Venture-backed startup PAXAFE Inc. has announced plans to relocate its headquarters to Indianapolis from Milwaukee, investing more than $6 million and creating 68 new jobs by the end of 2024. The Indiana Economic Development Corp. says the company develops machine learning models to manage supply chain risk.

The tech company developed a Software-as-a-Service platform to predict adverse events for commercial shippers of perishable and valuable items. PAXAFE says its move is due to the growing tech sector in central Indiana.

“Indiana has emerged at the forefront of startup ecosystems in the Midwest,” said Ilya Preston, PAXAFE chief executive officer. “The startup activity, access to resources and business climate creates an ideal atmosphere to attract and retain talent. Our team looks to contribute towards the continued development efforts of elevating Indy into a nationally-recognized startup hub.”

The IEDC says PAXAFE recently moved into its 700-square-foot office space at 55 Monument Circle, which will house members of its data, product and customer operations teams. The company says it will be hiring additional staff this year, including data scientists, machine learning and software engineers, product managers, and customer operations roles.

“PAXAFE could have scaled anywhere in the United States, but Ilya saw the opportunity in Indy and made an intentional decision to grow in one of the fastest growing tech hubs in the country,” said TechPoint CEO Mike Langellier. “We welcome them to the Indy tech community and are excited to see Ilya and his team thrive in Indy.”

The IEDC has committed $1.5 million in tax credits based on PAXAFE’s job creation plans.