Houston CRO expands oncology network with addition of global clinical trial center

strategic partnership

Houston-based Proxima Clinical Research has expanded its footprint thanks to a recent partnership. Image via proximacro.com

Houston-based Proxima Clinical Research announced this month that it will expand its clinical trial offerings by adding NEXT Oncology to its Early Phase Oncology Network, or EPON.

NEXT Oncology is a Phase I clinical trial treatment center with locations in Austin, Dallas, San Antonio, and Virginia, as well as international locations in Barcelona and Madrid. These centers provide innovative and investigational treatments and therapies to patients with advanced forms of cancers.

The addition of NEXT Oncology's clinics brings Proxima's oncology network up to 14 physical locations and eight clinical practices, Robbin Frnka, executive director of clinical development and strategy at Proxima CRO tells InnovationMap.

“Early phase oncology trials are some of the most delicate and important trials to conduct, both from a science perspective and in offering hope for late-stage patients,” Dr. Anthony Tolcher, CEO and founder of NEXT Oncology, says in a statement. “We proudly designed NEXT Oncology specifically to bring the best new agents to patients through our specially designed centers located around the world. This new relationship with Proxima CRO’s EPON will help us further enhance our mission and contribute to our life’s work of advancing cancer treatments to save more lives from cancer around the world.”

Proxima is a Houston-based contract research organization focused on supporting life science startups as they grow and scale. It was recently named to the the Inc. 5000 regional rankings for the Southwest for its fast-growing revenue.

The company launched its EPON in March to support Phase I and Phase II clinical oncology trials and a group of oncology-specific scientific experts. The Mary Crowley Cancer Research, a specialized clinical research center in Dallas, was one of the first to join the network.

"Finding the right clinical sites and investigators with the right patients is one of the biggest struggles of early phase clinical trials," Frnka says in a March statement. "Our Early Phase Oncology Network, which we're calling EPON, includes some of the most prominent investigators in early phase trials. Receiving expert feedback, insight, and guidance from this skilled scientific panel is critical to the success of these earliest phase trials."

In addition to work in the cancer field, Proxima also launched its M1 MedTech accelerator last year aimed at helping startups quickly grow their health tech businesses. Its inaugural cohort included startups with new tech and treatments for heart arrhythmias, ultrasounds, bioelectric implants in the body and more.

The company also recently expanded its footprint within the Texas Medical Center Innovation Factory.

InnovationMap spoke with Proxima CEO and Co-founder Kevin Coker on the Houston Innovators Podcast.

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This week's roundup of Houston innovators includes Isabella Schmitt of Proxima Clinical Research, Rob Schapiro of Microsoft, and Lara Cottingham of Greentown Labs. 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 medical device innovation to energy tech— recently making headlines in Houston innovation.

Isabella Schmitt, director of regulatory affairs at Proxima Clinical Research and principal at M1 MedTech

A Houston life science expert shares what she thinks Houston needs to work on to continue growing as an health care innovation ecosystem. Photo courtesy

Houston is home to the world's largest medical center, but it still tends to fall behind other metros when it comes to life science innovation hub rankings. Isabella Schmitt, director of regulatory affairs at Proxima Clinical Research and principal at M1 MedTech, writes in a guest column for InnovationMap about why this is — and what can be done to change that.

"Houston's life sciences sector holds immense growth potential, but addressing funding, talent recruitment, regulatory navigation, and collaboration challenges is needed for continued success," she writes. "By tackling these issues and leveraging its unique strengths, Houston can establish itself as a significant player in the global life sciences arenas. If we wait too long, we won’t be able to truly establish the Third Coast because another player will come into the mix, and we’ll lose companies like BioMatrix to their golden shores." Read more.

Rob Schapiro, Energy Acceleration Program director and Houston site leader for Microsoft

Rob Schapiro of Microsoft joins the Houston Innovators Podcast to discuss DEI initiatives, translating between the tech in the energy sectors, AI, and more. Photo courtesy of Microsoft

At a glance, Rob Schapiro admits his resume might not make the most sense. A trained geologist with decades of experience in the energy sector, Schapiro made the move to Microsoft three years ago.

"I saw this disconnect between technology companies and energy companies — they didn't really speak the same language," he says on this week's episode of the Houston Innovators Podcast. "I thought I could help potentially solve this problem and work between the two as a sort of translator."

Now, as Microsoft’s Energy Acceleration Program director and site leader for the company’s Houston office, which is located in the Ion, Schapiro is deeply embedded in Houston's innovation ecosystem and is dedicated to helping advance Houston's role energy transition in a sustainable and equitable way. Read more.

Lara Cottingham, vice president of strategy, policy, and climate impact at Greentown Labs

Greentown Houston is asking its current and potential members what they want in a wet lab. Photo via GreentownLabs.com

Greentown Labs is in the early stages of building out a wet lab for its members. But first, Lara Cottingham, vice president of strategy, policy, and climate impact at Greentown Labs, says they want to know what their members actually want.

"We want to announce to the community that this is something we're going to build — but we still need a lot of feedback and input from startups so we can learn what exactly they need or want to see from the wet lab," Cottingham tells InnovationMap. "No two wet labs are the same."

Right now, there aren't any details available about timeline or specifics of the new facility. Greentown is prioritizing getting feedback from its members and having conversations with potential sponsors and corporate partners. Read more.

A Houston life science expert shares what she thinks Houston needs to work on to continue growing as an health care innovation ecosystem. Photo via Getty Images

Expert: Houston has potential to be a major hub for life sciences — if it addresses these concerns

guest column

Once upon a time in Houston, a promising startup, let’s call it BioMatrix, set out to revolutionize the world of biomaterials. Their groundbreaking product held immense potential, but the company faced the harsh reality of a lack of funding, resources, and talent in their local life sciences sector.

As they watched well-funded competitors in established hubs like Boston and Silicon Valley flourish, the passionate team at BioMatrix persevered, determined to overcome these challenges, and make their mark in the rapidly evolving world of MedTech and life sciences. But would they ultimately move to a richer life science hub?

Over the years, Houston has emerged as a life sciences hub, fueled by the world's largest medical center, Texas Medical Center, and an expanding network of research institutions, startups, and investors. However, despite all its potential, the city still lags other innovation hubs and isn’t included in many of the lists for top life science ecosystems. The challenges are many-fold, but some primary challenges are associated with lack of capital, trouble with talent acquisition, and weak collaboration.

Despite an uptick in venture capital funding, Houston's life sciences sector still trails the likes of Silicon Valley and Boston. Programs like CPRIT help keep companies within Texas, while Houston's unique advantages, such as lower living costs and the TMC's presence, can attract investments, but ultimately, to secure necessary capital, stakeholders must cultivate relationships with investors, government agencies, and other funding sources to infuse more money into the Houston ecosystem. And, when individuals try to do this, the rest of the ecosystem must be supportive.

Talent retention and attraction pose another challenge, as Houston competes with well-funded life science hubs offering abundant research institutions and funding opportunities. While Houston boasts numerous educational institutions producing skilled life sciences graduates, many curricula primarily prepare students for academic rather than industry careers, creating a skills and knowledge gap.

Having a lot of experience in academia doesn’t often translate well into the industry, as is demonstrated by many startup founders who struggle to understand the various stakeholder requirements in bringing a life science product to market.

To bridge this, educational institutions should incorporate more industry-oriented courses and training programs, like Rice University’s GMI Program, that emphasize practical skills and real-world applications. Collaborating with local companies for internships, co-op placements, and hands-on experiences can expose students to industry practices and foster valuable connections.

For any life science company, navigating the intricate regulatory landscape is also a challenge, as missteps can be disastrous. However, it’s even more of a challenge when you lack the fundamentals knowledge of what is required and the skills to effectively engage with industry experts in the space.

To address this, Houston must provide more opportunities for companies to learn about regulatory complexities from experts. Workshops, accelerators, or dedicated graduate and undergraduate courses focusing on regulatory compliance and best practices can facilitate knowledge and experience exchange between regulatory experts and innovators.

The initial inception of M1 MedTech was the result of a personal experience with a company who didn’t understand the fundamentals for regulatory interactions and didn’t know how to appropriately engage with consultants, resulting in time and money wasted.

Enhancing collaboration among Houston's life science stakeholders — including academia, research institutions, healthcare providers, subject matter experts, innovators, and investors — is fundamental for growth. A robust and lively professional network can stimulate innovation and help emerging companies access essential resources.

To this end, Houston should organize more industry-specific events, workshops, and conferences, connecting key life science players and showcasing the city's commitment to innovation. These events can also offer networking opportunities with industry leaders, attracting and retaining top talent. We’ve seen some of this with the Texas Life Science Forum and now with the Ion's events, but we could afford to host a lot more.

Houston's life sciences sector holds immense growth potential, but addressing funding, talent recruitment, regulatory navigation, and collaboration challenges is needed for continued success. By tackling these issues and leveraging its unique strengths, Houston can establish itself as a significant player in the global life sciences arenas. If we wait too long, we won’t be able to truly establish the Third Coast because another player will come into the mix, and we’ll lose companies like BioMatrix to their golden shores.

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Isabella Schmitt is the director of regulatory affairs at Proxima Clinical Research and principal at M1 MedTech.

Proxima Clinical Research has announced an office expansion — and more Houston innovation news. Photo via Twitter

Med tech firm expands footprint, Houston innovator assumes new role, and more local innovation news

short stories

Houston's innovation ecosystem has had some big news this month, from new job titles for Houston innovators to expanding office space.

In this roundup of Houston startup and innovation news, a Houston organization expands its footprint in the TMC, Rice University opens applications for a cleantech accelerator, and more.

Organization expands footprint in Houston

Proxima CRO has announced its expansion within TMCi. Photo via Twitter

Proxima Clinical Research, a contract research organization headquartered in Houston, announced that it is expanding its office space in the Texas Medical Center Innovation Factory.

"Texas Medical Center is synonymous with innovation, and the TMC Innovation space has proven an ideal location for our CRO. It's an important part of our origin story and a big part of our success," says Kevin Coker, CEO and co-founder of Proxima CRO, in a news release.

The expansion will include around 7,500-square feet of additional office space.

"The resources found across TMC's campuses allow for companies such as Proxima Clinical Research to achieve clinical and business milestones that will continue to shape the future of life sciences both regionally and globally. We are excited for Proxima to expand their footprint at TMC Innovation Factory as they further services for their MedTech customers," says Tom Luby, director of TMC Innovation, in the release.

$20M grant fuels hardtech program's expansion

Activate is planting its roots in Houston with a plan to have its first set of fellows next year. Photo via Activate.org

A hardtech-focused nonprofit officially announced its Houston expansion this week. Activate, which InnovationMap reported was setting up its fifth program here last month, received a $20M commitment by the National Science Foundation to fuel its entrance into the Bayou City.

“Houston’s diversity offers great promise in expanding access for the next generation of science entrepreneurs and as a center of innovation for advanced energy," says NSF SBIR/STTR program director Ben Schrag in a news release.

The organization was founded in Berkeley, California, in 2015 to bridge the gap between the federal and public sectors to deploy capital and resources into the innovators creating transformative products. The nonprofit expanded its programs to Boston and New York before launching a virtual fellowship program — Activate Anywhere, which is for scientists 50 or more miles outside one of the three hubs.

“We are delighted to be opening our newest Activate community in Houston,” says Activate Anywhere managing director Hannah Murnen, speaking at the annual Advanced Research Projects Agency-Energy Innovation Summit. “Houston is a city where innovation thrives, with an abundance of talent, capital, and infrastructure—the perfect setting for the Activate Fellowship.”

Activate is still looking its Houston’s first managing director is actively underway and will select fellows for Activate Houston in 2024.

TMC names new entrepreneur in residence

Zaffer Syed has assumed a new role at TMC. Photo via TMC.org

Houston health tech innovator has announced that he has joined the Texas Medical Center's Innovation Factory as entrepreneur in residence for medtech. Zaffer Syed assumed the new role this month, according to his LinkedIn, and he's been an adviser for the organization since 2017.

Syed has held a few leadership roles at Saranas Inc., a medical device company founded in Houston to detect internal bleeding following medical procedures. He now serves as adviser for the company.

"As CEO of Saranas, he led the recapitalization of the company that led to the FDA De Novo classification and commercial launch of a novel real-time internal bleed monitoring system for endovascular procedures," reads the TMC website. "Zaffer oversaw clinical development, regulatory affairs and strategic marketing at OrthoAccel Technologies, a private dental device startup focused on accelerating tooth movement in patients undergoing orthodontic treatment.

"Prior to working in startup ventures, Zaffer spent the first 13 years of his career in various operational roles at St. Jude Medical and Boston Scientific to support the development and commercialization of Class III implantable devices for cardiovascular and neuromodulation applications."

TMC is currently looking for an entrepreneur in residence for its TMCi Accelerator for Cancer Therapeutics program.

Applications open for clean energy startup program

Calling all clean energy startups. Photo courtesy of The Ion

The Clean Energy Accelerator, an energy transition accelerator housed at the Ion and run by the Rice Alliance for Technology and Entrepreneurship, has opened applications for Class 3. The deadline to apply is April 14.

The accelerator, which helps early-stage ventures reach technical and commercial milestones through hybrid programming and mentorship, will host its Class 3 cohort from July 25 to Sept. 22.

“Accelerating the transition to a net-zero future is a key goal at Rice University. Through accelerating the commercial potential of our own research as well as supporting the further adoption of global technologies right here in Houston, the Rice Alliance Clean Energy Accelerator is proof of that commitment,” says Paul Cherukuri, vice president of innovation at Rice, in a news release. “The Rice Alliance has all the critical components early-stage energy ventures need for success: a corporate innovation network, energy investor network, access to mentors and a well-developed curriculum. This accelerator program is a unique opportunity for energy startups to successfully launch and build their ventures and get access to the Houston energy ecosystem.”

According to Rice, the 29 alumni companies from Class 1 and 2 have gone on to secure grants, partnerships, and investments, including more than $75 million in funding. Companies can apply here, learn more about the accelerator here or attend the virtual information session April 3 by registering here.

Inc. magazine's 2022 Best in Business list recognizes influential and impactful companies. Photo via Getty Images

3 Houston companies rank among best in biz list

better than all the rest

In the season’s spirit of giving, Inc. magazine has named three Houston companies to its 2022 Best in Business list, recognizing companies that put purpose before profit.

The Houston honorees are:

  • Enchanted Rock, a producer of energy microgrids powered by natural gas and renewable natural gas. In a news release, Thomas McAndrew, the company’s founder and CEO, says the Inc. recognition reflects “the dedication and hard work of our employees who work tirelessly to help our customers keep their power on.”
  • Proxima Clinical Research, a contract research organization for the biotech and medtech sectors. Earlier this year, Proxima appeared on the Inc. 5000 list of the country’s fastest-growing private companies.
  • Smith, a distributor of electronic components and semiconductors. The company has undertaken several humanitarian relief efforts for Ukraine, including the donation of at least $750,000 worth of electronics to Ukrainian citizens.

Inc. says its Best in Business list recognizes “the most dynamic companies of all sizes and industries that have had an outstanding influence on their communities, their industries, the environment, or society as a whole.”

Rather than relying on criteria tied to sales or funding, Inc.’s editors reviewed companies’ achievements over the past year and focused on how they made a positive difference in the world. They then selected honorees in 55 overall categories, and in age-based, revenue-based, size-based, and impact-based categories.

In all, Inc. named 14 Texas companies to this year’s Best in Business list. Aside from the three Houston companies, they are:

  • Austin-based AlertMedia, which produces emergency communication software
  • Austin-based Halcyon, a provider of security technology
  • Austin-based Matterlab, a communications agency
  • Austin-based Pushnami, which offers an advertising and engagement platform
  • Austin-based ZenBusiness, a provider of business products and services
  • Dallas-based Upkeep Aesthetics, a franchiser of medical spas
  • Fort Worth-based TimelyMD, which delivers virtual health and well-being services for students
  • Frisco-based Lexipol, a provider of policy, training, and wellness services for the public safety sector
  • Irving-based Tricolor Holdings, which sells used cars and extends auto loans to underserved Hispanic consumers
  • Plano-based Improving, a provider of tech consulting and training
  • San Antonio-based AmeriVet Veterinary Partners, an operator of veterinary practices
Five companies have been selected for a brand new accelerator program in Houston. Image via Getty Images

Houston medtech accelerator announces inaugural cohort

future of health care

A Houston medical technology organization has announced the inaugural cohort of a new early-stage accelerator.

M1 MedTech, launched this year by Houston-based Proxima Clinical Research, announced its Fall 2022 cohort.

“This initial cohort launches M1 MedTech with an interactive 14-week agenda covering the basics every emerging MedTech business needs to progress from a startup to an established solution in their market,” says Sean Bittner, director of programs at M1 MedTech, in a news release.

The accelerator will equip early-stage startups with storytelling, business plan support, investor connections, FDA guidance, research, and more through one-on-one consultations, workships, and in-kind services.

The first cohort includes five startups, per the release from the company:

  1. Linovasc. Providing a long overdue major update to balloon angioplasty devices in over 50 years, the Linovasc solution offers a safer branch occlusion and aortic stent dilatation using a toroidal balloon that expands the aorta uniformly without the ischemia caused by current treatments. The company is founded by Bruce Addis.
  2. Grapheton. Founded by Sam Kassegne and Bao Nguyen, Grapheton's patented carbon materials work with electrically active devices to improve the longevity and outcome of bioelectric implants in the body. Terry Lingren serves as the CEO of the startup.
    • Rhythio Medical. Founded by Kunal Shah and Savannah Esteve, Rhythio is the first preventative approach to heart arrhythmias.The chief medical officer is Dr. Mehdi Razavi.
      • PONS Technology. An AI cognitive functioning ultrasound device attempting to change the way ultrasound is done, PONS is founded by CEO: Soner Haci and CTO: Ilker Hacihaliloglu.
        • Vivifi Medical. Founded by CEO Tushar Sharma, Vivifi is the first suture-less laparoscopic technology that connects vessels to improve male infertility and benign prostatic hyperplasia. The company's senior R&D engineer is Frida Montoya.

          The program includes support from sponsors and experts from: Proxima Clinical Research, Greenlight Guru, Medrio, Galen Data, Merge Medical Device Studio, Venn Negotiation, Engagement PR & Marketing, Aleberry Creative, and others.

          “This is an amazing opportunity for emerging founders to learn the progression of pipelining their ideas through the FDA and absorb the critical strategies for success early in their business development,” says Isabella Schmitt, principal at M1 MedTech and director of regulatory affairs at Proxima CRO, in the release.

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          Announcing the 2025 Houston Innovation Awards finalists

          Inspirational Innovators

          InnovationMap is proud to reveal the finalists for the 2025 Houston Innovation Awards.

          Taking place on November 13 at Greentown Labs, the fifth annual Houston Innovation Awards will honor the best of Houston's innovation ecosystem, including startups, entrepreneurs, mentors, and more.

          This year's finalists were determined by our esteemed panel of judges, comprised of past award winners and InnovationMap editorial leadership.

          The panel reviewed nominee applications across 10 prestigious categories to determine our finalists. They will select the winner for each category, except for Startup of the Year, which will be chosen by the public via online voting launching later this month.

          We'll announce our 2025 Trailblazer Award recipient in the coming weeks, and then we'll unveil the rest of this year's winners live at our awards ceremony.

          Get to know all of our finalists in more detail through editorial spotlights leading up to the big event. Then, join us on November 13 as we unveil the winners and celebrate all things Houston innovation. Tickets are on sale now — secure yours today.

          Without further ado, here are the 2025 Houston Innovation Awards finalists:

          Minority-founded Business

          Honoring an innovative startup founded or co-founded by BIPOC or LGBTQ+ representation:

          • Capwell Services
          • Deep Anchor Solutions
          • Mars Materials
          • Torres Orbital Mining (TOM)
          • Wellysis USA

          Female-founded Business

          Honoring an innovative startup founded or co-founded by a woman:

          • Anning Corporation
          • Bairitone Health
          • Brain Haven
          • FlowCare
          • March Biosciences
          • TrialClinIQ

          Energy Transition Business

          Honoring an innovative startup providing a solution within renewables, climatetech, clean energy, alternative materials, circular economy and beyond:

          • Anning Corporation
          • Capwell Services
          • Deep Anchor Solutions
          • Eclipse Energy
          • Loop Bioproducts
          • Mars Materials
          • Solidec

          Health Tech Business

          Honoring an innovative startup within the health and medical technology sectors:

          • Bairitone Health
          • Corveus Medical
          • FibroBiologics
          • Koda Health
          • NanoEar
          • Wellysis USA

          Deep Tech Business

          Honoring an innovative startup providing technology solutions based on substantial scientific or engineering challenges, including those in the AI, robotics and space sectors:

          • ARIX Technologies
          • Little Place Labs
          • Newfound Materials
          • Paladin Drones
          • Persona AI
          • Tempest Droneworx

          Startup of the Year (People's Choice)

          Honoring a startup celebrating a recent milestone or success. The winner will be selected by the community via an online voting experience:

          • Eclipse Energy
          • FlowCare
          • MyoStep
          • Persona AI
          • Rheom Materials
          • Solidec

          Scaleup of the Year

          Honoring an innovative later-stage startup that's recently reached a significant milestone in company growth:

          • Coya Therapeutics
          • Fervo Energy
          • Koda Health
          • Mati Carbon
          • Molecule
          • Utility Global

          Incubator/Accelerator of the Year

          Honoring a local incubator or accelerator that is championing and fueling the growth of Houston startups:

          • Activate
          • Energy Tech Nexus
          • Greentown Labs
          • Healthtech Accelerator (TMCi)
          • Impact Hub Houston

          Mentor of the Year

          Honoring an individual who dedicates their time and expertise to guide and support budding entrepreneurs. Presented by Houston Community College:

          • Anil Shetty, Inform AI
          • Jason Ethier, EnergyTech Nexus
          • Jeremy Pitts, Activate
          • Joe Alapat, Liongard
          • Neil Dikeman, Energy Transition Ventures
          • Nisha Desai, Intention

          Trailblazer Recipient

          • To be announced
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          Interested in sponsoring the 2025 Houston Innovation Awards? Contact sales@innovationmap.com for details.

          Houston scientists earn prestigious geophysics career awards

          winner, winner

          Two Rice University professors have been recognized by the American Geophysical Union, one of the world’s largest associations for Earth and space science.

          Rice climatologist Sylvia Dee was awarded the 2025 Nanne Weber Early Career Award by the AGU’s Paleoceanography and Paleoclimatology Section. Richard Gordon, a Rice professor of geophysics also received the 2025 Walter H. Bucher Medal by the AGU. They will both be recognized at the AGU25 event on Dec.15-19 in New Orleans.

          The Nanne Weber Early Career Award recognizes contributions to paleoceanography and paleoclimatology research by scientists within 10 years of receiving their doctorate.

          “Paleoclimate research provides essential context for understanding Earth’s climate system and its future under continued greenhouse warming," Dee said in a news release. “By studying how climate has evolved naturally in the past, we can better predict the risks and challenges that lie ahead.”

          Dee’s work explores how Earth’s natural modes of variability interact with the changing climate and lead to extreme weather. It shows how these interactions can add to climate risks, like flooding and rainfall patterns all around the world.

          The Bucher Medal is awarded to just one scientist for their original contributions to the knowledge of the Earth’s crust and lithosphere.

          Gordon’s research has reshaped how scientists understand the movement and interaction of Earth’s tectonic plates. He helped reveal the existence of diffuse plate boundaries—areas where the planet’s crust slowly deforms across broad regions instead of along a single fault line. His work also explored true polar wander, a phenomenon in which Earth gradually shifts its orientation relative to its spin axis.

          Gordon introduced the concept of paleomagnetic Euler poles, a method for tracing how tectonic plates have moved over millions of years. He also led the development of major global plate motion models, including NUVEL (Northwestern University Velocity) and MORVEL (Mid-Ocean Ridge Velocity).

          “Receiving the Walter Bucher Medal is a profound honor,” Gordon said in a news release. “To be included on a list of past recipients whose work I have long admired makes this recognition especially meaningful. There are still countless mysteries about how our planet works, and I look forward to continuing to explore them alongside the next generation of scientists.”

          3 Houston-area companies appear on Fortune’s inaugural AI ranking

          eyes on ai

          Three companies based in the Houston area appear on Fortune’s inaugural list of the top adopters of AI among Fortune 500 companies.

          The three companies are:

          • No. 7 energy company ExxonMobil, based in Spring
          • No. 7 tech company Hewlett Packard Enterprise, based in Spring
          • No. 47 energy company Chevron, based in Houston

          All three companies have taken a big dive into the AI pool.

          In 2024, ExxonMobil’s executive chairman and CEO, Darren Woods, explained that AI would play a key role in achieving a $15 billion reduction in operating costs by 2027.

          “There is a concerted effort to make sure that we're really working hard to apply that new technology to the opportunity set within the company to drive effectiveness and efficiency,” Woods told Wall Street analysts.

          Hewlett Packard Enterprise is also employing AI to decrease costs. In March, the company announced a restructuring plan — including the elimination of 3,000 jobs — aimed at cutting about $350 million in annual expenses. The restructuring is scheduled to wrap up by the end of October.

          Hewlett Packard Enterprise’s Catalyst cost-cutting program includes a push to use AI across the company to improve efficiency, Marie Myers, the company’s executive vice president and chief financial officer, told Wall Street analysts in June.

          “Our ambition is clear: A leaner, faster, and more competitive organization. Nothing is off limits. We are focused on rethinking the business — not just reducing our costs, but transforming the way we operate,” Myers said.

          At Chevron, AI tools are being used to quickly analyze data and extract insights from it, according to tech news website VentureBeat. Also, Chevron employs advanced AI systems known as large language models (LLMs) to create engineering standards, specifications and safety alerts. AI is even being put to work in Chevron’s exploration initiatives.

          Bill Braun, Chevron’s chief information officer, said at a VentureBeat-sponsored event in 2024 that AI-savvy data scientists, or “digital scholars,” are always embedded within workplace teams “to act as a catalyst for working differently.”

          The Fortune AIQ 50 ranking is based on ServiceNow’s Enterprise AI Maturity Index, an annual measurement of how prepared organizations are to adopt and scale AI. To evaluate how Fortune 500 companies are rolling out AI and how much they value AI investments, Fortune teamed up with Enterprise Technology Research. The results went into computing an AIQ score for each company.

          At the top of the ranking is Alphabet (owner of Google and YouTube), followed by Visa, JPMorgan Chase, Nvidia and Mastercard.

          Aside from ExxonMobil, Hewlett Packard Enterprise, and Chevron, two other Texas companies made the list: Arlington-based homebuilder D.R. Horton (No. 29) and Austin-based software company Oracle (No. 37).

          “The Fortune AIQ 50 demonstrates how companies across industry sectors are beginning to find real value from the deployment of AI technology,” Jeremy Kahn, Fortune’s AI editor, said in a news release. “Clearly, some sectors, such as tech and finance, are pulling ahead of others, but even in so-called 'old economy' industries like mining and transport, there are a few companies that are pulling away from their peers in the successful use of AI.”

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