Software maker Vyond on Thursday announced new office space in the West Loop, a growing area of Chicago's technology hub.
The 6,000-square-foot office at 401 N. Morgan St. is twice the size of his previous home a few blocks south at 159 N. Sangamon St.
The company's Chicago workforce grew rapidly from three to 43 in December 2022. Vyond plans to fill more roles in Chicago, including software engineering, sales and customer service, according to its website.
The company touted Chicago's strength in supporting startups at its grand opening event.
“Thanks to the market for highly skilled talent in the Chicagoland area, we have rapidly grown our team,” said Vyond CEO Gary Lipkowitz. “The Chicago and Fulton markets in particular have proven to be the perfect Midwest hubs to support our growing customer base here and on the East Coast.”
The city also attracts a wide variety of companies in financial services, manufacturing, transportation and other industries, he added.
The company's software and web platform help clients like Amazon, Whole Foods, Cargill, and American Express create videos for marketing, social media, sales, and more. Last year, the San Mateo, California-based company announced software that uses artificial intelligence to create videos, similar to his ChatGPT for videos.
Kevin Willer, a member of Vyond's board of directors, said Vyond's “local investment and growth is a feather in the cap of Chicago's burgeoning tech hub.” Willer is a co-founder of Google's Chicago office and founding CEO of Merchandise Mart's nonprofit digital startup incubator, 1871 Tech.
Technology companies like Vyond are setting up in and around the West Loop, historically Chicago's meatpacking and produce district.
Vyond is located a few blocks from Google and about a mile from mHub. mHub is an incubator that opened a $50 million space off West Fulton Street on the Near West Side last year. Meanwhile, NanoGraf, a maker of advanced lithium-ion batteries, announced plans this month to open a 67,850-square-foot manufacturing and research facility in the West Loop.
Other technology-focused offices are also slated to open in the area, including CZ Biohub Chicago, a Chan Zuckerberg Initiative research hub.
Speaking at the opening of Beyond's office, World Business Chicago's Chief Strategy Officer Abin Kuriakose emphasized the company's investment in the region.
Chicago startups have raised record levels of funding from venture capital, private equity firms and other investors in recent years, but that number declined last year.
Startups raised $19.2 billion in 2022 and $10.3 billion in 2021, according to World Business Chicago. However, due to rising interest rates, tight capital and international conflicts, investment declined to $4.3 billion in 2023, in line with domestic and global trends.
A report released this month by World Business Chicago shows that in 2022, 183 businesses in Chicago as a whole will expand into the area, compared to 117 businesses expanding into the area last year and 46 businesses relocating or starting new businesses. Ta.
