New biotech lab, accelerator emerges in Houston to speed up commercialization of life-saving cures

ready to launch

The first of Rice University's new moonshot initiatives, the Rice Biotech Launch Pad was announced on the 61st anniversary of President John F. Kennedy's address at Rice Stadium. Photo by Gustavo Raskosky/Rice University

A new initiative from Rice University is launching with an ambitious goal — to take biotech innovations from concept to clinical trials in five years or less.

The Rice Biotech Launch Pad is a newly announced initiative that will expedite Rice University's health and medical technology innovations. The accelerator, which will occupy 15,000 square feet of space on campus, will be funded through federal grants and donations.

“The Rice Biotech Launch Pad will ensure that our faculty and students have the skills, partnerships, tools and support to create technologies that can transform our city and the world,” Rice President Reginald DesRoches says in a press release. “More importantly, the accelerator will provide a pathway for these creations and discoveries to be turned into medical cures that significantly impact people’s lives. Rice researchers have been doing this for years. This development will allow them to do even more and at a quicker, more efficient pace.”

Leading the program are two seasoned experts: associate professor of bioengineering at Rice, Omid Veiseh, and biotech entrepreneur Paul Wotton, who co-founded Avenge Bio and other startups with technology discovered in Veiseh’s lab. Veiseh will serve as faculty director, and Wotton will lead as executive director. Veiseh says the team behind the new lab will assist faculty in their mission to garner funding — via grants from organizations such as ARPA-H, DARPA and the NIH — as well as creating pathways for licensing revenue for the university.

“We have the infrastructure, financial backing and talent in Houston to do more in creating new medicines to cure disease," Veiseh says in the release. "This is a thriving environment that warrants more attention and dedication to bring forward Houston’s medical discoveries. I am proud to help make this happen.”

The accelerator’s founding advisory council members from Rice are:

  • Paul Cherukuri, Rice’s vice president for innovation.
  • Jacob Robinson, professor of electrical and computer engineering and of bioengineering and founder and CEO of Motif Neurotech.
  • Ashok Veeraraghavan, professor of electrical and computer engineering and computer science and co-founder of Synopic.
  • Yael Hochberg, head of the Rice Entrepreneurship Initiative and the Ralph S. O'Connor Professor of Finance and Entrepreneurship at the Jesse H. Jones Graduate School of Business.

“The Biotech Launch Pad is the first in a series of Rice Moonshots that are hyper-focused on building a ‘speed and scale’ innovation ecosystem across Houston," Cherukuri says. "We at Rice are committed towards driving the Biotech Launch Pad in collaboration with our partners within the Texas Medical Center and the new Helix Park campus.”

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Applications are now open for the Summer Venture Studio. Photo via rice.edu

Rice University kicks off new program for student startup founders

student entrepreneurship

Students at Rice University will have a new opportunity to have a taste of entrepreneurship this summer.

The Liu Idea Lab for Innovation and Entrepreneurship, or Lilie, has established a new startup accelerator program called the Summer Venture Studio. The program, which will run May 15 through August 7, is open to students of any major or year, including recent graduates.

“The Summer Venture Studio will empower student teams to accelerate their ventures and hit escape velocity,” says Kyle Judah, executive director of Lilie, in a news release. “We believe that with the right personalized program and resources, and led by our team of experienced founders, we can unlock students’ limitless potential to create the next generation of pillar companies for Houston, Texas and the world.”

The accepted students will work full-time with Lilie's one-on-one mentorship, programming, and up to $15,000 in equity-free funding per team — all provided in a dedicated coworking space.

“Summer Venture Studio offers Rice students the opportunity to work on their venture ideas with individualized programming customized to their experience, background and venture stage,” says Yael Hochberg, the Ralph S. O’Connor Professor in Entrepreneurship and head of the Rice Entrepreneurship Initiative. “The program is designed to blend seamlessly into students’ curricular and co-curricular experience throughout the academic year, ensuring that each student is met where they are in experience and entrepreneurial knowledge.”

The accelerator is looking for student teams of up to five members. The team lead must be a current student or have graduated within a month of the program's start. Applications are now open online and will be evaluated on a rolling basis.

Houston has seen four new accelerators enter the market this year. Photo by Zview/Getty Images

Breaking down Houston's 4 new startup accelerator programs

Excelling in accelerating

It's official — 2019 is the year of accelerators in Houston. Four different accelerator programs have announced plans to launch Houston programs this year so far — and they are all bringing something different to the table.

All four of the programs represent global programs or big companies recognizing the potential in Houston, which, according to Yael Hochberg, head of the Rice University Entrepreneurship Initiative, is a key part of the equation.

"When you're talking about a place like Houston, what we need here right now is interest from the outside," Hochberg says. "We need some certification by people from the outside that in fact this is a destination for innovation and entrepreneurship."

Houston's most successful accelerator has been homegrown — right out of the Texas Medical Center. TMCx is on its ninth cohort since it launched in 2014.

Also founded in Houston, SURGE Accelerator had a different fate. It launched in 2011 and closed in 2016. Hochberg says there are a number of reasons for the program's demise including disengaged corporations.

"I do feel there's a lot of opportunity around this, and I don't think we should look at SURGE as some sort of indicator of what will happen to an accelerator in the city," she says. "If anything, I would look at TMCx and look at the potential that we see from that."

The biggest benefit to these accelerator programs, Hochberg says, is the new influx of startups that come to Houston. It's not only the accelerators' cohorts, but just the feasibility of the success and resources available. More startups translates to more investments.

"When you have startup activity and good startups, then money, private investment money will follow," Hochbergs says. "Private investment money doesn't just show up."

But bringing in these programs puts the pressure on the city to focus on the environment it's providing new companies and talent. Innovative companies thrive in major metros with things like protected bike lanes, city living, sustainability — and Houston needs to work on these things, Hochberg says, adding that Houston's ability to boast on its single-family homes is less and less attractive to younger demographics.

Building the city up with these types of infrastructure is going to be key when it comes to retaining these startups that accelerators bring in.

"We can create accelerators from here until tomorrow," Hochberg says. "People will send a couple of people down for two days a week to Houston sit at the accelerator, but they'll keep their company somewhere else and not actually move to Houston. Maybe if you're lucky, they'll open up like a little satellite office. We don't want that."

So, what exactly are the differences between these four new startup accelerators? Here's a breakdown of each.

MassChallenge Texas

Photo via greenstreetdowntown.com

MassChallenge Texas first announced its Houston program in January. The Boston-based accelerator program is currently in its final phase of deciding its inaugural cohort. The program is for early stage companies, and is industry agnostic. Jon Nordby, former director of strategy at Houston Exponential, leads the Houston program as managing director.

Launch: July 2019
Location: Downtown Houston
Number of cohort companies: 25
Length: 6 weeks — July through August
Origin: Boston
Requirements: The program looks for applicants that haven't raised more than $500,000 in equity-based funding and have generated less than $1 million in revenue over the past year.
Equity requirements: None.
Prizes on the line: Free office space, mentorship, and, usually, monetary prizes. (Currently, the organization hasn't confirmed cash prizes for the inaugural cohort.)

Founder Institute

Houston's new Founder Institute chapter has teamed up with Alice. Image courtesy Founder Institute

Founder Institute Houston is the earliest stage accelerator that's not associated with a university. Companies must be in the pre-funding stage of growth, and, while 30 companies will be chosen per cohort, only a fraction will complete the full 14 weeks. The Silicon Valley-originated concept now has chapters in almost 200 cities around the world. FI announced its new chapter in Houston in March after first launching in Austin.

Launch: May 2019
Location: Downtown (out of Station Houston)
Number of cohort companies: 30
Length: 14 weeks
Origin: Silicon Valley
Requirements: Company must be pre-funding.
Equity requirements: 4 percent
Prizes on the line: Cash prizes, discounts, access to worldwide alumni network, etc.

Plug and Play Tech Center

Ahead of entering the Houston market later this year, Silicon Valley's Plug and Play hosted three days of programming surrounding innovation in energy and health care. Natalie Harms/InnovationMap

Plug and Play Tech Center confirmed they were entering the Houston market earlier this month. The Silicon Valley organization has 30 locations all over the world and plans to open five new locations in the United States over the next six months to a year — one being Houston.

Launch: Fourth quarter 2019
Location: Currently scouting for a location.
Number of cohort companies: 20
Length: Three months, twice a year.
Origin: Silicon Valley
Requirements: The program is stage agnostic, but cohorts are focused on a specific industry. Houston's likely to be health and energy/sustainability, though nothing is set in stone.
Equity requirements: None
Prizes on the line: In-house venture capital opportunities, corporate connections, etc.

Ion Smart Cities Accelerator

The historic Sears building in Midtown will transform into The Ion, a Rice University-backed hub for innovation. Courtesy of Rice University

In April, the city announced that Microsoft and Intel were backing a Smart Cities Accelerator program that would accelerate companies with solutions to some of Houston's key problems. The first cohort will be focused on solutions within resilience and transportation, but each cohort will have a different set of issues. With these rotating themes, every cohort will be different.

Launch: September 2019
Location: Station Houston (then later The Ion, when it opens)
Number of cohort companies: 10
Length: 10 months
Requirements: The first set of companies will be chosen for their ability to solve problems within mobility and transportation in Houston. (Other cohorts will have other topics.)
Prizes on the line: Pilot programs and permanent business from the city of Houston.

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Houston medtech firm secures $30M for neurosurgical robot

stroke surgery

Robotic neurosurgery is an exciting new frontier in medicine, and Houston-based medtech firm XCath is leading the charge with its revolutionary Iris robotic system. The company announced in March that it had secured $30 million in Series C funding to continue developing systems to tackle blood clots in the human brain.

“We are grateful to our investors for their conviction in our shared mission to improve clinical outcomes for patients impacted by endovascular diseases,” Eduardo Fonseca, CEO of XCath, said in a news release. “In 2025, the XCath team advanced the frontiers of endovascular robotics. This funding accelerates our commitment to expanding access to life-saving care so that where a patient lives no longer determines whether they live.”

XCath–which also has campuses in Pangyo, South Korea–has already achieved a number of remarkable firsts in robotic neurosurgery. The Iris is the only endovascular robotic system currently in development to perform intracranial navigation or neurointerventional treatment, and is the only robot in the world to have performed an intracranial neurovascular procedure involving the robotic manipulation of three devices.

These new Series C funds, which bring the company's total investment to $92 million, will go toward developing a clinical telerobot capable of performing a mechanical thrombectomy. This would bring unprecedented accuracy and precision to the surgical removal of brain clots, significantly reducing the risk of neurosurgery.

“Robotic surgery succeeds when innovation is paired with practical execution,” Dr. Fred Moll, chairman of the XCath board of directors, said in the release. “XCath has built a promising technology foundation, and just as importantly, a team that values rigor and appreciates perspective. I’m excited to support them as they take on the mission of globalizing access to gold-standard care for stroke patients.”

In November 2025, the Iris debuted under the control of Dr. Vitor Mendes Pereira at The Panama Clinic in Panama City, alongside local Principal Investigator Dr. Anastasio Ameijeiras Sibauste. It was only the second time in human history that a robot had been used for intracranial neurovascular intervention, and it established Iris as a viable technology in the fight against stroke.

“Treatment of stroke and other neurovascular diseases represents one of the most significant financial opportunities in healthcare, supported by positive reimbursement dynamics and strong demand from health systems,” Nicholas Drysdale, CFO of XCath, added in the release. “With our continued investor support and disciplined capital deployment, XCath is positioned to build a category-leading platform in endovascular robotics”.

Houston geothermal unicorn Fervo officially files for IPO

going public

Fervo Energy has officially filed for IPO.

The Houston-based geothermal unicorn filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission on April 17 to list its Class A common stock on the Nasdaq exchange. Fervo intends to be listed under the ticker symbol "FRVO."

The number and price of the shares have not yet been determined, according to a news release from Fervo. J.P. Morgan, BofA Securities, RBC Capital Markets and Barclays are leading the offering.

The highly anticipated filing comes as Fervo readies its flagship Cape Station geothermal project to deliver its first power later this year

"Today, miles-long lines for gasoline have been replaced by lines for electricity. Tech companies compete for megawatts to claim AI market share. Manufacturers jockey for power to strengthen American industry. Utilities demand clean, firm electricity to stabilize the grid," Fervo CEO Tim Latimer shared in the filing. "Fervo is prepared to serve all of these customers. Not with complex, idiosyncratic projects but with a simplified, standardized product capable of delivering around-the-clock, carbon-free power using proven oil and gas technology."

Fervo has been preparing to file for IPO for months. Axios Pro first reported that the company "quietly" filed for an IPO in January and estimated it would be valued between $2 billion and $3 billion.

Fervo also closed $421 million in non-recourse debt financing for the first phase of Cape Station last month and raised a $462 million Series E in December. The company also announced the addition of four heavyweights to its board of directors last week, including Meg Whitman, former CEO of eBay, Hewlett-Packard, and Spring-based HPE.

Fervo reported a net loss of $70.5 million for the 2025 fiscal year in the S-1 filing and a loss of $41.1 million in 2024.

Tracxn.com estimates that Fervo has raised $1.12 billion over 12 funding rounds. The company was founded in 2017 by Latimer and CTO Jack Norbeck.

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

New UT Austin med center, anchored by MD Anderson, gets $1 billion gift

Future of Health

A donation announced Tuesday, April 21, breaks a major record at the University of Texas at Austin. Michael and Susan Dell are now UT Austin's first supporters to give $1 billion. In response, the university will create the UT Dell Campus for Advanced Research and the UT Dell Medical Center to "advance human health," per a press release.

The release also records "significant support" for undergraduate scholarships, student housing, and the Texas Advanced Computing Center for supercomputing research.

Both the new research campus and the UT Dell Medical Center will integrate advanced computing into their research and practices. At the medical center, the university hopes that will lead to "earlier detection, more precise and personalized care, and better health outcomes." The University of Texas MD Anderson Cancer Center will also be integrated into the new medical center.

That comes with a numeric goal measured in 10s: raise $10 billion and rank among the top 10 medical centers in the U.S., both in the next decade.

In the shorter term, the university will break ground on the medical center with architecture firm Skidmore, Owings & Merrill (SOM) "later this year."

“UT Austin, where Dell Technologies was founded from a dorm room, has always been a place where bold ideas become real-world impact,” said Michael and Susan Dell in a joint statement.

They continued, “What makes this moment so meaningful is the opportunity to build something that brings every part of the journey together — from how students learn, to how discoveries are made, to how care reaches families. By bringing together medicine, science and computing in one campus designed for the AI era, UT can create more opportunity, deliver better outcomes, and build a stronger future for communities across Texas and beyond.”

This is the second major gift this year for the planned multibillion-dollar medical center. In January, Tench Coxe, a former venture capitalist who’s a major shareholder in chipmaking giant Nvidia, and Simone Coxe, co-founder and former CEO of the Blanc & Otus PR firm, contributed $100 million$100 million.

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