Two Houston-area companies are joining forces. Photo via Getty Images

A private-equity backed firm has acquired a Houston tech company. The combined entity will enhance logistics for the drug industry.

ToxStrategies, headquartered in Katy, announced the acquisition of Houston-based Modality Solutions this week. ToxStrategies, a portfolio company of Pennsylvania-based Renovus Capital, did not disclose the terms of the deal.

Modality Solutions, founded in 2011 by Gary Hutchinson and Dan Littlefield, focuses on optimized "biopharmaceutical cold chain for novel, fragile, and controlled-temperature medical therapies," per a news release. The company also developed technologies for shipping validation testing. With the acquisition, Hutchison and Littlefield will continue leading Modality as a division of ToxStrategies.

"We are thrilled to become part of the ToxStrategies platform," Hutchinson says in the release. "The combination of our capabilities will provide continued growth opportunities by allowing us to engage with a broader client base, as well as with additional segments of the drug development life cycle than before."

The two Houston-area companies will combine platforms and customers, which include pharmaceutical and biotech clients who need Modality's platform for transporting and storing the increasing amount of therapies that have become more sensitive to changes in temperature.

"The partnership between ToxStrategies and Modality is an ideal strategic fit," says Laurie Couture Haws, president of ToxStrategies, in the release. "Our centralized platform will allow us to cross leverage expertise to better serve our clients across life sciences sectors."

Last November, Renovus Capital Partners backed ToxStrategies partnered with the goal of growing the company's customer base. Renovus manages over $1 billion distributed across its three sector-focused funds. Its current portfolio consists of around 25 businesses based in the United States and specializing in education and training, health care services, technology services, and professional services.

"ToxStrategies has benefitted from being one of several Renovus portfolio companies in the life sciences industry, giving it access to a vast network of relationships, capabilities, and industry expertise," Jesse Serventi, a founding partner at Renovus Capital Partners, says in the release. "We are confident that this acquisition will further enhance ToxStrategies' capabilities as a leading life sciences consultant and create numerous growth opportunities for the company."

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Intuitive Machines secures $175M equity investment to fuel growth

space funding

Houston-based space infrastructure and services company Intuitive Machines has secured a $175 million equity investment from unidentified institutional investors. The investors received shares of Class A stock in exchange for their funding.

Publicly held Intuitive Machines (Nasdaq: LUNR) says it plans to use the capital to help build revenue and invest in technology, including communications and data-processing networks.

“We are building a scalable infrastructure platform from low-Earth orbit to the moon and into deep space,” Intuitive Machines CEO Steve Altemus said in a news release. “With this investment, we can accelerate the integration of the combined company’s collective capabilities to deliver next-generation data, communications, and space-based infrastructure services.”

Intuitive Machines says the $175 million investment will improve its ability to secure deals for satellite systems, the proposed Golden Dome missile defense system and the proposed Mars telecommunications orbiter.

As the company pursues those deals, it’s seeking partners to develop space-based data centers.

The $175 million equity stake comes on the heels of Intuitive Machines completing its $800 million cash-and-stock purchase of Lanteris Space Systems. Intuitive Machines bought the satellite manufacturer from private equity firm Advent International.

In the third quarter, which ended Sept. 30, Intuitive Machines posted a $10 million net loss on revenue of $52.4 million.

Houston startup debuts bio-based 'leather' fashion collection in Milan

sustainable fashion

Earlier this month, Houston-based Rheom Materials and India’s conscious design studio Econock unveiled a collaborative capsule collection that signaled more than just a product launch.

Hosted at Lineapelle—long considered the global epicenter of the world's premier leather supply chain—in the vaulted exhibition halls of Rho-Fiera Milano, the collection centered around Rheom’s 91 percent bio-based leather alternative, Shorai.

It was a bold move, one that shifted sustainability from a concept discussed in panel sessions to garments that buyers could touch and wear.

The collection featured a bomber-style jacket, an asymmetrical skirt and a suite of accessories—all fabricated from Shorai.

The standout piece, a sculptural jacket featuring a funnel neck and dual-zip closure, was designed for movement, challenging assumptions about performance limitations in bio-based materials. The design of the asymmetrical skirt was drawn from Indian armored warrior traditions, according to Rheom, with biodegradable corozo fasteners.

Built as a modular wardrobe rather than isolated pieces, the collection reflects a shared belief between Rheom and Econock in designing objects that adapt to daily life, according to the companies.

The collection was born out of a new partnership between Rheom and Econock, focused on bringing biobased materials to the market. According to Rheom, the partnership solves a problem that has stalled the adoption of many next-gen textiles: supply chain friction.

While Rheom focuses on engineering scalable bio-based materials, New Delhi-based Econock brings the complementary design and manufacturing ecosystem that integrates artisans, circular materials and production expertise to translate the innovative material into finished goods.

"This partnership removes one of the biggest barriers brands face when adopting next-generation materials,” Megan Beck, Rheom’s director of product, shared in a news release. “By reducing friction across the supply chain, Rheom can connect brands directly with manufacturers who already know how to work with Shorai, making the transition to more sustainable materials far more accessible.”

Sanyam Kapur, advisor of growth and impact at Econock, added: “Our partnership with Rheom Materials represents the benchmark of responsible design where next-gen materials meet craft, creativity, and real-world scalability.”

Rheom, formerly known as Bucha Bio, has developed Shorai, a sustainable leather alternative that can be used for apparel, accessories, car interiors and more; and Benree, an alternative to plastic without the carbon footprint. In 2025, Rheom was a finalist for Startup of the Year in the Houston Innovation Awards.

Shorai is already used by fashion lines like Wuxly and LuckyNelly, according to Rheom. The company scaled production of the sugar-based material last year and says it is now produced in rolls that brands can take to market with the right manufacturer.

Houston startup debuts leather alternative fashion collection in Milan