Just two weeks after Colorado offered them job tax credits, Square Comp announced it’s locating its U.S. headquarters in Fort Collins and creating more than 50 jobs.

The early-stage Indian technology company develops virtual reality training for manufacturing companies. Fort Collins beat out the other location Square Comp was looking at in California.

The company’s flagship technology, GRAHA’s VR “offers virtual reality-based technical training solutions to manufacturing companies for the up-skilling and re-skilling of their blue-collar workforce.” The training is supposed to be safer, and doesn’t require downtime on production lines. Founded in 2018, Square Comp is currently based in Chennai, India.

The Colorado Office of Economic Development and International Trade (OEDIT) offered the company up to $494,747 in performance-based job tax credits – meaning they don’t get the money until the hires are onboarded. Square Comp has eight years to make the hires.

“We are excited to choose Fort Collins, Colorado as our base of operations which will serve the entire market of not only Colorado and the United States, but also Europe,” said Srinivasan Yagnanarayanan, Founder, Square Comp – GRAHA’s VR, in a statement.

The average wage of the 54 new jobs is $71,676 for positions in management, software and web development roles.

Square Comp officials were introduced to Colorado from a trade mission to India Gov. Jared Polis took in 2019.

“We are overwhelmed by the kind support we received from OEDIT and the State of Colorado, said Co-Founder Sriram Kesavan in a statement. “It’s heartening to see such mutual cooperation between India and the United States and we are looking forward to growing along with Fort Collins and Colorado.”

“Good-paying jobs continue to expand across our Front Range tech corridor from Colorado Springs to Fort Collins,” said Polis in a statement. “Square Comp is a great addition to Fort Collins.”