The company also announced it has received a $7 million investment from several sources to aid in its growth and development.
XetaWave, whose 24 employees are based in a 4,000-square-foot space at 1668 Valtec Drive, near the corner of Arapahoe Road and 75th Street, is moving into a 24,000-square-foot space at 100 Technology Drive in Broomfield’s Interlocken area.
“We’re packed,” XetaWave chief executive Jonathan Sawyer said. “We can’t do anything. That’s why we’re moving.”
The new location is a mix of office and industrial space with room for a new manufacturing line.
XetaWave produces radios that transmit data from field operations for industries such as oil and gas, wind energy and the military. Manufacturing of those radios has been contracted out to this point.
“There are so many advantages of manufacturing in house, to be able to respond, be able to prototype, being able to tweak the recipe a little bit,” Sawyer said.
Sawyer, who co-founded Boulder-based FreeWave Technologies Inc., co-founded XetaWave in 2010 with Robert Campbell. The company was in the development phase for the first two years. Sawyer projects revenue of $6 million this year, and said XetaWave has the customer commitments to triple that number next year.
XetaWave recently released a lower-cost version of its radios that it can produce and sell at higher volumes, and Sawyer expects the company to continue adding employees as it grows.