3 Houston innovators to know this week

who's who

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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Axiom Space launches semiconductor and astronaut training initiatives

space projects

Axiom Space, a Houston-based commercial spaceflight and space infrastructure company, has launched initiatives in two very different spheres — semiconductors and astronaut training.

On the semiconductor front, Axiom has signed a memorandum of understanding with Japanese chemical company Resonac Corp. to collaborate on semiconductor R&D and manufacturing projects carried out in space. Among Resonac’s products are materials used in chip manufacturing.

Axiom said the deal “paves the way toward leveraging microgravity to advance next-generation chip technologies and accelerate the in-space manufacturing market.”

Under the agreement, Axiom and Resonac will explore the potential production of semiconductor materials and chip packaging in microgravity and low-Earth-orbit environments.

“The unique environment of space offers immense potential for advancing semiconductor materials, especially in crystal growth,” Masato Fukushima, Resonac’s chief technology officer, said in a news release.

The deal will also extend Resonac’s work with Axiom on the development of molding compounds that can reduce “soft errors” when semiconductor devices are exposed to space radiation.

“Our collaboration with Resonac underscores how Axiom Space is enabling global corporations from around the world to leverage space to drive manufacturing innovation across critical technology sectors such as semiconductors,” Axiom astronaut Koichi Wakata, the company’s chief technology officer, said.

In the astronaut training arena, Axiom has tapped Portuguese physiologist Emiliano Ventura as its first “Project Astronaut.” Ventura will apply his expertise in human performance to a pilot program aimed at testing six-month astronaut training protocols.

“His goal is to participate in a future mission and explore, with scientific depth and curiosity, how the human body adapts to microgravity, contributing fresh insights to the current body of research in space physiology,” Axiom said.

Ventura has helped several Axiom crewmembers with physiological needs before and after missions aboard the International Space Station.

Axiom said Ventura’s pilot program will study astronauts’ physiological responses to microgravity during spaceflight. The program eventually will benefit Axiom astronauts heading to the world’s first commercial space station, which is being built by Axiom.

Michael López-Alegria, Axiom’s chief astronaut, said he and the company’s two other astronauts will train with Ventura. The Project Astronaut initiative “strengthens our commitment to enabling safe, effective, and inspiring commercial space missions while supporting scientific objectives worldwide.” López-Alegria said.

Houston scientist launches new app to support mental health professionals

App for that

One Houston-based mental health scientist is launching a new app-based approach to continuing education that she hopes will change the way doctors, therapists, and social workers evolve in their field.

The app, MHNTI, is named for its parent company, the Mental Health Network & Training Institute. It's a one-stop shop for mental health professionals to find trainers, expert consultations, local providers, webinars, and other tools related to licensure certification and renewal.

Free and paid tiers offer different levels of access, but both offer doctors, counselors, and more an easier way to engage with continuing education. When a mental health professional is looking to expand their knowledge in a way that coincides with CE requirements, MHNTI provides it; as easy as using Amazon.

"We built MHNTI for the clinicians craving meaningful, ongoing training that fits real-life schedules," said Dr. Elizabeth McIngvale. "MHNTI is more than an app. It's a movement to support mental health professionals at every career stage."

McIngvale, the daughter of celebrated Houston entrepreneur Jim "Mattress Mack" McIngvale, co-founded MHNTI after becoming one of the leading experts on obsessive-compulsive disorder (OCD) in the United States. Born with the condition herself, she suffered greatly as a child to the point that she required extensive repetitive rituals daily just to function. She responded to exposure with response prevention (ERP) treatment, earned her Ph.D. from the University of Houston, and is now the director at the OCD Institute of Texas.

This is not the first time she used the internet to try to improve the mental health industry. In 2018, she launched the OCD Challenge website, a free resource for people with OCD.

McIngvale's co-founder is New York-based doctor, entrepreneur, and author Lauren Wadsworth, another expert in OCD and other anxiety disorders. Like McIngvale, she understands that the labyrinthian world of continuing education can keep mental health professionals from achieving their potential.

"Mental health providers are often overworked and under-resourced. MHNTI is here to change that," said Wadsworth. "We're creating a space where clinicians can continuously learn, grow, and feel supported by experts who understand the work firsthand."

MHNTI is available in the App Store, Google Play, and for desktop.

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A version of this article originally appeared on CultureMap.com.

Announcing the 2025 Houston Innovation Awards finalists

Inspirational Innovators

InnovationMap is proud to reveal the finalists for the 2025 Houston Innovation Awards.

Taking place on November 13 at Greentown Labs, the fifth annual Houston Innovation Awards will honor the best of Houston's innovation ecosystem, including startups, entrepreneurs, mentors, and more.

This year's finalists were determined by our esteemed panel of judges, comprised of past award winners and InnovationMap editorial leadership.

The panel reviewed nominee applications across 10 prestigious categories to determine our finalists. They will select the winner for each category, except for Startup of the Year, which will be chosen by the public via online voting launching later this month.

We'll announce our 2025 Trailblazer Award recipient in the coming weeks, and then we'll unveil the rest of this year's winners live at our awards ceremony.

Get to know all of our finalists in more detail through editorial spotlights leading up to the big event. Then, join us on November 13 as we unveil the winners and celebrate all things Houston innovation. Tickets are on sale now — secure yours today.

Without further ado, here are the 2025 Houston Innovation Awards finalists:

Minority-founded Business

Honoring an innovative startup founded or co-founded by BIPOC or LGBTQ+ representation:

  • Capwell Services
  • Deep Anchor Solutions
  • Mars Materials
  • Torres Orbital Mining (TOM)
  • Wellysis USA

Female-founded Business

Honoring an innovative startup founded or co-founded by a woman:

  • Anning Corporation
  • Bairitone Health
  • Brain Haven
  • FlowCare
  • March Biosciences
  • TrialClinIQ

Energy Transition Business

Honoring an innovative startup providing a solution within renewables, climatetech, clean energy, alternative materials, circular economy and beyond:

  • Anning Corporation
  • Capwell Services
  • Deep Anchor Solutions
  • Eclipse Energy
  • Loop Bioproducts
  • Mars Materials
  • Solidec

Health Tech Business

Honoring an innovative startup within the health and medical technology sectors:

  • Bairitone Health
  • Corveus Medical
  • FibroBiologics
  • Koda Health
  • NanoEar
  • Wellysis USA

Deep Tech Business

Honoring an innovative startup providing technology solutions based on substantial scientific or engineering challenges, including those in the AI, robotics and space sectors:

  • ARIX Technologies
  • Little Place Labs
  • Newfound Materials
  • Paladin Drones
  • Persona AI
  • Tempest Droneworx

Startup of the Year (People's Choice)

Honoring a startup celebrating a recent milestone or success. The winner will be selected by the community via an online voting experience:

  • Eclipse Energy
  • FlowCare
  • MyoStep
  • Persona AI
  • Rheom Materials
  • Solidec

Scaleup of the Year

Honoring an innovative later-stage startup that's recently reached a significant milestone in company growth:

  • Coya Therapeutics
  • Fervo Energy
  • Koda Health
  • Mati Carbon
  • Molecule
  • Utility Global

Incubator/Accelerator of the Year

Honoring a local incubator or accelerator that is championing and fueling the growth of Houston startups:

  • Activate
  • Energy Tech Nexus
  • Greentown Labs
  • Healthtech Accelerator (TMCi)
  • Impact Hub Houston

Mentor of the Year

Honoring an individual who dedicates their time and expertise to guide and support budding entrepreneurs. Presented by Houston Community College:

  • Anil Shetty, Inform AI
  • Jason Ethier, EnergyTech Nexus
  • Jeremy Pitts, Activate
  • Joe Alapat, Liongard
  • Neal Dikeman, Energy Transition Ventures
  • Nisha Desai, Intention

Trailblazer Recipient

  • To be announced
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Interested in sponsoring the 2025 Houston Innovation Awards? Contact sales@innovationmap.com for details.

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