RENO, Nev. — The Economic Development Authority of Western Nevada today announced the addition of two tech companies to Northern Nevada — Boston-based Toast, which is expanding to Reno; and Mountain View, Calif.-based Algorithmic Intuition Inc., which is relocating to Reno.
According to an EDAWN press release announcing the news, the companies are expected to fill more than 140 local jobs over the next five years.
Today's news was originally scheduled to be announced via an in-person and virtual press conference, but EDAWN on Tuesday canceled the press conference due to Gov. Steve Sisolak's recent request to limit nonessential in-person gatherings due to COVID-19 cases.
Below is the full press release from EDAWN with today's news as provided to regional media:
Two Transformative Tech Companies Add Over 140 Jobs in Reno Area
RENO, Nevada (November 18, 2020) - The Economic Development Authority of Western Nevada (EDAWN) announced two new technology companies to the Northern Nevada region.
More than 140 quality jobs will be created, and the location of these fast-growing companies is a testimony to the advantages of conducting business in Northern Nevada and the region's expanding tech ecosystem.
Toast is the leading cloud-based platform built specifically for restaurants that combines point of sale, front of house, back of house and guest facing technology. Their complete technology suite of products is geared for the modern restaurant to streamline operations, increase revenue, manage payroll, and teams.
In 2013 they launched Toast Point of Sale. Built on Android and based in the cloud, Toast was quickly embraced by the restaurant community in its hometown (headquarters) of Boston and grew quickly from there. In 2017 Toast was named among the fastest growing tech companies in North America by Deloitte.
Today, the company has nearly 2,000 employees, more than 70 technology partners and tens of thousands of successful restaurants across the U.S.. Toast opened its newest operation this month in Reno, Nevada with plans to hire more than 100 employees over the next five years.
"The Toast team is thrilled to expand our offices to Reno, and we are so appreciative of the warm welcome we've received since arriving in town. Reno was the right choice for Toast's next warehouse location thanks to its reputation for being a true growth hub for manufacturing and warehouse operations, in addition to offering top-notch prospective employees to support our hiring needs," said Beth Choulas, Toast Sr. Director of Real Estate and Workplace Experience. "Toast grew 109% percent in 2019 and we look forward to supporting our restaurant customers as they navigate these uncertain times; we're especially proud to expand our footprint in the West Coast to strengthen our geographic presence across the U.S."
For more information, visit www.toasttab.com.
Algorithmic Intuition Inc. (Ai2)
Ai2 is leading the charge in leveraging sensor algorithms and machine learning for eldercare monitoring, allowing aging in place to become the standard. The company's move from California to Reno is expected to bring more than 40 new jobs to the area over the course of the next five years.
"This is an exciting move for Ai2 and we are thrilled to bring our business to Reno," said Dan Brown, CEO of Ai2. "With easy access to top tech talent from the local universities, combined with the lower cost of operations, Reno is an ideal place to grow our business."
Advantage Capital is working with Algorithmic Intuition (Ai2) for its Series A raise to bring this early stage, growth-focused tech company to Reno and connect it with local funding and resources to help solidify the move. Through coordinated efforts among the Reno Seed Fund, Advantage Capital and EDAWN, the Ai2 investment is expected to bring growth to Reno and further strengthen its position as a thriving tech ecosystem.
"We are excited to provide the capital needed and partner with local investors and resources to ensure Ai2 has what it needs to move its operations and accelerate growth in Reno," said Leah Hendricks of Advantage Capital. "We are always looking for great business growth opportunities like this, and when we can build valuable partnerships to bring new companies to the state, we see that as a strong indicator of success, both in terms of investment and economic development."
"We are thrilled to be a part of the investment group supporting Algorithmic Intuition's ("Ai2") move to Reno, said Gene Wong, RSF Managing Partner. "Ai2 is a SaaS company with a top management team led by Dan and Kevin, and strong intellectual property. Ai2 will increase our local technical talent in data analytics/machine learning and embedded networks in healthcare for remote patient monitoring."
For more information, visit www.algorithmicintuition.com.
"It is exciting to see Northern Nevada's growing tech ecosystem thriving and high-growth companies, such as Toast and Algorithmic Intuition, are increasingly vital to our region's economic recovery efforts. There is no doubt that adoption of AI technology and cloud-based platforms are on the rise and critical to continued product innovation and business growth," said Mike Kazmierski, President and CEO of EDAWN. "Special thanks to the Reno Seed Fund for their partnership and valuable capital to help Ai2 decide to relocate here, as well as Dan Buhrmann, at CBRE for his assistance with Toast's decision."