Houston VC firm closes $21M fund for underrepresented founders

fresh funding

Zach Ellis, founder and general partner of South Loop Ventures, which recently closed its debut fund. Photo via LinkedIn

Houston-based South Loop Ventures recently closed its debut fund for more than $21 million, led by investments from Rice Management Company and Chevron Technology Ventures.

The funds will go toward teams with at least one underrepresented founder of color working in the energy, health, space, sports and fintech sectors. Additional investments came from The Great Commission Foundation of the Episcopal Diocese of Texas, Texas CapitalBank and others organizations.

According to South Loop Ventures, less than 3 percent of venture capital reaches underrepresented founders of color. Zach Ellis Jr., founder and general partner of South Loop, says the firm wants to address this "billion-dollar blind spot."

"Inequitable distribution of venture capital represents a clear market inefficiency—and market inefficiencies translate into exceptional opportunities," Ellis said in a release.

He added that the firm's location in Houston will help it make an impact.

"Being anchored here gives us front-row access to world-class corporations eager to engage and support innovation from founders with underrepresented voices and perspectives," he added in the release.

Ellis founded South Loop Ventures in 2022. It has funded 13 companies since August 2023 and plans to fund several more this year. Its portfolio includes Houston-based Milkify, a breast milk freeze-drying service; Lokum App, a Houston-founded platform for recruiting certified registered nurse anesthetists; and others.

Ellis' background spans the United States Military, academia, and roles at Rev1 Ventures and PepsiCo’s corporate venture team. He previously told InnovationMap that he was called to invest in founders of color after George Floyd's murder. He says he also realized how much money was being left on the table by overlooking these innovators.

"The mission of South Loop is to become the preeminent source of venture capital dollars for underrepresented, diverse teams nationally to serve as a beacon for the best underrepresented talent and to enable them to be successful through leveraging the unique resources and talent of Houston," he said on the Houston Innovators Podcast in 2024. "A big part of our mission is also to help catalyze Houston as an ecosystem for tech entrepreneurship."

Listen to the full interview with Ellis here. The recent funding news and Ellis were also featured in a profile by TechCrunch earlier this week. Click here to read more.

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The Ion has announced that it is adding an additional 28,000 square feet of coworking space. Photo courtesy of the Ion

Houston innovation hub expands coworking space

more room at the Ion

The Ion has announced it will bring more coworking space to its facility.

The innovation hub in Midtown, which is owned and operated by Rice Management Company, expanded its partnership with Dallas-based Common Desk to the Ion’s fourth floor. The addition brings another 28,000 square feet of workspace to the building.

“When people work in an inspiring place that fosters community, going into work is exciting. The Ion’s experience with Common Desk proves it,” says Jan E. Odegard, executive director of the Ion. “This rapid expansion signals that the Ion is the place to be for growing organizations, and we will soon be releasing new programs that expand our value proposition for startups, investors, corporations, academic institutions, and the community.”

According to the release, Common Desk's Ion space — originally opened in August of 2021 — reached max capacity in less than a year and now has a waiting list. The new combined space will total 86,400 square feet of coworking space for Houston entrepreneurs.

"With RMC’s support, we created a thoughtful design, along with the amenities and memberships offered,” says Common Desk's Head of Real Estate Dawson Williams in the release. “One year later, this space in the Ion is a game-changer for Houston’s innovators. It’s exciting that we’re already expanding because so many rapidly growing companies want to be inside the Ion and experience everything it has to offer.”

Founded in 2012, Common Desk has grown to over 20 locations and counting in Dallas, Houston, Austin, Wilmington, and Raleigh. In Houston, the company has opened coworking space in several locations, most recently at the POST in downtown.

The Ion's Common Desk space originally opened last summer. Rendering courtesy of Common Desk

This week's roundup of Houston innovators includes Sam Dike of Rice Management Company, Barbara Burger of Greentown Labs, and Joe Alapat of Liongard. Courtesy photos

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 clean energy to software — recently making headlines in Houston innovation.

Sam Dike, manager of strategic initiatives at Rice Management Company

Sam Dike of Rice Management Company joins the Houston Innovators Podcast to discuss the past, present, and future of Houston's rising Ion Innovation District. Photo via rice.edu

A few years ago, Rice Management Company saw an opportunity a few years back to make an investment in Houston's nascent innovation and tech ecosystem, and announced the plans for the Ion, a 266,000-square-foot innovation hub in an renovated and rehabilitated Sears.

"In some ways innovation is not necessarily about creating something completely new — it's oftentimes building upon something that exists and making it better," says Sam Dike, manager of strategic initiatives at Rice Management Company, on the most recent episode of the Houston Innovators Podcast. "I think that's what we've done with the building itself.

"We took something that had really strong bones and a strong identity here in Houston," he continues, "and we did something that's often atypical in Houston and preserved and repurposed it — not an easy logistical or financial decision to make, but we believed it was the best for Houston and for the project." Click here to read more and stream the podcast.

Barbara Burger, board member at Greentown Labs

Barbara Burger, former president of Chevron Technology Ventures, has been named to the Greentown Labs board of directors. Photo courtesy of CTV

Greentown Labs announced that it has appointed Barbara J. Burger — former vice president of innovation and president of Chevron Technology Ventures, Chevron's startup investment arm — to its board of directors.

In her previous role at Chevron, she spearheaded the energy company's support of Greentown Labs since 2013 and the opening of its Houston incubator. After announcing her retirement in December, she has continued being active at Greentown and hosts semi-annual Women of Greentown Houston dinners.

“I am honored and excited to join the Greentown Labs Board of Directors,” says Burger in the release. “Combatting the effects of climate change requires bringing a wide range of innovative solutions to scale. There is work for incumbents and startups alike in this enormous challenge that WE all face. Greentown Labs plays an essential role in providing facilities, tools, programs, and an inclusive community to nurture and grow innovation that matters.” Click here to continue reading.

Joe Alapat, co-founder and CEO of Liongard

Houston IT company forms new partnership

Houston-based Liongard has fresh funding to work with. Courtesy of Liongard

Liongard, an IT software provider, has raised an additional $10 million in funding, according to a news release, will go toward providing the best customer service for Liongard's growing customer base.

The technology is providing managed service providers, or MSPs, improved visibility across the IT stack and an optimized user experience.

“Since working with our first MSP partners, we’ve seen time and again the power of visibility into IT data, reducing the time they spend researching customer issues and allowing them to respond faster than their peers,” says Joe Alapat, CEO and co-founder of Liongard, in the release. “This investment enables us to continue to achieve our vision of delivering visibility into each element of the IT stack.” Click here to continue reading.

Sam Dike of Rice Management Company joins the Houston Innovators Podcast to discuss the past, present, and future of Houston's rising Ion Innovation District. Photo via rice.edu

What Houston can expect from its rising innovation district

Houston innovators podcast episode 140

Last month, the Ion Houston welcomed in the greater Houston community to showcase the programs and companies operating within the Ion Innovation District — and the week-long Ion Activation Festival spotlighted just the beginning.

The rising district — anchored by the Ion — is a 16-acre project in Midtown Houston owned and operated by Rice Management Company, an organization focused on managing Rice University's $8.1 billion endowment.

"We're chiefly responsible for stewarding the university's endowment and generating returns to support the academic mission of the university," says Samuel Dike, manager of strategic initiatives at RMC, on this week's episode of the Houston Innovators Podcast. "Part of those returns go to support student scholarships and student success — as well as many of the other academic programs."

"The university sees a dual purpose behind the investing," Dike continues, in addition to focusing on generating returns, RMC's mission is "also to be a valuable partner in Houston's ecosystem and pushing Houston as a global 21st century city."

RMC saw an opportunity a few years back to make an investment in Houston's nascent innovation and tech ecosystem, and announced the plans for the Ion, a 266,000-square-foot innovation hub in an renovated and rehabilitated Sears.

"In some ways innovation is not necessarily about creating something completely new — it's oftentimes building upon something that exists and making it better," Dike says. "I think that's what we've done with the building itself.

Now, the Ion District includes the Ion as the anchor, as well as Greentown Houston, which moved into a 40,000-square-foot space in the former Fiesta Mart building, just down the street. While RMC has announced a few other initiatives, the next construction project to be delivered is a 1,500-space parking garage that will serve the district.

"It is not your typical parking garage," Dike says. "The garage will feature a vegetated facade with ground-floor retail and gallery space, as well as EV charging spaces and spaces to feature display spaces for future tech. It's going to be a nice addition to the district."

The new garage will free up surface parking lots that then will be freed up for future construction projects, Dike explains.

He shares more about the past, present, and future of the Ion and the district as a whole on the podcast. Listen to the interview below — or wherever you stream your podcasts — and subscribe for weekly episodes.

The Ion has a new partner. Photo courtesy of The Ion

ExxonMobil named founding partner of Houston innovation hub

new collab

A Texas energy giant has joined The Ion as a founding partner, the innovation hub announced recently.

ExxonMobil, which announced its new Houston HQ move from Irving, Texas, earlier this year, celebrated the announcement at the Ion Activation Festival last month. The partnership is effective immediately, according to a June 13 news release.

“ExxonMobil has been a leader in energy technology for over a century. Collaboration is essential to both augment our capabilities and accelerate the development of scalable solutions,” says Linda DuCharme, president of ExxonMobil Technology and Engineering Company, in the release. “Our partnership with The Ion will enable us to tap into the extraordinary talent in Houston.”

ExxonMobil joins existing Ion founding partners Aramco, Chevron Technology Ventures, Baker Botts, and Microsoft, as well as affiliate partners bp and Intel. The company joins the Ion "to help develop solutions for the world’s emerging energy issues," per the release.

“To have one of the strongest brands in oil and gas globally join us is a testament to the Ion’s momentum and mission,” says Jan E. Odegard, executive director of the Ion. “We’re thrilled to welcome ExxonMobil’s thought leaders and this caliber of mindshare to the Ion family. As the Ion expands its programming and footprint, we are confident in the impact we’ll create together.”

The Ion is a 266,000-square-foot building developed and managed by Rice Management Company and anchors the 16-acre Innovation District in Midtown.

The Ion has joined the ranks of an international network of hotspots for innovation. Photo courtesy of The Ion

Houston's emerging innovation district gets global recognition from prestigious program

tech hotspot

The Ion Houston has a new feather to add to its cap. Rice Management Company's Midtown innovation hub has been recognized on a global scale.

The Global Network of Innovation Districts has added The Ion District to its network of innovation hubs, and the Ion is the first district in Texas to join. Affiliated with the Brookings Institute, the global organization consists of thought leaders and innovation district developers. With the addition of the Ion, there are 22 members in the Global Network, including the Pittsburgh Innovation District, Cortex Innovation Community in Missouri, Tech Central in Sydney, and Knowledge District Zuidas in Amsterdam.

“GIID’s Global Network is utilizing best practices of world-renowned innovation districts to accelerate regional economies. Their focus on placemaking, startup services, and community engagement are some of the critical components that lead to successful districts,” says Bryson Grover, investment manager of real estate development at Rice Management Company, in a news release. “With GIID, we will continue to think creatively about how the built environment and specialized programming can inform future development and allow equitable access to an ever-changing workforce.”

The Ion, a 266,000-square-foot space in the renovated Midtown Sears building, is the anchor of the district, which also includes Greentown Labs. According to the release, the next building is under construction, with three more projects to begin in the next year. Overall, the build-out of the Ion District will deliver three million square feet of development across 16 acres over the next decade.

“The Ion and the Ion District represent a major commitment and investment in the success of Houston as a center of innovation and a foundation of Houston’s economic future. From the very beginning of our planning, we visited innovation hubs and districts around the country and around the world to make sure that we drew on their experiences and best practices,” says Rice President David Leebron in the release. “And by participating in the Global Network now, the Ion District will contribute to and benefit from a global exchange of knowledge among the very best innovation districts, which complements Rice’s broader international engagements and strategies.”

GIID is a nonprofit dedicated to research on and connecting innovation districts in new geographies of innovation, per the release. Headquartered in New York, the organization was founded in 2018 to help position innovation districts as engines of economic development and spur productive, inclusive, and sustainable environments.

“We’re thrilled for The Ion and Ion District to join our network, especially as it commences its next steps on development later this year,” says Julia Wagner, president of GIID, in the release. “Our team has extensive experience working with unique real estate ventures that aim to transform how communities learn, work, and live. We look forward to playing a part in Houston’s transformation, and as we have documented in innovation districts around the world, having a leader like Rice drive the creation of the district is a key ingredient of its continued and growing success.”

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7+ can't-miss Houston business and innovation events for November

where to be

Editor's note: From life sciences to space and energy, Houston's most notable sectors will host signature conferences and opportunities to connect this month. Here’s what not to miss in November and how to register. Please note: this article may be updated to add more events.

Nov. 4 — Startup Heat Simulation

Build a team and simulate fundraising, team building, resource allocation and go-to-market decisions that real founders face in their startup journey. This in-person simulation event helps prepare participants for when the stakes are real.

This event is Wednesday, Nov. 4, from 9 a.m.-noon at the Ion. Register here.

Nov. 9 — HAN Life Science Kick-off

Houston Angel Network will host this engaging event focused on AI in the clinical space. Expect panel discussions, networking and pitches from HAN portfolio companies. Dr. Peter Pisters, former president of M.D. Anderson, will deliver a keynote address.

This event is Monday, Nov. 9, from 4-8 p.m. at the Texas A&M School of Engineering and Medicine. Register here.

Nov. 10 — Texas Life Science Forum

Rice Alliance and BioHouston will host the 15th annual Texas Life Science Forum this month, bringing together industry, emerging life science companies, academics and investors. Nearly 50 companies will present their novel concepts during the event. Michael Tores, founder and former CEO of CrossBridge Bio, will be featured in a fireside chat. Dr. Arthur Sands, president and CEO of Nurix, will present the keynote address.

This event is Tuesday, Nov. 10, from 4-5:15 p.m. at Rice University's McNair Hall. Register here.

Nov. 11 — Envision 2026: Clinical Research, Reimagined

TMCi's annual Envision conference returns this month. This year, the event will take a look at what sets Houston apart as a hub for clinical research and how TMC is exploring strategies to address the roadblocks Houston and Texas face in clinical trial efficiency.

This event is Wednesday, Nov. 11, from 3:30-6 p.m. at TMC Innovation Factory. Register here.

Nov. 11 — First Principles: Inside the Texas A&M Space Institute

Dr. Rob Ambrose, associate director of the Texas A&M Space Institute, will present on the Texas A&M Space Institute's planned 400,000-square-foot facility at NASA’s Exploration Park at the latest installment of this series. A moderated Q&A will follow.

This event is Wednesday, Nov. 11, from 3:30-6 p.m. at TMC Innovation Factory. Register here.

Nov. 12 — Technology Transfer Thursdays

Join for the third installment of Tech Transfer Thursdays, hosted by Rice University's Office of Technology Transfer. The event series focuses on how emerging university research can become commercial ventures. This month's event will focus on artificial intelligence and quantum computing. Stick around after for a community happy hour.

This event is Thursday, Nov. 12, from 5:30-7 p.m. at the Ion. Register here.

Nov. 12 — Transition on Tap

Greentown Labs’ signature networking event returns in November to foster conversations and connections within Houston's climate and energy transition ecosystem. Entrepreneurs, investors, students, philanthropists and more are invited to attend, meet colleagues, discuss solutions and engage with the growing community.

This event is Thursday, Nov. 12, from 5:30-7 p.m. at Greentown Labs. Register here.

Nov. 18-19 — American Data Centers & AI Conference and Exhibition 2026

Set to redefine the intersection of energy and digital infrastructure, the American Data Centers & AI Conference and Exhibition convenes in Houston for its second annual event. The event will address the increasing demand for high-performance computing and the sustainable development of AI infrastructure, which requires significant power. Participants can expect to learn about practical solutions in energy integration, modern data center design, and scalable approaches. The agenda includes presentations from leading experts, demonstrations of new technologies for thermal management and grid optimization, and detailed discussions on AI's environmental impact and how to reuse generated heat.

This event begins Nov. 18 at the DoubleTree Hotel at Greenway Plaza. Register here.

Houston tops best cities for small biz expansion and more innovation news

Trending News

Editor's note: The top innovation news in recent weeks finds Houston at the top of the pack for small business friendliness, as well as a new facility at Generation Park. Plus, an innovative air taxi network will land in Texas next year. Below are the most-read InnovationMap stories published Oct. 14-31, 2026.

Houston ranks high on best cities for small-business expansion report

For small businesses looking to expand, Houston might be the right place. Among 56 major U.S. metros, Houston grabbed the No. 6 spot on a new list of the metros boasting the strongest environments for small-business expansion. A 2025 report from the state comptroller’s office showed roughly 970,000 small businesses operate in the 13-county Gulf Coast region. The region includes the majority of the Houston metro area. Continue reading.

Generation Park lands new facility to scale xeno-organ production

Maryland-based United Therapeutics Corp. has opened a new 77,448-square-foot facility to manufacture xeno-organs in Northeast Houston’s growing biotech hub, Generation Park. The new Houston location is United Therapeutics’ third Designated Pathogen-Free (DPF) site, named for transplant pioneers Dr. Bartley P. Griffith and Dr. Robert A. Montgomery. The company says the new facility will enable it to scale commercial production of its xeno-organs once they receive regulatory approval. Continue reading.

Air taxi network to land in 'Texas triangle' of Houston, Austin, DFW next year

San Jose, California-based aerospace company Archer Aviation is bringing its air-taxi system to the “Texas triangle” of Houston, Austin and Dallas-Fort Worth. Currently, the planned zero-emission electric air taxi networks will use Archer’s Midnight air taxi to “turn 60- to 90-minute drives to major airports, business districts and major destinations into 10- to 20-minute flights,” the company said. Archer plans to begin flights in the Texas triangle next year. Continue reading.

Rice University launches AI initiative, plans to hire 75 faculty

Houston’s Rice University announced a university-wide artificial intelligence initiative this week that includes hiring 75 new AI-focused faculty. It also shared new details about its planned state-of-the-art facility, The Arc. Fresh off the announcement of Rice’s new Master of Artificial Intelligence (MAI) coming next fall, the university shared that it plans to expand its AI-related courses and be a “global leader in advanced computing and responsible AI.” Continue reading.

Houston's Rice University named the No. 1 best Texas college for 2027

Rice ranks No. 1 in Texas on new 2027 list. Rice University/Facebook

With early application season in full swing, a local university is racking up accolades on a new list of the 10 best Texas colleges for 2027. Rice University topped the list as the No. 1 best university in Texas in WalletHub's annual "College & University Rankings" report, showing Houston students don't have to travel out of state to earn a top-notch degree. Continue reading.

7 finalists compete to be crowned Houston's 2026 Startup of the Year

Cast Your Vote

Each year, the Houston Innovation Awards program recognizes the best and brightest in the local innovation community. And while most of the award winners are selected by our esteemed panel of judges, one winner is determined by you.

Voting is now open for our people's choice award: 2026 Startup of the Year. Seven exceptional finalists are in the running for the title, and your votes will determine who wins.

From innovative platforms benefiting the education, commerce, health, investment and IT sectors to next-gen memory technology and improvements for robotic supply chains, these startups are making an impact in Houston and beyond.

Read about our Startup of the Year finalists and their missions and achievements below, then cast your vote. You can vote once per day through Nov. 13, so make your voice heard.

The winner, along with the winners in all other categories, will be revealed in mid-November right here on InnovationMap.com. Stay tuned.

FluxWorks

Fluxworks is aiming to shape the future of the robotic supply chain with its flagship Celestial Gear. The magnetic gearbox offers a contactless design that leads to less wear, debris and maintenance. In 2026, Fluxworks closed a $5 million seed round to scale the product.

IronLattice

IronLattice is developing next-generation, ferroelectric memory technology for AI and high-performance computing workloads. In June 2026, the company closed a $3 million angel round. It began wafer production this fall, with its first working device targeted for completion in spring 2027.

Lumino

Lumino is a unified commerce ecosystem and payments platform designed to provide businesses with the technology, payments infrastructure, intelligence and tools they need to grow while creating impact in their communities. Lumino publicly launched its platform in 2026 in Houston and is rolling out its next stage of global expansion.

Progress Report

Progress Report is a K-12 learning-intelligence platform designed to go beyond identifying that a student is struggling. It traces performance to learning gaps and prerequisite skills, helping educators understand where a student is struggling and what may be causing it. Progress Report recently released a fully built production platform and launched pilots with 35 educators and 200 students across Texas and Arizona.

Rosarium Health

Rosarium Health is a platform that coordinates the full process for home accessibility upgrades and modifications for seniors and people living with disabilities. In 2026, the startup announced $6 million in seed funding and scaled to a national network of 800-plus clinicians and 3,000-plus contractors.

Thread

Thread is building an AI-powered service desk platform for Managed Service Providers (MSPs). Its technology combines agentic AI, assistive AI, automation, and real-time communication to help MSPs resolve IT support requests faster and with less manual work.

TokenRoster

TokenRoster is an AI-powered assessment platform for early-stage startups, providing founders with an investor-grade evaluation of their company before the pitch and giving investors a curated roster of vetted companies. Since launch, TokenRoster has grown to 65 companies and 43 founder accounts, with 10 assessment frameworks available.

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