Founders chosen from nearly 800 applicants in energy, defense and dual-use, industrial technology and aerospace earn meetings with Eclipse, In-Q-Tel, Chevron Technology Ventures and 41 other investors Oct. 27 in Little Rock

After months of applications and investor review, Onward FX has selected 173 startups from nearly 800 applicants for its first cycle focused on the physical economy. Companies changing how the world is powered, supplied and secured will convene in Little Rock Oct. 27 with visiting investors and corporate partners for curated one-on-one meetings. Historically, one in four participating startups has secured a term sheet. 

Investor demand concentrated on companies that make existing industrial assets work harder, on the refining chokepoint in critical materials and on dual-use hardware. The companies that drew the most investor interest across the 44 firms include:

• Mechro (Tulsa, Okla.): service AI that extends senior engineers’ expertise across equipment dealer networks
• Riibotics (Menlo Park, Calif.): autonomous forklifts that go live in a day in existing warehouses
• Libi Materials (Phoenix): processing of rare earth and critical materials via molten-salt electrolysis
• acelerex (Cambridge, Mass.): software to plan, control and optimize grids and battery storage
• Astral Materials (Mountain View, Calif.): laser crystals grown in microgravity for photonics customers
• Determinant Materials (Pensacola, Fla.): modular on-site refineries turning ore, scrap and e-waste into pure metal
• Pike Robotics (Houston): robots that inspect and repair storage tanks while they stay in service
• BigMachine AI (Houston): converts industrial P&IDs into connected models an AI agent can engineer against
• Bastazo (Bentonville, Ark.): AI that finds and fixes vulnerabilities in industrial control systems
• Groundtruth (Santa Monica, Calif.): AI agents that fix freight invoice errors before they reach the customer
• Enduralock (Lenexa, Kan.): vibration-proof fasteners and in-space servicing hardware
• VerdeGo Aero (Daytona Beach, Fla.): hybrid-electric powerplants for aircraft and military drones

The startup applicant pool spanned the United States and countries around the world. Selected founders are building everything from robotics and industrial AI to critical materials, power systems and infrastructure security. For many, the faster path to customers runs through America’s existing industrial base, and Arkansas puts them close to the manufacturing, energy, logistics and defense industries their technologies are built to serve. Nine of the companies are based in the state. The full list of selected startups includes descriptions and locations for each company. 

Participating investors and corporate partners include Eclipse, Lightcone Ventures, Material Impact, Blue Bear Capital, Good Growth Capital and Ridgeline, alongside Chevron Technology Ventures, ExxonMobil, Equinor Ventures, Booz Allen and Tyson Ventures. In-Q-Tel and the U.S. Department of Energy’s Advanced Research Projects Agency-Energy (ARPA-E) bring government capital to the table. The complete investor roster is available online. 

Produced by the Northwest Arkansas Council in partnership with the Arkansas Economic Development Commission, Onward FX is the Heartland’s premier founder-funder exchange. The program compresses months of outreach into focused meetings based on investor interest, company stage and sector fit. The Council and AEDC expanded the program statewide in 2025.

For companies building physical technologies, reaching the market requires manufacturing capacity, infrastructure and customers able to put new systems to work. The Heartland brings those assets together. Arkansas’ lithium resources and expanding aerospace and defense production connect this gathering to opportunities in critical materials and industrial supply chains.

Onward FX’s public program, The Exchange, opens at 10:30 a.m. Oct. 27 at the Arkansas Museum of Fine Arts with “The Next Industrial Bet.” The conversation pairs Fortune’s Allie Garfinkle, who leads Term Sheet’s coverage of private capital and startups, with Axios’ Colin Demarest, author of the Future of Defense newsletter. Daniel Oberhaus, a former Wired reporter and founder of HAUS, a communications agency specializing in deep technology, will moderate.

The discussion will explore where technologies built for defense can find broader markets, what separates a compelling story from a durable business and where investors are placing their next bets.

After the opening conversation, attendees join open networking and two rounds of small-group conversations across four themes: “The Power Problem,” “The New Arsenal,” “The Machine Economy” and “The Capital Map.” Topics include AI’s power demands, allied manufacturing capacity, automation and the corporate partnerships that help startups reach the market. Each session begins with a provocation and opens to participant discussion.

Conversation leaders include Aidan Madigan-Curtis of Eclipse, Nat Puffer of In-Q-Tel, Brad Pruente of Lightcone Ventures and Luis Alcoser of Chevron Technology Ventures. 

The Exchange is open to founders, investors and anyone interested in learning more about the technologies shaping the future of the physical economy. View the full program here.

The day closes with the Heartland Startup Community Happy Hour, open to founders, investors and the community from 5:30 to 7:30 p.m. at Rock Town Distillery, 1201 Main St. RSVP for the happy hour.

Sponsors for this fall’s Onward FX include Vantora, Buffalo Builders, Rose Rock Bridge, Stephens Group, Venture Capital Services Group, Alex Brown | Raymond James; and Few.