EDA Supports Growth of Artificial Intelligence Marketing Technology Company in Jersey City
TRENTON (December 13, 2016) – Continuing its commitment to bolster the Garden State’s dynamic technology sector, the New Jersey Economic Development Authority (EDA) acted today to support the growth of Wylei Inc., an Artificial Intelligence (AI) machine learning technology company that recently relocated its headquarters to Jersey City.
The EDA Board approved Wylei, Inc. for a $650,000 loan through the Edison Innovation VC Growth Fund. Wylei’s technology incorporates machine learning with AI, to help corporations and marketers realize personalized communication at scale. The company offers a suite of products and services that leverage Wylei’s real-time predictive intelligence and adaptive content patented platform across all channels and devices. Wylei’s technology is used by Fortune 500 companies such as Adidas, Epsilon, Experian, Marriott, Dell, Time Inc., and others.
Created to enhance support of early-stage businesses that have attracted funds through venture capital investors, the Fund helps companies directly finance uses such as hiring key staff, product marketing, and sales by providing up to $1 million in subordinated convertible debt financing. Wylei intends to use the loan approved today for growth capital needs, including marketing and business development.
“As a bourgeoning technology hub with an active entrepreneurial spirit, Jersey City offers an array of opportunities for businesses of all sizes,” EDA Chief Executive Officer Melissa Orsen said. “We are thrilled that today’s action will support Wylei’s growth within the City’s already vibrant technology sector.”
Wylei, which opened its doors at the Jersey City location last month, plans to add 20 new jobs in the State within the next two years. When industry leader Meg Columbia-Walsh became Wylei’s CEO earlier this year, she relocated the company’s headquarters from Lancaster, PA to Jersey City and hired seven new employees. Columbia-Walsh, who has strong ties to New Jersey’s technology ecosystem, felt the State would provide a fantastic opportunity for her company’s growth and access to talent.
“Jersey City’s growth is a perfect match for an advanced AI technology start-up and to attract top talent to the state,” Columbia-Walsh said. “Our staff loves the area and our new offices are beautiful. We have had a ribbon cutting with Mayor Fulop and know this will be a perfect place to grow. Our AI platform is unrivaled and we look forward to our clients visiting the state as well.”
Also, today, the EDA approved a Grow New Jersey (Grow NJ) award to encourage Noven Pharmaceuticals, Inc. to relocate its regulatory and clinical research team to Jersey City. The company, which is a subsidiary of Hisamitsu Pharmaceutical Co., specializes in the in the research development, manufacturing, marketing, and sales of prescription pharmaceutical products. The project would result in the creation of 30 new jobs for the State. Grow NJ is the State’s main job creation and retention incentive program.
The EDA is part of the state’s results-driven Partnership for Action. Led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA.
All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.
For more information about various programs and resources available to New Jersey’s technology sector, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.
To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.