Texas Weekly Deal Highlights
July 12, 2026
Two of every three public companies looking to leave Delaware this year want to set up shop in Texas instead. New data from Georgeson's early 2026 proxy season review shows that of the 17 shareholder proposals seeking to reincorporate out of Delaware, 11 (65%) named Texas as the destination, and nearly all that have gone to a vote have passed. The trend has a nickname now: "DExit."
The departures are driven in large part by frustration with Delaware's Court of Chancery, long the default venue for corporate law, whose recent rulings companies increasingly see as unpredictable. Tesla decamped for Texas in 2024 after a Delaware judge voided Elon Musk's pay package, and Coinbase followed, with its chief legal officer publicly citing the erosion of legal certainty in Delaware.
Texas has courted the exodus, standing up a dedicated business court and codifying friendlier governance rules. The companies in this week's roundup are mostly new and private, but the throughline is the same: more and more, when a business decides where to plant its flag, the answer is Texas.
With that, let’s get to this week’s deal activity:
Austin
Haven Advisors Holdings raised $10M in a Seed from undisclosed investors. $10M raised to date.
Legible, a developer of an AI-native policy intelligence platform for government affairs professionals, raised $3.5M in a deal led by Acadian Software. $3.5M raised to date.
BistroCat, a developer of an automated wet cat food feeder for pet owners, raised $2.06M in a deal from undisclosed investors. $4.11M raised to date.
Greater Texas Market
Venus Aerospace (Houston), a developer of rotating detonation rocket engine technology for defense and space propulsion systems, raised $91M in a Series B led by Mercury Fund with participation from Airbus Ventures, America’s Frontier Fund, Auxilium Partners, BroadVision Group, and others. $139.28M raised to date.
Hephae Energy Technology (Spring), a developer of ultra-high-temperature robotics for next-generation geothermal drilling, raised $17.8M in a Series A led by Susquehanna Sustainable Investments and Underground Ventures with participation from Alfa8, Baruch Future Ventures, Centaurus Capital, Elemental Impact, and others. $24.15M raised to date.
Otovo (Houston), a provider of AI-driven home energy services spanning solar, storage, and EV charging, raised $7.25M in a deal led by EIC Rose Rock with participation from Energy Innovation Capital. $7.25M raised to date.
Adaptive Insurance (Bee Cave), a provider of parametric specialty insurance products addressing climate and weather risks, raised $5M in a deal led by Congruent Ventures and Peconic Partners with participation from Connecticut Innovations, Firemark Ventures, Montauk Capital, Room & Pillar, and others. $10M raised to date.
Frontlands (Dallas), a provider of asset-backed lines of credit secured by mineral and royalty rights, raised $4M in a deal from undisclosed investors. $65.43M raised to date.
The Boardroom Mastermind (Grapevine), a real estate education company operating peer groups for investors, raised $1.73M in a Seed from undisclosed investors. $1.73M raised to date.
Climb Group (Dallas), a provider of Databricks-focused data and AI consulting services for enterprises, raised $1.4M in a Seed from undisclosed investors. $1.4M raised to date.
Skybound Medtech (Houston), a developer of dual-use medical technologies for space medicine and defense applications, raised $1.25M in a Seed from undisclosed investors. $1.25M raised to date.
See you next week!
—Mason & Joel
This edition was supported by Malik Osumah.
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