$1M Helps JetPatch Add Jobs
Boston Company Uses Loan from MassDevelopment’s Emerging Technology Fund to Hire Additional Employees
July 1, 2021
Matthew Mogavero, 857-248-0868
Danny Miller, JetPatch, +972.54.520.9442
BOSTON – MassDevelopment has provided a $1 million loan from the Emerging Technology Fund to Intigua, Inc., which does business as JetPatch, to help the Boston-based company hire additional employees that can support its growth momentum. JetPatch’s main platform delivers innovative patch automation powered by machine learning and predictive analytics. Using JetPatch, clients can achieve continuous compliance and operational efficiencies for the security maintenance of large-scale enterprise data center environments, as well as address the diverse security demands of remote work.
“MassDevelopment’s Emerging Technology Fund is a key way the Commonwealth can support innovative companies as they grow their operations and create jobs here in Massachusetts,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors. “This type of financing shows emerging businesses that the Commonwealth has their back during the economic recovery and well into the future.”
“JetPatch is a growing company with big ideas on how to help businesses and organizations improve their data security,” said MassDevelopment President and CEO Dan Rivera. “MassDevelopment is pleased to deploy financing from our Emerging Technology Fund to help JetPatch grow its workforce and continue contributing to Massachusetts’ robust innovation sector.”
MassDevelopment’s ETF provides low-cost, long-term venture debt to early-stage, emerging technology companies. Since its creation in 2003, the ETF has helped cutting-edge companies grow and expand in the Commonwealth, creating jobs and strengthening the innovation economy. The ETF has closed 63 loans and guarantees totaling $94.4 million through December 31, 2020.
JetPatch is headquartered in Boston with a research and development center in Israel and a sales presence in Europe. Its main platform is an automated patch remediation that disrupts the legacy world of patch management. The JetPatch platform serves as a holistic solution for all patching-related needs by supporting multiple operating systems, cloud and on-premise environments, with an extensive integration to vulnerability management and other standard IT infrastructure. JetPatch protects against security breaches that are caused due to inefficient and ineffective security patching procedures by introducing predictive data analytics and automating all manual patch operations. JetPatch innovation is allowing organizations to better utilize their staff while achieving higher levels of security and efficiency.
“We are excited to have been chosen by MassDevelopment as one of their emerging technology companies for 2021,” said JetPatch CEO Shai Toren. “We plan to use the allocated funds to tap into the Massachusetts pool talent and increase our headcount at our Boston HQ. We view MassDevelopment as a value-add partner and look forward to cooperating and extending our local ties with the Massachusetts business community”.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2020, MassDevelopment financed or managed 341 projects generating investment of more than $2.69 billion in the Massachusetts economy. These projects are estimated to create or support 10,871 jobs and build or preserve 1,787 housing units.