Venus Aerospace has opened its new propulsion test stand at the Houston Spaceport. Photo courtesy Venus Aerospace

Space City has had a busy month.

Houston-based aerospace institutions Venus Aerospace, Axiom Space, and Aegis Aerospace have each recently announced advancements in their respective fields that include expansions and new contracts from U.S. and international government agencies.

Here’s the latest:

Venus launches new test stand

Earlier this month, Venus Aerospace added infrastructure to support the ongoing progress of its Rotating Detonation Rocket Engine (RDRE) with the opening of its new propulsion test stand at the Houston Spaceport.

The Texas Space Commission's Space Exploration and Aeronautics Research Fund is funding the test stand, which is part of a larger effort from the state to increase investments in the aerospace economy. The ribbon-cutting event on Sept. 10 welcomed officials from Venus Aerospace, the Texas Space Commission, the Houston Spaceport, Houston business and local community leaders.

With the new stand, Venus will be able to test at higher thrust and for longer durations, which will allow the company to better replicate real-life conditions.

"Building and testing propulsion systems at this pace requires the right infrastructure around the technology," Sassie Duggleby, CEO and co-founder of Venus Aerospace, said in a news release. "We're grateful to the Texas Space Commission and the State of Texas for investing alongside companies like Venus. Public investment like this helps companies move faster and keeps critical aerospace capability growing here in Texas."

Venus closed a $91 million Series B in July and expanded its leadership team.

Axiom partners in Europe

Axiom Space has signed a memorandum of understanding with the European Space Agency for “sustained European access to low-Earth orbit (LEO)” following the retirement of the International Space Station, according to a news release from the company.

Under the agreement, Axiom and the ESA agreed to explore future astronaut missions on the ISS and Axiom Station, research, transportation and spacesuit partnerships. The organizations will explore using the ESA’s European Cargo Return service and potentially a future European crew vehicle to support operations at Axiom Station, the company's forthcoming commercial space station. The partnership could also involve Axiom's AxEMU spacesuit for orbital and lunar applications, according to the release.

“With the upcoming de-orbitation of the ISS, it is our duty to anticipate and prepare future solutions to ensure our access to low-Earth orbit,” Daniel Neuenschwander, director of human and robotic exploration at ESA, said in the release. “The two documents signed today underline both our commitment to safeguard our ability to pursue in-orbit science and to keep offering flight opportunities to our European astronaut corps, as well as the growing interest of international partners for our ongoing project to develop an autonomous European cargo vehicle.”

The announcement comes as Axiom has made several international moves this year. The company shared plans to establish Axiom Space Switzerland this summer and launched Axiom Space Japan in July.

"The path to a sustainable human presence in space runs through international collaboration — reliable supply chains, shared innovation, and partners who bring real capability," Jonathan Cirtain, CEO and President of Axiom Space, said in the release. "Europe's contributions to microgravity science and deep space technology make ESA exactly that kind of partner. This MoU strengthens our work together, and we look forward to ESA and its member states joining us as customers for future astronaut missions."

Aegis expands DoW deal

Webster, Texas-based Aegis Aerospace announced that it has won a new task order to continue supporting the U.S. Space Force’s Space Test Program.

The contract starts in October and covers designing, building, testing and operating Department of War payloads or equipment on NASA, government, and commercial launch vehicles and platforms. The contract was issued by the USSF Space Systems Command, Space Test Program under NASA Johnson Space Center’s Research, Engineering, and Mission Integration Services 2 (REMIS 2).

Currently, the company is working on three payload facilities on the ISS and has plans for two more in development.

“Aegis Aerospace is grateful to continue our exceptional payload integration support to the USSF and the STP to meet their critical mission objectives,” President Matt Ondler added in the release. “This work is more important than ever to maintain U.S. superiority in space. This new contract will take us beyond the current life of the ISS and see us integrate and test payloads on commercial space stations, free-flyers, and cislunar missions.”

These Houston startups raised more than a quarter billion dollars last month alone. Photo courtesy Venus Aerospace

6 exciting Houston startup raises to know from July 2026

fresh funding

Houston startups carried the fundraising momentum of Q1 and Q2 into July with several significant seed funding, Series A and Series B rounds.

From geothermal leaders to medtech innovators, these six Houston companies raised more than a quarter billion dollars last month alone, according to reporting by InnovationMap and our sister site, EnergyCapitalHTX.com.

Did we miss a funding round? Let us know by emailing innoeditor@innovationmap.com.

Altillion

Houston-based startup Altillion has secured $5 million in seed funding to accelerate the commercialization of its proprietary IRIS and ALIX technologies, which convert oilfield-produced water into valuable minerals, the company reported earlier this month.

San Francisco-based EIC Rose Rock and Houston-based Flathead Forge led the round. Altillion says the funding will go toward pilot facilities and commercial deployments as the company looks to scale in the U.S. Continue reading.

Buildforce

The U.S. is grappling with a current shortage of 50,000 electricians, according to the National Electrical Contractors Association. Photo via Unsplash

Houston-based Buildforce, which provides a tech-enabled staff platform geared toward electricians and electrical contractors, closed a $10 million Series A round led by Houston’s Saepio Capital last month.

Other investors in the round include Blue Heron Capital, Revolution’s Rise of the Rest Seed Fund, S3 Ventures and Chicago Ventures.

Buildforce says the funding will help fuel its national expansion and further development of its technology.

The startup, founded in 2019, connects electricians with electrical contractors for commercial and industrial construction projects. Continue reading.

Hephae Energy Technology Corp.

The company develops ultra-high-temperature tools to withstand the heat of geothermal reservoirs. Photo via hephaeet.com

Houston-area startup Hephae Energy Technology Corp. closed a $17.8 million Series A financing round last month to commercialize its geothermal technology.

The round was co-led by Pennsylvania-based Susquehanna Sustainable Investments, which invests in early-stage climatech companies, and Copenhagen-based Underground Ventures, which focuses on geothermal energy startups. Alfa8, Baruch Future Ventures, Centaurus Capital LP, Elemental Impact, Exa Ventures, Future Ventures, Grantham Foundation for the Protection of the Environment, New System Ventures and True North Institute joined the round, along with existing Houston-based investor Nabors Industries. Hephae reports in a news release that the Series A round brings the company's total capital raised to $24.7 million. Continue reading.

TYBR Health

The company's B3 GEL System is designed to protect tendons, ligaments and muscles while they heal from orthopedic surgery. Photo via Unsplash

Houston-based healthtech startup TYBR Health has raised a $30 million Series A round to scale its B3 GEL System, which helps protect tendons from scarring after surgery, the company announced last month.

The round was led by Minneapolis-based Vensana Capital and Cleveland-based Mutual Capital Partners, with participation from Denver-based Neovate Capital Partners and existing investors, according to a news release from the company.

TYBR Health said it plans to use the funding to broaden the B3 GEL System's clinical applications, expand commercialization and conduct studies to evaluate its ability to protect tissue and improve healing outcomes. Continue reading.

Venus Aerospace 

Venus Aerospace has secured funding from Mercury Fund, Lockheed Martin Ventures and others. Photo courtesy Venus Aerospace

Houston-based Venus Aerospace closed a $91 million Series B round last month and plans to scale the production of its hypersonic engine.

The round was led by Houston-based Mercury Fund with participation from Lockheed Martin Ventures, MESH, PEAK6, Draper Associates, Starboard Star Venture Capital, Green Sands Equity and other investors, according to a news release.

The investment comes about a year after Venus completed the first U.S. flight test of its high-thrust rotating detonation rocket engine (RDRE). The engine is expected to enable vehicles to travel four to six times the speed of sound from a conventional runway and is about 15 percent more efficient than traditional alternatives, according to the company. Continue reading.

Quaise Energy

A rendering of a Quaise Energy geothermal plant. Rendering via quaise.com

Houston-based Quaise Energy, a producer of utility-scale geothermal power, closed $134 million in a Series B round last month to advance its “superhot” geothermal power plant.

Climate-focused San Francisco-based investment firm Prelude Ventures led the round, with participation from JERA Co., Japan’s largest power generation company, and Idemitsu Kosan, one of Japan’s largest energy companies. Nearly all existing investors, including cleantech-focused investment firm Safar Partners, participated in the round.

The startup expects more equity and debt deals to close “imminently.” Quaise has raised $230 million since its founding in 2018. Continue reading.

The Venus Aerospace team in June. Photo courtesy Venus Aerospace

Venus Aerospace adds government, C-suite leaders following $91M raise​

new leaders

Fresh off its $91 million Series B, Houston-based Venus Aerospace has made several key additions and promotions to its leadership team.

The company says its expanded team will help it deploy its high-thrust rotating detonation rocket engine (RDRE), which completed its first U.S. flight test last summer.

"We flew the world's first high-thrust RDRE in just over four years on $80 million. We believe that makes it the fastest, most capital-efficient rocket engine program in history," Sassie Duggleby, co-founder and CEO of Venus Aerospace, said in a news release. "Adding this talent to our leadership team is how we bring that same discipline to the company itself, as we scale to meet the technical needs of defense and space customers who need range and speed legacy systems can't deliver."

The key hires include:

Lane Bodian, Vice President of Public Policy

Bodian previously served as the Principal Deputy Assistant Secretary of Defense for Legislative Affairs at the Pentagon.

Dan Rebnord, Director of Federal Government Relations

Rebnord most recently served as Senior Policy Advisor to a member of the Senate Armed Services Committee and previously worked in the Office of Legislative Affairs at the Department of Defense and as Staff Director for a national security subcommittee in the House of Representatives. Rebnord and Bodian will lead Venus' work with government stakeholders.

Tom Barron, Chief Operating Officer

Barron was promoted from his role as vice president of operations for Venus Aerospace. Before his time at Venus, he served as Special Assistant to the Secretary of Defense and consulted aerospace clients at McKinsey & Company. He also served as a U.S. Army Infantry and Special Forces officer.

Nick Cardwell, Chief Product Officer

Cardwell was promoted from his role as vice president of research and development. He previously held product and technology leadership roles at VC-backed tech companies in the San Francisco Bay Area and Austin.

Venus also named Cameron Taylor as its new vice president of operations, Sarah Boland Heine as its head of communications, Matt Stohr as its head of business development, and Sheila Menz as general counsel.

The company also announced a joint technology development agreement to advance the RDRE with defense giant Lockheed Martin last week. Through the partnership, Venus and Lockheed will focus on evaluating the RDRE's propulsion architecture in defense systems, specifically for precision fires applications where weapons are designed to accurately strike targets at long distances.

Lockheed Martin Ventures, the investment arm of the aerospace and defense contractor, is an investor in Venus Aerospace.

"Lockheed Martin is focused on rapidly delivering advanced capabilities that strengthen deterrence and provide decisive advantages for the warfighter," Tim Cahill, president, Lockheed Martin Missiles and Fire Control, said in a news release. "Our collaboration with Venus Aerospace allows us to evaluate a promising propulsion technology and determine how it can be integrated into future precision fires solutions. Efforts like this help accelerate innovation, reduce risk and shorten the path from emerging technology to operational capability."

Venus' RDRE is expected to enable vehicles to travel four to six times the speed of sound from a conventional runway and is about 15 percent more efficient than traditional alternatives, according to the company.

Venus says the reusable, affordable and scalable RDRE is designed with a "common propulsion architecture" that can work for multiple industries and mission types. The company has previously estimated that the hypersonic market is projected to surpass $12 billion by 2030.

Venus Aerospace has secured funding from Mercury Fund, Lockheed Martin Ventures and others. Photo courtesy Venus Aerospace

Venus Aerospace closes $91 million Series B to scale hypersonic engine

flight funding

Houston-based Venus Aerospace has closed a $91 million Series B round and plans to scale the production of its hypersonic engine.

The round was led by Houston-based Mercury Fund with participation from Lockheed Martin Ventures, MESH, PEAK6, Draper Associates, Starboard Star Venture Capital, Green Sands Equity and other investors, according to a news release.

The investment comes about a year after Venus completed the first U.S. flight test of its high-thrust rotating detonation rocket engine (RDRE). The engine is expected to enable vehicles to travel four to six times the speed of sound from a conventional runway and is about 15 percent more efficient than traditional alternatives, according to the company.

Venus Aerospace says the latest round of funding will allow it to move the RDRE from demonstration to deployment and meet customer requirements for the near-term defense and space industries. The company says that the reusable RDRE is designed with a "common propulsion architecture" that can work for multiple industries and mission types.

“This financing marks an important step in moving Venus from breakthrough demonstration to scaled capability,” Sassie Duggleby, co-founder and CEO, said in the news release. “Our customers need propulsion systems that go farther, can be produced reliably and are built on supply chains they can trust. We are advancing that capability with American engineering and manufacturing talent to strengthen U.S. defense, expand space access and support the future of high-speed flight.”

Venus Aerospace raised a $20 million Series A in 2022, led by Wyoming-based Prime Movers Lab. At the time, the company said it would put the funding toward three main technologies: a next-generation rocket engine, aircraft shape and leading-edge cooling system.

The company also picked up an investment from Lockheed Martin Ventures, the investment arm of aerospace and defense contractor Lockheed Martin, in November 2025—in addition to funding from other investors over the years.

“Since our initial investment, Venus has progressed very quickly in its technology development," Chris Moran, vice president and general manager of Lockheed Martin Ventures, added in the release. "Our reinvestment in Venus recognizes Venus’ accomplishments to date and focus on speed to manufacture, cost management and reduction of supply chain constraints. Venus is working effectively to position its propulsion system for the production scale required by defense programs.”

"Venus is exactly the kind of company Houston capital should be backing," Blair Garrou, co-founder and managing partner at Mercury Fund, added in the release. "It combines multiple frontier technologies, domestic manufacturing and clear commercial and national security relevance. We believe this team is positioned to lead an important new chapter in defense and space, and we are proud to support a company building breakthrough technology here in Texas."

Venus Aerospace and Houston clean tech startup Vaulted Deep were named to the World Economic Forum's Technology Pioneers community earlier this summer. Read more here.

Two Houston startups have been named World Economic Forum Technology Pioneers. Photo courtesy Venus Aerospace

Houston cleantech, space startups named to World Economic Forum cohort

top honor

Two Houston-based startups have been selected to join the World Economic Forum's Technology Pioneers community.

The two-year program aims to help mission-driven, early-stage start-ups scale their innovations through multi-stakeholder initiatives, co-creating partnerships and other gatherings for community members. One-hundred startups are selected each year from around the globe, this year hailing from 23 countries and working in AI, energy, space, biotech markets and more.

Cleantech startup Vaulted Deep was one of 11 energy and climate companies to be named to the cohort. Julia Reichelstein and Omar Abou-Sayed founded the company in 2023. Its technology injects excess organic waste underground to remove carbon dioxide from the atmosphere.

Last year, Vaulted Deep inked a 12-year deal with Microsoft to remove up to 4.9 million metric tons of carbon dioxide from the environment.

The startup has earned several accolades in recent years, including a No. 3 spot on Fast Company’s list of the World’s Most Innovative Companies of 2026. It was also recently named to market intelligence and advisory firm Cleantech Group's annual Global Cleantech 100 list for a second year in a row.

"Waste management is one of the world's great invisible infrastructure systems ... The need for new infrastructure is growing as disposal challenges become more complex and regulations evolve. Vaulted is building the first new disposal pathway for organic waste in decades by putting it deep underground, permanently," the company shared in a LinkedIn post. "This year, we're joining the World Economic Forum's 2026 Tech Pioneers alongside innovators working on the many interconnected challenges shaping our future."

Houston-based Venus Aerospace was also selected to join the cohort, along with six other spacetech companies. The company was founded in 2020 by Sassie and Andrew Duggleby.

The startup specializes in next-generation rocket engine propulsion as a cleaner alternative to traditional combustion engines. The company's rotating detonation rocket engine (RDRE) burns fuel more efficiently and completed a successful high-thrust test flight last year. Venus says it’s the only company in the world that makes a flight-proven, high-thrust RDRE with a “clear path to scaled production.”

"Frontier technologies matter most when they expand what people, industries, and nations can do," Sassie Duggleby, co-founder and CEO of Venus, said in a news release. "For Venus, RDRE does not just represent a more efficient engine. It is a foundation for faster movement, more capable space systems, and new forms of connectivity across the planet. Being named a Technology Pioneer validates the potential of this technology to help shape a future where distance is less limiting."

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

Houston founders Laureen Meroueh, LaToshia Norwood, Sassie Duggleby, Nina Magon, Stephanie Murphy and Lauren Rottet were named to Inc. Magazine's 2026 Female Founders 500. Photos via LinkedIn and company websites

6 Houston entrepreneurs land on coveted Inc. Female Founders 500 list

the future is female

Six Houston female entrepreneurs and innovators were named to the 2026 Female Founders 500 list.

The annual list compiled by Inc. Magazine recognizes female founders based in the U.S. who have built businesses that have moved their industries forward. The group collectively generated approximately $12.3 billion in 2025 revenue and $12.2 billion in funding to date, according to Inc. Five Houstonians were named to the list last year.

"Each year, we are increasingly amazed by the extraordinary leaders on our Inc. Female Founders 500 list," Bonny Ghosh, editorial director at Inc., said in a news release. "The honorees on this year's list include innovators in AI, beauty and wellness trendsetters winning devoted fans, and nonprofit leaders making a real impact in their communities. Together, they're showing all of us what trailblazing female leadership looks like."

The Houston founders are:

  • Sassie Duggleby, CEO and co-founder of Houston space tech and engine company Venus Aerospace. Duggleby also serves on the Texas Space Commission board of directors.
  • Stephanie Murphy, CEO and executive chairman of Aegis Aerospace, which provides space services, spaceflight product development, and engineering services. Murphy also serves as chair of the Texas Aerospace Research and Space Economy Consortium Executive Committee.
  • Laureen Meroueh, CEO and founder of Hertha Metals, which has developed a cost-effective and energy-efficient process that converts low-grade iron ore of any format directly into molten steel or high-purity iron in a single step.
  • LaToshia Norwood, managing partner of L'Renee & Associates (LRA), a full-service project management consulting firm.
  • Lauren Rottet, president and founding principal of Rottet Studio, an international architecture and design firm focused on corporate, lifestyle and hospitality projects
  • Nina Magon, founder and CEO of Nina Magon Studio / Nina Magon Consumer Products, a residential and commercial interior design company. She also co-founded KA Residences earlier this year.

"Grateful to be recognized again on the Inc. Female Founders 500," Duggleby said in a LinkedIn post. "The best part of building Venus Aerospace has been working with an incredible team pushing the boundaries of flight—and helping bring more women into aerospace along the way.

Meroueh, whose company emerged from stealth last year, voiced a similar push for bringing more women into the fold.

"We've seen a 7x jump in female-led IPOs over the last decade, from just two in 2014 (less than 1% of all IPOs) to 14 in 2024 (nearly 9% of all IPOs). Progress is happening," Meroueh shared in a LinkedIn post. "Yet, less than 1% of venture funding in hard tech goes to female-founded companies. But as my friend Ana Kraft says, the right man for the job may be a woman."

Twenty-nine Texas female founders made this list, including Amber Venz Box, founder of the Dallas-based LTK shopping platform, and Cheryl Sew Hoy, CEO and founder of Austin-based Tiny Health, a fast-growing at-home microbiome health platform. See the full list of winners here.

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UH lands $3M grant to expand opioid overdose training

Overdose Response

The University of Houston has received a $3 million federal grant to expand its potentially life-saving overdose response training program.

The grant will support the Houston Health Department’s FRONTLINES program that trains first responders in Harris and Fort Bend counties to recognize opioid overdoses and administer the drug naloxone, which can counter the effects of an opioid overdose. The four-year grant comes from the Substance Abuse and Mental Health Services Administration within the Department of Health and Human Services, and it builds on eight years of work at UH, according to a release from the university.

As part of the expansion, UH medical, social work and psychology students will now also be able to take part in FRONTLINES’ overdose-response training. Some of the students will also be selected to help train community members, ultimately passing along the life-saving skills throughout Houston.

FRONTLINES is a collaboration with the City of Houston, the Fertitta College of Medicine, Baylor College of Medicine and the Houston Recovery Center. It was co-founded by Dr. James Bray, chair of the Department of Behavioral and Social Sciences at the University of Houston’s Tilman J. Fertitta Family College of Medicine, in 2018.

“When someone experiencing an opioid overdose is reached in time, naloxone can save their life,” Bray said in a news release. “We’ve seen the impact this training can have in Houston, and now we have an opportunity to extend that reach across Harris and Fort Bend counties, putting lifesaving knowledge and tools into the hands of more first responders.”

In 2024, around 450 residents of Harris County died from opioid overdoses, according to a Texas Department of State Health Services report. The report found that fentanyl was involved in about three-quarters of the deaths.

In 2025, UH also received a $2.6 million gift from the estate of Dr. William A. Gibson to expand its opioid research and develop a vaccine to help block fentanyl's effectiveness in entering the brain. The vaccine research is part of the Michael C. Gibson Addiction Research Program led by UH professor of psychology Therese Kosten and founding member of the UH Drug Discovery Institute Colin Haile. Read more about the grant and the vaccine’s development here.

Texas public libraries drive billions in economic impact, report finds

Beyond the Stacks

A new statewide study examining the economic impacts of public libraries has revealed they have generated over $3.8 billion in value to local communities — a return of $4.74 for every $1 invested.

The report, "Beyond the Stacks: Measuring the Economic and Community Value of Texas Public Libraries" was conducted by third-party consultancy JBK Economics Group in partnership with the Texas Library Association. About 300 of the total 513 public libraries in Texas participated in a survey for the report.

A major finding from the survey revealed that public libraries create billions in economic value for the communities they serve at a fraction of what it costs to pay employee wages and benefits, operating expenditures, and capital expenditures. About 11,200 jobs were directly and indirectly supported by public libraries, the report found.

The report found its $4.74 to $1 ratio by adding up the total value of the services provided by these institutions (an estimated $2.48 billion), and comparing it to total expenditures ($808.6 million).

"Public libraries had about the same economic footprint as the Texas motion picture and sound recording industry ($2.9 billion in Gross Domestic Product in 2024) or the Texas paper manufacturing industry ($4.0 billion in Gross Domestic Product in 2024)," the report said.

Many Houstonians are already familiar with Houston Public Library's expansive catalog and programming, but there are many more services the library provides that might fly under the radar. A few examples include access to subscription-based research databases and news outlets, and the Library of Things, a collection of cookware and bake ware, musical instruments, craft kits, and other tools or activity materials that are available for cardholders to borrow. Individual branches also provide free Wi-Fi, computer access, and meeting spaces.

Houston-area residents also have access to services at several other local libraries depending on their address, such as the Harris County Public Library, Montgomery County Memorial Library System, or Fort Bend County Libraries, just to name a few.

These are additional services and partnerships that Texas public libraries commonly provide, per the survey results:

  • 93 percent provide voter registration and/or serve as voting locations
  • 84 percent provide partnerships with local social services agencies
  • 82 percent provide job application assistance
  • 68 percent facilitate applications for government benefits
  • 38 percent provide on-site social services
  • 30 percent provide telehealth rooms and/or resources
"Public libraries are practical, welcoming and rooted in the communities they serve — they are unmistakably Texan," said Texas Library Association executive director Shirley Robinson in a press release. "This study puts a dollar value on the opportunities libraries create every day. Whether someone visits a library to apply for a job, access the internet, learn a new skill or simply find a new favorite book, those services create real value for Texans and their communities."

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This article first appeared on CultureMap.com.

Rice University launches new venture fund for university-affiliated startups

startup support

Rice University has launched its new One Giant Leap Ventures Fund I, which will invest in the university’s spinouts and alumni-founded startups.

The early-stage institutional venture fund will function with a hybrid structure that allows for participation from traditional equity investors and philanthropic investors. According to the university, the fund will invest up to $500,000 per Rice-affiliated company.

To be considered eligible for funds, companies must use intellectual property licensed by the university or be led or founded by alumni.

One Giant Leap will draw on support and mentorship from Rice’s pool of 60,000 alumni and aims to create educational opportunities within the investment phases, work with graduate and undergraduate venture students, explore the scaling and commercialization of their ideas, and help investigate all the facets of venture capital.

“Rice alumni bring an extraordinary depth of experience as entrepreneurs, investors and industry leaders, and One Giant Leap creates new ways to put that expertise to work for the next generation of Rice innovators,” Stephen Bayer, vice president for development and alumni relations, said in a news release. “It strengthens the connection between our alumni and the university while giving them meaningful opportunities to mentor, advise and support Rice-affiliated companies as they grow.”

The fund held its first close in August and made its first investment into Rice brain health spinout Motif Neurotech. Led by Rice faculty member Jacob Robinson, Motif is working to commercialize a minimally invasive neurostimulator that targets treatment-resistant depression. In May, the FDA approved the company to move forward with its first clinical trial.

“Research produces breakthrough technologies and our academic environment forms outstanding entrepreneurs,” said Adrian Trömel, the fund’s managing director, a Rice alumnus and a startup founder who also serves as Rice’s interim chief innovation officer.

One Giant Leap joins the already long list of Rice-led programs that foster innovation, including the Liu Idea Labs for Innovation and Entrepreneurship’s Innovation Fellows and Summer Venture Studio, the Rice Alliance’s Business Plan Competition, the Ion District, Woodside Rice Decarbonization Accelerator, Rice Nexus, the Biotech Launchpad and RBL Ventures and its upcoming 200,000 square-foot research lab the Arc.

“With One Giant Leap, I am excited that we are creating a unique structure that brings together traditional investment and philanthropic participation to invest in and help catalyze our startups, engage the deep expertise within the Rice ecosystem and transform those strengths into real-world impact,” Trömel added in the release.