Houston digital health platform Koda closes $7 million funding round

fresh funding

Tatiana Fofanova and Dr. Desh Mohan, founders of Koda Health, which recently closed a $7 million series A. Photo courtesy Koda Health.

Houston-based digital advance care planning company Koda Health has closed an oversubscribed $7 million series A funding round.

The round, led by Evidenced, with participation from Mudita Venture Partners, Techstars and Texas Medical Center, will allow the company to scale operations and expand engineering, clinical strategy and customer success, according to a news release.

“This funding allows us to create more goals-of-care product lines, expand our national footprint, and bring goal-concordant care to millions more patients and families," Tatiana Fofanova, co-founder and CEO of Koda Health, said in the release.

Koda Health, which was born out of the TMC's Biodesign Fellowship in 2020, has seen major growth this year and said it now supports more than 1 million patients nationwide. The company integrated its end-of-life care planning platform with Dallas-based Guidehealth in April and with Epic Systems in July. Users of Epic's popular Mychart system and Guidehealth's clinically integrated networks can now document and share their care preferences, goals and advance directives for health systems using Koda Health's platform. It also has partnerships with Cigna, Privia and Memorial Hermann.

The company shared that the recent series A "marks a pivotal moment," as it has secured investments from influential leaders in the healthcare and venture capital space.

“Koda is the only company combining technology and service to deliver comprehensive solutions that help health plans, providers, and health systems scale goals-aligned care. With satisfied customers expanding their partnerships and policy shifts reinforcing the need for patient-centered care that also contains costs, we couldn’t be more excited to support the Koda team and their vision,” Sean Glass, managing partner at Evidenced, said in the release.

According to the company, a recent peer-reviewed study with Houston Methodist ACO showed that the platform can have a major impact on palliative care results and costs. The findings showed:

  • 79 percent reduction in terminal hospitalizations
  • 20 percent decrease in inpatient length of stay
  • 51 percent increase in hospice use among decedents
  • Nearly $9,000 in average savings per patient

“Patients long for clarity, families deserve peace of mind, and providers demand ease of use,” Dr. Desh Mohan, chief medical officer of Koda Health, added in the release. “At Koda, we make it possible to deliver all three — transforming Advance Care Planning into a compassionate, ongoing dialogue that honors patients and supports families every step of the way.”

Koda Health also closed an oversubscribed seed round for an undisclosed amount last year, with investments from AARP, Memorial Hermann Health System and the Texas Medical Center Venture Fund. Read more here.

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Insight Surgery, a personalized orthopedic surgery technology company with its U.S. business operations based in Houston, has closed a series A. Photo courtesy Insight Surgery.

TMC med-tech company closes $2.5M series A, plans expansion

fresh funding

Insight Surgery, a United Kingdom-based startup that specializes in surgical technology, has raised $2.5 million in a series A round led by New York City-based life sciences investor Nodenza Venture Partners. The company launched its U.S. business in 2023 with the opening of a cleanroom manufacturing facility at Houston’s Texas Medical Center.

The startup says the investment comes on the heels of the U.S. Food and Drug Administration (FDA) granting clearance to the company’s surgical guides for orthopedic surgery. Insight says the fresh capital will support its U.S. expansion, including one new manufacturing facility at an East Coast hospital and another at a West Coast hospital.

Insight says the investment “will provide surgeons with rapid access to sophisticated tools that improve patient outcomes, reduce risk, and expedite recovery.”

Insight’s proprietary digital platform, EmbedMed, digitizes the surgical planning process and allows the rapid design and manufacturing of patient-specific guides for orthopedic surgery.

“Our mission is to make advanced surgical planning tools accessible and scalable across the U.S. healthcare system,” Insight CEO Henry Pinchbeck said in a news release. “This investment allows us to accelerate our plan to enable every orthopedic surgeon in the U.S. to have easy access to personalized surgical devices within surgically meaningful timelines.”

Ross Morton, managing Partner at Nodenza, says Insight’s “disruptive” technology may enable the company to become “the leader in the personalized surgery market.”

The startup recently entered a strategic partnership with Ricoh USA, a provider of information management and digital services for businesses. It also has forged partnerships with the Hospital for Special Surgery in New York City, University of Chicago Medicine, University of Florida Health and UAB Medicine in Birmingham, Alabama.

March Biosciences' oversubscribed raise brought in $28.4 million of financing with Mission BioCapital and 4BIO Capital leading the pack of investors. Photo via Getty Images

Clinical-stage Houston cell therapy company closes $28.4M oversubscribed series A

cha-ching

An emerging biotech company in Houston has closed its series A with outsized success.

March Biosciences' oversubscribed raise brought in $28.4 million of financing with Mission BioCapital and 4BIO Capital leading the pack of investors. The company has now raised more than $51 million in total.

Last year, March Biosciences announced its strategic alliance with CTMC (Cell Therapy Manufacturing Center), a joint venture between MD Anderson Cancer Center and National Resilience. CEO Sarah Hein met her co-founder, Max Mamonkin, at the TMC Accelerator for Cancer Therapeutics. Along with fellow co-founder Malcolm Brenner, March Biosciences launched from the Center for Cell and Gene Therapy (Baylor College of Medicine, Houston Methodist Hospital and Texas Children’s Hospital). Its goal is to fight cancers that have been unresponsive to existing immunotherapies using its lead asset, MB-105.

An autologous CD5-targeted CAR-T cell therapy, MB-105 is currently in phase-1 trials in patients with refractory T-cell lymphoma and leukemia. The treatment is showing signs of being both safe and effective, meriting a phase-2 trial that will begin early next year. The funds raised from the series A will help to finance the Phase 2 clinical development of MB-105 to expand on the existing data with optimized manufacturing processes.

“This oversubscribed financing enables us to advance our first-in-class CAR-T therapy, MB-105, into a Phase 2 trial for T-cell lymphoma – an indication with an exceptionally poor prognosis and few treatment options,” says Hein. “With the support and confidence of our investors, we are not only advancing our lead program but also expanding our pipeline, underscoring our commitment to delivering best-in-class therapies to patients that can change the treatment paradigm for these challenging cancers.”

But that’s not the only exciting news that Hein and her associates have to report. March Biosciences has recently partnered with cell therapy venture studio, Volnay Therapeutics. Led by highly experienced cell therapy development veterans, the March Biosciences team will work to develop a scalable manufacturing process for MB-105 that will lead to commercialization. Volnay co-founder and CEO Stefan Wildt, who held key R&D leadership positions in cell and gene therapy units at Novartis and Takeda, has also joined the board of March Biosciences. The board of directors is also welcoming Cassidy Blundell of Mission BioCapital and Owen Smith of 4BIO Capital.

“The team at March Biosciences is leveraging powerful science and promising clinical data to tackle cancers with significant unmet need,” says Blundell, a partner at Mission BioCapital. “We're excited to support their journey and believe their focused approach with MB-105 could lead to significant breakthroughs in the CAR-T space.”

The Houston-born company, which is a finalist for the 2024 Houston Innovation Awards, continues to accelerate quickly, in part thanks to its home base. After all, existing local investors like TMC Venture Fund also participated in the new raise. As Hein said last year, “Working with partners here in Houston, we have all the pieces and the community rises to the occasion to support you.”

Shreyans Chopra, founder of Mstack, is celebrating the close of his company's $40 million series A. Photo courtesy of Mstack

Innovative Houston chemicals manufacturing platform provider raises $40M series A

money moves

Houston-based Mstack, whose platform helps manufacturers source specialty chemicals, has raised $40 million in a series A funding round.

Lightspeed Venture Partners and Alpha Wave Incubation led the round, which includes a debt facility from HSBC Innovation Banking and money from several angel investors.

In a news release, Mstack says the infusion of cash will enable it to “double down on its mission to disrupt a historically flawed supply chain for specialty chemicals.”

This “doubling down” will include expansion of Mstack’s footprint in the U.S., Middle East, Latin America, and Asia.

“Geopolitical dynamics pose risks for supply chain disruptions in the global specialty chemicals market,” Bejul Somaia, a partner at Lightspeed, says in a news release.

“With demand for these chemicals growing rapidly, there is a need to increase R&D investments and unlock new pockets of supply,” he adds. “As the first institutional investor in Mstack, we believe that the company has tremendous potential to lead this transformation.”

Mstack, founded in 2022, currently serves four business sectors: oil and gas, coatings, water treatment, and home and personal care. The funding will enable it to move into industry segments such as agrochemicals and pharmaceuticals.

The Mstack platform gives buyers a one-stop shop for sourcing, testing, shipping, delivering, and tracking specialty chemicals.

“This new funding affirms investor confidence in our vision and technology to transform global markets. It enables us to expand geographically and intensify our R&D efforts,” Mstack founder Shreyans Chopra says.

Houston-based Citroniq Chemicals has secured its series A funding. Photo via Getty Images

Houston company secures $12M series A for decarbonization plant

money moves

A fresh $12 million round of funding will enable Houston-based Citroniq Chemicals to propel planning, design, and construction of its first decarbonization plant.

An unidentified multinational energy technology company led the series A round, with participation from Houston-based Lummus Technology Ventures and cooperation from the State of Nebraska. The Citroniq plant, which will produce green polypropylene, will be located in Nebraska.

“Lummus’ latest investment in Citroniq builds on this progress and strengthens our partnership, working together to lower carbon emissions in the plastics industry,” Leon de Bruyn, president and CEO of Lummus Technology, says in a news release.

Citroniq is putting together a decarbonization platform designed to annually capture 2 million metric tons of greenhouse gas emissions at each plant. The company plans to invest more than $5 billion into its green polypropylene plants. Polypropylene is a thermoplastic resin commonly used for injection molding.

The series A round “is just the first step in our journey towards building multiple biomanufacturing hubs, boosting the Nebraska bioeconomy by converting local ethanol into valuable bioplastics,” says Kelly Knopp, co-founder and CEO of Citroniq.

Citroniq’s platform for the chemical and plastics industries uses technology and U.S.-produced ethanol to enable low-cost carbon capture. Citroniq’s process permanently sequesters carbon into a useful plastic pellet.

Lummus Technology licenses process technologies for clean fuels, renewables, petrochemicals, polymers, gas processing and supply lifecycle services, catalysts, proprietary equipment, and digital transformation.

Prana Thoracic Inc., a Houston medical device company developing a tool for early interception of lung cancer, announced an additional $3 million in funding. Photo via Getty Images

Houston medtech startup secures additional $3M for lung cancer diagnostic tool

fresh funding

A Houston-based medtech startup with an innovative tool that's aiming to transform lung cancer intervention has closed its series A extension round.

Prana Thoracic announced an additional $3 million in funding, a raise that was oversubscribed by 30 percent, reports the company. The company's series A originally closed in March 2023 at $3 million. In August of 2022, the company secured $3 million in grant funding.

"We are grateful for the overwhelming support from our investors in this financing round. Their confidence in our mission and plan is motivating,” Joanna Nathan, CEO and co-founder of Prana Thoracic, says in a news release. “This additional funding will enable us to accelerate our efforts in bringing precision surgical solutions to lung cancer patients worldwide.”

The extension included participation from new investors, including cultivate(MD), GenHenn Capital, and Houston Angel Network, as well as from prior lead investor New World Angels. Existing investors — Johnson & Johnson Development Corp, Texas Medical Center Venture Fund, and the Cancer Prevention & Research Institute of Texas (CPRIT) — also support the company.

"We are excited to support Prana Thoracic in their mission to improve lung cancer treatment. Their innovative approach has the potential to significantly impact patient outcomes," says Dr. R. Sean Churchill, managing director of cultivate(MD), in the release.

The additional funding will support the company as it advances through its clinical and regulatory plans.

“The team has made remarkable progress in developing this novel and minimally invasive technique for lung tissue excision, which has the potential to transform the diagnosis and treatment of early-stage lung cancer," adds Dr. Edward M. Boyle, founder and director at the company. "Beyond lung applications, they are pioneering new methods to use this technology for other soft tissues and are actively exploring integration with ablation and robotic systems, aligning with the future direction of these fields."

In 2022, Nathan joined the Houston Innovators Podcast to discuss her passion for Prana Thoracic's innovation. Listen to the episode below.

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

sustainable fashion

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

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

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

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

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

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

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

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

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

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

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

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

Houston startup debuts leather alternative fashion collection in Milan

Houston clean energy co. secures $100M to deploy tech on global scale

Going Global

Houston-based Utility Global has raised $100 million in an ongoing Series D round to globally deploy its decarbonization technology at an industrial scale.

The round was led by Ara Partners and APG Asset, according to a news release. Utility plans to use the funding to expand manufacturing, grow its teams and support its commercial developments and partnerships.

“This financing marks a critical step in Utility’s transition from a proven technology to full-scale global commercial execution,” Parker Meeks, CEO and president of Utility Global, said in the release. “Industrial customers are no longer looking for pilots or promises; they need deployable solutions that work within existing assets and deliver true economic industrial decarbonization today that is operationally reliable and highly scalable. Utility’s technology produces both economic clean hydrogen and capture-ready CO2 streams, and this capital enables us to scale and deploy that impact globally with speed, discipline, and rigor.”

Utility Global's H2Gen technology produces low-cost, clean hydrogen from water and industrial off-gases without requiring electricity. It's designed to integrate into existing industrial infrastructure in hard-to-abate assets in the steel, refining, petrochemical, chemical, low-carbon fuels, and upstream oil and gas sectors.

“Utility is tackling one of the most difficult challenges in the energy transition: decarbonizing hard‑to‑abate industrial sectors,” Cory Steffek, partner at Ara Partners and Utility Global board chair, said in the release. “What sets Utility apart is its ability to compete head‑to‑head with conventional fossil‑based solutions on cost and reliability, even as it materially reduces emissions. With this new funding, Utility is well-positioned for its next chapter of commercial growth while maintaining the technical excellence and capital discipline that have defined its development to date.”

Utility Global reached several major milestones in 2025. After closing a $53 million Series C, the company agreed to develop at least one decarbonization facility at an ArcelorMittal steel plant in Brazil. It also signed a strategic partnership with California-based Kyocera International Inc. to scale global manufacturing of its H2Gen electrochemical cells.

The company also partnered with Maas Energy Works, another California company, to develop a commercial project integrating Maas’ dairy biogas systems with H2Gen to produce economical, clean hydrogen.

"These projects were never intended to stand alone. They anchor a deep and growing pipeline of commercial projects now in development globally across steel, refining, chemicals, biogas and other hard-to-abate sectors worldwide, Meeks shared in a 2025 year-in-review note. He added that 2026 would be a year of "focused acceleration to scale."

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This article originally appeared on EnergyCapitalHTX.com.

Houston Methodist awarded $4M grant to recruit head of Neal Cancer Center

new hire

Armed with a $4 million state grant, the Houston Methodist Academic Institute has recruited a renowned expert in ovarian and endometrial cancer research to lead the Dr. Mary and Ron Neal Cancer Center.

The grant, provided by the Cancer Prevention and Research Institute of Texas, enabled the institute to lure Dr. Daniela Matei away from Northwestern University’s Feinberg School of Medicine in Chicago. There, she is the Diana Princess of Wales Professor in Cancer Research and chief of the Division of Reproductive Science in Medicine.

Matei will succeed Dr. Jenny Chang, who was hired last year to run the Houston Methodist Academic Institute.

At the Neal Cancer Center, located in the Texas Medical Center complex, oncologists work on innovations in cancer research, treatment, and technology. The center opened in 2021 after the Neals donated $25 million to expand Houston Methodist’s cancer research capabilities. It handles about 7,000 new cases each year involving more than two dozen types of cancer.

U.S. News & World Report puts Houston Methodist Hospital at No. 19 among the country’s best hospitals for cancer care, two spots below Chicago’s Northwestern Memorial Hospital. The University of Texas MD Anderson Cancer Center in Houston sits at No. 1 on the list.

Matei’s research related to ovarian and endometrial cancer holds the potential to benefit tens of thousands of American women. The American Cancer Society estimates:

  • 21,010 women in the U.S. will be diagnosed with ovarian cancer, and 12,450 women will die from it.
  • 68,270 women in the U.S. will be diagnosed with endometrial cancer, and 14,450 women will die from it.

Matei is leaving Northwestern in the wake of widespread cuts in federal funding for medical research. The National Institutes of Health (NIH) has canceled or frozen tens of millions of dollars in grants for Northwestern, the Wall Street Journal reports, and the university has been plugging the gaps with its own money.

“The university is totally keeping us on life support,” Matei told the newspaper last year. “The big question is for how long they can do this.”

According to the Wall Street Journal, Matei’s $5 million NIH grant supporting 69 cancer trials has been caught up in the federal funding chaos, so Northwestern stepped in to cover trial expenses such as nurses’ salaries and diagnostic procedures.

Trial participants include some patients with rare, incurable tumors who are undergoing experimental treatments aligned with the genetics of their condition, the newspaper says.

“It’s certainly a life-and-death situation for cancer patients on these trials,” Matei said in 2025.

Matei is among the beneficiaries of more than $15 million in grants approved February 18 by CPRIT’s board. The grants went toward recruiting five cancer researchers to institutions in Texas.

One of those grants, totaling $1.5 million, went to the University of Houston to recruit Akash Gupta, a research scientist at MIT’s Koch Institute for Integrative Cancer Research. The remaining grants went to recruit scientists to The University of Texas at Dallas and The University of Texas Southwestern Medical Center.
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