Meet 5 of the fastest-growing scaleup companies in Houston

houston innovation awards

These five scaleups stood out to the judges of the 2024 Houston Innovation Awards. Photo via Getty Images

The 2024 Houston Innovation Awards will feature a new category: Scaleup of the Year, which honors a Bayou City company that's seen impressive growth in 2024.

From biotech companies to decarbonization startups, the inaugural finalists have expanded internationally, moved to larger facilities, completed clinical trials and more. Read on to learn more about these fast-growing startups.

Secure your tickets to the 2024 Houston Innovation Awards next Thursday, November 14, at TMC Helix Park.


Cart.com, a unified commerce and logistics solutions provider for B2C and B2B companies

With the acquisition of Amify, Cart.com has expanded its workforce and grown its suite of services. Photo courtesy of Cart.com

Clinching unicorn status with its 2023 series C raise, Cart.com is on a mission to unify commerce across sales and distribution channels and digital and physical capabilities with its omnichannel enterprise-grade software, services and logistics.

Founded in 2020 with nine acquisitions and $759.2 million raised to date, according to Crunchbase, Cart.com's recent achievements includes acquiring Pacsun’s fulfillment operators, brining a 2 million-square-foot facility online, expanding its executive team, and more.

"In the last 12 months, Cart.com has dramatically grown its fulfillment network’s scale and technological capabilities," writes CEO Omail Tariq in his Houston Innovation Awards application.

"We have been laser-focused on improving quality, performance and efficiency at scale while continuing to aggressively grow our customer base, expand our capabilities to customers in new industries and grow our physical presence to new locations," he continues. "Prioritizing our strategic growth initiatives has been critical in the current macroeconomic environment as profitable growth remains paramount for our team."

In 2021, Cart.com moved its headquarters to Austin, with most of the leadership team remaining in Houston. Two years later, the company announced its HQ return to the Bayou City.

"We've found Houston's business and university communities to be incredibly supportive of our efforts and have found the city to be a place that is both easier and more affordable to bring together our global employee population at more regular intervals," Tariq adds in the app.

Coya Therapeutics, a clinical-stage company developing therapies for neurodegenerative, autoimmune, and metabolic diseases

Houston company with revolutionary neurodegenerative disease treatment shares milestones since IPOCoya Therapeutics rang the closing bell at Nasdaq last week, celebrating six months since its IPO, new data from trials, and additions to its team. Photo via LinkedIn

Revolutionary biotech company Coya Therapeutics Inc. (NASDAQ: COYA) may have closed its IPO in January 2023 for more than $15 million, but the company has made some of its most significant strides in the development of its lead product that prevents the further spreading of neurodegenerative diseases this year.

Known as COYA 302, the product uses a unique dual mechanism that is now being developed for the treatment of Amyotrophic Lateral Sclerosis (ALS), Frontotemporal Dementia (FTD), Parkinson’s disease and Alzheimer’s disease. The company published its phase 1 proof-of-concept study in the peer-reviewed journal Frontiers in Neurology that showed COYA 302's ability to stop clinical progression in ALS at 24 weeks in combination therapy, which helped earn the company a $5 million in strategic investment from the Alzheimer’s Drug Discovery Foundation to continue to develop the product for a planned Phase 2 trial focused on FTD.

Last year the company also added to its C Suite, naming Dr. Arun Swaminathan as chief business officer and Dr. Fred Grossman as president and chief medical officer.

Coya merged with Nicoya Health Inc. and raised $10 million in its series A in 2020.

NanoTech Materials, a chemical manufacturer that integrates novel heat-control technology with thermal insulation, fireproofing, and cool roof coatings to drastically improve efficiency and safety

Growing Houston startup moves into 43,000-square-foot facility amid 'hypergrowth phase'NanoTech Materials celebrated its move into a new facility — a 43,000-square-foot space in Katy, Texas, this week

Mike Francis, co-founder and CEO of NanoTech Materials, told InnovationMap earlier this year that it was in a "hype growth" phase—and meant it.

NanoTech, known for its proprietary Insulative Ceramic ParticleTM (ICP) that uses nanotechnology to optimize energy efficiency and heat control in the built environment, expanded into a new 43,000-square-foot facility this year and tripled its valuation in the last two years, according to its Innovation Awards application. The company also expanded into the Middle East and Singapore and successfully scaled up its NanoTech Cool Roof Coat to commercial markets.

The company closed a $5 million seed round in 2020 and an oversubscribed Series A round last year for $13 million. It was the first company selected for the Houston-based Halliburton Labs in 2021 and joined the Rice Alliance Clean Energy Accelerator in 2023.

Square Robot, an advanced robotics company serving the energy industry and beyond by providing submersible robots for storage tank inspections

Square Robot has a team of 15 in Houston. Photo courtesy\u00a0of Square Robot

Submersible robotics company Square Robot launched its Houston office in 2019 and expanded in the Bayou City this past year.

According to the company's Innovation Award application, the company doubled its fleet of autonomous, submersible robots that service the energy industry, deploying to Malaysia, Vietnam, Thailand, Australia, Kuwait and Saudi Arabia. Its robots are specifically used for storage tank inspections and eliminating the need for humans to enter dangerous and toxic environments.

Square Robot moved to a new, customer-facing Houston facility this year and also developed a new innovative technology that's able to gather phased ultrasonic readings on insulated tank shells while the tank is operational.

The company closed a Series A round in 2018 for $6 million.

Syzygy Plasmonics, a company that's decarbonizing chemical production with a light-powered reactor platform that electrifies the production of hydrogen, syngas, and fuel with reliable, low-cost solutions

Houston climatetech startup selected for inaugural global entrepreneur competitionSyzygy Plasmonics is going to be competing in Gastech's new startup competition. Photo courtesy of Syzygy

Known for the world’s first light-powered reactor cell for industrial chemical reactions, Syzygy Plasmonics began taking orders earlier this year for its Rigel reactor cell after meeting initial performance targets. The cell enables a customer to produce up to five tons of low-carbon hydrogen per day.

The groundbreaking technology earned the company regional, national and global attention. Fast Company magazine placed the company on its energy innovation list. It was also named a finalist for Ernst & Young’s Entrepreneur Of The Year 2024 Gulf South Award and was invited to participate in Gastech's global entrepreneur competition.

The company most recently raised $76 million in a Series C round in 2022.

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From green energy to consumer tech, Time names its top innovations of the year — and three Houston-born inventions made the cut. Photo via Getty Images

3 Houston tech companies recognized for creating top inventions of the year

best of the rest

Innovations from three Houston companies have been crowned among the top inventions of the year.

Time magazine’s "200 Best Inventions of 2024" identified top innovations across consumer goods, home health, robotics, sustainability, and two dozen other categories.

Fervo Energy, a provider of geothermal power, was recognized the Green Energy category for its FervoFlex system. As Time explains, the system enables horizontal drilling into hot rock under the earth’s surface and pumping in water to generate hot water and steam. The geothermal energy that’s produced can be stored and released for future use by Fervo customers.

Jack Norbeck, Fervo’s co-founder and chief technology officer, predicts that by 2050, geothermal energy will become “the backbone of the decarbonized energy system.”

In September, Fervo secured a $100 million bridge loan for the first phase of its ongoing Cape Station project in Utah, which is being touted as the world’s largest geothermal energy plant. Slated for completion in June 2026, this initial phase is expected to generate 90 megawatts of renewable energy. Ultimately, the plant is supposed to supply 400 megawatts of clean energy by 2028 for customers in California.

Time also lauded NanoTech Materials among its Manufacturing and Materials honorees for its Insulative Ceramic Particle. This powder can be added to materials like drywall or shingles to improve fire resistance and decrease heat penetration, according to Time. NanoTech’s Wildfire Shield coating for buildings contains the powder. Wildfire Shield prevents damage to materials and harm from noxious smoke.

NanoTech’s other product, Cool Roof Coat, is painted on a building to decrease HVAC use. This year, NanoTech moved into a 43,000-square-foot space in Katy, Texas, and brought on new partners that expanded the company's reach in the Middle East and Singapore.

The third Houston company to be praised by Time is BiVACOR — named to its Experimental category of the list. This year, the company’s artificial heart has kept three U.S. patients alive long enough to wait for donor organs, according to Time, the first of these operations took place this summer in Houston.

Dr. William Cohn, chief medical officer of BiVACOR, previously told InnovationMap that while the Total Artificial Heart is being used currently as a "bridge-to-transplant" device, he believes it has the potential to be a permanent solution for the 200,000 patients who die of heart failure annually. Last year, only around 4,000 patients were able to receive heart transplants.

The full list of this year's top inventions is available online.

Want to work for one of the top startups in Houston? These ones are hiring. Photo via Getty Images

Where to work: These 2024 Houston Innovation Awards finalists are hiring

growing biz

About a third of this year's startup finalists for the Houston Innovation Awards are hiring — from contract positions all the way up to senior-level roles.

The finalists, announced last week, range from the medical to energy to AI-related startups and will be celebrated next month on Thursday, November 14, at the Houston Innovation Awards at TMC Helix Park. Over 50 finalists will be recognized for their achievements across 13 categories, which includes the 2024 Trailblazer Legacy Awards that were announced earlier this month.

Click here to secure your tickets to see which growing startups win.

Let's take a look at where you could land a job at one of Houston's top startups.

Double-digit growth

When submitting their applications for the 2024 Houston Innovation Awards, every startup was asked if it was hiring. Four Houston startups replied that they are growing their teams rapidly.

Houston e-commerce startup Cart.com, one of the city's few $1 billion-plus “unicorns," reported that it is hiring approximately 50 new employees. The company, which focuses on commerce and logistics software development, secured $105 million in debt refinancing from investment manager BlackRock this summer following a $25 million series C extension round that brought Cart.com’s Series C total to $85 million. It currently has about 1,500 employees and 4 offices in three companies since it was founded in 2020, according to its website.

Houston energy tech company Enovate Ai (previously known as Enovate Upstream) reported that it is hiring 10-plus positions. The company, with 35 current employees, helps automate business and operational processes for decarbonization and energy optimization. Its CEO and founder, Camilo Mejia, sat down for an interview with InnovationMap in 2020. Click here to read the Q&A.

Square Robot is hiring about 10 new Houston employees and 15 total between Houston and other markets, according to its application. The advanced robotics company was founded in Boston in 2016 and opened its Houston office in August 2019. It develops submersible robots for the energy industry, specifically for storage tank inspections and eliminating the need for humans to enter dangerous and toxic environments. Last year it reported to be hiring 10 to 30 employees as well, ahead of the 2023 Houston Innovators Award. It currently has 25 Houston employees and about 50 nationally.

InnoVent Renewables LLC is also hiring 15 new employees to be based in Mexico. The company launched last year with its proprietary continuous pyrolysis technology that can convert waste tires, plastics, and biomass into fuels and chemicals. The company scaled up in 2022 and has operations in Pune, India, and Monterrey, Mexico, with plans for aggressive growth across North America and Latin America. It has 20 employees in Mexico and one in Houston currently.

Senior roles

Geothermal energy startup Sage Geosystems reported that it is looking to fill two senior roles in the company. It also said it anticipates further staff growth after its first commercial energy storage facility is commissioned at the end of the year in the San Antonio metro area. The company also recently expanded its partnership with the United States Department of Defense's Defense Innovation Unit and announced this month that it was selected to conduct geothermal project development initiatives at Naval Air Station in Corpus Christi. It has 12 full-time employees, according to its application.

Steady growth

Other companies reported that they are hiring a handful of new workers, which for some will increase headcount by about 50 percent to 100 percent.

Allterum Therapeutics reported that it is adding six employees to its current team of 13. The biopharmaceutical company that is under the Fannin Partners portfolio of med tech companies was awarded a $12 million product development grant from the Cancer Prevention and Research Institute of Texas this spring.

Dauntless XR will add between five and eight employees, according to its application. It currently has four employees. The augmented reality software company, originally founded as Future Sight AR in 2018, recently secured a NASA contract for space weather technology after rebranding and pivoting. The company's CEO, Lori-Lee Elliott, recently sat down with the Houston Innovators Podcast. Click here to hear the interview.

Syzygy Plasmonics is hiring four positions to add to its team of 120. The company was named to Fast Company's energy innovation list earlier this year.

Venus Aerospace is adding five to 10 key hires to its team of 72. Andrew Duggleby founded the company with his wife and CEO Sassie in 2020, before relocating to the Houston Spaceport in 2021. Last year, Venus raised a $20 million series A round, and it successfully ran the first long-duration engine test of their Rotating Detonation Rocket Engine in partnership with the Defense Advanced Research Projects Agency, or DARPA, earlier this year.

​Seeking selectively

Other finalists are adding to their teams with a handful of new hires of contract gigs.

​Future roles

Other finalists reported that they are currently not hiring, but had plans to in the near future.

NanoTech Materials Inc., which recently moved to a new facility, is not currently. Hiring but said it plans with new funding during its series B.

Renewable energy startup CLS Wind is not hiring at this time but reported that it plans to when the company closes funding in late 2024.

NanoTech is targeting new overseas markets for its energy efficiency products. Photo via Getty Images

Promising Houston startup expands energy efficiency product to Middle East, Singapore

big move

NanoTech Materials has announced a big expansion for its business.

The Houston company, which created a roof coating using nanotechnology that optimizes energy efficiency, has partnered with Terminal Subsea Solutions Marine Service SP to bring its products to the Gulf Cooperation Council and Singapore. TSSM will become a partner of Houston’s NanoTech Materials products, which will include the Cool Roof Coat, Vehicular Coat, and Insulative Coat for the GCC countries and Singapore.

NanoTech Materials technology that ranges from roof coatings on mid- to low-rise buildings to shipping container insulation to coating trucks and transportation vehicles will be utilized by TSSM in the partnership. NanoTech’s efforts are focused on heat mitigation that can reduce energy costs, enhance worker safety, and minimize business risks in the process.

“Businesses and communities within the GCC and Singapore feel the impact of extreme temperatures and longer Summers more acutely than any other region in the world,” Mike Francis, CEO of NanoTech Materials, says in a news release. “We have an opportunity to make a real impact here through reduced energy load, cooler and safer working conditions, and a reduced carbon emissions output from the hottest, driest place on earth. We are incredibly excited to be partnering with our colleagues at TSSM to bring this powerful technology to the region.”

One of the areas that will benefit from this collaboration is the Middle East. The GCC region is characterized by a desert climate, which has average annual temperature reaching 107.6°F and summer peaks climbing as high as 130°F. The effects of these extreme conditions can be dangerous for workers especially with strict labor laws mandating midday work bans under black flag conditions, which can result in productivity losses as well.

NanoTech’s proprietary technology, the Insulative Ceramic Particle (ICP), will be used to address challenges in energy efficiency and heat control in the logistics and built environment sector. The platform can be integrated into many applications, and the impact can range from reducing greenhouse gas emissions to protecting communities that are wildfire-prone. The core of the technology has a lower conductivity than aerogels. It also has a “near-perfect emissivity score” according to the company. The NanoTech ICP is integrated with base matrix carriers; building materials, coatings, and substrates, which gives the materials heat conservation, rejection, or containment properties.

By combining the ICP into an acrylic roof coating, NanoTech has created the Cool Roof Coat, which reflects sunlight and increases the material's heat resistance. This can lower indoor temperatures by 25 to 45°F in single-story buildings and reduce the carbon emissions of mid to low-rise buildings. This can potentially equal energy savings from 20 percent up to 50 percent, which would surpass the average 15 percent savings of traditional reflective only coatings.

“This technology will have a huge impact on supporting the region's aggressive climate initiatives, such as Saudi Arabia’s Green Initiative, aiming to reduce carbon emissions by 278 million tons annually by 2030,” Jameel Ahmed, managing director at TSSM, says in the release. “The regional efforts to enhance climate action and economic opportunities through substantial investments in green technologies and projects are evident, and we are proud to be offering a product that can make a difference.”

NanoTech says its coating maintains its effectiveness over time and doesn’t suffer UV degradation issues which are helpful, especially in extreme weather conditions workers and businesses face in regions like the Middle East.

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This article originally ran on EnergyCapital.

The 17 finalists are competing for Ernst & Young’s Entrepreneur Of The Year 2024 Gulf South Award. Photo via Getty Images

17 Houston entrepreneurs named finalists in annual regional competition

on to the next round

Entrepreneurs from the Houston area have been named finalists for one of the region’s most prestigious business awards.

The 17 finalists are competing for Ernst & Young’s Entrepreneur Of The Year 2024 Gulf South Award. The Gulf South region includes parts of Texas, along with Louisiana and Mississippi.

An independent panel of judges selected the 48 finalists. Contenders were evaluated based on their demonstration of building long-term value through factors such as entrepreneurial spirit, purpose, growth, and impact.

The Houston-area finalists are:

  • Shannon Payne, Allied Fire Protection, Pearland
  • Jay McEntire IV, Arva Intelligence, Houston
  • Andrew Levy, Avelo Airlines, Houston
  • Derek Maetzold, Castle Biosciences, Friendswood
  • Scott Aronstein, Connectivity Source, Houston
  • Joshua Weisman, Construction Concepts, Houston
  • Feras Moussa and Ben Suttles, Disrupt Equity, Houston
  • John Poindexter, J.B. Poindexter, Houston
  • James Ross, LJA Engineering, Houston
  • Asher Kazmann, Locke Solutions, Houston
  • Chad Millis, Millis, Missouri City
  • Mike Francis, NanoTech Materials, Houston
  • Stuart Hinchen and Peter Jenkins, Quva Pharma, Sugar Land
  • Trevor Best and Suman Khatiwada, Syzygy Plasmonics, Houston
  • Hal Brumfield, Tachus Fiber Internet, The Woodlands
  • Jared Boudreaux, Vector Controls and Automation Group, Pearland
  • Ting Qiao, Wan Bridge, Houston

“The finalists of this year are audacious entrepreneurs who are making a significant impact in their respective industries and communities,” says Anna Horndahl, an EY partner and co-director of the EOY Gulf South Program.

“These pioneers, chosen by an independent panel of judges, showcase relentless commitment to their businesses, customers and communities. We are thrilled to acknowledge their accomplishments,” adds Travis Garms, an EY partner and co-director of the EOY Gulf South Program.

Here are the top Houston innovation news stories you need to know about from this week. Photo via Getty Images

Houston's health tech wins, startup opens new facility, and more trending innovation news

top stories

Editor's note:Let's roundup the most-read Houston innovation news from the week. Trending Houston tech and startup articles from InnovationMap and its daily newsletter included NanoTech moving into its new space, two health tech companies with big wins, and more.

Growing Houston startup moves into 43,000-square-foot facility amid 'hypergrowth phase'

NanoTech Materials celebrated its move into a new facility — a 43,000-square-foot space in Katy, Texas, this week. Photo courtesy of NanoTech Materials

A Houston startup has moved into a new space that's more than four times larger than its previous setup — a move that's setting the company up to scale its business.

NanoTech Materials celebrated its move into a new facility — a 43,000-square-foot space in Katy, Texas, this week. The materials science company currently distributes a roof coating that features its novel heat-control technology across the company. Originally founded in a garage, the company has now moved from its 10,000-square-foot space at Halliburton Labs into the larger location to support its growth.

“The new facility allows us to not just focus on the roofing, and that’s growing at a pretty rapid pace, but also stand up different production lines for our next iteration of technologies coming-out," Mike Francis, co-founder and CEO of NanoTech tells InnovationMap. Continue reading.

Here's what Houston startups have raised in funding so far in 2024

Houston startups raised a combined $380 million in venture funding last quarter. Photo via Getty Images

Seven Houston startups have started the new year strong with over $380 million in venture funding — most of which from one mega deal for a geothermal company.

According to InnovationMap reporting, Houston's VC activity in the first quarter of 2024 spanned industry and stage — from pre-seed to series E. It's a large chunk of money raised in Houston for one quarter — but not in terms of deals closed, at least compared to the previous quarter, in which startups raised over $170 million but across nine deals.

On the national side, it's not too different of a story. According to a quarterly report from PitchBook, the United State's VC activity for the start of the year "showed to be one of the slowest areas of the venture market during the quarter." Only $9.3 billion in capital was raised in the U.S. last quarter, which is only 11.3 percent of the total raised in the already slowed market of 2023. Continue reading.

Unique cell therapy developed in Houston doses inaugural patient

At Rezvani Lab in MD Anderson Cancer Center, scientists train immune cells to fight cancer. Photo via Getty Images

Replay, a genome-writing company headquartered in San Diego, has announced that its first patient has been dosed with an engineered T-Cell Receptor Natural Killer (TCR-NK) cell therapy for relapsed or refractory multiple myeloma.

What does that have to do with Houston? Last year, Replay incorporated a first-in-class engineered TCR-NK cell therapy product company, Syena, using technology developed by Dr. Katy Rezvani at The University of Texas MD Anderson Cancer Center.

Rezvani, a professor of stem cell transplantation and cellular therapy, is the force behind MD Anderson’s Rezvani Lab, a group of 55 people, all focused on harnessing natural killer cells to combat cancer.

“Everybody thinks that the immune system is fighting viruses and infections, but I feel our immune system is capable of recognizing and killing abnormal cells or cells that are becoming cancerous and they're very powerful. This whole field of immunotherapy really refers to the power of the immune system,” Rezvani tells InnovationMap. Continue reading.

10 sports tech startups named to Houston-based hybrid accelerator

Introducing the 10 startups participating in the Spring 2024 cohort of the DivInc Sports Tech Accelerator, a hybrid program based in the Ion. Photo via DivInc.com

DivInc has named its latest sports tech-focused cohort of its hybrid accelerator that is housed out of the Ion.

The Sports Tech Accelerator has selected the 10 companies — with technology across human performance, fan experience, and more — for its 13th cohort to participate in the 12-week hybrid program this month and through July.

The program receives support from underdog venture team, Women In Sports Tech, The Collectiv, and HTX Sports Tech, with partners Bank of America, J.P. Morgan Chase & Co., Gunderson Dettmer, Brown Advisory, Ion, and Mercury. Continue reading.

With FDA approval, Houston health tech company prepares nationwide deployment

Jessica Traver Ingram, CEO and co-founder of IntuiTap, joins the Houston Innovators Podcast to share her company's latest milestone. Photo courtesy of IntuiTap

Jessica Traver Ingram has been captivated by the intersection of physics and health care for most of her life, and that passion led her to contributing to the establishment of the Texas Medical Center's Biodesign Fellowship. After helping make the program a reality, Traver Ingram then participated in it as a fellow.

The program selects fellows and then lets them explore the TMC's member institutions to find ways to innovate within unmet clinical needs, and the inefficiency and challenges with placing epidurals and lumbar punctures caught Traver Ingram and her cohort's eye. The process relies completely on the health care practitioner's ability to feel the spine with their fingers to make the injection.

"We kept watching the inefficiencies of these procedures, and everyone was like, 'you're right, we don't really know why we do it this way,'" Traver Ingram says on the Houston Innovators Podcast. "It's really cool to be outsiders watching and observing, because you just see things other people don't see — and that's in any industry."

With that, IntuiTap was born. Traver Ingram describes its tool, the VerTouch, as a "stud finder for the spine." After years of growing the company, she can also now call it FDA-approved. Continue reading.


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Houston ranks among top 5 cities for corporate HQ relocations in new report

h-town HQ

The Houston area already holds the title as the country’s third biggest metro hub for Fortune 500 headquarters, behind the New York City and Chicago areas. Now, Houston can tout another HQ accolade: It’s in a fourth-place tie with the Phoenix area for the most corporate headquarters relocations from 2018 to 2024.

During that period, the Houston and Phoenix areas each attracted 31 corporate headquarters, according to new research from commercial real estate services company CBRE. CBRE’s list encompasses public announcements from companies across various sizes and industries about relocating their corporate headquarters within the U.S.

Of the markets included in CBRE’s study, Dallas ranked first for corporate relocations (100) from 2018 to 2024. It’s followed by Austin (81), Nashville (35), Houston and Phoenix (31 each), and Denver (23).

According to CBRE, reasons cited by companies for moving their headquarters include:

  • Access to lower taxes
  • Availability of tax incentives
  • Proximity to key markets
  • Ability to support hybrid work

“Corporations now view headquarters locations as strategic assets, allowing for adaptability and faster reaction to market changes,” said CBRE.

Among the high-profile companies that moved their headquarters to the Houston area from 2018 to 2024 are:

  • Chevron
  • ExxonMobil
  • Hewlett-Packard Enterprise
  • Murphy Oil

Many companies that have shifted their headquarters to the Houston area, such as Chevron, are in the energy sector.

“Chevron’s decision to relocate its headquarters underscores the compelling advantages that position Houston as the prime destination for leading energy companies today and for the future,” Steve Kean, president and CEO of the Greater Houston Partnership, said in 2024. “With deep roots in our region, Chevron is a key player in establishing Houston as a global energy leader. This move will further enhance those efforts.”

According to CBRE, California (particularly the San Francisco Bay and Los Angeles areas) lost the most corporate HQs in 2024, with 17 companies announcing relocations—12 of them to Texas. Also last year, Texas gained nearly half of all state-to-state relocations.

In March, Site Selection magazine awarded Texas its 2024 Governor’s Cup, resulting in 13 consecutive wins for the state with the most corporate relocations and expansions.

In a news release promoting the latest Governor’s Cup victory, Gov. Greg Abbott hailed Texas as “the headquarters of headquarters.”

“Texas partners with the businesses that come to our great state to grow,” Abbott said. “When businesses succeed, Texas succeeds.”

CBRE explained that the trend of corporate HQ relocations reflects the desire of companies to seek new environments to support their goals and workforce needs.

“Ultimately, companies are seeking to establish themselves in locations with potential for long-term success and profitability,” CBRE said.

SpaceX test rocket explodes in Texas, but no injuries reported

SpaceX Update

A SpaceX rocket being tested in Texas exploded Wednesday night, sending a dramatic fireball high into the sky.

The company said the Starship “experienced a major anomaly” at about 11 pm while on the test stand preparing for the 10th flight test at Starbase, SpaceX’s launch site at the southern tip of Texas.

“A safety clear area around the site was maintained throughout the operation and all personnel are safe and accounted for,” SpaceX said in a statement on the social platform X.

CEO Elon Musk ’s SpaceX said there were no hazards to nearby communities. It asked people not to try to approach the site.

The company said it is working with local officials to respond to the explosion.

The explosion comes on the heels of an out-of-control Starship test flight in late May, which tumbled out of control. The FAA demanded an investigation into the accident.

Rice University spinout lands $500K NSF grant to boost chip sustainability

cooler computing

HEXAspec, a spinout from Rice University's Liu Idea Lab for Innovation and Entrepreneurship, was recently awarded a $500,000 National Science Foundation Partnership for Innovation grant.

The team says it will use the funding to continue enhancing semiconductor chips’ thermal conductivity to boost computing power. According to a release from Rice, HEXAspec has developed breakthrough inorganic fillers that allow graphic processing units (GPUs) to use less water and electricity and generate less heat.

The technology has major implications for the future of computing with AI sustainably.

“With the huge scale of investment in new computing infrastructure, the problem of managing the heat produced by these GPUs and semiconductors has grown exponentially. We’re excited to use this award to further our material to meet the needs of existing and emerging industry partners and unlock a new era of computing,” HEXAspec co-founder Tianshu Zhai said in the release.

HEXAspec was founded by Zhai and Chen-Yang Lin, who both participated in the Rice Innovation Fellows program. A third co-founder, Jing Zhang, also worked as a postdoctoral researcher and a research scientist at Rice, according to HEXAspec's website.

The HEXASpec team won the Liu Idea Lab for Innovation and Entrepreneurship's H. Albert Napier Rice Launch Challenge in 2024. More recently, it also won this year's Energy Venture Day and Pitch Competition during CERAWeek in the TEX-E student track, taking home $25,000.

"The grant from the NSF is a game-changer, accelerating the path to market for this transformative technology," Kyle Judah, executive director of Lilie, added in the release.

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