5 New Jersey Businesses Receive Funding through NJ Innovation Evergreen Fund

TRENTON, N.J. (March 11, 2026) – The New Jersey Economic Development Authority (NJEDA) recently closed on investments for five cutting-edge businesses through the New Jersey Innovation Evergreen Fund (NJIEF). The companies, located in Mercer, Camden, and Hudson Counties, received investments through the approvals of applications submitted by Qualified Venture Funds for a combined $4.65 million.

“The New Jersey Innovation Evergreen Fund is a cutting-edge initiative designed to strengthen the state’s economy by leveraging both public and private capital to support high-growth startups and entrepreneurs,” said NJEDA CEO Evan S. Weiss. “Governor Sherrill and the NJEDA have been laser-focused on bolstering the innovation economy, creating jobs, and supporting the next generation of transformative companies, helping reinforce New Jersey’s standing as a global center for technological discovery and innovation.”

The NJIEF, is a unique tool to increase access to strategic resources and venture capital in New Jersey. Under the NJIEF, the State is an equity investor in early-stage companies, deploying up to $600 million into companies alongside professional venture capital firms. The Evergreen Fund currently has approximately $78 million of unallocated capital available and is expected to use this to fund initial investments into additional high-growth businesses in New Jersey. The NJEDA recently auctioned $85 million in tax credits to raise additional capital, which will be available for investment in early 2026.

“Investments through the NJIEF underscore New Jersey’s commitment to supporting innovation businesses and entrepreneurs,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “By delivering a robust roster of venture capital firms to cutting-edge startups, the NJIEF will continue to drive job creation and economic development across the state.” 

The New Jersey Innovation Evergreen Fund (NJIEF) platform currently includes 29 approved venture capital firms actively seeking investment opportunities in New Jersey-based companies.

All companies approved for investment under the NJIEF will benefit from the strategic commitments made by NJIEF tax credit purchasers. These purchases, which fund investments made by the Qualified Venture Firms (QVFs), are made in tandem with commitments to provide strategic support to strengthen the State’s innovation ecosystem. Commitments include financial support for university partners, nonprofits, and Strategic Innovation Centers for innovation-related programming in New Jersey, mentoring, educational opportunities, and more, and are a scored component of the tax credit purchasers’ bids.

The following companies received investment funding through the NJIEF:

Antigenix Therapeutics, Inc. – Princeton

Antigenix Therapeutics is a platform-based biopharmaceutical company focused on developing monoclonal antibody-based products for the precision treatment of cancer, autoimmune disorders, and other serious diseases. The company’s primary current asset, AGX-010, focuses on selectively activating on the surface of malignant epithelial cells, including those in triple-negative breast cancer, ovarian, prostate, and colon cancers. The company, which is based out of the Princton Innovation Center BioLabs, will receive an NJIEF investment of $1 million through an application submitted by Pier 70 Ventures.

“NJEDA’s strategic investment validates both our science and our vision to transform outcomes for patients with aggressive cancers,” said Christopher Whitfield, CEO of Antigenix Therapeutics. “Their partnership provides more than capital—it connects us to New Jersey’s world-class life sciences ecosystem and positions Antigenix to rapidly advance our ADC platform from preclinical promise to clinical impact.”

A diverse and women-led venture capital firm, Pier 70 Ventures targets early-stage investments in businesses led by founders from historically underserved backgrounds, with a focus on diagnostics, devices, health services, health tech, logistics, precision medicine, and smart health. Based in Seattle, Pier 70 Ventures aims to generate a social impact while delivering economic benefits to stakeholders. This investment in Antigenix will be Pier 70’s first investment in a New Jersey-based business.

“As an NJEDA-approved Qualified Venture Fund, Pier 70 Ventures views NJEDA as an essential partner in accelerating early-stage innovation in New Jersey,” said Shaun Hawkins, Managing Partner at Pier 70 Ventures. “Their investment strengthens Antigenix’s ability to efficiently advance its ADC platform from preclinical development toward meaningful clinical outcomes for patients.”

PolyGone Systems – Kearny

PolyGone is revolutionizing the $200 billion water treatment industry with its innovative solution for microplastic pollution. Founded in 2021 as a spinout from Princeton University, PolyGone has developed a patented filtration media that passively captures microplastics smaller than 1 mm from treatment effluents, reservoirs, and rivers. This technology, known as the Artificial Root Filter, mimics aquatic plant roots and achieves a 98% removal efficiency in lab tests. The company’s headquarters is located in Kearny, New Jersey with additional lab space at the NJ BioScience Center in North Brunswick. PolyGone will receive an NJIEF investment of $400,000 through an application submitted by Tech Council Ventures.

“The New Jersey Evergreen Fund has been transformational for our company, PolyGone Systems. As a cleantech startup developing hardware, raising early-stage capital is uniquely difficult. The Evergreen Fund served as a powerful catalyst, motivating investor commitments and enabling us to close our full seed round within just six months,” said Yidian Liu, Co-Founder of PolyGone Systems.

Tech Council Ventures is a New Jersey-based early-stage venture capital firm, with an investment focus in healthcare, enterprise technology, and CleanTech. The firm serves on the NJEDA’s Innovation Advisory Committee and on the NJ Bioscience Incubator Advisory Board, and has participated in New Jersey Founders and Funders events and has utilized the Angel Investor Tax Credit Program.

“As a New Jersey-based venture capital firm, we have been fortunate to be able to partner closely with the New Jersey Economic Development Authority to support local entrepreneurs. We have just completed two investments leveraging the NJEDA’s Innovation Evergreen Fund for $500,000 of matching investment for TranscendAP and $400,000 for PolyGone Systems. We have known Jeff Weinstein for many years through his leadership of one of our portfolio companies in Fund I, and we are excited to invest in his latest company,” said Stephen Socolof, Managing Partner at Tech Council Ventures. “PolyGone Systems is led by innovators Nathaniel Banks and Yidian Liu, who developed an effective way to address a growing health concern by removing microplastics in industrial and utility water treatment systems.”

TranscendAP – Hamilton

TranscendAP was founded in 2017 and specializes in Accounts Payable (AP) automation. In 2022, TranscendAP made its solution available on a cloud multitenant offering, and expanded its market opportunity with integrations to Oracle, Microsoft, and Ellucian. TranscendAP’s platform incorporates proven Artificial Intelligence (AI) technology and has a strong roadmap for AI purpose-built functionality.

“As a New Jersey based software company, we highly value the programs that the NJEDA has implemented that support our continued growth. The New Jersey Innovation Evergreen Fund, which matches the recent round of venture funding by Rittenhouse Ventures and Tech Council Ventures, will fuel the expansion of our AI-driven Accounts Payable automation platform,” said Jeffrey Weinstein, President and CEO of TranscendAP. “This investment allows us to accelerate our growth and expand our New Jersey presence with great career opportunities in technology, sales, marketing, and professional services. As I have experienced when leading other New Jersey-based firms, NJEDA’s partnership is outstanding at all levels. The NJEDA team is incredibly focused on growing the economic opportunities within New Jersey and we are fully aligned with them in that mission.”

TranscendAP received two investments through the NJIEF, one for $750,000 for an application submitted by Rittenhouse Ventures, and one for $500,000 for an application submitted by Tech Council Ventures.

Rittenhouse Ventures focuses on early-growth B2B software investments primarily across the Mid-Atlantic region. Through its third fund, Rittenhouse Ventures III, the company previously made two investments into New Jersey-based companies.

“The accounts payable automation market is undergoing a crucial transformation, shifting rapidly from outdated, first-generation systems, with over 90% of the market still lacking effective AP automation,” said David Nevas, General Partner at Rittenhouse Ventures. “Their cloud-based, AI-first platform leverages best-in-class technology, providing critical value propositions like a 70% reduction in per-invoice costs and robust fraud detection capabilities. We are thrilled to partner with the NJEDA’s Innovation Evergreen Fund to accelerate their remarkable growth. NJEDA’s support underscores New Jersey as a critical hub for enterprise technology, providing the ideal ecosystem for TranscendAP to scale and aggressively capture market share.”

Lula, Inc. – Voorhees

Lula, Inc. (Lula Commerce) is a digital platform company based in Voorhees focused on meeting the delivery needs of convenience stores by integrating third-party delivery services and inventory management. Founded in 2020 in the wake of the COVID-19 pandemic, Lula sought to address the challenge of reduced foot traffic in local convenience stores. Lula’s solution enables stores to efficiently manage and integrate their operations into the digital marketplace. Lula will receive a NJIEF investment of $1 million through an application submitted by UP.Partners.

“I’m incredibly thankful for UP.Partners’ continued support of Lula over the past three years and excited to welcome NJEDA as a new partner,” said Adit Gupta, Co-Founder and CEO of Lula Commerce. “I wouldn’t be here without the life experiences that shaped me in New Jersey. From my family opening and operating a retail store in South Jersey to Lula now supporting several thousand retail locations across 44 states, this truly feels like a full-circle moment. We’re proud to call New Jersey our home and are excited to continue building and scaling Lula here for many years to come.”

UP.Partners is a California-based venture firm investing in transportation-related companies that make global transportation cleaner, safer, faster, and more accessible. The firm focuses on identifying highly specialized companies that possess strong conviction and a unique competitive advantage. UP.Partners has invested a total of $2.6 million in Lula Commerce across multiple financing rounds.

Synchrony Medical – Jersey City

Synchrony Medical is a pioneering company in the field of respiratory therapy, dedicated to enhancing the quality of life for patients with chronic lung disease. Through its research, Synchrony Medical has developed a highly differentiated, Food & Drug Administration (FDA)-cleared, home-use device known as LibAirty, which provides effective airway clearance therapy. Synchrony Medical was founded in 2020 and is based in Israel, with offices located in Jersey City. Synchrony Medical received an NJIEF investment of $1 million through an application submitted by Edge Medical Ventures (EdgeMed).

“The New Jersey Innovation Evergreen Fund is an excellent model for fostering innovation, playing a key role in establishing our headquarters in New Jersey,” said Anat Shai, Chief Executive Officer of Synchrony Medical. “Synchrony has been supported by the Israel Innovation Authority since its inception, a relationship that now extends to the NJEDA, co-investing alongside Edge Medical Ventures in a shared, global commitment to advancing life-changing medical technologies. We are thankful for the support from all of our partners to help expand reach of the LibAirty Airway Clearance System to patients across the U.S.”

Founded in 2024, EdgeMed is an early-stage investment fund with offices in Jersey City and Yehuda, Israel. The firm is committed to advancing healthcare by identifying and nurturing innovative companies that address significant unmet clinical needs with substantial market potential, and is specifically dedicated to supporting Israeli MedTech companies looking to enter the U.S. market. The investment in Synchrony Medical will be EdgeMed’s second investment in a New Jersey-based business.

“Edge Medical Ventures is focused on building and scaling breakthrough medical technologies that address critical unmet needs, and our partnership with NJEDA is instrumental in enabling our portfolio companies to establish and accelerate their US operations,” said Shai Policker, Managing Partner at Edge Medical Ventures. “New Jersey’s robust healthcare ecosystem provides an ideal foundation for market growth, and we’ll continue providing our companies with the operational expertise and capital they need to succeed in the US market.”

Synchrony Medical is a recipient of funding from the Israel Innovation Authority, which signed a memorandum of understanding with the NJEDA in 2018 to deepen technological cooperation. This investment highlights New Jersey’s ongoing partnership with the Israel Innovation Authority and Israel’s significant contributions on the state’s economy, while marking the first investment into an Israeli-American company by the NJIEF.

Applications for venture firms seeking to qualify as a QVF can be found here and are being accepted on a rolling basis. The firms approved to date represent diversity in terms of investment strategy, industry, and stage. Additionally, there continues to be strong momentum from interested managers. The roster of the current approved managers can be found here.

Applications for approved QVFs to apply for Qualified Investments into high-growth, innovative businesses based in New Jersey are also open. The total capital available for new investments stands at approximately $60 million and the NJEDA recently auctioned $85 million in tax credits to raise additional capital for further investment.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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