Utility Global’s technology enables reduction of greenhouse gas emissions along with generation of low-carbon fuels and chemicals. Photo courtesy of Utility Global

Houston-based Utility Global, a maker of decarbonization-focused gas production technology, has raised $53 million in an ongoing series C round.

Among the participants in the round are Canada’s Ontario Power Generation Pension Plan, the XCarb Innovation Fund operated by Luxembourg-based steel company ArcelorMittal, Houston-based investment firm Ara Partners, and Saudi Aramco’s investment arm.

Also, Utility Global and ArcelorMittal have agreed to develop at least one decarbonization facility at an ArcelorMittal steel plant.

The latest infusion of cash will support the rollout of Utility Global’s eXERO technology, including establishment of the company’s first commercial facilities in 2026.

“With the successful completion of its demonstration program at a commercial steel facility resulting in the first hydrogen ever produced from blast furnace off-gasses in a single reactor, the company has shifted to commercial deployments,” Utility Global says in a news release.

Utility Global’s technology enables reduction of greenhouse gas emissions along with generation of low-carbon fuels and chemicals.

“Our eXERO solution is the first of its kind to convert process gasses into clean hydrogen in a single reactor, onsite, in a cost-effective manner that extends the life of existing customer assets and processes while providing significant emissions reductions,” says Claus Nussgruber, CEO of Utility Global.

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This article originally ran on EnergyCapital.

Cart.com announced a $25 million series C extension round and $105 million in debt refinancing from investment manager BlackRock. Photo courtesy of Cart.com

Houston e-commerce unicorn secures $130M in financing

scaling up

Houston-based Cart.com, which operates a multichannel commerce platform, has secured $105 million in debt refinancing from investment manager BlackRock.

The debt refinancing follows a recent $25 million series C extension round, bringing Cart.com’s series C total to $85 million. The scaleup’s valuation now stands at $1.2 billion, making it one of the few $1 billion-plus “unicorns” in the Houston area.

“Scaleup” refers to a startup that has achieved tremendous growth and has maintained a stable workforce, among other positive milestones. Airbnb, Peloton, and Uber are prime examples of businesses that evolved from startup to scaleup.

Cart.com says the new term loan facility from BlackRock consolidates its venture debt into one package “at competitive terms.” Those terms weren’t disclosed.

The company says the refinancing will enable it to expand into new markets and improve its technology, including its Constellation OMS order management system.

“Cart.com is one of the fastest-growing providers of commerce and logistics solutions today, and I’m excited to partner with BlackRock as we continue to aggressively invest to help our customers operate more efficiently,” Omair Tariq, the company’s founder and CEO, says in a news release.

Through a network of 14 fulfillment centers, Cart.com supports over 6,000 customers and 75 million orders per year.

"BlackRock is pleased to support Cart.com as it advances its mission to unify digital and physical commerce infrastructure," says Keon Reed, a director at BlackRock. “This latest facility underscores our confidence in the company’s differentiated product offerings and financial strategy as it enters its next stage of growth.”

Following the round, Hello Alice is now valued at $130 million. Photo courtesy Cayce Clifford/Hello Alice

Houston tech platform raises series C round backed by Mastercard

money moves

Hello Alice, a fintech platform that supports 1.5 million small businesses across the country, has announced its series C round.

The amount raised was not disclosed, but Hello Alice reported that the fresh funding has brought the company's valuation to $130 million. Alexandria, Virginia-based QED Investors led the round, and investors included Mastercard, Backstage Capital, Guy Fieri, Golden Seeds, Harbert Growth Partners Fund, How Women Invest I, LP, Lovell Limited Partnership, Tyler “Ninja” and Jessica Blevins, and Tamera Mowry and Adam Housley, per a news release from the company.

“We are thrilled to hit the milestone of 1.5 million small businesses utilizing Hello Alice to elevate the American dream. There are more entrepreneurs launching this year than in the history of our country, and we will continue to ensure they get the capital needed to grow,” Elizabeth Gore and Carolyn Rodz, co-founders of Hello Alice, say in a news release. “In closing our Series C, we welcome Mastercard to our family of investors and continue to be grateful to QED, How Women Invest, and our advocates such as Guy Fieri.”

The funding will go toward expanding capital offerings and AI-driven tools for its small business membership.

“Our team focuses on finding and investing in companies that are obsessed with reducing friction and providing superior financial services solutions to their customers,” QED Investors Co-Founder Frank Rotman says in the release. “Hello Alice has proven time and time again that they are on the leading edge of providing equitable access to capital and banking services to the small business ecosystem."

Hello Alice, which closed its series B in 2021 at $21 million, has collaborated with Mastercard prior to the series C, offering small business owners the Hello Alice Small Business Mastercard in 2022 and a free financial wellness tool, Business Health Score, last year. Mastercard also teamed up with other partners for the the Equitable Access Fund in 2023.

“With Hello Alice, we’re investing to provide support to small business owners as they look to access capital, helping to address one of the most cited business challenges they face,” Ginger Siegel, Mastercard's North America Small Business Lead, adds. “By working together to simplify access to the products and services they need when building and growing their business, we’re helping make a meaningful impact on the individuals who run their businesses, the customers they serve, and our communities and economy at large.”

While Hello Alice's founders' mission is to help small businesses, their own company was threatened by a lawsuit from America First Legal. The organization, founded by former Trump Administration adviser Stephen Miller and features a handful of other former White House officials on its board, is suing Hello Alice and its partner, Progressive Insurance. The lawsuit alleges that their program to award10 $25,000 grants to Black-owned small businesses constitutes racial discrimination. Gore calls the lawsuit frivolous in an interview on the Houston Innovators Podcast. The legal battle is ongoing.

Inspired by the lawsuit, Hello Alice launched the Elevate the American Dream, a grant program that's highlighting small businesses living out their American dreams. The first 14 grants have already been distributed, and Hello Alice plans to award more grants over the next several weeks, putting their grant funding at over $40 million.


Houston-based EndoQuest has closed a $42 million round. Photo via Getty Images

Houston medical robotics startup announces $42M series C

cha-ching

A Houston medical device company that's tapping into robotics technology for the operating room has just announced a major chunk of fresh funding.

EndoQuest Robotics Inc. announced that it has closed a $42 million series C to advance its robot technology that's targeting endoluminal and gastrointestinal minimally invasive procedures. Returning investors, CE Ventures Limited and McNair Interests, and new investor, Puma Venture Capital, led the round of funding.

"Our investors share our vision of leveraging robotics to redefine the possibilities in minimally invasive procedures," Kurt Azarbarzin, CEO of EndoQuest Robotics, says in a press release. "This financing enables us to continue innovating and refining our technology, ultimately improving patient care and transforming the future of endoluminal interventions."

The funding will go toward continued research and development, regulatory initiatives, commercialization, and other key initiatives. Dr. Vipul Patel, the co-founder and senior venture partner of Puma Venture Capital, is a robotic urologic surgeon and sees potential in EndoQuest's technology.

"I've had the privilege of seeing just about every robotic surgical system either in development or on the market today and can honestly say that EndoQuest's system is a true game changer for both physicians and patients," Patel says in the release.

Founded in 2017, EndoQuest's robotics technology has not yet been cleared by the FDA and is not for commercial sale in the United States.

"The EndoQuest team is trailblazing novel solutions in minimally invasive surgery," Neeraj Agrawal, executive director of Crescent Enterprises, the parent organization to CE Ventures Limited. "We welcome our new partners, and remain fully supportive of the Company and the prospects to transform healthcare with our innovative endoluminal surgical platform."

EndoQuest Robotics is targeting endoluminal and gastrointestinal minimally invasive procedures. Image via endoquestrobotics.com

Axiom Space CEO Michael Suffredini (right) has announced the company's series C round with support from Aljazira Capital, led by CEO Naif AlMesned. Photo courtesy of Axiom Space

Houston space tech startup raises $350M series C, clinches unicorn status

$1B club

Houston has another unicorn — a company valued at $1 billion or more — thanks to a recent round of funding.

Axiom Space released the news this week that it's closed its series C round of funding to the tune of $350 million. While the company didn't release its valuation, it confirmed to Bloomberg that it's over the $1 billion threshold. Axiom reports that, according to available data, it's now raised the second-most funding of any private space company in 2023 behind SpaceX.

Saudi Arabia-based Aljazira Capital and South Korea-based Boryung Co. led the round. To date, Axiom has raised over $505 million with $2.2 billion in customer contracts, according to the company.

“We are honored to team with investors like Aljazira Capital, Boryung and others, who are committed to realizing the Axiom Space vision,” Axiom Space CEO and president Michael Suffredini says in a news release. “Together, we are working to serve innovators in medicine, materials science, and on-orbit infrastructure who represent billions of dollars in demand over the coming decade.

"We are building on the legacy of the International Space Station, leveraging the pillars that were constructed in low-Earth orbit more than two decades ago, to now support a burgeoning global space economy,” he continues.

Axiom, founded in 2016 by Suffredini and Executive Chairman Kam Ghaffarian, is working on the first commercial space station that will replace the International Space Station when NASA retires it in 2031. The first module is expected to launch to the ISS by 2026.

Boryung, which has reportedly invested in Axiom prior to this round, is a firm focused on health care investments. Chairman of the firm, Jay Kim, says Boryung is making investments in technology that supports human space missions and building a space health care system.

“We recognize the depth of human spaceflight knowledge and the level of space station construction and management experience at Axiom Space, as well as the sophistication of the company’s sales and business strategy,” Kim says in the release. “We have a shared vision and ethos and are excited to build opportunity together.”

Naif AlMesned, CEO and managing director of Aljazira Capital, says his investment in Axiom is in accordance with Saudi Vision 2030, a government program launched in 2016 by the Kingdom of Saudi Arabia to increase economic, cultural, and social diversification for the sovereign state.

“We believe in the importance of innovation in various sectors and across various markets," AlMesned says in the release. "In line with the Saudi Vision 2030’s transformative approach, we acknowledge the need for technology toward the advancement of human life. To that end, we are excited to support Axiom Space along its journey of building for beyond.”

In addition to its work on Axiom Station, the company is working on other contracts with NASA, including constructing a new age spacesuit, a long-term NASA contract that's reported to be $1.26 billion. Axiom has also collaborated with NASA on two private astronaut missions — with two more planned for 2024.

It's not quite of strong of a start for Houston startups raising venture capital funding compared to last year. Photo via Getty Images

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

money tracker

While Houston startups saw a busy first quarter of 2023 — including IPOs in the space and biotech arenas — funding activity fell somewhat flat.

According to InnovationMap reporting, five startups have raised funding this year so far — which is less than half of the number of deals at the same time last year. Last year in the first quarter, 11 startups announced funding deals to the tune of $140 million. This year, startups raised around $106 million across five deals.

Tech-enabled manufacturing startup based in Houston secures $42M in growth financing

MacroFab has secured fresh investment to the tune of $42 million. Photo via macrofab.com

A Houston company has nearly doubled its total raised with its latest funding round.

MacroFab, a Houston-based electronics manufacturing platform, has announced $42 million in new growth capital led by Foundry and joined by BMW i Ventures, as well as existing investors Edison Partners and ATX Venture Partners. The platform was first launched by Misha Govshteyn and Chris Church in 2015.

“Given MacroFab’s compelling solutions to electronics manufacturing challenges and Foundry’s successful history with parallel companies, our investment is a perfect fit," Foundry Partner Seth Levine says in a news release. "This is a unique opportunity to be part of next generation cloud manufacturing and we’re excited to be joining forces with Misha and his team." Read the full story.

Houston e-commerce company raises another $40M round to support growth

P97 Networks has again raised $40 million to support its growth. Photo via Getty Images

For the second time in just over a year, a Houston business that provides mobile commerce and digital marketing to the mobility and fuel industries has raised $40 million.

P97 Networks, which has developed a cloud-based mobile commerce platform that helps brands securely do business with customers, announced that it has closed its series C round at $40 million. The equity financing round was led by Portage and included participation from existing investors. The fresh funding will go to support growth strategy.

"In this highly connected world, retail brands are looking for new ways to increase consumer engagement — the power of network effects in the digital world will be a key contributor to revenue growth and margins," says Donald Frieden, CEO of P97 Networks, in a news release. "With consumers of all ages further adopting mobile payment solutions, we are proud to have built the leading connected commerce and digital marketing platform for the convenience retail, energy marketing, and transportation industry." Read the full story.

Houston med device startup raises $18M, prepares to hire

BiVACOR has received fresh funding from its investors to further develop its artificial heart. Photo courtesy of BiVACOR

A Houston medical device company that is developing an artificial heart announced it has received investment funding to the tune of $18 million.

BiVACOR's investment round was led by Boston-based Cormorant Asset Management and Australia's OneVentures's Healthcare Fund III. According to the company, the funding will be deployed to continue research and development, hiring executives, and support the path to first in human trials.

“We are extremely grateful for the ongoing support from our core investors," says Thomas Vassiliades, who was named CEO of BiVACOR last year, in a news release. "This additional commitment further validates our technology and the need for improved options to treat end-stage biventricular heart failure." Read the full article.

Houston health tech company closes $3M series A

Prana Thoracic, an innovative startup in the lung cancer diagnostics space, has raised its series A round of investment. Photo via LinkedIn

It's been just under six months since the launch of Prana Thoracic, a Houston health tech startup tackling lung cancer diagnostics, and the company has already secured its next round of investment funding.

Prana Thoracic, a medical device company developing a tool for early interception of lung cancer, announced last week that it closed a $3 million series A financing round led by Florida-based New World Angels with participation from Johnson & Johnson Innovation – JJDC, Inc., Texas Medical Center Venture Fund, and the University City Science Center’s Phase 1 Ventures.

In August, the company received a $3 million award from the Cancer Prevention & Research Institute of Texas. All of Prana Thoracic's funding is being used to develop the unique diagnostic product and the company's path to first-in-human clinical studies.

“Our technology provides a definitive answer to patients with lung nodules and allows physicians to intervene earlier in the lung cancer patient’s journey,” says Joanna Nathan, CEO, and co-founder of Prana, in a news release. “Our team is grateful to have the support of our investors and excited to leverage this financing to accelerate our technology to the bedside.” Read the full story.

Houston climate tech startup closes $3M seed led by Shell

DexMat, a Houston-based materials science startup with tech originating at Rice University, has raised $3 million. Image via Getty Images

A material science startup with technology originating at Rice University has announced it has closed its seed round of funding.

DexMat raised $3 million in funding in a round led by Shell Ventures with participation from Overture Ventures, Climate Avengers and several individuals. The company transforms hydrocarbons, renewable fuels, and captured carbon into its flagship product Galvorn.

“DexMat presents an opportunity to capture methane, an abundant and inexpensive resource, and use it to replace materials such as steel, aluminum, and copper with a more sustainable option. We are excited to be part of DexMat’s journey going forward and to realize their ambitions,” says Aimee LaFleur, investment principal at Shell, in a news release.Read the full story.

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World's largest student startup competition names teams for 2025 Houston event

ready, set, pitch

The Rice Alliance for Technology and Entrepreneurship has announced the 42 student-led teams worldwide that will compete in the 25th annual Rice Business Plan Competition this spring.

The highly competitive event, known as one of the world’s largest and richest intercollegiate student startup challenges, will take place April 10–12 at Houston's The Ion. Teams in this year's competition represent 34 universities from four countries, including one team from Rice.

Graduate student-led teams from colleges or universities around the world will present their plans before more than 300 angel, venture capital, and corporate investors to compete for more than $1 million in prizes. Last year, top teams were awarded $1.5 million in investment and cash prizes.

The 2025 invitees include:

  • 3rd-i, University of Miami
  • AG3 Labs, Michigan State University
  • Arcticedge Technologies, University of Waterloo
  • Ark Health, University of Chicago
  • Automatic AI, University of Mississippi and University of New Orleans
  • Bobica Bars, Rowan University
  • Carbon Salary, Washington University in St. Louis
  • Carmine Minerals, California State University, San Bernardino
  • Celal-Mex, Monterrey Institute of Technology and Higher Education
  • CELLECT Laboratories, University of Waterloo
  • ECHO Solutions, University of Houston
  • EDUrain, University of Missouri-St. Louis
  • Eutrobac, University of California, Santa Cruz
  • FarmSmart.ai, Louisiana State University
  • Fetal Therapy Technologies, Johns Hopkins University
  • GreenLIB Materials, University of Ottawa
  • Humimic Biosystems, University of Arkansas
  • HydroHaul, Harvard University
  • Intero Biosystems, University of Michigan
  • Interplay, University of Missouri-Kansas City
  • MabLab, Harvard University
  • Microvitality, Tufts University
  • Mito Robotics, Carnegie Mellon University
  • Motmot, Michigan State University
  • Mud Rat, University of Connecticut
  • Nanoborne, University of Texas at Austin
  • NerView Surgical, McMaster University
  • NeuroFore, Washington University in St. Louis
  • Novus, Stanford University
  • OAQ, University of Toronto
  • Parthian Baattery Solutions, Columbia University
  • Pattern Materials, Rice University
  • Photon Queue, University of Illinois, Urbana-Champaign
  • re.solution, RWTH Aachen University
  • Rise Media, Yale University
  • Rivulet, University of Cambridge and Dartmouth College
  • Sabana, Carnegie Mellon University
  • SearchOwl, Case Western Reserve University
  • Six Carbons, Indiana University
  • Songscription, Stanford University
  • Watermarked.ai, University of Illinois, Urbana-Champaign
  • Xatoms, University of Toronto

This year's group joins more than 868 RBPC alums that have raised more than $6.1 billion in capital with 59 successful exits, according to the Rice Alliance.

Last year, Harvard's MesaQuantum, which was developing accurate and precise chip-scale clocks, took home the biggest sum of $335,000. While not named as a finalist, the team secured the most funding across a few prizes.

Protein Pints, a high-protein, low-sugar ice cream product from Michigan State University, won first place and the $150,000 GOOSE Capital Investment Grand Prize, as well as other prizes, bringing its total to $251,000.

Tesla recalling more than 375,000 vehicles due to power steering issue

Tesla Talk

Tesla is recalling more than 375,000 vehicles due to a power steering issue.

The recall is for certain 2023 Model 3 and Model Y vehicles operating software prior to 2023.38.4, according to the National Highway Traffic Safety Administration.

The printed circuit board for the electronic power steering assist may become overstressed, causing a loss of power steering assist when the vehicle reaches a stop and then accelerates again, the agency said.

The loss of power could required more effort to control the car by drivers, particularly at low speeds, increasing the risk of a crash.

Tesla isn't aware of any crashes, injuries, or deaths related to the condition.

The electric vehicle maker headed by Elon Musk has released a free software update to address the issue.

Letters are expected to be sent to vehicle owners on March 25. Owners may contact Tesla customer service at 1-877-798-3752 or the NHTSA at 1-888-327-4236.

Houston space tech companies land $25 million from Texas commission

Out Of This World

Two Houston aerospace companies have collectively received $25 million in grants from the Texas Space Commission.

Starlab Space picked up a $15 million grant, and Intuitive Machines gained a $10 million grant, according to a Space Commission news release.

Starlab Space says the money will help it develop the Systems Integration Lab in Webster, which will feature two components — the main lab and a software verification facility. The integration lab will aid creation of Starlab’s commercial space station.

“To ensure the success of our future space missions, we are starting with state-of-the-art testing facilities that will include the closest approximation to the flight environment as possible and allow us to verify requirements and validate the design of the Starlab space station,” Starlab CEO Tim Kopra said in a news release.

Starlab’s grant comes on top of a $217.5 million award from NASA to help eventually transition activity from the soon-to-be-retired International Space Station to new commercial destinations.

Intuitive Machines is a space exploration, infrastructure and services company. Among its projects are a lunar lander designed to land on the moon and a lunar rover designed for astronauts to travel on the moon’s surface.

The grants come from the Space Commission’s Space Exploration and Aeronautics Research Fund, which recently awarded $47.7 million to Texas companies.

Other recipients were:

  • Cedar Park-based Firefly Aerospace, which received $8.2 million
  • Brownsville-based Space Exploration Technologies (SpaceX), which received $7.5 million
  • Van Horn-based Blue Origin, which received $7 million

Gwen Griffin, chair of the commission, says the grants “will support Texas companies as we grow commercial, military, and civil aerospace activity across the state.”

State lawmakers established the commission in 2023, along with the Texas Aerospace Research & Space Economy Consortium, to bolster the state’s space industry.