Energy, investment groups take up leases in Houston innovation hub

moving in

Oxy, Fathom Fund, and Activate have new offices inside the Ion. Photo courtesy of the Ion

The Ion in Midtown has some new tenants taking up residence in its 90 percent-leased building.

Occidental Petroleum Corporation, Fathom Fund, and Activate are the latest additions to the Ion, according to a news release from Rice University and the Rice Real Estate Company, which own and operate the 16-acre Ion District where the Ion is located. With the additions, the building has just 10 percent left up for grabs.

“As the Ion continues to attract leading companies and organizations across industries, it’s clear that our vision of creating a dynamic and collaborative environment for innovation is resonating,” Ken Jett, president of the Rice Real Estate Company and vice president of facilities and capital planning at Rice, says in the release. “We are proud to set the standard for how the workplace can evolve to foster the commercialization and growth of transformative technologies that enhance quality of life in our community and beyond.”

Oxy, which was named a corporate partner of the Ion last year, now has nearly 6,500 square feet on the fourth floor. The build out process is slated to be completed by early 2025.

While Oxy represents the corporate side of innovation, the other two additions have their own roles in the innovation arena. Houston-based Fathom Fund, which launched its $100 million fund earlier this year, is targeting deep-tech venture opportunities and is led by Managing Partners Paul Sheng and Eric Bielke.

Founded in Berkeley, California, Activate, which announced its expansion into Houston in 2023, has officially named its local office in the Ion. The hardtech-focused incubator program recently named its inaugural cohort and opened applications for the 2025 program.

Other recent joiners to the Ion includes Kongsberg Digital, Artemis Energy Partners, CES Renewables, and Eleox.

“The partnerships we’ve forged are vital to shaping the Ion into a vibrant ecosystem for startups, where collaborative innovation is not only driving local economic growth but also positioning Houston as a global leader in the energy transition,” Paul Cherukuri, chief innovation officer at Rice University, says. “With our team leading the programming and activation across the Ion district, we are creating companies that harness cutting-edge technology for the benefit of society—advancing solutions that contribute to social good while addressing the most pressing challenges of our time. This powerful network is redefining Houston’s role in the future of energy, technology, and social impact.”

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The new fund is founded by longtime investors Managing Partners Paul Sheng and Eric Bielke. Photos via ff.vc

$100M Houston VC fund launches to back technical founders

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A new venture capital fund has launched with an initial $100 million mission of supporting founders with innovative critical infrastructure solutions.

Fathom Fund, which is looking to build out a portfolio of advanced computing, material science, climate resilience, and aerospace startups, announced they've launched with an initial close of over $100 million. The fund is founded by longtime investors Managing Partners Paul Sheng and Eric Bielke.

"We believe recent technological advances have accelerated the pace of scientific discovery, increasing the pool of technology companies that can produce venture-scale returns," Sheng says in a news release.

According to the fund, it hopes to bridge the gap for early stage capital for physical innovations and "moonshot" projects.

“What’s lacking in venture is rigorous technical diligence at the early stages and a playbook to scale these innovations at the pace necessary to lead industries," Bielke adds. "With this launch, we are looking forward to supporting founders with some of the most disruptive and novel ideas.”

The founder duo will bring each of the career expertise to their future portfolio companies. Sheng spent decades at McKinsey & Co and was the firm's head of the Global Energy & Materials practice. Bielke is a former director at Temasek’s Emerging Technologies Fund.

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University of Houston debuts UH Health, expanding collaborative health care and research efforts

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The University of Houston has announced its cross-disciplinary academic venture, UH Health.

It will align UH’s efforts in education, research and clinical partnerships to create new opportunities to advance research and innovation, community impact, and education, according to a news release.

“From opening the state’s first college of optometry to developing groundbreaking vaccines, improving the health of all Texans has been a UH priority for decades,” UH President Renu Khator said in the release. “Now, with the launch of UH Health, we are bringing together the full strength of our health enterprise to expand our reach, advance research and transform the future of health for our communities.”

UH is adopting a fully collaborative model, with health professionals from various concentrations to help better understand overall patient care, which includes factors like clinical, behavioral and social factors that can influence health outcomes.

UH Health will also have partnerships with HCA Healthcare, Memorial Hermann Hospital, Baylor College of Medicine, MD Anderson Cancer Center and other Texas Medical Center facilities. In addition, UH Health will work with DHR Health in the Rio Grande Valley to create new opportunities for health care education, workforce development and research in one of Texas' medically underserved regions.

As part of UH Health, UH Health Family Care Center will provide integrated primary care and mental health services to the University and its surrounding communities at affordable prices to serve the Third Ward, East End and South Houston. The Household-Centered Care program will give students opportunities to work directly with community caregivers through patient home visits, while the 3rd Ward Place of Wellness offers health screenings, preventive services, education and other resources designed to support long-term health and well-being, according to UH. The College of Optometry will continue to see children and families via outreach programs and clinics across the community.

UH Health also aims to address shortages in health care professionals, providing a pipeline from the university to the workforce. According to the Texas Hospital Association, 64 percent of hospitals in the state are operating with reduced services and fewer beds due to staff shortages.

“Preparing the next generation of health care leaders is one of the most important investments we can make in the future of our state,” Jonathan McCullers, vice president for health affairs at UH and dean of the Tilman J. Fertitta Family College of Medicine at UH, added in the release. “UH Health is ensuring our graduates are equipped to work effectively in today’s complex healthcare environment.”

Additionally, UH shared it is investing $77 million into a 55,000-square-foot medical research facility aimed at boosting interdisciplinary research and scientific discovery.

“Healthcare is no longer delivered in isolation, and complex health challenges require coordinated solutions,” McCullers added. “UH Health allows us to work across disciplines to tackle health challenges, advance research and improve outcomes for patients and our community.”

Report: Houston ranks among 10 most affordable metros to raise a child

Family Matters

Raising a child is not an easy or inexpensive feat, but a new study has determined Houston parents have the 7th lowest childrearing costs in the country.

SmartAsset's new report, "Cost of Raising a Child in Major U.S. Metros – 2026 Study," calculated year-over-year changes in the annual cost of raising a child (factoring in childcare, additional housing costs, food, transportation, medical costs and other necessities) in the 48 largest U.S. metro areas. MIT's Living Wage Calculator was used to compare the living costs of a household with two working adults and one child to that of a childless household with two working adults.

Childrearing costs in Houston-Pasadena-The Woodlands have grown 3.37 percent since last year, totaling $22,605 for a family of three in 2026. That's $737 more than what it took to raise a child in 2025 and $1,209 higher than in 2024.

This is how SmartAsset broke down the annual cost for raising a child in the Houston area:

  • Cost of childcare: $10,265
  • Cost of food: $1,721
  • Other expenses: $10,619

Houston ranked 42nd in SmartAsset's national list of cities with the highest childrearing costs in 2026, making it the No. 7 most affordable U.S. metro.

San Francisco-Oakland-Fremont in California topped the list with the highest childrearing costs in the U.S., at $43,171. The cost for raising a child in this California metro soared nearly 11 percent higher since last year.

Memphis, Tennessee ranked dead last as the most affordable U.S. metro for raising a child in 2026. Families will spend less than $20,000 to raise a child in Memphis, only 3.24 percent more than what was needed in 2025.

Raising a child in other Texas metros
It may come as no surprise that Austin is the most expensive place to raise a child in Texas, and it appeared as the 31st most expensive U.S. metro for families. Parents will spend nearly $25,000 to raise a child in the state's capital city, which is $703 higher than it was a year ago.

Two other Texas metros join Houston among the top 10 most affordable U.S. metros for raising a family: San Antonio-New Braunfels (No. 3) and Dallas-Fort Worth-Arlington (No. 10). Childrearing costs in San Antonio add up to $21,393 annually, and Dallas-Fort Worth parents will spend $23,340 to raise their children in 2026.

The top 10 most affordable U.S. metros for raising a child in 2026 are:

  • No. 1 – Memphis, Tennessee ($19,922)
  • No. 2 – Nashville, Davidson-Murfreesboro-Franklin, Tennessee ($21,216)
  • No. 3 – San Antonio-New Braunfels ($21,393)
  • No. 4 – Birmingham, Alabama ($21,684)
  • No. 5 – Virginia Beach-Chesapeake-Norfolk, Virginia ($22,314)
  • No. 6 – Atlanta-Sandy Springs-Roswell, Georgia ($22,470)
  • No. 7 – Houston-Pasadena-The Woodlands ($22,605)
  • No. 8 – Richmond, Virginia ($22,658)
  • No. 9 – Louisville/Jefferson County, Kentucky ($23,270)
  • No. 10 – Dallas-Fort Worth-Arlington ($23,340)
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This article originally appeared on CultureMap.com.

Axiom Space expands executive team with two C-suite hires

new leaders

Fresh off officially making Texas its legal headquarters, Axiom Space has named two new C-level executives.

The Houston-based spacetech company, which is developing the first commercial space station, announced earlier this month that it had appointed Zach Gitomer as its new chief financial officer and Erick Wegerer as chief information officer.

Gitomer served as vice president of investor relations and capital markets for Axiom from March to June of this year. Before joining Axiom, he held various leadership roles at Bank of America, Merrill Lynch, and Citi, where he supported technology and growth companies, according to Axiom.

"Building era-defining space infrastructure and pioneering the orbital economy is a complex endeavor that requires not just an audacious vision and stellar engineering talent, but the financial infrastructure, discipline, and capital strategy to match," Gitomer shared in a LinkedIn post. "I’m honored to take on this role ... I’m looking forward to partnering with the exceptional leadership team here at Axiom Space during a defining chapter for the company and commercial spaceflight broadly, as well as a crucial period for maintaining U.S. human presence in low-Earth orbit and leadership in space exploration."

Wegerer joins Axiom after most recently serving as CIO of Washington-based Insitu Inc., a subsidiary of Boeing that develops customized unmanned hardware for commercial, government and defense customers.

"My time at Insitu was defined by talented people, meaningful challenges, and work that mattered. I'm grateful for the teams, partners, and leaders who made progress there possible. Stepping into Axiom, I'm energized by the mission, the momentum, and the opportunity to help shape what's next," Wegerer shared.

Photo via LinkedIn

The duo was celebrated on the floor of the New York Stock Exchange last week.

“We are pleased to welcome these exceptional leaders to the Axiom Space team," Axiom CEO Jonathan Cirtain added in the announcement. “Their strong record of helping complex organizations advance their strategic priorities will strengthen our executive team to further advance our core business objectives."

It's been a busy summer for Axiom. The company tacked on an additional $175 million to a previously announced capital raise, bringing the oversubscribed round to a total of more than $525 million, in June.

It also announced plans to open a Japanese subsidiary July 1. It tapped veteran Japanese astronaut Koichi Wakata to lead Axiom Space Japan as chief technology officer in the Asia-Pacific region. It also shared plans to establish Axiom Space Switzerland, a wholly owned subsidiary based in Lucerne that is also expected to begin operations this summer.

Axiom also officially redomiciled its legal headquarters from Delaware to Texas last month. Read more here.

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