It appears the McKinney Economic Development Corporation’s (MEDC) efforts to attract startups to the city is paying off, as another local company is moving its headquarters there.
Invene, a health care software development company that was formerly based out of UT Dallas’ Venture Development Center, announced it would be relocating to McKinney, with plans to grow its workforce.
“We’re all kind of connected. By moving from Richardson to McKinney, we’re still part of the Dallas ecosystem,” James Griffin, Invene CEO and founder, told NTX Inno. “What it’s really about is upscaling in the market; right now there’s a big push to get to the next level.”
The move to McKinney coincides with a grant Invene has received from the MEDC for an undisclosed amount. In January, the MEDC launched the McKinney Innovation Fund, which seeks to attract startups with high-growth potential and diversify the city’s innovation ecosystem. The fund offers businesses a number of grant options to help startups recruit talent, expand business and increase skills development, among other things. Griffin said the city has been forward looking with the fund, bringing companies that have the potential for growth and job creation, rather than focusing on bringing in larger, more established businesses.
Earlier this year, healthcare SaaS startup Blockit was one of the first local tech companies to take advantage of the program.
“A lot of cities are focused on the big companies… but McKinney has an interesting perspective, where they want to get startups early and want them to grow,” Griffin said. “I think the stronger the community around tech, it attracts more talent and more density.”
With the grant, Invene plans to create 12 new software engineering jobs, bringing its total team size to 15, over the next three years. By using the grant to help with team growth, Griffin said it allows Invene to focus on its goal of reaching larger and larger health care companies. The company creates mobile and web applications for other companies working in the health care sphere.
In addition to growth, Griffin said the MEDC fund is helping to attract more talent and create more density in the tech and startup scene in McKinney, further connecting the city to the greater DFW ecosystem. The move also makes the Invene team’s commute shorter, he said.
Invene’s new headquarters will be located at the Yeager Building, near the Craig Ranch neighborhood of McKinney. The area is increasingly attracting tech companies, with businesses like Independent Financial and SRS Distribution calling the location home as well.
“Invene is a great company and a great partner in championing what we are trying to achieve by growing our tech and startup ecosystem in McKinney,” said Danny Chavez, senior VP at the MEDC, in a prepared statement. “Companies at this stage are exciting to work with and help the city create a talent pipeline.”
