Aided by Grant Funding, a Fast-Growing Cybersecurity Startup is Relocating its HQ to McKinney

With a grant from the McKinney EDC added to its $2.9 million 2021 seed funding round, Aiden Technologies is moving to Serendipity Labs in McKinney's Craig Ranch Development. The startup has been on a tear since it launched its tech a little over a year ago. With offices in New York and California and $1 million in annual recurring revenue, it plans to grow its team and expand its market.

Joshua Aaron

Aiden Technologies, a local cybersecurity startup, has been on a tear since officially launching its tech a little over a year ago. And now that growth will be taking place in new digs.

The autonomous endpoint security management services provider is packing up its headquarters in Plano and moving it further north to McKinney, aided by grant funding from the city’s Economic Development Corporation Innovation Fund.

“We’re excited to be part of this enterprising community of entrepreneurs and tech businesses,” Aiden CEO Joshua Aaron said in a statement.

Aiden eyes expansion

With additional offices in New York and California, the company said it chose to relocate to Serendipity Labs in McKinney’s Craig Ranch development—where a number of other startups attracted by Innovation Fund grants have landed—due to the ease of access it has to local airports and commuters from Dallas and its northern suburbs. It added that the location will allow it to capitalize on the “opportunities in the entrepreneurial sector in the city.”

The latter is important, as Aiden plans to use some of the funding from the three-year MEDC grant to grow its team. While it didn’t say how many it plans to hire, the company’s website currently lists an open position for a part-time solutions engineer. Aiden says says it also intends to use the funding to support development and market expansion.

Aaron said his company is “grateful for this generous grant that will help drive massive growth, create jobs, and contribute to the professional development of our staff here in Texas.”

Company hit $1M ARR this year

While specifics of the grant weren’t disclosed, the funding adds to a $2.9 million seed round led by Right Side Capital Management that Aiden landed in June of last year. Formed in 2020, the company made one of its first public debuts last February, unveiling a 13-person advisory board that includes leaders from  Microsoft, Veracode, and The New York Times, among others.

In that time, the company says it grew its revenue more than 500%, topping $1 million in annual recurring revenue earlier this year.

‘Investment in the growth of our city’

Formed the same year as Aiden, the McKinney EDC launched its Innovation Fund to help early-stage startups grow, based on their stage of development. The fund aims to diversify the city’s economy and create a local tech talent pool. To date, the grants have been used to attract nearly 30 relocation or expansion deals. As of last October, those deals translated to more than 560 planned new jobs and more than 70,000 square feet of real estate demand.

“This grant is an investment in the growth of our city, our talented people, and the future of our thriving tech industry,” said Peter Tokar III, McKinney EDC president, in a statement.

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R E A D   N E X T

  • HBCU HUB, a startup focused on connecting students to recruiters at historically Black colleges and universities, is moving its headquarters to McKinney with the aid of grant funding from the McKinney Economic Development Corporation’s Innovation Fund.

  • Minneapolis-based startup Ascent Solutions recently announced it has chosen Cypress Waters in Coppell for its new 33,000-square-foot "cybersecurity epicenter." The center will house secure areas for cyber investigation, automation, and intelligence. But it will also feature a nationally scaled cyber apprenticeship program and serve as a think tank to drive thought leadership in the industry. CEO JD Harris tells Dallas Innovates the center will be a place for "cyber professionals to gather to share important ideas, pilot critical technologies, and test many new security processes, systems, and workflows."

  • Two nonprofits will each receive $250,000 in grant funding. The Capital One grants are part of a $3.5 million commitment to 12 nonprofit organizations.

  • Xcelerate is a sustainable transportation company that offers funding support and ancillary products to EV manufacturers like Tesla. With the move, the team hopes to "put McKinney on the EV map."

  • "It’s just cool that a Texas-based AI and robotics company can help a Texas-based burrito company expand in ways we could only imagine just a few years ago," says Alex Eagle, Chief Executive Officer for Freebirds World Burrito.