~ Supply chain risk management firm moves HQ to Indianapolis, plans workforce scale up ~
Indianapolis, IN — PAXAFE Inc., a Delaware C-Corp that develops machine learning models to manage supply chain risk, today announced the relocation of its headquarters from Milwaukee to Indianapolis, creating up to 68 new high-wage jobs in central Indiana by the end of 2024.
“Indiana’s reputation as a hub for innovation continues to grow as high-tech companies like PAXAFE choose our state for their headquarters and continued expansion,” said Indiana Secretary of Commerce Brad Chambers. “The state of Indiana is placing an enhanced focus on supporting Indiana’s entrepreneurial companies and growing our tech ecosystem, and we are thrilled to support PAXAFE and help the company achieve even more in the years to come.”
PAXAFE is investing more than $6.3 million over the coming years to lease and equip its new headquarters in downtown Indianapolis. The company recently moved into its 700-square-foot office space at 55 Monument Circle, which will house members of its data, product and customer operations teams to allow the company to service and grow its domestic and international customer base.
“Indiana has emerged at the forefront of startup ecosystems in the Midwest,” said Ilya Preston, PAXAFE CEO. “The startup activity, access to resources and business climate creates an ideal atmosphere to attract and retain talent. Our team looks to contribute towards the continued development efforts of elevating Indy into a nationally-recognized startup hub.”
To support its growth in Indianapolis, PAXAFE, which employs 19 associates across its Indiana, Michigan and India locations, will continue hiring throughout the remainder of this year and into next for data scientists, machine learning engineers, product managers, software engineers and customer operations roles. Interested applicants should apply through AngelList, LinkedIn or via email.
Founded in Milwaukee in 2018, PAXAFE is a venture-backed startup that predicts adverse supply chain events to de-risk B2B shipments and enables intelligent cargo insurance. PAXAFE’s SaaS platform – CONTXT– provides clients with a data contextualization platform that can be used as a device agnostic prediction platform or with PAXAFE’s IoT devices. CONTXT enables shippers of perishables and valuables to decrease product loss while improving operational efficiencies, transforming shipment visibility into actionable steps and measurable business value.
In April, the company announced a $2.25 million round of seed funding led by Ubiquity Ventures and participation from Greenlight Reinsurance and Northwestern Mutual, bringing funds raised to date to more than $3.2 million which will enable PAXAFE to accelerate the rollout of the company’s commercial platform to more enterprise customers while strengthening its AI-driven risk platform. PAXAFE also graduated from gener8tor’s 2018 startup accelerator Milwaukee cohort and has recently received SBIR grant funding from the U.S. Air Force.
“We’re excited to welcome PAXAFE to Indianapolis to be part of our thriving tech sector,” said Indianapolis Mayor Joe Hogsett. “Today’s announcement is another signal of our downtown’s continued vitality, and of our ability to attract and grow good-paying jobs.”
The IEDC partners with industry organizations like TechPoint, Indiana’s nonprofit tech growth accelerator, to target business recruitment in high-skilled, high-growth sectors. TechPoint works to cultivate business development needs within the tech sectors, helping recruit industry startups, scaleups and established organizations like PAXAFE to expand or locate in Indiana.
“PAXAFE could have scaled anywhere in the United States, but Ilya saw the opportunity in Indy and made an intentional decision to grow in one of the fastest growing tech hubs in the country,” said TechPoint CEO Mike Langellier. “We welcome them to the Indy tech community and are excited to see Ilya and his team thrive in Indy.”
Based on the company’s job creation plans, the IEDC committed an investment in PAXAFE Inc. of up to $1.5 million in the form of incentive-based tax credits. These tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired. The city of Indianapolis supports the project in partnership with Develop Indy.
Indiana is leading a Midwest tech transformation with more than 87,000 tech industry jobs contributing $16.2 billion to the state’s economy every year.
PAXAFE is a venture-backed startup that predicts adverse supply chain events to de-risk B2B shipments. PAXAFE’s intelligence platform – CONTXT – leverages near real-time telematics, third-party and ERP data to provide a digital twin to the physical supply chain. CONTXT enables shippers, logistics carriers and insurance providers the ability to intercept at-risk shipments, automate claim diagnosis and root cause analysis, and improve loss ratios via optimized risk underwriting. PAXAFE’s platform decreases cargo loss while improving operational efficiencies, and has been used on commercial shipments with leading companies in healthcare, food, logistics, oil & gas, manufacturing and flowers. For more information, visit paxafe.com.
The Indiana Economic Development Corporation (IEDC) leads the state of Indiana’s economic development efforts, helping businesses launch, grow and locate in the state. Governed by a 15-member board chaired by Governor Eric J. Holcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit iedc.in.gov.