Another high-end tech company will call Colorado Springs home, selecting the city over locations in California and Arizona.

Okika Devices, which designs and builds computer chips and creates software, selected the Springs for its new headquarters and research and development center, Gov. Jared Polis and the Global Business Development Division of the Colorado Office of Economic Development and International Trade announced Tuesday. The company was previously headquartered in California.

Okika joins a burgeoning semiconductor industry in the region, which includes companies like Microchip and Entegris. The company makes field programmable analog arrays that can be used to address challenges in sensor processing and machine learning.

Okika plans to hire 20 people at an average salary of about $104,000, which is 160% of the annual average wage in El Paso County. Hiring is underway for applications and quality engineers, sales and procurement, according to a press release.

William Staunton, CEO and chairman of Okika, cited a “business-friendly environment, along with the unwavering support from the city, county, and state,” in making the decision to move to the Springs an easy one.

“Relocating Okika’s headquarters to Colorado Springs marks an exciting new chapter for our company,”  Staunton said in the press release. “Colorado Springs offers a rich pool of talented and committed professionals, and we’re proud to join a community known for innovation and excellence. Many of our senior executives, formerly of Ramtron, are thrilled to return and help launch Okika in a place that feels like home.”

Ramtron was a computer memory manufacturer that was sold in 2019. Its headquarters was in Colorado Springs and it worked to develop a specific type of computer memory called ferroelectric random access memory (FRAM). It was unsuccessful, and the more ubiquitous dynamic random access memory (DRAM) ultimately found its way into virtually all modern computers.

Okika’s investment “brings high-quality jobs, cutting-edge innovation, and strengthens our role in advancing technologies critical to national security,” Springs Mayor Yemi Mobalade said in the release. “Choosing to expand in Olympic City USA speaks volumes about our city’s growing reputation as a hub for skilled workforce, business-friendly environment, and as a premier destination for tech companies looking to grow and thrive.”

The semiconductor industry as a whole generates $1.6 billion for the Colorado Springs economy, according to the Colorado Springs Chamber & EDC.

The Colorado Springs City Council approved $66,500 over a four-year period in performance-based incentives, offering rebates on construction materials, equipment, machinery and other items.

At the state level, the Colorado Economic Development Commission approved up to $398,756 in a performance-based Job Growth Incentive Tax Credit for the company over an eight-year period. These incentives are contingent upon Okika Devices, referred to as Project Kokua throughout the OEDIT review process, meeting net new job creation and salary requirements.