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

Q1 2024 VC ACTIVITY

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

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.

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Rice University MBA programs rank among top 5 in prestigious annual report

top of class

Rice University’s Jones Graduate School of Business MBA programs have been ranked among the top five in the country again in The Princeton Review’s 2025 Best Business Schools rankings.

The university's MBA program in finance earned a No. 3 ranking, climbing up two spots from its 2024 ranking. Finance MBA programs at the University of Virginia's Darden Graduate School of Business and New York University's Leonard N. Stern School of Business were the only ones to outrank Rice, claiming No. 2 and No. 1 spots, respectively.

Rice's online MBA program was ranked No. 5, compared to No. 4 last year. Indiana University's Bloomington Kelley School of Business' online program claimed the top spot.

“These rankings reflect the commitment of our faculty and staff, the drive and talent of our students and the strong support of our alumni and partners,” Peter Rodriguez, dean of Rice Business, said in a news release. “They are exceptional honors but also reminders — not just of our top-tier programs and world-class faculty and students but of our broader impact on the future of business education.”

Rice also ranked at No. 6 for “greatest resources for minority students."

The Princeton Review’s 2025 business school rankings are based on data from surveys of administrators at 244 business schools as well as surveys of 22,800 students enrolled in the schools’ MBA programs during the previous three academic years.

"The schools that made our lists for 2025 share four characteristics that inform our criteria for designating them as 'best': excellent academics, robust experiential learning components, outstanding career services, and positive feedback about them from enrolled students we surveyed," Rob Franek, The Princeton Review's editor-in-chief, said in a press release. "No b-school is best overall or best for all students, but to all students considering earning an MBA, we highly recommend these b-schools and salute them for their impressive programs."

Rice's finance program has ranked in the top 10 for eight consecutive years, and its online MBA has ranked in the top five for four years.

Rice and the University of Houston also claimed top marks on the Princeton Review's entrepreneurship rankings. Rice ranks as No. 1 on the Top 50 Entrepreneurship: Grad list, and the University of Houston ranked No. 1 on Top 50 Entrepreneurship: Ugrad. Read more here.

Houston named ‘star’ metro for artificial intelligence in new report

eyes on AI

A new report declares Houston one of the country’s 28 “star” hubs for artificial intelligence.

The Houston metro area appears at No. 16 in the Brookings Institution’s ranking of metros that are AI “stars.” The metro areas earned star status based on data from three AI buckets: talent, innovation and adoption. Only two places, the San Francisco Bay Area and Silicon Valley, made Brookings’ “superstar” list.

According to Brookings, the Houston area had 11,369 job postings in 2024 that sought candidates with AI skills, 210 AI startups (based on Crunchbase data from 2014 to 2024), and 113 venture capital deals for AI startups (based on PitchBook data from 2023 to 2024).

A number of developments are boosting Houston’s AI profile, such as:

Brookings also named Texas’s three other major metros as AI stars:

  • No. 11 Austin
  • No. 13 Dallas-Fort Worth
  • No. 40 San Antonio

Brookings said star metros like Houston “are bridging the gap” between the two superstar regions and the rest of the country. In 2025, the 28 star metros made up 46 percent of the country’s metro-area employment but 54 percent of AI job postings. Across the 28 metros, the number of AI job postings soared 139 percent between 2018 and 2025, according to Brookings.

Around the country, dozens of metros fell into three other categories on Brookings’ AI list: “emerging centers” (14 metros), “focused movers” (29 metros) and “nascent adopters” (79 metros).

Forecasting retail sales just got smarter, thanks to Google searches

houston voices

Imagine being able to predict the future of retail sales — not with months-old economic reports, but with real-time digital breadcrumbs left behind by consumers. Thanks to new research from K. Ramesh (Rice Business) and Gary Lind (University of Pittsburgh), that future is already here.

Key findings

  • Search trends predict future retail revenue — up to three quarters ahead.
  • Markets don’t fully price in search-based insights, especially before earnings announcements.
  • Trading strategies using search data outperform traditional asset-pricing models by 2–3%.
  • Analysts often underuse this data, resulting in predictable forecast errors.
  • At the macro level, search trends closely track — and often lead — official retail sales and GDP.

Their study shows that Google search trends are powerful predictors of consumer demand, capable of forecasting U.S. retail sales up to three quarters in advance. The implications span industries and audiences — from Wall Street traders to Main Street retailers, and from data-driven CFOs to curious business students.

A smarter, faster crystal ball for retail demand

Retail sales drive nearly 70% of U.S. gross domestic product (GDP), making them one of the most important indicators of economic health. Yet traditional forecasting relies heavily on backward-looking data and broad economic indicators. Ramesh and Lind’s work offers a leap forward: search data from Google Trends — publicly available and easy to use — can offer a faster, more precise signal of where sales are headed.

“If you want to understand consumer demand,” says Ramesh, the Herbert S. Autrey Professor of Accounting at Rice Business, “look at what people are searching for — not just what companies report after the fact. These digital footprints can tell us where revenue is going, often before the market catches up.”

This low-cost approach stands in stark contrast to expensive alternatives, such as satellite images of parking lots, in-store foot traffic from mobile data, or retail scanner feeds — tools often reserved for hedge funds and large institutional investors. Google Trends offers a scalable, accessible option for anyone seeking insight into consumer behavior.

Why this matters for investors and analysts

The researchers analyzed search patterns for nearly 200 publicly traded U.S. retail companies between 2004 and 2019. They found that firms with rising search volumes tend to report higher revenues — often well before analysts or investors react.

In fact, investment strategies built around these trends earned 2–3% higher returns than traditional models would predict. And most of these gains were concentrated around earnings announcements — a sign that markets were slow to recognize what search data had already revealed.

The advantage is even more striking for companies that fly under Wall Street’s radar. For firms with limited analyst coverage, the predictive power of search data on stock performance was more than 80% stronger.

A new tool for analysts — if they’ll use it

Despite the clear signal in the data, the study finds that analysts routinely fail to incorporate search-based insights into their forecasts. That gap translates into missed revenue predictions and market inefficiencies — which sophisticated investors can exploit.

“The search data are out there,” says Lind, a Rice Business Ph.D. ’19 graduate now on faculty at Pitt Business. “They’re public, powerful, and free. Analysts who ignore them are missing an opportunity.”

The impact of this research extends well beyond equity markets. By aggregating Google search data across the retail sector, the authors found strong alignment with U.S. Census retail sales figures and GDP trends. In other words, these digital signals reflect not just firm-level interest, but macroeconomic momentum.

A data wake-up call

This makes search trends a potentially valuable early-warning system for policymakers, central banks, and anyone responsible for interpreting the economic landscape. During volatile or uncertain periods, such tools could offer precious foresight into shifting consumer behavior.

In a digital era where consumers research before they shop — whether online or in-store — it’s no surprise that their Google queries leave valuable clues. What’s surprising is how often businesses, investors, and even economists still overlook them, Ramesh says. “Search data is a goldmine. And it's just sitting there, waiting to be used.”

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This article originally appeared on Rice Business Wisdom.

Lind and Ramesh, “Using Internet Search Data to Predict Aggregate Retail Sales and Enhance Firm-Level Revenue Expectations,” Contemporary Accounting Research (April 2025): 1-32. https://doi.org/10.1111/1911-3846.13043.

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