Houston energy trailblazer Fervo closes $462 million Series E

Fresh Funds

Fervo Energy has closed an oversubscribed Series E. Photo via Fervo Energy

Houston-based geothermal energy company Fervo Energy has closed an oversubscribed $462 million series E funding round, led by new investor B Capital.

“Fervo is setting the pace for the next era of clean, affordable, and reliable power in the U.S.,” Jeff Johnson, general partner at B Capital, said in a news release.

“With surging demand from AI and electrification, the grid urgently needs scalable, always-on solutions, and we believe enhanced geothermal energy is uniquely positioned to deliver. We’re proud to support a team with the technical leadership, commercial traction, and leading execution capabilities to bring the world’s largest next-generation geothermal project online and make 24/7 carbon-free power a reality.”

The financing reflects “strong market confidence in Fervo’s opportunity to make geothermal energy a cornerstone of the 24/7 carbon-free power future,” according to the company. The round also included participation from Google, a longtime Fervo Partner, and other new and returning investors like Devon Energy, Mitsui & Co., Ltd., Mitsubishi Heavy Industries and Centaurus Capital. Centaurus Capital also recently committed $75 million in preferred equity to support the construction of Cape Station Phase I, Fervo noted in the release.

The latest funding will support the continued buildout of Fervo’s Utah-based Cape Station development, which is slated to start delivering 100 MW of clean power to the grid beginning in 2026. Cape Station is expected to be the world's largest next-generation geothermal development, according to Fervo. The development of several other projects will also be included in the new round of funding.

“This funding sharpens our path from breakthrough technology to large-scale deployment at Cape Station and beyond,” Tim Latimer, CEO and co-founder of Fervo, added in the news release. “We’re building the clean, firm power fleet the next decade requires, and we’re doing it now.”

Fervo recently won Scaleup of the Year at the 2025 Houston Innovation Awards, and previously raised $205.6 million in capital to help finance the Cape Station earlier this year. The company fully contracted the project's capacity with the addition of a major power purchase agreement from Shell this spring. Fervo’s valuation has been estimated at $1.4 billion and includes investments and support from Bill Gates.

“This new investment makes one thing clear: the time for geothermal is now,” Latimer added in a LinkedIn post. “The world desperately needs new power sources, and with geothermal, that power is clean and reliable. We are ready to meet the moment, and thrilled to have so many great partners on board.”

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This article originally appeared on EnergyCapitalHTX.com.

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Houston startups raised a combined $380 million in venture funding last quarter. Photo via Getty Images

Here's what Houston startups have raised in funding so far in 2024

Q1 2024 VC ACTIVITY

Seven Houston startups have started the new year strong with over $380 million in venture funding — most of which from one mega deal for a geothermal company.

According to InnovationMap reporting, Houston's VC activity in the first quarter of 2024 spanned industry and stage — from pre-seed to series E. It's a large chunk of money raised in Houston for one quarter — but not in terms of deals closed, at least compared to the previous quarter, in which startups raised over $170 million but across nine deals.

On the national side, it's not too different of a story. According to a quarterly report from PitchBook, the United State's VC activity for the start of the year "showed to be one of the slowest areas of the venture market during the quarter." Only $9.3 billion in capital was raised in the U.S. last quarter, which is only 11.3 percent of the total raised in the already slowed market of 2023.

"While dry powder remains high, slowed fundraising portends to LP hesitancy toward VC, and should predict a more difficult dealmaking environment down the road," reads an email from PitchBook. "During the past few years, large mega-funds drove fundraising trends, but Q1 VC fundraising shows there may be no appetite for such vehicles in today’s market."

These are the seven startup VC deals closed in Houston so far this year, according to reporting on InnovationMap.

Fervo Energy raises $244M in latest funding round

Fervo Energy scored a $244 million round of funding thanks to existing and new investors. Photo via Fervo Energy

An Oklahoma-based shale oil and gas leader has backed Fervo Energy's latest round of funding, supporting the startup's geothermal technology yet again.

Fervo announced its latest round of funding this week to the tune of $244 million. The round was led by Devon Energy, a company that's previously backed the startup.

“Demand for around-the-clock clean energy has never been higher, and next-generation geothermal is uniquely positioned to meet this demand,” Tim Latimer, Fervo CEO and co-founder, says in a news release. “Our technology is fully derisked, our pricing is already competitive, and our resource pipeline is vast. This investment enables Fervo to continue to position geothermal at the heart of 24/7 carbon-free energy production.” Read more about the round.

Procyrion secures $57.7M series E

Procyrion has announced the closing of its series E round of funding. Photo via Getty Images

Houston-born and bred medical device company, Procyrion, has completed its series E with a raise of $57.7 million, including the conversion of $10 million of interim financing.

Procyrion is the company behind Aortix, a pump designed to be placed in the descending thoracic aorta of heart failure patients, which has been shown to improve cardiac performance in seriously ill subjects. The money raised will allow the company to proceed with a the DRAIN-HF Study, a pivotal trial that will be used for eventual FDA approval and commercialization.

The Aortix is the brainchild of Houston cardiologist Reynolds Delgado. According to Procyrion’s CSO, Jace Heuring, Delgado, gained some of his experience with devices for the heart working with legendary Texas Heart Institute surgeon O.H. “Bud” Frazier. He filed his first patents related to the Aortix in 2005. Read more about the round.

Welligence Energy Analytics raises $41M series B

Houston-based Welligence Energy Analytics specializes in data and intelligence for the oil and gas markets, greenhouse gas emissions sector, and CCUS projects. Photo via Getty Images

A group of investors has chipped in $41 million to purchase a minority stake in Houston-based Welligence Energy Analytics, a provider of energy data and intelligence.

Boston-based venture capital firm Elephant Partners led the series B round, with participation from Veriten, a Houston-based, energy-focused research, investing, and strategy firm, and EDG, a Metairie, Louisiana-based energy consulting firm. Several executives from the energy, information services, and software sectors also contributed to the round.

Founded in 2016, Welligence specializes in data and intelligence for the oil and gas markets, greenhouse gas emissions sector, and carbon capture, storage, and utilization (CCUS) projects. Clients include major oil and gas companies, as well as large investment banks. Read more about the round.

Motif Neurotech secures nearly $19M series A

Motif Neurotech, which develops minimally invasive bioelectronics for mental health treatment, closed its series A round with an oversubscribed $18.75 million. Photo via Rice.edu

A health tech startup based out of a newly formed accelerator program at Rice University has raised venture funding.

Motif Neurotech closed its series A round with an oversubscribed $18.75 million. The company, which develops minimally invasive bioelectronics for mental health treatment, was formed out of the Rice Biotech Launch Pad that launched last fall.

The round was led by Arboretum Ventures, with participation from new investors KdT Ventures, Satori Neuro, Dolby Family Ventures, re.Mind Capital and existing investors Divergent Capital, TMC Venture Fund, PsyMed Ventures, Empath Ventures and Capital Factory. Read more about the round.

Sage Geosystems closes $17M series A 

Houston-based Sage Geosystems announced the first close of $17 million round led by Chesapeake Energy Corp. Photo via sagegeosystems.com

A Houston geothermal startup has announced the close of its series A round of funding.

Houston-based Sage Geosystems announced the first close of $17 million round led by Chesapeake Energy Corp. The proceeds aim to fund its first commercial geopressured geothermal system facility, which will be built in Texas in Q4 of 2024. According to the company, the facility will be the first of its kind.

The venture is joined by technology investor Arch Meredith, Helium-3 Ventures and will include support from existing investors Virya, LLC, Nabors Industries Ltd., and Ignis Energy Inc.

“The first close of our Series A funding and our commercial facility are significant milestones in our mission to make geopressured geothermal system technologies a reality,” Cindy Taff, CEO of Sage Geosystems, says in a news release. “The success of our GGS technologies is not only critical to Sage Geosystems becoming post-revenue, but it is an essential step in accelerating the development of this proprietary geothermal baseload approach. Read more about the round.

Ema raises $2M round of bridge funding

Ema, which operates as a health and wellness-focused, AI-based chat for women, has raised additional funding. Screenshot courtesy of Ema

A Houston-based startup that's improving health and wellness for women with its artificial intelligence-backed platform has raised a bridge round of funding.

Ema closed its latest bridge round, bringing its total funding to nearly $2 million. The company received investment from Kubera's Venture Capital and Victorum Capital, which joined existing investors Hearst Labs, Wormhole Capital, Acumen America, and Techstars.

Ema strives to deliver "personalized, empathetic, and evidence-based support" to its users through its generative AI technology. The platform has more than 100,000 users, and has expanded into the B2B sector with $100,000 in contracts within just 30 days after pivoting to this model, according to the company. Read more about the round.

TrueLeap Inc. raises oversubscribed $610,000 pre-seed round

The edtech company offers a comprehensive approach to shrinking the digital divide with a suite of technology including software, hardware, and more. Photo courtesy of TrueLeap

An edtech startup has just secured funding to further its mission of increasing accessibility to education.

TrueLeap Inc., global digital education startup addressing the digital divide in education, has raised $610,000, which is over its target of $500,000. The round was led by United Kingdom-based Maya Investments Limited.

"This oversubscribed funding round, led by Maya Investments Limited, is a testament to the urgent need for innovative educational technologies in emerging markets. Our commitment to providing affordable and integrated solutions is stronger than ever," says Sandip Bordoloi, CEO and Co-Founder of TrueLeap, in a news release. Read more about the round.

Procyrion has announced the closing of its series E round of funding. Photo via Getty Images

Houston medical device company secures $57.7M to fund journey to FDA approval, commercialization

fresh funding

Houston-born and bred medical device company, Procyrion, has completed its series E with a raise of $57.7 million, including the conversion of $10 million of interim financing.

Procyrion is the company behind Aortix, a pump designed to be placed in the descending thoracic aorta of heart failure patients, which has been shown to improve cardiac performance in seriously ill subjects. The money raised will allow the company to proceed with a the DRAIN-HF Study, a pivotal trial that will be used for eventual FDA approval and commercialization.

The Aortix is the brainchild of Houston cardiologist Reynolds Delgado. According to Procyrion’s CSO, Jace Heuring, Delgado, gained some of his experience with devices for the heart working with legendary Texas Heart Institute surgeon O.H. “Bud” Frazier. He filed his first patents related to the Aortix in 2005.

Heuring says that the first prototypes were built in 2011, followed by the final design in 2018. CEO Eric Fain, a California-based MD and with more than 30 years in the medical device industry, joined the company in 2018 ahead of the final design, primed to bring Aortix to the public. He visits the company’s Houston headquarters, across the street from Central Market, on a regular basis.

The device’s pilot study of 18 patients was completed in 2022. Those encouraging results paved the way for the current study, which will include an enrollment of 134 patients. The randomized study will seek to treat patients with acute decompensated heart failure. Half will be treated with standard-of-care therapy, the other half will be catheterized with an Aortix pump. A separate arm of the study will seek to treat end-stage heart failure patients who would otherwise be deemed too sick for either a transplant or an LVAD permanent pump. Fort-five healthcare centers in the United States will participate, including Texas Heart Institute.

“One of the key characteristics is [the patients] are retaining a lot of fluid,” explains Heuring in a video interview. “And when I say a lot, I mean it could be 25 or 30 or 40 pounds of fluid or more. When we put our pump in, one of the main goals is to reduce that fluid load.”

On average, about 11 liters of fluid came off of each patient. Many of those end-stage patients had previously been considered for both a heart and kidney transplant, but after using the Aortix, their kidneys responded so well that they were able to get only the heart transplant.

“These patients really are in dire straits and come into the hospital and today the only proven therapy to help these patients is to administer high doses of intravenous diuretic and some other cardiac drugs and in about 25 percent of patients those therapies are ineffective,” says Fain.

If Aortix gains approval, these sickest of the sick, usually consigned to hospice care, will have hope.

Thanks to the Series E, led by Houston’s Fannin Partners, returning investors, including Bluebird Ventures, the Aortix is inching closer to commercialization. Besides funding the DRAIN-HR study, Procyrion will also use the funds for internal programs to improve product manufacturability. One more step towards meaning advanced heart failure may not always be a death sentence.

Last month, Atul Varadhachary, managing director of Fannin, joined the Houston Innovators Podcast and alluded to Procyrion's raise. The company was born out of Fannin and still resides in the same building as Fannin.

Aortix is a pump designed to be placed in the descending thoracic aorta of heart failure patients. Photo via Procyrion

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Rice Business Plan Competition names startup teams for 2026 event

ready, set, pitch

The Rice Alliance for Technology and Entrepreneurship has announced the 42 student-led teams that will compete in the 26th 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 9-11 on Rice's campus and at the Ion. Teams in this year's competition represent 39 universities from four countries, including one team from Rice and two from the University of Texas at Austin.

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. Top teams were awarded $2 million in investment and cash prizes at the 2025 event.

The 2026 invitees include:

  • Alchemll, University of Tennessee - Knoxville
  • Altaris MedTech, University of Arkansas
  • Armada Therapeutics, Dartmouth College
  • Arrow Analytics, Texas A&M University
  • Aura Life Science, Northwestern University
  • BeamFeed, City University of New York
  • BiliRoo, University of Michigan
  • BioLegacy, Seattle University
  • BlueHealer, Johns Hopkins University
  • BRCĒ, Michigan State University
  • ChargeBay, University of Miami
  • Cocoa Potash, Case Western Reserve
  • Cosnetix, Yale University
  • Cottage Core, Kent State University
  • Crack'd Up, University of Wisconsin - Madison
  • Curbon, Princeton University
  • DialySafe, Rice University
  • Foregger Energy Systems, Babson College
  • Forge, University of California, Berkeley
  • Grapheon, University of Pittsburgh
  • GUIDEAIR Labs, University of Washington
  • Hydrastack, University of Chicago
  • Imagine Devices, University of Texas at Austin
  • Innowind Energy Solutions, University of Waterloo (Canada)
  • JanuTech, University of Washington
  • Laetech, University of Toronto (Canada)
  • Lectra Technologies, MIT
  • Legion Platforms, Arizona State University
  • Lucy, University of Pennsylvania
  • NerView Surgical, McMaster University (Canada)
  • Panoptica Technologies, Georgia Tech University
  • PowerHouse, MIT
  • Quantum Power Systems, University of Texas at Austin
  • Routora, University of Notre Dame
  • Sentivity.ai, Virginia Tech
  • Shinra Energy, Harvard University
  • Solid Air Dynamics, RWTH Aachen (Germany)
  • Spine Biotics, University of North Carolina - Chapel Hill
  • The Good Company, Michigan Tech
  • UNCHAIN, Lehigh University
  • VivoFlux, University of Rochester
  • Vocadian, University of Oxford (UK)

This year's group joins more than 910 RBPC alums that have raised more than $6.9 billion in capital, according to Rice.

The University of Michigan's Intero Biosystems, which is developing the first stem cell-driven human “mini gut,” took home the largest investment sum of $902,000 last year. The company also claimed the first-place prize.

Houston suburb ranks as No. 3 best place to retire in Texas

Rankings & Reports

Texas retirees on the hunt for the right place to settle down and enjoy their blissful retirement years will find their haven in the Houston suburb of Pasadena, which just ranked as the third-best city to retire statewide.

A new study conducted by the research team at RetirementLiving.com, "The Best Cities to Retire in Texas," compared the affordability, safety, livability, and healthcare access for seniors across 31 Texas cities with at least 90,000 residents.

Wichita Falls, about 140 miles northwest of Dallas, claimed the top spot as the No. 1 best place to retire in Texas.

The senior living experts said Pasadena has the best healthcare access for seniors in the entire state, and it ranked as the No. 8 most affordable city on the list.

"Taking care of one’s health can be stressful for seniors," the report said. "Harris County, where [Pasadena is] located, has 281.1 primary care physicians per 1,000 seniors — that’s almost 50-fold the statewide ratio of 5.9 per 1,000."

Pasadena ranked 10th overall for its livability, and ranked 25th for safety, the report added.

Meanwhile, Houston proper ranked as the No. 31 best place to retire in Texas, but its livability score was the 7th best statewide.

Seven of the Lone Star State's top 10 best retirement locales are located in the Dallas-Fort Worth Metroplex: Carrollton (No. 2), Plano (No. 4), Garland (No. 5), Richardson (No. 6), Arlington (No. 7), Grand Prairie (No. 8), and Irving (No. 9). McAllen, a South Texas border town, rounded out the top 10.

RetirementLiving said Carrollton has one of the lowest property and violent crime rates per capita in Texas, and it ranked as the No. 5 safest city on the list. About 17 percent of the city's population is aged 65 or older, which is higher than the statewide average of just 14 percent.

The top 10 best place to retire in Texas in 2026 are:

  • No. 1 – Wichita Falls
  • No. 2 – Carrollton
  • No. 3 – Pasadena
  • No. 4 – Plano
  • No. 5 – Garland
  • No. 6 – Richardson
  • No. 7 – Arlington
  • No. 8 – Grand Prairie
  • No. 9 – Irving
  • No. 10 – McAllen
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This article originally appeared on CultureMap.com.

Rice University lands $18M to revolutionize lymphatic disease detection

fresh funding

An arm of the U.S. Department of Health and Human Services has awarded $18 million to scientists at Rice University for research that has the potential to revolutionize how lymphatic diseases are detected and help increase survivability.

The lymphatic system is the network of vessels all over the body that help eliminate waste, absorb fat and maintain fluid balance. Diseases in this system are often difficult to detect early due to the small size of the vessels and the invasiveness of biopsy testing. Though survival rates of lymph disease have skyrocketed in the United States over the last five years, it still claims around 200,000 people in the country annually.

Early detection of complex lymphatic anomalies (CLAs) and lymphedema is essential in increasing successful treatment rates. That’s where Rice University’s SynthX Center, directed by Han Xiao and Lei Li, an assistant professor of electrical and computer engineering, comes in.

Aided by researchers from Texas Children’s Hospital, Baylor College of Medicine, the University of Texas at Dallas and the University of Texas Southwestern Medical Center, the center is pioneering two technologies: the Visual Imaging System for Tracing and Analyzing Lymphatics with Photoacoustics (VISTA-LYMPH) and Digital Plasmonic Nanobubble Detection for Protein (DIAMOND-P).

Simply put, VISTA-LYMPH uses photoacoustic tomography (PAT), a combination of light and sound, to more accurately map the tiny vessels of the lymphatic system. The process is more effective than diagnostic tools that use only light or sound, independent of one another. The research award is through the Advanced Research Projects Agency for Health (ARPA-H) Lymphatic Imaging, Genomics and pHenotyping Technologies (LIGHT) program, part of the U.S. HHS, which saw the potential of VISTA-LYMPH in animal tests that produced finely detailed diagnostic maps.

“Thanks to ARPA-H’s award, we will build the most advanced PAT system to image the body’s lymphatic network with unprecedented resolution and speed, enabling earlier and more accurate diagnosis,” Li said in a news release.

Meanwhile, DIAMOND-P could replace the older, less exact immunoassay. It uses laser-heated vapors of plasmonic nanoparticles to detect viruses without having to separate or amplify, and at room temperature, greatly simplifying the process. This is an important part of greater diagnosis because even with VISTA-LYMPH’s greater imaging accuracy, many lymphatic diseases still do not appear. Detecting biological markers is still necessary.

According to Rice, the efforts will help address lymphatic disorders, including Gorham-Stout disease, kaposiform lymphangiomatosis and generalized lymphatic anomaly. They also could help manage conditions associated with lymphatic dysfunction, including cancer metastasis, cardiovascular disease and neurodegeneration.

“By validating VISTA-LYMPH and DIAMOND-P in both preclinical and clinical settings, the team aims to establish a comprehensive diagnostic pipeline for lymphatic diseases and potentially beyond,” Xiao added in the release.

The ARPA-H award funds the project for up to five years.

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