3 Houston-area companies appear on Fortune’s inaugural AI ranking

eyes on ai

Spring-based ExxonMobil ranks within the top 10 on the new Fortune AIQ 50 ranking. Photo via Getty Images.

Three companies based in the Houston area appear on Fortune’s inaugural list of the top adopters of AI among Fortune 500 companies.

The three companies are:

  • No. 7 energy company ExxonMobil, based in Spring
  • No. 19 tech company Hewlett Packard Enterprise, based in Spring
  • No. 47 energy company Chevron, based in Houston

All three companies have taken a big dive into the AI pool.

In 2024, ExxonMobil’s executive chairman and CEO, Darren Woods, explained that AI would play a key role in achieving a $15 billion reduction in operating costs by 2027.

“There is a concerted effort to make sure that we're really working hard to apply that new technology to the opportunity set within the company to drive effectiveness and efficiency,” Woods told Wall Street analysts.

Hewlett Packard Enterprise is also employing AI to decrease costs. In March, the company announced a restructuring plan — including the elimination of 3,000 jobs — aimed at cutting about $350 million in annual expenses. The restructuring is scheduled to wrap up by the end of October.

Hewlett Packard Enterprise’s Catalyst cost-cutting program includes a push to use AI across the company to improve efficiency, Marie Myers, the company’s executive vice president and chief financial officer, told Wall Street analysts in June.

“Our ambition is clear: A leaner, faster, and more competitive organization. Nothing is off limits. We are focused on rethinking the business — not just reducing our costs, but transforming the way we operate,” Myers said.

At Chevron, AI tools are being used to quickly analyze data and extract insights from it, according to tech news website VentureBeat. Also, Chevron employs advanced AI systems known as large language models (LLMs) to create engineering standards, specifications and safety alerts. AI is even being put to work in Chevron’s exploration initiatives.

Bill Braun, Chevron’s chief information officer, said at a VentureBeat-sponsored event in 2024 that AI-savvy data scientists, or “digital scholars,” are always embedded within workplace teams “to act as a catalyst for working differently.”

The Fortune AIQ 50 ranking is based on ServiceNow’s Enterprise AI Maturity Index, an annual measurement of how prepared organizations are to adopt and scale AI. To evaluate how Fortune 500 companies are rolling out AI and how much they value AI investments, Fortune teamed up with Enterprise Technology Research. The results went into computing an AIQ score for each company.

At the top of the ranking is Alphabet (owner of Google and YouTube), followed by Visa, JPMorgan Chase, Nvidia and Mastercard.

Aside from ExxonMobil, Hewlett Packard Enterprise, and Chevron, two other Texas companies made the list: Arlington-based homebuilder D.R. Horton (No. 29) and Austin-based software company Oracle (No. 37).

“The Fortune AIQ 50 demonstrates how companies across industry sectors are beginning to find real value from the deployment of AI technology,” Jeremy Kahn, Fortune’s AI editor, said in a news release. “Clearly, some sectors, such as tech and finance, are pulling ahead of others, but even in so-called 'old economy' industries like mining and transport, there are a few companies that are pulling away from their peers in the successful use of AI.”

From Your Site Articles
Cart.com, a Houston-founded unicorn ecommerce company, has closed its latest round of funding. Photo via cart.com

Houston-founded unicorn closes $240M round of funding led by Dallas firm

fresh funding

Cart.com, which moved its headquarters from Houston to Austin in December but still maintains a local presence, just landed $240 million in equity and debt funding.

Legacy Knight Capital Partners, the equity investment arm of the Legacy Knight Multifamily Office, led the equity round, with participation from Citi Ventures, Visa, and other Fortune 100 companies. J.P. Morgan and TriplePoint Capital provided the debt financing. Since being founded in 2020, Cart.com has secured $380 million in funding.

“What [CEO Omair Tariq] and the team at Cart.com have accomplished in the last 14 months is nothing short of remarkable. They have proven they have the ability to rapidly execute on their vision of building the first fully end-to-end e-commerce platform at massive scale,” David Sawyer, chief operating officer and managing partner of Legacy Knight, says in a news release.

Legacy Knight has offices in Houston and Dallas. On its website, Legacy Knight Capital Partners says it makes direct investments of $10 million to $50 million in growth-stage companies and real estate projects.

“With this new funding,” Tariq says, “we’re poised to continue our strategy of acquiring top providers from across the e-commerce value chain, while staying hyper-focused on meeting the evolving needs of the brands we serve.”

Cart.com recently acquired Dallas-based FB Flurry, a provider of technology for fulfillment and customer care, and SellerActive, a Tigard, Oregon-based provider of multichannel e-commerce software.

Omair Tariq, CEO of Cart.com Omair Tariq's Cart.com raised a big round last week. Photo via Cart.com

“The Cart.com team is building a platform that can help sellers of all sizes grow faster as the future of commerce becomes increasingly digital,” says Rubail Birwadker, senior vice president of global digital partnerships at Visa.

Cart.com supplies a variety of software and services for more than 2,000 online merchants.

Last year, the startup decided to relocate its headquarters to Austin, citing the city’s rise as an alternative to Silicon Valley and as “the country’s most exciting and fertile space for high-tech innovation.”

Furthermore, Cart.com said the relocation would help the startup by being in the same business ecosystem as Austin-based companies such as Whole Foods, YETI, Kendra Scott, Tito’s Handmade Vodka, Bumble, and Tecovas.

Cart.com’s move coincided with the startup being named Startup of the Year by Capital Factory, an Austin-based startup accelerator that has offices in Houston, Dallas, and San Antonio. Capital Factory is an investor in Cart.com.

Cart.com employs more than 850 people.

Ad Placement 300x100
Ad Placement 300x600

CultureMap Emails are Awesome

Property Showcase

Meet 6 of the fastest-growing scaleup companies in Houston right now

meet the finalists

From raising funding rounds to earning FDA acceptance, some of Houston's most innovative companies have reached major milestones this year.

The 2025 Houston Innovation Awards will recognize their progress by bringing back our Scaleup of the Year category for the second year. The award honors an innovative later-stage startup that's recently reached a significant milestone in company growth.

Six breakthrough businesses have been named finalists for the 2025 award. They range from climatetech startups to a biotech company developing new drugs for neurodegenerative diseases and more.

Read more about these businesses and their impressive growth below. Then join us at the Houston Innovation Awards on Nov. 13 at Greentown Labs, when the winner will be unveiled at our live awards ceremony.

Tickets are now on sale for this exclusive event celebrating all things Houston Innovation. Corporate 10-packs, featuring reserved seating and custom branding, and individual tickets are still available. Secure your seats today.

Coya Therapeutics

Clinical-stage biotechnology company Coya Therapeutics (NASDAQ: COYA) has developed COYA-302 that enhances anti-inflammatory T cell function and suppresses harmful immune activity. The drug candidate is being advanced for several neurodegenerative diseases—including ALS, Alzheimer’s, Parkinson’s, and frontotemporal dementia—and has demonstrated promising reductions in neuroinflammation in preclinical and early clinical studies, according to the company.

Coya, founded in 2021, received FDA acceptance for its investigational new drug application for COYA-30 this summer. It closed its IPO in January 2023 for more than $15 million and added $26 million in PIPE funding that same year. Last year, the company secured an additional $15 million in PIPE funding.

Fervo Energy

Houston-based Fervo Energy is working to provide 24/7 carbon-free energy through the development of cost-competitive geothermal power. The company is developing its flagship Cape Station geothermal power project in Utah, which is expected to generate 400 megawatts of clean energy for the grid. The first phase of the project will supply 100 megawatts of power beginning in 2026. The second phase is scheduled to come online by 2028.

The company raised $205.6 million in capital to help finance the project earlier this year and fully contracted the project's capacity with the addition of a major power purchase agreement from Shell. Founded in 2017 by CEO Tim Latimer and CTO Jack Norbeck, Fervo is now a unicorn, meaning its valuation as a private company has surpassed $1 billion. In March, Axios reported Fervo is targeting a $2 billion to $4 billion valuation in an IPO.

Koda Health

Houston-based Koda Health has developed an advance care planning platform (ACP) that allows users to document and share their care preferences, goals and advance directives for health systems. The web-based platform guides patients through values-based decisions with interactive tools and generates state-specific, legally compliant documents that integrate seamlessly with electronic health record systems. The company also added kidney action planning to its suite of services for patients with serious illnesses last year.

Koda Health was founded out of the TMC's Biodesign Fellowship in 2020 by CEO Tatiana Fofanova, chief medical officer Dr. Desh Mohan, and chief technology officer Katelin Cherry. The company raised a $7 million series A earlier this year, and also announced major partnerships and integrations with Epic, Guidehealth, Medical Home Network, Privia Health and others.

Mati Carbon

Houston climatetech company Mati Carbon removes carbon through its Enhanced Rock Weathering (ERW) program that works with agricultural farms in Africa and India. Mati says the farmers it partners with are some of the most vulnerable to the impacts of climate change. The nonprofit won the $50 million grand prize in the XPRIZE Carbon Removal competition, backed by Elon Musk’s charitable organization, The Musk Foundation, earlier this year.

Mati Carbon scaled operations in India, Zambia, and Tanzania this year and has advanced its proprietary measurement, reporting and verification (MRV) platform, known as matiC, enabling seamless field data capture, chain-of-custody and carbon accounting at scale. The company was founded in 2022 by co-directors Shantanu Agarwal and Rwitwika Bhattacharya.

Molecule

Houston-based Molecule Software has developed an energy trading risk management (ETRM) platform that allows companies trading power, oil and gas, biofuels, renewables and more stay ahead as the markets evolve.

The company closed a Series B round earlier this year for an undisclosed amount. Sameer Soleja, founder and CEO of Molecule, said at the time that the funding would allow the company to "double down on product innovation, grow our team, and reach even more markets." The company was founded in 2012 by CEO Sameer Soleja and participated in the Surge Accelerator the same year.

Utility Global

Houston-based Utility Global has developed its proprietary eXERO technology that produces low-cost, clean hydrogen from water and industrial off-gases without requiring grid electricity.

First founded in 2018 by CEO Parker Meeks, the company participated in Greentown Labs and the Rice Alliance for Technology and Entrepreneurship programs. It raised a $55 million funding round earlier this year and launched commercial partnerships with ArcelorMittal Brazil and Hanwha Group in South Korea to deploy its hydrogen solutions at scale.

---

The Houston Innovation Awards program is sponsored by Houston Community College, Houston Powder Coaters, FLIGHT by Yuengling, and more to be announced soon. For sponsorship opportunities, please contact sales@innovationmap.com.

Venus Aerospace picks up investment from Lockheed Martin Ventures

space funding

Venus Aerospace, a Houston-based startup specializing in next-generation rocket engine propulsion, has received funding from Lockheed Martin Ventures, the investment arm of aerospace and defense contractor Lockheed Martin, for an undisclosed amount. The product lineup at Lockheed Martin includes rockets.

The investment follows Venus’ successful high-thrust test flight of its rotating detonation rocket engine (RDRE) in May. 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.”

Venus says the Lockheed Martin Ventures investment reflects the potential of Venus’ dual-use technology for defense and commercial uses.

“Venus has proven in flight the most efficient rocket engine technology in history,” Venus co-founder and CEO Sassie Duggleby, a board member of the Texas Space Commission, said in a news release. “With support from Lockheed Martin Ventures, we will advance our capabilities to deliver at scale and deploy the engine that will power the next 50 years of defense, space, and commercial high-speed aviation.”

Chris Moran, executive director and general manager of Lockheed Martin Ventures, said Lockheed Martin has been a longtime supporter of early-stage “transformational” technologies.

“Our investment in Venus Aerospace reflects a conviction that next-generation propulsion will define which nations lead in space and defense for decades to come,” Moran added in the release. “We are committed to helping Venus scale this technology and integrate it into critical systems.”

Since its founding in 2020, Venus has secured more than $106 million in funding. In addition to Lockheed Martin Ventures, investors include Airbus Ventures, America’s Frontier Fund, Trousdale Ventures, and Prime Movers Lab. Supporters of Venus include NASA, the Air Force Research Lab and the Defense Advanced Research Projects Agency (DARPA).

8+ can't-miss Houston business and innovation events for November

where to be

Editor's note: Houston’s innovation calendar is packed this November, with opportunities to connect across climatetech, health care and entrepreneurship. From Greentown Labs’ flagship summit and veteran-led showcases to discussions on medical innovation and startup growth, here's what not to miss and how to register. Please note: this article may be updated to include additional event listings.

Nov. 4 – Greentown Climatetech Summit

Greentown Labs' Climatetech Summit Houston will bring together philanthropists, executives and innovators in the energy transition space. Expect to hear from John Arnold, co-founder and co-chair of Arnold Ventures, and Greentown CEO Georgina Campbell Flatter, who will participate in the day-long event’s keynote fireside chat, along with remarks from Houston Mayor John Whitmire, a course led by TEX-E Executive Director Sandy Guitar and more. Ten Greentown Labs startups will present pitches, and attendees will also be able to meet founders and Greentown members during the afternoon startup showcase.

This event is Tuesday, Nov. 4, from 8 a.m.-4:30 p.m. at Greentown Labs. A networking reception follows from 5-7:30 p.m. at Axelrad Houston. Learn more here.

Nov. 11 – Veterans & Visionaries

Houston Veteran Network will celebrate the entrepreneurial spirit of veterans at its Veterans & Visionaries event. Veteran business owners will have the opportunity to showcase their businesses, connect with investors and participate in speed networking.

This event is Tuesday, Nov. 11, from 2-7 p.m. at the Ion. Find more information here.

Nov. 12 – Energy Drone and Robotics Forum

The Energy Drone + Robotics Coalition will offer a chance for industry leaders, operators and engineers to connect. Attendees will explore real-world uses, hear lessons from successful deployments, and gain practical insights and tools for scaling through various workshops, keynote addresses, Q&As and more.

This event is Wednesday, Nov. 12, from 8 a.m.-5:30 p.m. at the Ion. A Bots & Brews / Industrial AI Connect Reception will be held at Second Daught from 5:30-7:30 p.m. Find more information here.

Nov. 12 – TMC Envision 2025: Showcasing Healthcare Innovation

Celebrate 10 years of TMC Innovation at Envision, which shines a light on how TMC’s health tech companies are shaping the future. The event will feature talks from TMC’s Devin Dunn, Jason Sakamoto and Tom Luby that will focus on hospital innovation, health care policies, Texas-specific funding and regulatory dynamics and more.

This event is Wednesday, Nov. 12, from 3:30-6:30 p.m. at TMC Innovation Factory. Find more information here.

Nov. 13 — 2025 Houston Innovation Awards

Join InnovationMap at Greentown Labs on Nov. 13 for the fifth annual Houston Innovation Awards. Our annual celebration of all things Houston innovation offers an exclusive opportunity to network with leaders in the innovation ecosystem and culminates in the awards ceremony, where this year's winners across 10 prestigious categories will be unveiled. Individual tickets and corporate 10-packs with reserved seating are still available.

This event is Thursday, Nov. 13 at 7 p.m. at Greentown Labs. Get your tickets here.

Nov. 13 – Houston Methodist Leadership Speaker series

Head to the Houston Methodist Tech Hub at Ion to hear the latest installment of the Houston Methodist Leadership Speaker Series. The month’s event will feature Dr. Shlomit Schaal, executive vice president and chief physician executive at Houston Methodist. She is also the president and CEO of the Houston Methodist Physician Organization. Schaal will focus on physician group innovation.

This event is Thursday, Nov. 13, from 4:45-6 p.m. at the Ion. Find more information here.

Nov. 18 – Rice Customer-based Strategy Symposium

Rice University’s Jones Graduate School of Business will present this recurring forum for exchanging innovative ideas on customer-centered strategy planning and execution. The symposium features peer-reviewed research from leading academics with industry trends and insights from executives. Hear from Jones School Dean Peter Rodriguez, Harris County Sheriff Ed Gonzalez, Laura Lopez, SVP of marketing, communications and public relations at Houston Methodist; Farid Virani, CEO of Prime Communications; and several Rice MBA graduates and executives.

This event is Tuesday, Nov. 18, 2025, from 7:30 a.m.-3:00 p.m. at the Ion. Learn more here.

Nov. 20 – Houston Startup Speedrun

Wade Pinder, founder of Product Houston, will host the Houston Startup Speedrun. This intensive and fast-paced program is designed to provide early-stage founders and aspiring entrepreneurs with a comprehensive understanding of the “Startup Founder's Journey” and the Houston startup ecosystem. The event is broken up into 10 consecutive 50-minute sessions, including topics such as “Creating a Compelling Business Plan,” “Operations and Scaling” and others.

This event is Thursday, Nov. 20, from 9 a.m.-7 p.m. at the Ion. Find more information here.

Nov. 20 – State of the Texas Medical Center

The Greater Houston Partnership will present the State of the Texas Medical Center. Hear from William F. McKeon, president and CEO of TMC, and GHP president and CEO Steve Kean as they discuss “the tremendous progress happening in health care delivery and life sciences in the world’s largest medical center.”

This event is Thursday, Nov. 20, from 4-6:30 p.m. at Helix Park. Find more information here.

View All Listings