The money will be used for capital investment that will lead to the creation of more jobs in the state, many at its Ann Arbor location and possibly in Detroit if the company expands in that direction.
Duo Chief Financial Officer Paul DiMarzo explains the money will go towards a second Duo office location in the Allmendinger Building on South First Street in Ann Arbor. "$1.5 million is earmarked to help with the expanded facility, so that's a significant project around building up the 28,000 square feet. The other million is earmarked towards that talent," DiMarzo says.
The grant will help Duo keep its operations in Ann Arbor, despite outside pressures to locate talent and work in other regions. The Ann Arbor company announced earlier this year it has tripled its revenue for the third year in a row and has over a million users of its products.