Since launching in January, the McKinney Economic Development Corporation’s (MEDC) Innovation Fund has been attracting tech companies to the city. And now it's bringing in a new one, this time from overseas.
Lured by grant funding, MEDC announced that Italy-based EnginSoft, a simulation-based engineering science and computer-aided engineering technology transfer company, will be expanding its headquarters to the city.
“McKinney has been a great place for us to grow our business,” said Chris Wilkes, CEO of EnginSoft USA and chairman of the North Texas Angel Network, in a statement. "The expansion of our U.S. headquarters has a lot to do with the local market, and the Innovation Fund grant was confirmation for us to continue scaling our business in McKinney.”
While financial terms of the grant were not disclosed, the move will involve the creation of 20 new software engineering jobs with an average salary of $90,000 over the next three years. That will bring the company’s total headcount to 23. EnginSoft plans to move into the Adriatica Village mixed-use development, on the western side of McKinney.
EnginSoft was created in 1984. According to its website, the company helps customers solve product development problems through consulting, training and research, with a focus on a diverse range of industries spanning automotive and aerospace to biomechanics and manufacturing. In addition to Italy, EnginSoft has a presence in France, Germany, Sweden, the UK and Turkey, and according to its LinkedIn page, its current U.S. headquarters are in Tennessee.
“It's incredible to see the positive response to our fund during this pandemic and to also demonstrate growth,” said Danny Chavez, senior VP at the MEDC, in a statement.
In January, the MEDC launched the Innovation Fund to diversify the local economy, as well as develop a high-density innovation ecosystem. It focuses on attracting companies in early-growth stages to have them grow and create job opportunities in the city. The grants, designed to help startups recruit talent, expand business and increase skills development, are open to most businesses operating in the tech sector, with requirements like having a minimum number of employees and keeping your business in McKinney for at least three years.
Since its creation, the fund has attracted the formerly UT Dallas Venture Development Center-based health care software development company Invene, which announced its move to McKinney earlier this month. It also drew local health care SaaS startup Blockit to the city limits in mid-February.
“The focus of the fund has a lot of practical uses for startup scalability as well as for more established companies like ours,” Wilkes said. “I can see a variety of applications for established revenue model companies and ones that are fundraising.”
