A tech startup that manages supply chain risk will move its headquarters to Indianapolis from Milwaukee and plans to invest $6.3 million in the coming years to equip its downtown offices.
Paxafe Inc., which recently moved into 700 square feet of office space at 55 Monument Circle, announced Thursday that it plans to add 68 jobs by 2024. The new hires would be data scientists, machine learning engineers, product managers, software engineers and customer operations representatives.
Founded in Milwaukee in 2018, Paxafe is a venture-backed startup that predicts adverse supply chain events and enables intelligent cargo insurance. The company currently employs 19 people in Indiana, Michigan and India.
Earlier this year, Paxafe announced a $2.25 million round of seed funding led by Ubiquity Ventures and participation from Greenlight Reinsurance and Northwestern Mutual. To date, the company has raised more than $3.2 million.
The Indiana Economic Development Corp. has agreed to provide Paxafe with $1.5 million in incentive-based tax credits if the company meets its job-creation goals.