Houston-founded e-commerce unicorn raises $60M series C to support growth, international expansion

fresh funding

Cart.com has secured its unicorn status at a $1.2B valuation with latest round of venture capital funding. Image via Cart.com

A Houston-founded software company —officially a unicorn company, valued at $1 billion or more — has announced the details of its latest fundraise.

Cart.com, which provides a suite of software solutions for commerce and logistics enablement, closed its $60 million series C equity funding round with a $1.2 billion valuation. Investors in the round included B. Riley Venture Capital, Kingfisher Investment Advisors, Snowflake Ventures, Prosperity7 Ventures, Legacy Knight, and more.

According to a news announcement from the company, Cart.com will use the funding for international expansion, continued product development, and to meet increased client demand.

“We are proud to partner with this prestigious group of investors to accelerate our growth and continue to deliver best-in-class solutions to our customers,” says Omair Tariq, CEO and co-founder of Cart.com, in a statement. “As a leading commerce software and services provider, we are focused on enabling our customers to compete and win across every channel through digital tools and digitally driven logistics capabilities. We will continue to invest in our industry-leading commerce data capabilities, which are built to address the specific inventory, channel and supply chain challenges facing enterprises.”

The company was founded in Houston in November 2020 and relocated its headquarters to Austin in 2021. Per LinkedIn, 10 percent of its workforce, including several executives and co-founders like Tariq, is based in Houston.

Last year, Cart.com reportedly grew revenue by more than 500 percent and has almost 6,000 brands using its platform. Its users have access to tools across inventory, supply chain, marketing, data, procurement, and more.

“Cart.com is driving the evolution of commerce and unlocking business value through unified data across the entire value chain,” says Harsha Kapre of Snowflake Ventures. “With Cart.com’s data processing and data storage in Snowflake’s Data Cloud, they can provide customers with new options to keep control of their own data and take full advantage of Snowflake’s data analytics and data-sharing capabilities. We look forward to continuing our shared commitment to innovation, growth and technology that delivers a competitive advantage in the market.”

Earlier this month, Tariq was named a regional winner in the Entrepreneur Of The Year program, run by professional services firm EY. He was one of 11 Houston-based executives named in the Gulf South region and now will move on to national Entrepreneur Of The Year program. National winners will be named in November.

The company previously announced $240 million in equity and debt funding from Legacy Knight Capital Partners, the equity investment arm of the Legacy Knight Multifamily Office, last year. In 2021, Cart.com closed a series B round at just under $100 million.

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Houston humanoid robotics startup Persona AI hires new strategy leader

new hire

Houston-based Persona AI, a two-year-old startup that develops robots for heavy industry, has hired an automation and robotics professional as its head of commercial strategy.

In his new position, Michael Perry will focus on building Persona AI’s business development operations, coordinating with strategic partners and helping early adopters of the company’s humanoids. Target customers include offshore platforms, shipyards, steel mills and construction sites.

Perry previously served as vice president of business development at Boston Dynamics, where he led market identification for robotics, and as an executive at DJI. He holds a bachelor’s degree in Chinese and government studies from the University of Texas at Austin.

“Now is the perfect time to join Persona AI as we rapidly close the gap between what’s possible in the lab versus what’s driving real commercial value,” Perry says. “Building industry-hardened humanoid hardware and production-deployable AI is only one piece of the puzzle.”

“Getting humanoids into operations for heavy industry will require the systematic commercial and operational work that makes enterprises humanoid-ready and defining the business case, solving the integration challenges, and building the playbook for safe, scalable adoption,” he adds. “That’s what I’m here to build.”

Rice to lead Space Force tech institute under $8.1M agreement

space deal

Rice University has signed an $8.1 million cooperative agreement to lead the U.S. Space Force University Consortium/Space Strategic Technology Institute 4 (SSTI).

The new entity will be known as the Center for Advanced Space Sensing Technologies (CASST) at Rice and will focus on developing innovative remote sensing technologies.

“This investment positions Rice at the forefront of the technologies that will define how we see, understand and operate in space,” Amy Dittmar, Howard R. Hughes Provost and executive vice president for academic affairs, said in a news release. “By bringing together advanced remote sensing, AI-driven analysis and cross-institutional expertise, CASST will help transform raw space data into real-time insight and expand the frontiers of scientific discovery.

The news comes shortly after the Texas Space Commission approved a nearly $14.2 million grant for the newly created Center for Space Technologies at Rice.

David Alexander, director of the Rice Space Institute, will lead CASST. Alexander is also an inaugural member of the Texas Aerospace Research and Space Economy Consortium and he serves on the boards of the Houston Spaceport Development Corporation, SpaceCom and the Sasakawa International Center for Space Architecture. The team also includes Rice professors and staff Kevin Kelly, Tomasz Tkaczyk, Kenny Evans, Kaden Hazzard, Mark Jernigan and Vinod Veedu, and collaborators from Houston-based Aegis Aerospace, University of California, Los Angeles, University of California, Santa Barbara and Georgia Institute of Technology.

In addition to bringing new space sensor innovation, the team will also work to miniaturize sensors while developing and implementing low-resource fabrication techniques, according to Rice. The researchers will also utilize AI and machine learning to analyze sensor data.

The U.S. Space Force uses space sensors to provide real-time information about space environments and assess potential threats. CASST is the fourth Space Strategic Technology Institute established by the USSF.

“Rice has helped shape the modern era of space research, and CASST marks a bold step into what comes next,” David Sholl, executive vice president for research at Rice, said in a news release. “As space becomes more contested and more essential to daily life, the ability to rapidly sense, interpret and act on what’s happening beyond Earth is critical. This center brings together the materials, engineering and data science innovations needed to deliver that capability."

The USSF University Consortium works with academic teams to develop breakthrough technologies and speed their transition into real-world applications for the U.S. Space Force.

The recent Rice award is part of $16 million over about three years. The USSF also signed a cooperative agreement with the University of Arizona in February.

The consortium has also helped facilitate several technological and commercial transitions over the last two years, including a $36 million commercial contract awarded to Axiom by Texas A&M University's in-space operations team and a follow-on $6 million contract to Axiom to build on technology developed by the University of Texas.

Leading Houston energy ecosystem rebrands for next phase

new look

Houston-based Energytech Nexus has rebranded.

The cleantech founders community will now be known as Energytech Cypher. Organizers say the new name was inspired by the Arabic roots of the word cypher, ṣifr, which is also the root of the word zero.

"A cypher is a key that unlocks what's hidden," Nada Ahmed, co-founder and chief revenue officer of Energytech Cypher, said in a news release. "And zero? Zero is where every transformation begins, the leap from 0 to 1, from idea to reality, from potential to power. We decode the energy transition by connecting the right founders, the right capital, and the right corporate partners at the right time, because the most important journey in energy is the one that takes you from nothing to something."

Energytech Nexus has rebranded to Energytech Cypher.

Co-founder and CEO Jason Ethier says that the name change better reflects the organization's mission.

"The energy transition doesn't have a technology problem. It has a connection problem," Ehtier added in the release. "The right founders exist. The right investors exist. The right partners exist. What's been missing is the infrastructure to bring them together—to decode the complexity, remove the friction, and make sure the best technologies find the markets that need them. That's what this community has always done. Energytech Cypher is the name that finally says it."

Energytech Cypher, previously known as Energytech Nexus, was first launched in 2023 and has grown from a podcast to a 130-member ecosystem. It has supported startups including Capwell Services, Resollant, Syzygy Plasmonics, Hertha Metals, Solidec and many others.

It is known for its flagship programs like the Pilotathon, which connects founders with industry partners for pilot opportunities. The event debuted in 2024.

Energytech Cypher also launched its COPILOT Accelerator last year. The accelerator partners with Browning the Green Space, a nonprofit that promotes diversity, equity and inclusion (DEI) in the clean energy and climatech sectors. The inaugural cohort included two Houston-based startups and 12 others from around the U.S.

It also hosts programs like Liftoff, Energy Tech Market, lunch and learns, CEO roundtables, investor workshops and international partnership initiatives.

Last year, Energytech Cypher also announced a new strategic ecosystem partnership with Greentown Labs, aimed at accelerating growth for clean energy startups. It also named its global founding partners, including Houston-based operations such as Chevron Technology Ventures, Collide, Oxy Technology Ventures, and others from around the world.

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This article originally appeared on our sister site, EnergyCapitalHTX.com.

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