IEDC Press Release
November 20, 2012
Entrepreneurial Scientific Software Inventor Unveils Indy Growth Plans
INDIANAPOLIS (Nov. 20, 2012) – Indigo Biosystems, Inc., a scientific software provider, announced plans today to expand its operations here, creating up to 63 new high-wage jobs by 2015.
The Indianapolis-based company, which develops scientific automation software that replaces the visual interpretation of laboratory data, invested $1.4 million to lease, renovate and equip 10,580 square feet of office space on the city’s north side. The office suite, which is located in the Woodland Corporate Park IV, became fully operational at the beginning of October.
Founded in 2004 by Dr. Randall K. Julian Jr., Indigo was incubated by the Ventures group of Eli Lilly until early 2008 when it became an independent, privately-held Indiana corporation. Since introduction of its latest product ASCENT™ in early 2011, Indigo has experienced rapid revenue growth.
“Two key factors in deciding to expand in Indiana were the strong life science industry and the availability of talent and resources within the state,” said Raul Zavaleta, chief executive officer of Indigo Biosystems. “Our product eliminates the problems and bottlenecks experienced by analytical laboratories when manually processing data, thereby delivering higher quality and reduced turn-around time.”
In 2008, Indigo received a $1.53 million grant, followed by a $250,000 grant in 2009, from the state’s 21st Century Research and Technology Fund (21 Fund) to develop ASCENT™, software that allows web systems to automate the visual analysis of complex data. Utilizing advanced algorithms, Indigo’s cloud-based software enables analytical laboratories to automate medically significant diagnostic tests performed on millions of patient samples every year.
Recently, Indigo Biosystems was chosen as the sole source provider of ASCENT™ by the Division of Laboratory Medicine at the Centers for Disease Control and Prevention (CDC) in Atlanta. One of the many functions that the CDC performs is to collect data critical to national health policy decisions. With measurements related to tobacco toxins and trans-fats that have led to major national public health changes, the ability to assure quality in the analysis of medically relevant tests is the primary reason the CDC selected Indigo’s ASCENT™ software.
The Indiana Economic Development Corporation offered Indigo Biosystems, Inc. up to $700,000 in conditional tax credits and up to $50,000 in training grants based on the company’s job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of Indianapolis will consider additional tax abatement at the request of Develop Indy. Also, Elevate Ventures has supported the company through investor, industry and strategic growth guidance.
Indigo currently has approximately 30 employees at its Indianapolis office. The Indigo team, which includes engineers, mathematicians, scientists and project managers, is hiring in all departments.
“We are pleased to have corporate partners such as Indigo Biosystems investing in our community and providing quality jobs for our talented workforce,” said Indianapolis Mayor Greg Ballard. “Indianapolis is home to some of the nation’s most advanced life sciences research, and leaders such as Indigo Biosystems are guiding the way for future growth.”
Indigo is one of 100 businesses awarded a 21 Fund grant since January 2006. During that time, the fund has invested more than $118.5 million in high-tech Indiana entrepreneurial companies, including more than $65.8 million in more than 50 life sciences companies that collectively have the potential to create thousands of new jobs.
Created by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Dan Hasler serves as the chief executive officer of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.
Sasha Bannister (Indigo) – 317.493.2444 or email@example.com
Katelyn Hancock (IEDC) – 317.234.2294 or firstname.lastname@example.org