The CEO of a tech startup has been identified as one of the victims killed in a horror private jet crash on a Texas highway. 

Joshua Baer, the CEO of Capital Factory, was described as a 'visionary force, mentor, and champion for the Texas technology and startup ecosystem' by his company as it confirmed he was killed in the crash on Tuesday night. 

Baer was often described as the 'Godfather' of the startup scene in Austin, Texas, where he based his venture capital firm Capital Factory. 

The private jet had taken off from Los Cabos International Airport in Mexico and was bound for Austin-Bergstrom International Airport when it crashed around 10pm on Texas State Highway Loop 20. 

Footage showed the plane burst into flames as heroic bystanders and first responders raced to rescue those inside, with officials saying two people died and four others survived the wreckage and were hospitalized.

Capital Factory president Bryan Chambers issued a touching tribute to Baer on Wednesday morning following the crash, describing the tech executive as a 'fearless leader' in the business world.

'(He was) a brilliant partner and a dear friend to so many of us,' Chambers said.

'While we are devastated by this unimaginable loss, Josh built an incredibly resilient organization and a deeply capable team. 

'Capital Factory remains fully operational, and we are completely committed to continuing his mission of backing unstoppable founders.'

The National Transportation Safety Board (NTSB) said it has launched an investigation into the crash, the cause of which is currently unclear. 

In dashcam footage from a vehicle close to the crash site, the aircraft was seen skidding across the highway and smashing through street lights, before splitting in two on the concrete median and bursting into flames.

Officials said a person in a passing car was also clipped by the plane and was hospitalized, and five first responders were also treated for smoke inhalation. 

Witnesses to the fiery plane crash leapt into action and rescued several victims from the aircraft, with two heroic bystanders using a sledgehammer and shovel to pry open the aircraft door.

Separate footage also showed firefighters dousing the wreckage with fire extinguishers as passengers escaped, with first responders forced to move away from the flames and cough sporadically due to the heat.

Witness Zayra Garza, who shared footage of the aftermath to social media, said she was shocked by the horrific scenes, describing the crash site as 'like part of a movie.'

'What was worrying me was the fire,' she told the Associated Press. 'I was concerned that it could have just exploded at any time.'

NetJets said in a statement that the crash involved one of its aircraft and it is working with authorities. NetJets is owned by Warren Buffett’s Berkshire Hathaway and allows people to buy part ownership in private jets.

The crash was the third such aviation disaster in as many days across the US, following a B-52 military aircraft crashing at Edwards Air Force Base in California on Monday, killing eight people.

That tragedy followed a crash on Sunday in Missouri, when 12 people were killed when a skydiving plane crashed soon after takeoff.