SavantX Relocates Corporate Research Headquarters to Santa Fe, New Mexico
According to Economic Development Department Cabinet Secretary Alicia J. Keyes, the company will relocate its corporate research headquarters to Santa Fe, while its operations, sales, and customer support arms of the business will remain in Jackson, Wyoming.
SavantX signed a lease for a building at 504 Jose Street in Santa Fe and expects to hire new local employees by the end of July. According to New Mexico officials, CEO Ed Heinbockel hopes to eventually move to Santa Fe, and six other employees are also planning to move here in 2020. Research efforts will require the hiring of 116 employees over the next ten years.
“The need to diversify our economy has never been clearer, and it’s truly happening as more and more cutting-edge businesses like SavantX realize the advantages of locating in New Mexico," Governor Michelle Lujan Grisham said. "These are companies that will disrupt the status quo and reshape the future of commerce and industry for the whole country. It’s gratifying that New Mexicans will play a significant role in those changes.”
SavantX is using its expertise in artificial intelligence and machine learning to solve complex business problems at nuclear power plants, transportation hubs, and in health care. For example, the company is partnering with Fenix Marine Services at Pier 300 on the Port of Los Angeles to optimize logistics on the spacing and placement of shipping containers to better integrate with inbound trucks and freight trains.
The results are expected to yield a 50 percent increase in efficiency. SavantX has also deployed a no-cost AI-enabled web application to help medical and research professionals search and analyze COVID-19 datasets.
As an incentive, the New Mexico Economic Development Department has pledged $450,000 in economic assistance to the project from its LEDA closing fund and the City of Santa Fe has pledged $50,000.
"LEDA and other economic assistance is helping to bring SavantX and its world-class computing expertise to New Mexico. With that comes national recognition in a burgeoning high tech-sector, well-paying jobs, and better opportunities for our students to stay here and build a career," Secretary Keyes said.
SavantX founder and CEO Ed Heinbockel said, “Santa Fe has a built-in workforce from the labs of people already doing quantum computing. In a lot of ways, Santa Fe is the nexus of this new computing. New Mexico’s assistance from LEDA and the Job Training Incentive Program comes at a time when there is more economic uncertainty. Knowing the incentives are in place was a major factor in bringing SavantX operations to New Mexico."
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