Q&A

From virtual to reality: This Houston extended reality CEO weighs in on energy transition applications

Founded in 2023, MadXR is a Houston-based Extended Reality startup. The innovative company specializes in safety training experiences for the energy sector and beyond. From pre-built virtual reality training modules to custom developed, end-to-end XR solutions, MadXR creates interactive, lifelike virtual reality and augmented reality experiences that allow trainees to practice safety procedures in a controlled environment.

Houston Energy Transition Initiative recently connected with Miranda Palmisano, CEO of MadXR, to discuss the applications and benefits of XR—and how it can help energy companies reduce HSE risk and carbon intensity like never before.

HETI: You were at Chevron for nearly 10 years before MadXR. How did your experiences at Chevron shape your approach to starting and running your own company?

Miranda Palmisano: Prior to founding MadXR, I held many different roles at Chevron across upstream and downstream. As the Connected Worker Product Manager, I drove digital acceleration for our global field and maintenance teams in refineries, terminals, and manufacturing sites, elevating efficiency and safety. During that time, I began exploring the value case of VR across Chevron.

I formed the Extended Reality Team and shortly became the Extended Reality Product Manager. Our team began using VR to conduct safety training within a virtual environment. It allowed us to train Chevron’s workforce safer and more efficiently by providing hands-on experience without the risk of real-world errors.

HETI: What inspired you to start your own company?

MP: Extended reality is an exciting new technology, and I quickly discovered the growing need for flexible, cost-effective XR content development in relation to life-saving-action training, such as confined-space entry, lockout/tagout procedures, and working from heights. I believe that affordable and high-quality XR experiences should be accessible to all companies, regardless of budget. That’s why MadXR has transparent pricing options that range from pre-built VR training modules to turnkey teams—and we empower our customers to take full ownership of their content and assets.

HETI: How has being based in Houston helped MadXR?

MP: The network in Houston is unmatched. In the energy capital of the world, it’s much easier to access the companies we’re targeting and hire the talent we need to grow. Innovation hubs like Houston’s Ion District have given us the resources and opportunities to connect with a vast number of forward-thinking businesses.

HETI: Do you believe XR will be instrumental in helping companies reach low carbon or net zero goals?

MP: XR is poised to revolutionize the energy industry, offering unprecedented opportunities for efficiency, engagement, and environmental sustainability. Imagine donning a headset and virtually navigating a facility halfway across the globe in real-time, or preparing your entire team with comprehensive virtual training before they physically enter a site. These scenarios highlight XR’s potential to enhance operational efficiency and employee engagement significantly. Beyond the immediate benefits, XR also plays a crucial role in reducing carbon emissions by eliminating the need for unnecessary travel. This technology isn’t just about improving current processes; it’s about reimagining the future of energy industry operations in a more sustainable, efficient, and engaging way.

HETI: MadXR will be celebrating its first anniversary in April. Can you tell us more about your vision for the future and what you’re focused on in 2024?

MP: In 2023, we were focused on ramping up and generating awareness. This year, we’re dedicated to expanding our reach and impact. We plan to incorporate AI into our learning modules and XR development to make them even more informational and interactive.

While our primary focus is on energy, we’re exploring how we can extend XR training to other industries, including automotive, healthcare, and pharmaceuticals.

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This article originally ran on the Greater Houston Partnership's Houston Energy Transition Initiative blog. HETI exists to support Houston's future as an energy leader. For more information about the Houston Energy Transition Initiative, EnergyCapitalHTX's presenting sponsor, visit htxenergytransition.org.

To learn more about MadXR’s mission and XR training modules, visit MadXR.

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A View From HETI

PitchBook attributes $634 million in fourth-quarter VC to Fervo. Photo via Getty Images

The venture capital haul for Houston-area startups jumped 23 percent from 2023 to 2024, according to the latest PitchBook-NVCA Venture Monitor.

The fundraising total for startups in the region climbed from $1.49 billion in 2023 to $1.83 billion in 2024, PitchBook-NVCA Venture Monitor data shows.

Roughly half of the 2024 sum, $914.3 million, came in the fourth quarter. By comparison, Houston-area startups collected $291.3 million in VC during the fourth quarter of 2023.

Among the Houston-area startups contributing to the impressive VC total in the fourth quarter of 2024 was geothermal energy startup Fervo Energy. PitchBook attributes $634 million in fourth-quarter VC to Fervo, with fulfillment services company Cart.com at $50 million, and chemical manufacturing platform Mstack and superconducting wire manufacturer MetOx International at $40 million each.

Across the country, VC deals total $209 billion in 2024, compared with $162.2 billion in 2023. Nearly half (46 percent) of all VC funding in North America last year went to AI startups, PitchBook says. PitchBook’s lead VC analyst for the U.S., Kyle Stanford, says that AI “continues to be the story of the market.”

PitchBook forecasts a “moderately positive” 2025 for venture capital in the U.S.

“That does not mean that challenges are gone. Flat and down rounds will likely continue at higher paces than the market is accustomed to. More companies will likely shut down or fall out of the venture funding cycle,” says PitchBook. “However, both of those expectations are holdovers from 2021.”

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This story originally appeared on our sister site, InnovationMap.com.

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