Plug and Play, an investment company, officially cut a ribbon on its Sugar Land location March 20, bringing potential businesses to the area.
Two-minute impact
Plug and Play officials were joined by Sugar Land city officials to launch the $4.5 million partnership with a ribbon cutting for its Sugar Land Town Square office. City Council approved the three-year anchor agreement in November with Plug and Play.
“This combination of innovation, entrepreneurship and technology reinforces Sugar Land’s identity as forward thinking [by] expanding our existing community and visionary leaders for tackling today's challenges with innovative solutions, enhancing quality of life for the future,” mayor pro tem Suzanne Whatley said.
The program is funded through a partnership with the city’s Sugar Land Development Corp., which collects a voter-approved $0.25 sales tax rate.
A closer look
Each year, Plug and Play will host two cohorts of small business start-ups, providing them with free opportunities to grow through program events, workshops, mentorship and possible investment opportunities, city officials previously said. The flagship location in Sugar Land Town Square will focus on businesses that benefit smart cities, including energy, mobility and health.
Plug and Play officials introduced six potential companies for the first batch of start-ups at the ribbon cutting, including:
- Prandtl Dynamics, developer of integrated simulation and analysis for aerospace and defense applications
- Revterra, revolutionizes grid resilience with kinetic energy
- Skyways, autonomous air transportation
- Sigmatic, high-quality computer network services
- ByteTrail, secures the software supply chain
- Facilis.AI, helps manufacturers turn artificial intelligence into tangible return on investment
Going forward
The partnership with the city kicked off Jan. 1, and the city will pay $1.5 million to Plug and Play through the end of the year, city officials previously said.
The city will also pay $1.5 million to the company in 2026 and 2027 as milestones are hit.