Utah-based Robotics Company Receives GOED Funding To Create Jobs

Aug 22, 2018

Sarcos will expand in Utah adding up to 292 jobs, $6.1 million in new state revenue and $2.4 million in capital investment.

The Utah-based robotics company Sarcos is working to develop technologies to augment, instead of replacing humans working in the industrial, public safety and military sectors. The robotics company is receiving financial incentives from the Governor’s Office of Economic Development.

The company will expand in Utah adding up to 292 jobs, $6.1 million in new state revenue and $2.4 million in capital investment. Ben Hart, the deputy director of the governor’s office of economic development said the post-performance incentive that will be provided is 20 percent of their revenue over five years.

“The post-performance refundable tax credit that’s going to be available to them is about a million-two, right around that neighborhood,” Hart said. “That represents 20 percent of the revenue that potentially could be created over the next five years.”

Sarcos was founded in 1980 and is a spin-off from the University of Utah. Hart said the company is starting to pick up the pace in the robotics industry.

“They’ve got a lot of new technology that they’re working on that will ultimately help and enhance what humans are able to do in the workplace,” Hart said. “Whether it’s being in dangerous situations, or whether it’s being able to do what people would not normally be able to do with their own strength. This is their niche in the marketplace.”

Hart said the CEO of Sarcos is known by employees as a real-life Tony Stark, or Ironman – and not just for the exoskeleton technology.

“He’s kind of a visionary,” Hart said. “In terms of being able to see the future and understand what technologies are going to be relevant in the marketplace a generation from now.”