Growing Colorado’s Semiconductor Industry: Gov. Polis Announces Okika Devices Expansion in Colorado

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COLORADO SPRINGS – Today, Governor Polis and the Global Business Development Division of the Colorado Office of Economic Development and International Trade (OEDIT) announced that Okika Devices, a producer of chips and software that enable custom and cutting-edge analog solutions and computing, has selected Colorado Springs for its new headquarters and research and development (R&D) center.

"We are thrilled to welcome Okika Devices to Colorado, the best place to live and do business. Okika will bring 20 new, good-paying jobs to Colorado Springs while advancing our state's growing contributions to the semiconductor industry," said Governor Polis.

In Colorado, Okika joins a semiconductor industry poised for growth. The Semiconductor Industry Association places Colorado in the top 10 states with the resources and business ecosystem to support a strong semiconductor industry. In addition to major fabrication facilities, Colorado businesses support the entire value chain from chip design and materials to fabrication and packaging.

Okika develops Field Programmable Analog Array (FPAA) integrated circuit products to deliver state-of-the-art analog integrated circuit solutions that address complex challenges from sensor processing to machine learning. In Colorado Springs, the company recognized an opportunity to connect to a strong workforce, build on local relationships established through previous industry experience, and establish new partnerships within the local ecosystem.

The company expects to create 20 net new jobs at an average annual wage of $104,250, which is 160% of the average annual wage in El Paso County. Hiring is underway for applications and quality engineers, sales, and procurement.

"Relocating Okika's headquarters to Colorado Springs marks an exciting new chapter for our company. The business-friendly environment, along with the unwavering support from the city, county, and state—who truly bent over backwards to make this transition seamless—made our decision an easy one. Colorado Springs offers a rich pool of talented and committed professionals, and we're proud to join a community known for innovation and excellence. Many of our senior executives, formerly of Ramtron, are thrilled to return and help launch Okika in a place that feels like home. We are looking forward to being back," said William Staunton, Chairman and CEO of Okika.

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"Okika Device's dedication to cutting-edge analog solutions and commitment to innovation will undoubtedly strengthen and advance our state's growing semiconductor ecosystem, further solidifying Colorado's position as a leader in the advanced industries, technology and strategic economic development," said OEDIT Executive Director Eve Lieberman.

The Colorado Economic Development Commission approved up to $398,756 in a performance-based Job Growth Incentive Tax Credit for the company over an eight-year period. These incentives are contingent upon Okika Devices, referred to as Project Kokua throughout the OEDIT review process, meeting net new job creation and salary requirements.

Colorado Springs City Council approved $66,500 over a four-year period in performance-based incentives. The sales and use tax rebates apply to the purchases of construction materials, equipment, machinery, furniture, and fixtures. The City's Economic Development Department also offered to support the company through its Rapid Response Program, as well as talent and workforce development support.

"Okika's decision to establish its headquarters in Colorado Springs shows the confidence investors have in our region and speaks to Colorado Springs' position as a dynamic hub for advanced manufacturing and semiconductor technology," said Johnna Reeder Kleymeyer, President & CEO of Colorado Springs Chamber & EDC. This expansion will enhance our region's capabilities in the analog integrated circuit market and strengthen our semiconductor supply chain, making Colorado Springs an ideal location for manufacturing businesses."

"We are honored to welcome Okika Devices to Colorado Springs," said Colorado Springs Mayor Yemi Mobolade. "Their investment brings high-quality jobs, cutting-edge innovation, and strengthens our role in advancing technologies critical to national security. Choosing to expand in Olympic City USA speaks volumes about our city's growing reputation as a hub for skilled workforce, business-friendly environment, and as a premier destination for tech companies looking to grow and thrive."

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"We are excited to welcome this innovative semiconductor company to the Pikes Peak region," said Commissioner Carrie Geitner, Chair of the Board of County Commissioners. "Their expansion not only positions our region at the forefront of advanced technology but also brings high-quality jobs and new opportunities for our local workforce. El Paso County offers a supportive, business-friendly environment that enables companies like this to grow and thrive. We look forward to the positive impact they will have on our community and economy for years to come."

El Paso County is the administrator for the Pikes Peak Enterprise Zone (EZ), which offers state income tax credits to encourage business investment and job creation in economically distressed areas. Through this state program, Okika Devices may be eligible for up to $402,532.50 in EZ incentives, contingent upon final site selection within a designated Enterprise Zone and compliance with all program requirements.

In addition to Colorado, Okika Devices considered California and Arizona for expansion. Previously headquartered in California, the company has six employees, one of whom is in Colorado.

About Okika

Okika Devices Corporation (Okika) is an analog integrated circuit products manufacturing company committed to advancing and delivering transformative, analog processing solutions. By tackling the most complex analog challenges, Okika aims to unlock new frontiers for sensor processing, machine learning, control system and power management applications. For more information visit okikadevices.com.

About the Colorado Office of Economic Development and International Trade

The Colorado Office of Economic Development and International Trade (OEDIT) works to empower all to thrive in Colorado's economy. Under the leadership of the Governor and in collaboration with economic development partners across the state, we foster a thriving business environment through funding and financial programs, training, consulting and informational resources across industries and regions. We promote economic growth and long-term job creation by recruiting, retaining, and expanding Colorado businesses and providing programs that support entrepreneurs and businesses of all sizes at every stage of growth. Our goal is to protect what makes our state a great place to live, work, start a business, raise a family, visit and retire—and make it accessible to everyone. Learn more about OEDIT.

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