LEAWOOD, Kan., May 7, 2021 /PRNewswire/ -- Today, Torch.AI, a leading global artificial intelligence (AI) firm that uses machine learning to enable massively scaled, ultra-high performance data processing, announced plans to make a significant and sustained economic investment in the Kansas City region, committing to creating nearly 500 full-time jobs over five years as part of a $27 million tax incentive package awarded by the Kansas Department of Commerce.
"Kansas is a great place for businesses to prosper with our strong public schools, investments in roads and bridges and economic development tools," Governor Laura Kelly said. "I can think of no better place for Torch.AI to grow. They will bring sophisticated, high-wage tech jobs, and their decision to locate this expansion in our state enhances our pedigree as a destination for forward-thinking tech experts. I look forward to seeing the incredible developments that will undoubtedly come from this new facility."
Torch.AI will hire more than 100 new professionals this year alone with an average salary of more than $100,000. The roles range from early career associate engineer and junior data scientist to experienced hires such as top engineering and sales positions. As part of its commitment to Kansas, Torch.AI is also making a significant capital investment in collaborative workspaces for its employees including plans to relocate key talent to Kansas City.
"Congratulations to Torch.AI on this extraordinary announcement," Lieutenant Governor and Commerce Secretary David Toland said. "Investing in the future is the purpose behind our new Framework for Growth, and Torch.AI's work with machine learning and artificial intelligence is a prime example. Thanks to the city of Leawood and to Torch.AI for making this major success happen in Kansas."
Torch.AI's continued strong presence in the region and increasingly high profile in the national security realm will help Kansas City attract and retain top talent, including and especially recent or soon-to-be college graduates. Kansas City was recently named one of the "Best-paying Cities for Recent College Grads" according to Self-Financial, which cited its competitive median earnings and attractive cost of living.
"It's an honor to align the growth trajectory of Torch.AI with Kansas initiatives to expand its economy and regional impact as a tech hub," said Brian Weaver, founder, chairman and CEO of Torch.AI. "Demand for our advanced AI and data services continues to grow as the intelligence and security communities attempt to organize and analyze unprecedented levels of data. We've long known there is untapped talent here in the region that can help the government and commercial sectors solve significant challenges. This agreement represents our commitment to harness the wealth of experience and skillsets in the Kansas City region and develop new talent to expand our capabilities and customer impact."
As part of its tax incentive package, Torch.AI is taking additional steps to train and upskill professionals in Kansas City and across the state to prepare them for jobs in Kansas's burgeoning tech and cyber sector. The company is already working with a growing network of local universities to influence the curriculum, preparing new IT and data science professionals. Additionally, Torch.AI will continue its leadership in identifying and hiring veterans and former service members with technical and operational experience in security and defense fields for key roles. Torch.AI is also an active participant in The Hiring our Heroes Fellows Program through the U.S. Chamber of Commerce Foundation.
"Torch.AI's commitment to create hundreds of new jobs in the Kansas City region further optimizes our strengths as a vibrant tech hub with a growing presence in cybersecurity, AI and machine learning," Kansas City Area Development Council president and CEO Tim Cowden said. "It's critical to not only grow existing companies but also attract emerging enterprises like Torch.AI that are highly sought after by regions across the U.S. This is truly exciting news for our region and a precursor of what can be for KC."
"We competed with Southern California, Washington D.C. and New York City to secure these high-paying technology jobs, and we're pleased that Torch.AI selected Leawood to continue its growth and innovation in data science and artificial intelligence," Mayor of Leawood Peggy Dunn said.
Today's announcement comes on the heels of Torch.AI's recent $30 million raise in Series A funding to accelerate its overall growth strategy. The funding, led by WestCap Group, a prominent San Francisco-based investment firm, is enabling the company to rapidly scale its Nexus™ AI platform to meet increasing demand from clients including Fortune 100 companies and U.S. federal agencies charged with protecting national security.
For individuals interested in learning more about current job opportunities at Torch.AI, visit https://www.torch.ai/company#careers. To read more about the details of Kansas incentive programs, visit https://www.kansascommerce.gov/program/business-incentives-and-services/.