The Colorado Economic Development Commission voted unanimously Thursday morning to offer tax incentives to an unnamed Boulder County cybersecurity startup with big growth plans.
According to OEDIT, staff at the Colorado Department of Economic Development and the Department of International Trade dubbed it Project Disco, while BizWest identifies it as Radcl Defense Inc. The company “will protect small businesses from nation-state cyber threats. I will protect you.” note.
The state has approved a performance-based tax incentive package worth up to $2.43 million over eight years if the recipient achieves its goal of adding 491 new jobs in Boulder County. Project Disco must also show evidence that he has raised $2.5 million in new funding by the end of 2023.
It is the Commission’s practice not to identify companies for which OEDIT is seeking until incentives are accepted. But a project rep identified himself as “Dave with Radcl” on his Zoom on Tuesday. That person seemed to be David Graff, co-founder of Radcl.
According to OEDIT, Project Disco has eight employees, all of whom live in Colorado. Increasing that headcount to nearly 500 in his eight years represents a very impressive growth trajectory.
“While the project predicts significant growth from a small start-up to nearly 500 employees, this employment projection is based on the previous experience of one of the company’s founders. It’s worth noting, he’s previously had a successful startup from a similar position that was eventually sold for over $60 million,” OEDIT said.
Chris Petersen, co-founder of Radcl Defense, was a co-founder of LogRhythm Inc., a Boulder-based security intelligence and event management company. Private equity firm buys majority stake 2018.
According to the OEDIT memo, Project Disco plans to build its customer list “out of the defense space” to achieve expected growth. “…the concentration of defense companies and U.S. military facilities and personnel in Colorado provides a collaborative ecosystem, potential customers, and a workforce pool.”
Its labor pool is expected to fill positions such as “engineers, sales and marketing professionals, product designers, cyber and security analysts, and financial roles.”
Project Disco considered establishing its headquarters in Orlando, Florida, rather than in Boulder County.
However, Colorado’s incentive system influenced the company’s decision to remain in Colorado.
This article was first published by BizWest, an independent news organization, and is published under license. ©2022 BizWest Media LLC.Original available here: Cybersecurity Startup Earns Incentives to Add Nearly 500 Jobs to His Nearly 500 Jobs in Boulder County
