This week's roundup of Houston innovators includes Ryan DuChanois of Solidec and Stephanie Campbell and Diana Murakhovskaya of The Artemis Fund. Photos courtesy

Editor's note: Welcome to another Monday edition of Innovators to Know. Today I'm introducing you to three Houstonians to read up about — three individuals behind recent innovation and startup news stories in Houston as reported by InnovationMap. Learn more about them and their recent news below by clicking on each article.

Ryan DuChanois, co-founder and CEO at Solidec

Ryan DuChanois pitched his company Solidec at CERAWeek, and took home a prize of $25,000. Photo via Solidec/LinkedIn

For the third year, the Greater Houston Partnership's Houston Energy Transition Institute hosted its startup pitch competition at CERAWeek by S&P Global. A dozen startups walked away with recognition — and three some with cash prizes.

Houston-based Solidec won the top prize for the TEX-E pitches. The company, which is working on a platform to produce chemicals from captured carbon, won first place and $25,000. Ryan DuChanois, co-founder and CEO, pitched at the event.

"This prize will help us scale up our technology from the lab at Rice University and ultimately fulfill our mission of capturing yesterday's emissions and generating tomorrow's fuels," the company writes in a post on LinkedIn. Read more.

Stephanie Campbell and Diana Murakhovskaya, co-founders and general partners of The Artemis Fund

Diana Murakhovskaya and Stephanie Campbell are co-founders of The Artemis Fund, a Houston-based, female founder-focused venture capital firm that just announced its $36 million fund II. Photo courtesy of Artemis

In 2019, Stephanie Campbell saw an opportunity in the market — investing in women-led startups, something that wasn't happening at the volume it should have been.

"When we looked around, we really wanted to solve the problem of why women only receive 2 percent of venture capital," Campbell says on the Houston Innovators Podcast.

As angel investors, Campbell and Diana Murakhovskaya, co-founders and general partners of The Artemis Fund, saw tons of promising women-led businesses. Read more.

Diana Murakhovskaya and Stephanie Campbell are co-founders of The Artemis Fund, a Houston-based, female founder-focused venture capital firm that just announced its $36 million fund II. Photo courtesy of Artemis

Houston VC leaders to empower female founders in fintech, commerce, and care with new $36M fund

HOUSTON INNOVATORS PODCAST EPISODE 228

In 2019, Stephanie Campbell saw an opportunity in the market — investing in women-led startups, something that wasn't happening at the volume it should have been.

"When we looked around, we really wanted to solve the problem of why women only receive 2 percent of venture capital," Campbell says on the Houston Innovators Podcast.

As angel investors, Campbell and Diana Murakhovskaya, co-founders and general partners of The Artemis Fund, saw tons of promising women-led businesses.

"We were finding these incredible female founders who we felt deserved capital to bring their innovations to the market because they're solving big markets and big problems But there was a disconnect in terms of their access and network," she continues.

The other issue, as Campbell explains, was that firms that did have a female-focused angle weren't leading these early-stage rounds. That's where Artemis comes in.

"Our goal was to be the leading firm for these overlooked, underserved markets that have the ability to deliver outsized returns," Campbell says.

Almost five years and around 20 investments later, The Artemis Fund has announced its second $36 million fund to continue to fund female-led upstarts with a tech solution within fintech, commerce, and care — the three pillars The Artemis Fund invests in.

"We really wanted to solve not just problems for women, which is a lot of what we do, but for families, small businesses, and immigrants, which is how we came around to these three verticals," Murakhovskaya says.

She goes on to explain that a significant percentage of adults are a part of the "sandwich generation" — caring not only for their own children, but for their aging parents. Innovations within caregiving can help this generation with their caregiving and maintain their role in the workforce. Additionally, over half the United States workforce is employed by small businesses, but these companies usually lack access to innovative technology.

"We're thinking about what founders are building in these industries to help these businesses thrive and leave these legacy assets to their children," Murakhovskaya says.

The Artemis Fund has announced that it's closed its second fund. Courtesy photos

Houston-based, female-focused VC closes $36M fund

fresh funding

A women-led venture capital group based in Houston has closed its second fund to continue its mission of supporting female-founded startups in fintech, commerce, and care.

The Artemis Fund announced its $36 million second fund this month. Co-founded in 2019 by General Partner Stephanie Campbell, General Partner Diana Murakhovskaya, and Venture Partner Leslie Goldman Tepper, the firm has invested in more than 20 female-led startups — with over 60 percent with Black, Latinx, or immigrant leadership.

"Many funds have come to market that focus on diverse founders. Few are also funding the technology to address key barriers faced by overlooked businesses, communities, and families in the U.S.," Artemis leadership writes in a news release.

"Artemis invests in the big personal, every day, economic problems that Silicon Valley doesn’t understand or know how to solve," the release continues. "We see massive opportunity in what many VCs will quickly write off as too small, too fragmented, and too hard to solve. If it keeps families and small business owners up at night, we are likely backing a company solving it."

Artemis Fund II includes support from limited partners Bank of America, Bank of Montreal, TIAA Nuveen’s Churchill Asset Management, Texas Capital Bank, Amazon, The Rockwell Fund, and Ballentine Partners.

“The Artemis Fund is not only breaking down barriers themselves, but they are also investing in companies looking to catalyze change," Hong Ogle, Houston president at Bank of America, says in the release. "Artemis keenly understands how to identify and support diverse entrepreneurs, which ultimately helps us toward achieving our goal to advance economic opportunity for all our communities."

The second fund has already made investments in five startups:

  • Alameda, California-based Hello Divorce, a tech-enabled guide to divorce with research, planning, therapy, and community support.
  • Gemist, based in Los Angeles, provides tech tools to jewelers.
  • West Palm Beach, Florida-based Max Retail, a platform to sell leftover inventory.
  • Payverse, headquartered in Sherman Oaks, California, is a cross border payment processor leveraging their modern processing platform.
  • New York-based Builder's Patch, a software platform that streamlines the process to finance the development and preservation of affordable multifamily housing for CRE lenders and developers.

If you feel like it's hard to find venture capitalists in Houston, you wouldn't be wrong, according to this Houston investor. Photo via Getty Images

Houston investor outlines how rare VCs are in Houston — and how to find them

guest column

As a venture capitalist and former startup founder living in Houston, I get asked a lot about the best way to find and connect with a venture capitalist in Houston. My usual advice is to start with a list, and reach out to everyone on that list. But no one has a comprehensive list. In fact, VCs are such a quiet bunch that I’ve yet to meet someone who personally knows everyone on this proverbial list.

So, I got together with a couple of VC friends of mine, and we put together our own Houston venture capitalist list.

There are, by our count, 11 active venture capital funds headquartered in Houston of any size and type, and outside of corporate venture capital and angel investors, there are 30 total venture capitalists running funds.

Houston has always been quite thin on the VC fund front. I’ve jokingly introduced myself for a while as “one of the 13 venture capitalists in Houston.”

Let’s put this scale in some brutal perspective. With 7.2 million people in the Greater Houston Metro Area, the odds of finding a partner level active venture capitalist in Houston is about 1 in 240,000, if you take a most expanded definition of venture capitalist that might come down to 1 in 100,000. We’re the fifth largest metropolitan area in the country with a tremendous economic engine; there is a ton of capital in Houston, but it’s residing in things like institutional fixed income and equities, real estate, wealth management, corporate, private equity, family office, energy and infrastructure Basically, mostly everywhere but in venture capital funds for tech startups.

By comparison, there are almost as many Fortune 500 CEOs in Houston — 24, by our count — as venture capitalists and fewer venture capitalists than Fortune 1000 CEOs, of which there are 43. That means running into a VC in the checkout line at HEB is about as rare as running into the CEO of CenterPoint, ConocoPhillips, or Academy. In fact, as there are 115 cities in the Greater Houston area, you are three times more likely to be a mayor in Greater Houston Area than a partner at an investor at a VC firm, and more likely to be a college or university president. While we’re at it, you’re 400 times more likely to be a lawyer, 250 times more likely to be a CPA, and over 650 times more likely to be a medical doctor.

Our 30 venture capitalists in the Greater Houston Area are spread across 20 firms and all major venture sectors and stages. Venture capitalist is defined for this list as a full time managing director or partner-level investment professional actively running a venture capital fund with limited partners, currently investing in new venture capital deals from their fund from seed to growth stage, and residing in the Greater Houston Metro area.

To get to 31 we added in a couple of people running venture set asides for PE funds, and a number who work from Houston for funds with no office here. We excluded CVCs, as the decision making is more corporate than individual and rarely includes the committed fund and carried interest structure that defines venture capital, and excluded professionals at angel networks, accelerators, and seed funds that provide investment, but don’t manage conventional venture capital funds, as well as PE funds that do the occasional venture deal. We might be able to triple the number if we include venture capitalists at any professional level, and add in those professionals at PE and angel and seed funds, and corporate venture capital teams who are actively investing. But we’ll get to those other sources of funding in the next list.

The 11 venture capital funds headquartered in Houston are: Mercury, Energy Transition Ventures (my fund), Montrose Lane (formerly called Cottonwood), Texas Medical Center Venture Fund, Artemis, New Climate Ventures, Fitz Gate Ventures, Curate Capital, Knightsgate Ventures, Amplo Ventures,and First Bight Ventures.

Another half a dozen firms have a partner level venture capital investor here, but are headquartered elsewhere: Energy Innovation Capital, Decarbonization Partners, 1984 Ventures, Altitude Ventures, Ascension Ventures, Moneta Ventures, and MKB & Co. Two others, CSL Ventures and SCF Partners, are local private equity funds with a venture capital partner in Houston and a dedicated allocation from a PE fund.

Culling these for partner or managing director level currently in Houston, in alphabetical order by first name, LinkedIn profile and all.

We may have missed a couple of VCs hiding in plain sight, as venture capital is a pretty dynamic business.

VCs are just rare. And yes, perhaps more rare in Houston than in California. Something less than 1 in 100 VCs in the country live in Houston. Across the US there are somewhere around 1,000 to 2,000 active venture capital firms, and maybe another 1,000 to 2,000 active US based CVCs — so, plus or minus maybe at most 4,000 to 5,000 currently active partner level venture capitalists in the country excluding CVC professionals (active VCs and VC funds are really hard to count).

Perhaps in the most stunning statistic, the 7,386 elected state legislators in the US today outnumber the total number of American venture capitalists. Luckily for startup founders, the venture capitalists are more likely to return your phone call.

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Neal Dikeman is a venture capitalist and seven-time startup co-founder investing out of Energy Transition Ventures. He’s currently hosting the Venture Capital for First Time Founders Series at the Ion, where ETV is headquartered.

This week's roundup of Houston innovators includes Stephanie Campbell of HAN and The Artemis Fund, Larry Lawson of Proxima Clinical Research, and Vanessa Wyche of the Johnson Space Center. 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 medical device development to fintech — recently making headlines in Houston innovation.

Stephanie Campbell, managing director of the Houston Angel Network and general partner at The Artemis Fund

Local investment leader talks trends in Houston venture capital activity

Stephanie Campbell joins the Houston Innovators Podcast last week to share some trends in early-stage investing. Photo courtesy of HAN

There were so many question marks at the beginning of the pandemic, especially for startup funding. Stephanie Campbell, who manages the most active angel network as well as a venture capital fund, says no one was sure how anything was going to pan out. Now, looking back on last year, VC did ok, she says on the Houston Innovators Podcast, and the Houston Angel Network saw membership growth.

"I think that given the markets with quite a bit of liquidity, people were looking for new and interesting ways to invest and make a return," Campbell says on the podcast. "In 2020, we actually grew by 30 percent and are up to 130 members of the Houston Angel Network and are continuing to grow through 2021."

Campbell shares more of her observations on the show and what she's focused on next. Click here to read more and stream the episode.

Larry Lawson, co-founder of Proxima Clinical Research

Larry Lawson joined InnovationMap for a Q&A about his startup's recent exit, his role on the boards of five med device companies, his investment activity, and more. Photo courtesy of Larry Lawson

When Larry Lawson started his career in the medical device industry, it was hard to get funding. The health tech founder and investor says if it wasn't oil or real estate, banks couldn't understand well enough to make a loan. So, he bootstrapped, raised from friends and family, and found venture capital support for his business endeavors over the years. Now, he's celebrating a $1.4 billion exit of his last business, Preventice Solutions, a deal that closed earlier this year.

The ecosystem in Houston has changed, he says, and he's seen it evolve as the Texas Medical Center grew and the Rice Business Plan Competition brought impressive student innovators from all around the globe.

"The health science community here in Houston is now known all over the world," he tells InnovationMap. "It's gonna just continue to grow and develop, and I hope to be a part of continue to be a part of it." Click here to read more.

Vanessa Wyche, director of Johnson Space Center

Vanessa Wyche is the first Black woman to lead a NASA center. Photo courtesy of NASA

For the first time, NASA has a Black woman at the helm of a space center. Vanessa Wyche has been named director of Johnson Space Center in Houston after serving as acting director since May 3.

"Vanessa is a tenacious leader who has broken down barriers throughout her career," Pam Melroy, deputy administrator of NASA, says in a news release. "Vanessa's more than three decades at NASA and program experience in almost all of the human spaceflight programs at Johnson is an incredible asset to the agency. In the years to come, I'm confident that Houston will continue to lead the way in human spaceflight."

As director of Johnson Space Center, Wyche now leads more than 10,000 NASA employees and contractors. Click here to read more.

Stephanie Campbell joins the Houston Innovators Podcast this week to share some trends in early-stage investing. Photo courtesy of HAN

Local investment leader talks trends in Houston venture capital activity

HOUSTON INNOVATORS PODCAST EPISODE 91

Backed by fresh funding from limited partners, The Artemis Fund is growing its portfolio at a time when funding female founders is more important than ever.

Stephanie Campbell — general partner and co-founder of The Artemis Fund, a Houston-based venture fund focused on supporting female founders — joined the Houston Innovators Podcast to discuss Artemis's first $15 million fund, which closed earlier this year.

"We raised more than half of the fund during the pandemic, so we know what it was like to be a founder raising funds in a pandemic," Campbell says on the episode. "Running a fund, I don't think a lot of people realize, is a lot like starting a startup, except we're raising money and backing startups at the same time."

The Artemis Fund invested in 10 startups — two in Houston — since its launch in 2019 and it was raising its fund I. Now, for 2021, Campbell and her partners — Leslie Goldman and Diana Murakhovskaya — are on the hunt for five more early-stage female-led companies to back.

"We're laser focused on finding the final five awesome women to add to our portfolio and then we'll start thinking seriously about launching fund II, probably at the end of the year," she explains.

Campbell says Artemis looks for seed-stage companies with a product already developed and ready to scale.

"We're really good at finding companies that have essentially bootstrapped, have a product in market with revenue, and we're usually that first institutional check," she says.

Within the companies that already make up the portfolio, a trend has emerged. Campbell says they are targeting fintech and e-commerce companies, as well as startups within caretech.

"These founders — all 10 of them — are in our mind creating a technology that helps people build wealth and care for their families and communities more sustainably," she says.

Speaking on VC trends, Campbell, who's also the managing director of the Houston Angel Network, says that despite the problems the pandemic provided the innovation ecosystem, HAN actually saw sizeable growth in membership and interest.

"I think that given the markets with quite a bit of liquidity, people were looking for new and interesting ways to invest and make a return," Campbell says on the podcast. "In 2020, we actually grew by 30 percent and are up to 130 members of the Houston Angel Network and are continuing to grow through 2021."

The organization pivoted to virtual pitches right off the bat and didn't slow down at all at the emergence of COVID-19. In fact, pitching at HAN has only gotten more competitive, Campbell says, and the membership is looking for early-stage companies that are out of just idea stage.

"It's getting harder and harder to get pre-seed funding in that first check for an idea stage," Campbell says on trends in the industry. "There are just so many deals that have done so much with so little to prove that they have product-market fit — and those tend to be the deals that pitch at our monthly meetings."

Campbell shares more about the trends in VC in Houston on the episode. Listen to the full interview below — or wherever you stream your podcasts — and subscribe for weekly episodes.


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10 promising Houston startups that made headlines in 2025

year in review

Editor's note: As we reflect on 2025, we're looking back at the stories and startups that made waves in Houston's innovation scene. These 10 startups reached memorable milestones, won prestigious awards, found creative solutions, and disrupted their industries.

Persona AI: Houston humanoid robotics startup inks new deal to deploy its rugged robots

A concept design rendering of Persona AI's humanoid robot. The company is expanding at the Ion and plans to deliver prototype humanoids by the end of 2026 for complex shipyard welding tasks. Rendering courtesy Persona AI.

Persona AI is building modularized humanoid robots that aim to deliver continuous, round-the-clock productivity and skilled labor for "dull, dirty, dangerous, and declining" jobs. The company was founded by Houston entrepreneur Nicolaus Radford, who serves as CEO, along with CTO Jerry Pratt and COO Jide Akinyode. It raised $42 million in pre-seed funding this year and is developing its prototype of a robot-welder for Hyundai's shipbuilding division, which it plans to unveil in 2026. The company won in the Deep Tech Business category at this year's Houston Innovation Awards. Continue reading.

Rheom Materials: Houston startup unveils its innovative leather alternative at the rodeo

Rheom Materials presented its bio-based alternative, Shorai, a 93 percent bio-based leather, at the rodeo and plans to scale it up this year. Photos courtesy Rheom Materials

Rheom Materials presented its scalable, bio-based alternative known as Shorai, a 93 percent bio-based leather, through two custom, western-inspired outfits that showed off cowboy flair through a sustainable lens at the Houston Livestock Show and Rodeo earlier this year.

Next up, the company said it aimed to scale production of Shorai, the Japanese word for “future,” at a competitive price point, while also reducing its carbon footprint by 80 percent when compared to synthetic leather. The company also made a large-scale production partnership with a thermoplastic extrusion and lamination company, Bixby International, this year. Continue reading.

Koda Health: Houston digital health platform Koda closes $7 million funding round

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 closed an oversubscribed $7 million series A funding round this year. 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. Koda Health, saw major growth this year by integrating its end-of-life care planning platform with Dallas-based Guidehealth in April and with Epic Systems in July. The company won the Health Tech Business category at the 2025 Houston Innovation Awards. Continue reading.

Veloci Running: Student-led startup runs away with prestigious prize at Rice competition

The H. Albert Napier Rice Launch Challenge awarded $100,000 in equity-free funding to student-led startups, including first-place finisher Veloci Running. Photo courtesy of Rice University.

Veloci Running took home the first-place prize and $50,000 at the annual Liu Idea Lab for Innovation and Entrepreneurship's H. Albert Napier Rice Launch Challenge. The company was founded by Tyler Strothman, a former track and field athlete and senior at Rice, majoring in sport management. Inspired by the foot pain he suffered due to the narrow toe boxes in his running shoes, Strothman decided to create a naturally shaped shoe designed to relieve lower leg tightness and absorb impact. Additional prize winners included SteerBio, Kinnections, Labshare and several others. Continue reading.

Square Robot Inc.: Houston robotics co. unveils new robot that can handle extreme temperatures

The new robot eliminates the need for humans to enter dangerous and toxic environments. Photo courtesy of Square Robot

Houston- and Boston-based Square Robot Inc.'s newest tank inspection robot became commercially available and certified to operate at extreme temperatures this fall. The new robot, known as the SR-3HT, can operate from 14°F to 131°F, representing a broader temperature range than previous models in the company's portfolio. According to the company, its previous temperature range reached 32°F to 104°F. The company also announced a partnership with downstream and midstream energy giant Marathon Petroleum Corp. (NYSE: MPC) last month. Continue reading.

Bot Auto: Houston autonomous trucking co. completes first test run without human intervention

Bot Auto completed its first test run without human assistance in Houston. Photo courtesy Bot Auto.

Houston-based Bot Auto, an autonomous trucking company, completed its first test run without human assistance earlier this year. Bot Auto conducted the test in Houston. The transportation-as-a-service startup added that this milestone “serves as a validation benchmark, demonstrating the maturity and safety of Bot Auto’s autonomy stack and test protocols.” This summer, founder Xiaodi Hou told the Front Lines podcast that Bot Auto had raised more than $45 million. Continue reading.

Nomad: Screen-free hiking app developed in Houston earns 'Best of the Best' award

NOMAD aims to help hikers stay in the moment while still utilizing technology. Photo courtesy UH.

An AI-powered, screen-free hiking system developed by Varshini Chouthri, a recent industrial design graduate from the University of Houston, received this year's Red Dot’s “Best of the Best” award, which recognizes the top innovative designs around the world. Known as NOMAD, the system aims to help users stay in the moment while still utilizing technology. Continue reading.

Little Place Labs, Helix Earth, Tempest Droneworx: Houston startups win big at SXSW 2025 pitch competition

Two Houston startups won the SXSW Pitch showcase in their respective categories. Photo via Getty Images

Houston had a strong showing at the SXSW Pitch showcase in Austin this year, with several local startups claiming top prizes in their respective categories.

Little Place Labs, a Houston space data startup, won the Security, GovTech & Space competition. Clean-tech company Helix Earth, which spun out of Rice University and was incubated at Greentown Labs, won in the Smart Cities, Transportation & Sustainability contest. Tempest Droneworx, a Houston-based company that provides real-time intelligence collected through drones, robots and sensors, won the Best Speed Pitch award. Continue reading.

6 Houstonians named to prestigious national group of inventors

top honor

Six Houston scientists and innovation leaders have been named to the National Academy of Inventors’ newest class of fellows. The award is the highest professional distinction awarded to academic inventors by the NAI.

The 2025 class is made up of 169 fellows who hold more than 5,300 U.S. patents, according to the organization. The group hails from 127 institutions across 40 U.S. states.

The Houston-based inventors are leading fields from AI to chemistry to cancer research.

“NAI Fellows are a driving force within the innovation ecosystem, and their contributions across scientific disciplines are shaping the future of our world,” Paul R. Sanberg, president of the National Academy of Inventors, said in a news release. “We are thrilled to welcome this year’s class of Fellows to the Academy. They are truly an impressive cohort, and we look forward to honoring them at our 15th Annual Conference in Los Angeles next year.”

The 2025 list of Houston-based fellows includes:

  • Vineet Gupta, Vice President for Innovation, Technology Development and Transfer at the University of Texas Medical Branch
  • Eva Harth, chemistry professor at the University of Houston
  • Dr. Raghu Kalluri, Professor and Chairman of the Department of Cancer Biology at The University of Texas MD Anderson Cancer Center
  • Sanjoy Paul, Executive Director of Rice Nexus and AI Houston and Associate Vice President for Technology Development at Rice University
  • Dr. Jochen Reiser, President of the University of Texas Medical Branch and CEO of UTMB Health System
  • Todd Rosengart, Professor and Chair of the Department of Surgery at Baylor College of Medicine

"It is a great honor to be named a Fellow of the NAI. It is deeply gratifying to know that the work my students and I do — the daily push, often in small steps — is seen and recognized," Harth added in a news release from UH.

The 2025 fellows will be honored and presented with their medals by a senior official of the United States Patent and Trademark Office at the NAI Annual Conference this summer in Los Angeles.