FORT COLLINS — Square Comp, an early stage virtual reality technology company based out of Chennai, Tamil Nadu, India, will make Fort Collins its new U.S. headquarters, the company announced Thursday in a news release.

The move would bring 54 net new full-time jobs to the city spread across management, software and web development and operations positions. Fort Collins was chosen over the California Bay Area, according to the release.

Square Comp manufactures customizable VR training platforms for manufacturing companies. By allowing companies to train new employees in a VR simulation of the company’s production floor, Square Comp’s technology aims to provide a safer, faster training environment. 

Last month, the company was approved for an eight-year, $494,747 tax incentive package by the Colorado Economic Development Commission. The package is contingent on certain hiring milestones.

Square Comp “learned about Colorado through the foreign direct investment outreach efforts of the Global Business Development division and Gov. Polis in late 2019,” Colorado Office of Economic Development and International Trade director of global business development Michelle Hadwiger said last month when the incentive package was approved. “This project represents one of several companies that have identified Colorado through these business development activities as a strong information and technology market in the U.S. In addition, this company would add high paying technology jobs in Fort Collins, continuing the trend of increasing tech density across the entirety of the Front Range.”

In a statement, Gov. Jared Polis added: “Good-paying jobs continue to expand across our Front Range tech corridor from Colorado Springs to Fort Collins. Square Comp is a great addition to Fort Collins, and Colorado continues to feel the economic benefit of my first Foreign Direct Investment mission to India in 2019.” 

© 2021 BizWest Media LLC