Why Texas Startups Are Missing Out on 2023 Funding Boom

In 2024, Texas startup funding is projected to decline compared to previous years, despite an overall increase in U.S. venture funding, driven largely by significant investments in AI. Texas companies have secured just over $3 billion in financing, with less than half going to the Austin metro area. AI funding in Texas is minimal, with less than 10% of the total, including a $175 million Series B round for Saronic, which develops AI-enabled autonomous sea vessels. Notable non-AI funding rounds include $244 million for Fervo Energy, $232 million for NinjaOne, and $175 million for Island. Although current funding levels are lower compared to peak years, there is optimism for future investment as startups scale and new rounds of funding become available.

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