Boston Software Startup Armored Things Expands Using Loan From MassDevelopment's Emerging Technology Fund
October 13, 2020
FOR IMMEDIATE RELEASE
Louisa Stone, MassDevelopment, 857-283-3340 (cell)
Ellen O’Brien, Armored Things, Inc.
MassDevelopment has provided a $2,250,000 Emerging Technology Fund (ETF) loan to Armored Things, Inc., a Boston-based software developer startup. The company has developed proprietary software, the Armored Things Crowd Intelligence Platform, which unifies existing data to support decisions around operations and security. Armored Things will use loan proceeds to hire additional full-time employees and support continued product development.
“Our Emerging Technology Fund is a resource to help innovative companies like Armored Things grow and thrive here in Massachusetts,” said MassDevelopment President and CEO Lauren Liss. “We’re pleased to provide this startup with the capital it needs to ramp up hiring and continue developing leading AI solutions.”
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 62 loans and guarantees totaling $92.4 million through June 30, 2020.
Armored Things provides Software-as-a-Service (SaaS) solutions for crowd intelligence. By combining data from existing security and IT systems with predictive analytics, its platform provides facilities management teams with a real-time visual representation of people and flow within any campus or venue space. Easy-to-use dashboards equip clients to anticipate changes and inform decisions to improve service, operations, staffing, and security. Since the company’s founding in 2016, it has built a team of security and technology experts to deliver world-class solutions to stadiums, corporations, and campuses around the country. Today Armored Things is helping campuses and venues rely on AI-driven data to reopen with confidence.
“We are grateful to bring on MassDevelopment as a partner,” said Armored Things CEO Julie Johnson Roberts. “Given the increased demand we are seeing around safe reopening of universities, venues and corporations, their partnership is more important than ever to give us flexibility as we grow.”
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.