One of Michigan’s hottest tech companies is expanding into downtown Detroit.
Ann Arbor-based Duo Security announced Wednesday that 30 people in the company’s engineering, information services and product teams would be moving to shared office space in Bamboo Detroit in the Madison Building on Washington Boulevard.
More employees will be coming by the end of the year, as 9,000 square feet of exclusive space at Bamboo on the building’s sixth floor gets built out.
Although based in Ann Arbor, Duo has been very involved in Detroit’s startup community through events and sponsorships.
This is a big tenant win for Bamboo, an independent coworking space that opened in 2013.
It’s one of the more diverse coworking spaces in the city, with nearly half of the 200 businesses being minority-owned. More than half the tenant businesses are women-owned.
Back to Duo Security. They currently have 350 employees in the state, and 600 globally with offices in Austin, Texas; San Mateo, California and London.
The company is one of Michigan’s few so-called “unicorn” tech companies, meaning they’re valued at more than $1 billion dollars.
In 2017, Duo raised $70 million in additional financing at an over $1 billion valuation, the largest venture-capital funding round in Michigan history, according to the Michigan Venture Capital Association.