SVT Robotics will invest about $100,000 in a lab
A Norfolk-based software company will expand its operation and create 37 jobs, Gov. Ralph Northam announced Thursday.
SVT Robotics, a company that accelerates the deployment of industrial robotics, will invest $101,400 to expand in the Ghent area of Norfolk.
The company will build a lab to house robotic equipment used to demonstrate its proprietary platform capabilities for clients and industrial robotic manufacturers, according to a news release from the governor’s office. Virginia competed against California and Texas for the project.
SVT Robotics launched in 2018 and develops products that expedite and streamline the deployment of industrial robotics in the manufacturing and warehousing industries. SVT’s platform allows companies to connect and integrate their systems to any robot or automation in days or weeks instead of months or years. Richmond-based venture capital firm New Richmond Ventures invested in the startup.
“We are thrilled by the ongoing efforts from the commonwealth of Virginia and the city of Norfolk to create an environment that is extremely friendly to tech startups,” A.K. Schultz, CEO and co-founder of SVT Robotics, said in a statement. “The … jobs grant will make it easier for SVT to create tech jobs right here in Virginia. The ability to recruit the best technical talent is the lifeblood of tech companies and we applaud Virginia’s efforts to create strong tailwinds for firms like SVT.”
The Virginia Economic Development Partnership, the city of Norfolk and the Hampton Roads Alliance worked together to secure the project and will support the company through the Virginia Jobs Initiative Program, which provides consultative services and funding to companies creating jobs. The program reduces the number of HR costs of new and expanding companies.
“It has been a privilege for our team to work with SVT Robotics and the city of Norfolk and to watch SVT’s tremendous growth from a 757 Accelerate program graduate to a nationally-recognized robotics software developer,” Doug Smith, president and CEO of Hampton Roads Alliance, said in a statement.