid.com

Houston-based power generation startup VoltaGrid nailed down a $1 billion equity investment from asset management heavyweight Blackstone and Houston-based oilfield services provider Halliburton in May.

The investment came in two forms:

  • A $775 million primary capital raise
  • A $225 million secondary capital purchase from existing investors

VoltaGrid, founded in 2020, provides behind-the-meter mobile power generation equipment for data centers, microgrids and industrial customers. Continue reading.

Aquanta Vision

Babur Ozden is the founder and CEO of Aquanta Vision. Photo via LinkedIn

Houston climatech startup Aquanta Vision secured pre-seed funding to accelerate the commercialization of its methane leak detection software, the company announced in May.

EIC Rose Rock participated in the round, joining investors like Marathon Petroleum Corporation, Chevron Technology Ventures, Ecosphere Ventures, and Odyssey Energy Advisors. The investment follows successful field trials for Aquanta Vision’s optical gas imaging (OGI) detection software, according to the company. Continue reading.

Axiom Space

Axiom Space closed an oversubscribed $525 million round in June. Image via NASA

Axiom Space tacked on an additional $175 million to a previously announced capital raise in June, bringing the oversubscribed round to a total of more than $525 million.

Axiom shared in February that it had secured $350 million in a financing round led by Type One Ventures and Qatar Investment Authority. In June, the company reported that Japan-based MUFG Bank Ltd. joined the round as a new investor, in addition to continued participation from existing backers.

The funding will go toward developing the company's commercial space station, known as Axiom Station, and the production of its Axiom Extravehicular Mobility Unit (AxEMU) under its NASA spacesuit contract. Continue reading.

Receipts Depositary Corporation

The company's platform makes it easier to buy and trade hard-to-access and less traditional assets. File photo

Houston-based fintech company Receipts Depositary Corporation closed a $7 million oversubscribed funding round in June and plans to scale.

The round was led by Austin-based LiveOak Ventures, with participation from Hivemind Capital, Onigiri Capital, OTC Markets Group, GTS, and Redbeard Ventures, according to a release from RDC.

RDC's platform issues depositary receipts (DRs) to qualified investors on digital and alternative assets, making it easier for investors to buy and trade hard-to-access and less traditional assets. Continue reading.

Houston healthtech startup raises $30M to scale surgical healing gel

fresh funding

Houston-based healthtech startup TYBR Health has raised a $30 million Series A round to scale its B3 GEL System, which helps protect tendons from scarring after surgery.

The round was led by Minneapolis-based Vensana Capital and Cleveland-based Mutual Capital Partners, with participation from Denver-based Neovate Capital Partners and existing investors, according to a news release from the company.

TYBR Health said it plans to use the funding to broaden the B3 GEL System's clinical applications, expand commercialization and conduct studies to evaluate its ability to protect tissue and improve healing outcomes.

"Surgeons are exceptionally good at the structural repair, but the biology that follows is what determines how it heals. That part of the equation has gone largely unaddressed ... There's a shift underway across surgical specialties, from focusing almost entirely on the mechanical repair to also weighing the biological conditions that repair needs to succeed," Tim Keane, co-founder and CEO of TYBR Health, said in the news release. "This financing lets us reach more surgeons and generate the clinical evidence to move that shift forward."

As part of the financing round, Greg Banker of Vensana Capital and Liz Todia Zambory of Mutual Capital Partners will join the TYBR board, alongside independent director Aaron Smith.

"TYBR Health is addressing a gap surgeons have lived with for a long time, with a product that fits the way they already work," Zambory, principal at Mutual Capital Partners, added in the release. "We're excited to co-lead this round and support the company's growth."

TYBR was founded in 2020 and originated from the TMCi’s Biodesign fellowship and participated in the TMC's Accelerator for HealthTech. Its B3 GEL System is a flowable extracellular matrix hydrogel designed to protect tendons, ligaments, muscles, and the surrounding soft tissue while they heal from orthopedic surgery. It received FDA 510(k) clearance last June and launched an Australian clinical trial in the fall.

The B3 GEL System has been used in hand, wrist, shoulder, foot and ankle, and sports medicine procedures since it launched, according to the company, and was first used in the clinical setting earlier this year by Dr. Tammam Hanna with Texas Tech University Health Sciences Center.

Houston space companies win NASA funding to build Mars exploration robots

mission to mars

Two Houston-area spacetech companies have landed a portion of a $17 million award from NASA to develop robots for exploring the surface of Mars, the agency announced this month.

Houston-based Inuitive Machines and Webster, Texas-based MEI Technologies, which does business as Aegis Aerospace, were among the seven companies selected to receive the funding from NASA's Science Transport and Robotic Innovation for Deployment and Exploration (STRIDE) initiative.

According to the release from NASA, the companies are tasked with creating "innovative mobility systems" that would allow future Mars missions to access more challenging terrain and difficult-to-reach regions of the planet, and to travel farther distances. NASA estimated that the work will begin this fall.

NASA solicited proposals for participants in the STRIDE initiative in January. The seven named companies are the first selected to participate in the program.

The additional five companies to receive STRIDE funding include:

"STRIDE demonstrates NASA’s commitment to strong public-private partnerships, allowing the agency to explore new approaches for Mars surface exploration while identifying key capability gaps and development needs for commercial systems that could operate and traverse realistic Martian environments," NASA shared in the announcement.

Last month, Intuitive Machines was awarded $148.3 million to deliver its Nova-C lander to the moon. The funding was part of $600 million the space agency awarded to three companies as part of its Moon Base Program and was Intuitive Machines' sixth task order under NASA's Commercial Lunar Payload Services (CLPS) program. Astrobotic was also one of the companies to land funding for the Moon Base program, as well as Austin-based Firefly Aerospace.

Around the same time, Firefly Aerospace was awarded a $13 million subcontract from NASA’s Jet Propulsion Laboratory to develop technology for NASA’s SkyFall mission to Mars. The mission aims to deploy three Mars helicopters to "perform science and demonstrate airborne subsurface mapping and resource prospecting on the planet." Read more here.

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