Independently prepared report details how NJEDA’s $190M SIC commitment will enhance NJ’s economic competitiveness

TRENTON, N.J. (December 22, 2025) – The New Jersey Economic Development Authority (NJEDA) today released findings from an economic impact assessment of the Strategic Innovation Center (SIC) initiative, which brings together startup founders, investors, academic institutions, and private sector leaders to foster research and development in high-growth sectors such as artificial intelligence (AI), the life sciences, and advanced manufacturing. The results found that the state’s 12 SICs will catalyze new and sustained economic activity in key industries, creating economic opportunities, supporting and retaining innovative early-stage companies, and driving long-term economic growth.

The report quantifies the 10-year economic impact of each SIC and showcases how the NJEDA’s investments in development, operations, and startup financing will lead to widespread economic growth. Collectively, the NJEDA’s $190 million SIC commitment is projected to create $8.9 billion in direct economic impact of graduated startup operations and research activities by year 10. New businesses that are formed and developed at SICs are expected to generate $17.2 billion in economic output, support 28,000 jobs, and contribute $427 million in total annual tax revenue.

“Since taking office, my administration has been focused on expanding resources for entrepreneurs and supporting startup development to reclaim New Jersey’s historic position as an innovation hub,” said Governor Phil Murphy. “The state’s growing roster of Strategic Innovation Centers will create new and long-term opportunities for startup founders, researchers, and industry stakeholders, increasing tax revenues and creating jobs across the Garden State.”

SICs are facilities that support research and development, innovation, and entrepreneurship through mentorship, networking opportunities, hands-on training, business support services, and education opportunities. SICs can be accelerators, incubators, or research centers. Having a physical location where entrepreneurs can collaborate will help support new, diverse innovators and help drive long-term economic growth.

“Over the past eight years, Governor Murphy and the Legislature have made historic investments into fostering a strong and equitable innovation ecosystem, ensuring all entrepreneurs have access to capital and the resources needed to build and grow in the Garden State,” said NJEDA Acting Chief Executive Officer Mary Maples. “The NJEDA’s Strategic Innovation Center initiative is creating collaborative environments where startups can thrive, creating billions in economic output and generating thousands of jobs in the decades to come.”

The independent report was conducted by Econsult Solutions Inc. It assessed employment, labor income, output, and tax revenue impacts using the IMPLAN modeling software, projecting both financial and economic development outcomes for each SIC to offer a total view across the SIC platform. Click here to read more.

“From North Jersey to South Jersey, Strategic Innovation Centers are supporting startups and technological innovation, helping drive our economy forward,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “New Jersey has invested robust resources into its innovation economy throughout the Murphy Administration, and this report confirms that the return on our investment will be thousands of good-paying jobs and billions of dollars in economic impact. As we continue supporting our innovation ecosystem, it’ll lead to sustainable, long-term economic growth across the whole state.”

The report organizes New Jersey’s SICs into three clusters: Information and High Technology, Life Sciences, and Advanced Manufacturing. The 12 SICs are:

Information and High Technology

• NJII Venture Studio (Newark) will accelerate and commercialize high-tech and information technology in collaboration with the New Jersey Innovation Institute, a subsidiary of the New Jersey Institute of Technology.
• New Jersey Fintech Accelerator at Stevens Institute of Technology (NJ FAST) (Hoboken and Newark) is an accelerator focused on advancing innovation in digital payments, cybersecurity, data analytics, and financial services modernization.
• NJ AI Hub (Princeton) is a center for artificial intelligence research, workforce development, and entrepreneurship, in partnership with Princeton University, Microsoft, and CoreWeave.

Life Sciences

• Edge Works at SciTech Scity (Jersey City) is a planned mixed-use innovation complex linking digital health, medtech, and climate technology entrepreneurship with Liberty Science Center’s education and research mission.
• The Health and Life Sciences Exchange (HELIX) and the NJ Innovation Hub (New Brunswick) will be a world-class center for translational research and innovation to be completed in Spring 2026 bringing together Rutgers University, RWJBarnabas Health, Hackensack Meridian Health, and private industry partners.
• NJ Coriell Labs Innovation Center (Camden) will be a hub for advanced biotechnology and genomics-based start-ups co-located within Coriell’s new science campus in Camden and engaging with academic partners Rowan University and Rutgers University.
• New Jersey Accelerator for Innovation in Medtech (NJ AIM) (Camden and Mullica Hill) will be an accelerator for early-stage medical technology ventures operated by Plug and Play in partnership with Rowan University.
• Nurture NJ Innovation Center (Trenton) is the nation’s first accelerator dedicated to maternal and infant health innovation, building on the leadership of the Nurture NJ initiative.

Advanced Manufacturing

• NJ Nokia Bell Labs Innovation Center (New Brunswick) will be located at the second phase of HELIX to provide emerging companies with necessary business training, operating services, physical space, and management guidance to transform their research into commercially viable products and services. The Bell Labs Venture Studio (Murray Hill) is a venture creation platform that pairs Bell Labs’ deep scientific expertise with start-up acceleration, targeting advanced manufacturing applications in photonics, materials science, and communications infrastructure to be relocated to NJ Nokia Bell Labs Innovation Center.
• Atlantic County NJ Aerospace SIC (Egg Harbor Township) will be located in the National Aerospace Research & Technology Park and provide state-of-the-art aerospace research spaces, high-speed connectivity data systems, laboratories, and co-working and studio spaces.
• HAX (Newark) is an advanced hardware accelerator operated by SOSV that supports early-stage companies developing robotics, climate technologies, and physical products that merge design, engineering, and scalable production.
• NJ HAX Plasma Forge (Princeton) will be a specialized technology development platform focused on plasma-based energy and manufacturing innovations, exploring applications in clean energy systems, materials processing, and sustainable industrial production.

To learn more about the NJEDA’s SIC initiative, visit https://www.njeda.gov/strategic-innovation-centers/.

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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TRENTON, N.J. (December 19, 2025) – The New Jersey Economic Development Authority (NJEDA) Board approved ten corporations to purchase $85 million in tax credits to fuel the New Jersey Innovation Evergreen Fund (NJIEF). This is the NJIEF’s second tax credit auction since the program launched in 2022.

“Both investors and entrepreneurs have praised the NJIEF as a strong driver for channeling investment into New Jersey startups, and once again business leaders have recognized the Fund’s significant value,” said NJEDA Acting Chief Executive Officer Mary Maples. “The Murphy Administration has bolstered New Jersey’s innovation economy by engaging with the state’s industry leaders to catalyze investment and foster mentorship and networking opportunities for emerging entrepreneurs.”

The NJIEF is a unique tool to increase access to strategic resources and venture capital in New Jersey. Under the NJIEF, the State acts as 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 $13.6 million of unallocated capital available to fund additional investments into high-growth businesses in New Jersey.

Following a successful inaugural sale in 2022, a second auction of $50 million was announced this summer. Due to greater than anticipated demand, funding for the tax credit auction was increased in September to $85 million. The companies approved represent a diverse array of industries, with businesses hailing from the financial technology, information technology consulting, consumer goods, insurance, banking, and healthcare sectors.

“The NJIEF provides the Authority with another distinct resource to support start-ups through a holistic approach that extends well beyond financial assistance,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “This recent tax credit auction demonstrates the state’s commitment to supporting innovative ventures and we look forward to continuing to invest high-growth startups that will propel economic growth across the state.”

The following applicants were approved to purchase tax credits through the NJIEF:

• OceanFirst Financial Corp.: Approved to purchase approximately $1 million in tax credit awards for $750,000
• Verizon Communications, Inc.: Approved to purchase approximately $19.5 million in tax credit awards for $16.0 million
• Metropolitan Life Insurance Company or MetLife: Approved to purchase approximately $7.6 million in tax credit awards for $6.5 million
• Comcast Corporation: Approved to purchase approximately $27.7 million in tax credit awards for $22.8 million
• The Prudential Insurance Company of America: Approved to purchase approximately $13.6 million in tax credit awards for $10.9 million
• Selective Way Insurance Company: Approved to purchase approximately $3.0 million in tax credit awards for $2.4 million
• Unilever United States, Inc.: Approved to purchase approximately $5.4 million in tax credit awards for $4.3 million
• CRB Group, Inc. or Cross River Bank: Approved to purchase approximately $2.9 million in tax credit awards for $2.3 million
• CGI Technologies and Solutions, Inc.: Approved to purchase approximately $930,00 in tax credit awards for over $697,000
• Haleon US Holdings, Inc.: Approved to purchase approximately $3.4 million in tax credit awards for $2.5 million

As part of the auction, each corporation will support the state’s innovation economy along with their financial bids, including through a commitment to serve on the NJIEF Advisory Board for one year. Additionally, the ten corporations made strategic commitments to support the State’s innovation community through unique and impactful projects with costs totaling nearly $4.4 million. Examples of this strategic support include contributions to support innovation focused workforce development and mentorship programs throughout New Jersey, free shared workspace open to innovative startups, and partnerships with Strategic Innovation Centers. These commitments, which include networking, mentoring, and educational opportunities, are a scored component of the tax credit purchasers’ bids.

These purchases will fund Program investments into innovative high-growth NJ-based businesses made through public-private partnerships with Qualified Venture Firms (QVFs), who also invest their own private sector capital into the transactions. Additionally, the Program portfolio companies and innovation ecosystem stakeholders throughout the Garden State will benefit from the strategic commitments made by NJIEF tax credit purchasers.

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 28 currently 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 now open. The total capital available for new investments stands at approximately $13.6 million.

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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This marks $30 million food security program’s second round of awards, which will support initiatives that improve residents’ ability to access fresh, affordable, and healthy food

TRENTON, N.J. (December 17, 2025) – The New Jersey Economic Development Authority (NJEDA) Board approved more than $9.3 million in grant awards to 23 organizations under the Food Equity and Economic Development in New Jersey (FEED NJ) Pilot Program. The approvals mark the second round of awards under the $30 million program and will expand the NJEDA’s support for food security projects in New Jersey’s 14 most acute Food Desert Communities (FDCs), catalyzing innovative, sustainable, and scalable food access initiatives in underserved areas. The first round of 50 approvals totaling $20.6 million was made during the NJEDA’s November board meeting. The total funding of $30 million to 73 organizations is one of the largest investments in recent years dedicated to strengthening New Jersey’s food security infrastructure.  

“The NJEDA has broadened its food security efforts throughout Governor Murphy’s administration, supporting innovative solutions that uplift New Jersey’s families, strengthen our economy, and open new doors of opportunity,” said NJEDA Acting Chief Executive Officer Mary Maples. “The funding approved today will support a range of projects, including grocery delivery and urban farming programs, empowering local partners and providing lasting support to communities that need it most.”

Each of the 23 grant recipients will receive awards of up to $500,000 and will primarily focus their projects on serving residents of one or more of the highest-need FDCs, which are spread across seven counties, comprise portions of 12 municipalities, and are home to 567,349 residents. Primary Focus FDCs include portions of Bridgeton, Camden, Fairfield Township, Lawrence Township, Newark, New Brunswick, Passaic City, Paterson, Pennsauken, Salem City, Trenton, and Woodlynne.

The second round of awards approved by the NJEDA board will also serve 36 additional FDCs such as Dover, Jersey City, Irvington, East Orange, and Perth Amboy.  All 50 of the state’s designated FDCs will be served by FEED NJ projects, which include creating new or expanded food pantries and mobile markets, partnering with farmers to bring locally-grown food to New Jersey residents, buying new delivery vehicles, and strengthening meal recovery initiatives.

Click here to view the full list of all 73 awardees and descriptions of their proposed projects.

“With community-driven initiatives like FEED NJ, the NJEDA is continuing to make transformative investments to advance food security, recognizing that access to fresh, affordable food is essential for both economic stability and social well-being,” said NJEDA Chief Economic Security Officer Tara Colton. “FEED NJ will empower nonprofits and private partners to bring meaningful food access programs to underserved areas, opening the door to greater opportunity for countless families.”

The NJEDA’s list of New Jersey’s 50 FDCs, which was created in consultation with the New Jersey Department of Community Affairs and the New Jersey Department of Agriculture, considers more than 24 variables related to the food retail environment, demographics, economic health, and community factors. A full list and map of all 50 FDCs is available on the FEED NJ website.

“FEED NJ represents targeted investments in the districts and communities across our state and helps ensure families can access fresh, affordable food in the neighborhoods where they live,” said Assembly Speaker Craig J. Coughlin. “This second round of grants continues our commitment to meeting needs on the ground and supporting the local partners who work tirelessly to strengthen local food access. Fighting food insecurity is fundamental, and when we take the steps to make sure families have what they need, we lay the foundation for better health and lasting opportunity.”

“Just this week a survey of Americans revealed that nearly 70% of people are struggling to afford groceries for their household. That is staggering,” said Department of Human Services Commissioner Sarah Adelman. “These grants will help community feeding organizations expand their programs and more effectively address hunger needs in neighborhoods that lack consistent, reliable and affordable access to nutritious food. I am grateful to the NJEDA for continuing to prioritize basic necessities like food access as critical components of economic security and success for all New Jersey families.”

“The FEED NJ grants are another tool New Jersey is using to build a more sustainable food system,” said Ed Wengryn, New Jersey Secretary of Agriculture. “These grants create opportunities to connect our state’s farmers with food desert communities, providing local foods, strengthening our food system, and meeting critical nutritional needs.”

“Every community deserves a fair opportunity to close the gaps that exist between local residents and dignified access to nourishing food, and to address the root causes of those gaps,” said NJ Office of the Food Security Advocate Executive Director Mark Dinglasan. “This second round of FEED NJ funding expands that opportunity to more communities, and does so through a number of trusted local organizations I know are collaborating with farmers and growers, healthcare, school- and faith- based partners, residents, peer service providers and municipal and county offices to help prevent neighbors from being swept into a time of dire need, even as they care for the neighbors they serve each day. OFSA congratulates and is ready to support the new FEED NJ grantees and our NJEDA colleagues in this intentionally broader, more holistic work.”

FEED NJ complements the NJEDA’s robust toolkit of existing programs taking different approaches to expanding food access, which includes the Food Security Planning Grant Program, the Atlantic City Food Security Grants Pilot Program, and the Food Desert Relief Supermarket Tax Credit Program. Last month, the NJEDA announced that it provided $900,000 to support the State’s six Emergency Feeding Organizations as they faced increased demand due to the federal Supplemental Nutrition Assistance Program (SNAP) benefits crisis caused by the federal government shutdown.

FEED NJ is funded with $30 million in proceeds from the NJEDA’s 2023 and 2024 Food Desert Relief Tax Credit Auctions, which were authorized by the Food Desert Relief Act of 2021. For more information on the NJEDA’s food security programs, visit https://www.njeda.gov/food-security-programs/.

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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Award to IUOE Local 825 will increase training capacity and prepare apprentices for modern projects

TRENTON, N.J. (December 16, 2025) – Yesterday, the New Jersey Economic Development Authority (NJEDA) Board approved a grant award of more than $1.2 million to the International Union of Operating Engineers (IUOE) Local 825 for the construction of a new training facility in Dayton. The funding, awarded under the Apprenticeship Training Centers Construction Grant Program, will allow IUOE Local 825 to increase its apprentice intake, provide comprehensive skill development to New Jerseyans, and ensure apprentices are equipped to meet the demands of modern construction projects, bolstering workforce development opportunities in a crucial industry. 

“Under Governor Phil Murphy’s leadership, New Jersey has invested in innovative apprenticeship and workforce development programs to prepare residents for high-quality job opportunities in the state’s key industries,” said NJEDA Chief Executive Officer Tim Sullivan. “With new construction and development occurring across the Garden State, the expansion of Local 825’s training facilities will ensure New Jerseyans have the skills necessary to capitalize on these new economic opportunities.”

IUOE Local 825, based in Springfield, has more than 8,200 members across the Garden State and New York’s Hudson Valley. Its workers operate heavy equipment such as cranes, bulldozers, front-end loaders, backhoes, and graders for construction projects across the region. To prepare members for modern development projects, Local 825 is committed to expanding training opportunities in new technologies and processes to preserve mastery of heavy equipment.

The new construction project at IUOE Local 825’s training facility will replace existing trailer structures on-site and supplement the currently insufficient office and classroom space. The grant award will cover 70 percent of eligible project costs, with IUOE Local 825 covering the remainder.

“Thank you to Governor Phil Murphy, NJEDA CEO Tim Sullivan, and the NJEDA Board for recognizing the technology-driven evolution of operating engineering and the strong demand reflected in Local 825’s annual apprentice applications,” said IUOE Local 825 Business Manager Greg Lalevee. “Their commitment to training New Jerseyans will enable us to expand our facilities in line with these realities and deliver cutting‑edge instruction to more apprentices.” 

The grant program is supported by the New Jersey Department of Labor and Workforce Development’s (NJDOL) Workforce Development Partnership Fund. In February 2024, the NJEDA Board approved an MOU with the NJDOL that permits disbursement from the fund for the NJEDA to create and sustain workforce development programs and projects. Since 2018, New Jersey has invested more than $100 million in grant funding to support registered apprenticeship programs and has experienced a 157 percent increase in earn-while-you-learn opportunities.

“We are incredibly proud to see workforce development funds fueling opportunities that expand New Jersey’s record-setting achievements in apprenticeship over the past eight years,” said Labor Commissioner Robert Asaro-Angelo. “The construction of this new training center is a powerful example of how strategic investment in our workers strengthens our economy, opens doors to good careers, and helps our state continue to lead the nation.”

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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NJ AI Hub investment fund will provide entrepreneurs with essential resources for scaling inventive businesses

TRENTON, N.J. (December 15, 2025) –Today, the New Jersey Economic Development Authority (NJEDA) and CoreWeave, along with other accredited investors, announced a $20 million investment to support a fund for startups that are associated with the NJ AI Hub Strategic Innovation Center (SIC). The investment fund will help startups access capital, overcome challenges, and accelerate growth, strengthening New Jersey’s standing as a national leader in AI innovation.

On Monday, the NJEDA Board approved the $10 million investment into the fund, which will be matched by an equal investment from CoreWeave and affiliated investors.

“The growth of New Jersey’s innovation ecosystem creates immense opportunities for residents and entrepreneurs, helping create jobs in growing industries, transform communities, and catalyze new startup creation,” said Governor Phil Murphy. “With this new Hub Fund, along with our ongoing efforts to shape AI’s future, we are reviving the Garden State’s legendary legacy of innovation and, in the process, making our state more competitive in the global economy for decades to come.”

“Under Governor Murphy’s leadership, the NJEDA has utilized its Strategic Innovation Center initiative to support growth among the state’s most dynamic industries, partnering with private sector leaders, academia, and other stakeholders to accelerate research and bolster entrepreneurship,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJEDA’s and CoreWeave’s investment into the NJ AI Hub will ensure that startup founders in New Jersey have access to the capital needed to grow in the state, helping create jobs and boost local economies.”

This morning, the NJ AI Hub announced that Plug and Play will manage an accelerator program at the SIC, connecting New Jersey’s AI startups and higher-ed-affiliated entrepreneurs with mentors, investors, and industry partners. Plug and Play will run selected cohorts each year that support startups at different stages of development.

The NJEDA also announced today that Plug and Play has been awarded a $3.8 million grant to develop and manage the upcoming AI Challenge, which will engage New Jersey residents, researchers, entrepreneurs, students, and companies to identify challenges across the state and develop AI-based software solutions. Winners of the challenge will work with Plug and Play on pilot testing or commercialization of the software and receive mentorship and advisory support from Plug and Play’s network of subject matter experts.

Building on its partnership with the NJEDA through the existing New Jersey Fintech Accelerator at Stevens Institute of Technology (NJ FAST) SIC and a new multi-location SIC in Camden, Mullica Hill, and Trenton in collaboration with Rowan University, Plug and Play will leverage its global network of venture capital firms, corporate investors, and innovation partners to help founders secure follow-on funding and achieve long-term growth. With over 60 offices globally and partnerships with more than 550 corporations, Plug and Play runs more than 100 accelerator programs annually across sectors like AI, fintech, health, and energy.

“New Jersey is fast becoming one of the most compelling places in the country to build an AI company, and this fund makes that real for founders, not just on paper,” said Plug and Play Partner and Chief Revenue Officer Michael Olmstead. “By pairing NJEDA’s commitment with CoreWeave and the NJ AI Hub, we’re giving New Jersey startups the capital, connections, and support they need to go from first pilot to meaningful scale right here in the Garden State. We’re excited to back founders who are using AI to solve practical problems, create good jobs, and carry New Jersey’s long legacy of innovation into the next decade.”

Announced in December 2023 and founded by the NJEDA, CoreWeave, Microsoft, and Princeton University, the NJ AI Hub brings together AI researchers, industry leaders, start-up companies, and other collaborators to advance research and development, bolster startup creation, advance the use of ethical AI for positive societal impact, and promote workforce development. The $20 million investment announced today will foster further private capital funding into AI startups, eliminating barriers to capital and resources faced by early-stage companies

“New Jersey has the talent, the infrastructure, and the drive to become a national leader in AI innovation,” said Brian Venturo, Co-Founder and CSO at CoreWeave. “This commitment is designed to deliver real benefits for people across the state, more opportunity, more high quality jobs, and a stronger economy, while supporting the next generation of AI leaders building technology that will improve how we live and work. We are proud to partner with Governor Murphy, the NJEDA, and the NJ AI Hub to help make New Jersey a top destination for AI advancement.”

“The launch of this $20 million fund is an essential catalyst for AI startups in New Jersey,” said NJ AI Hub Executive Director Liat Krawczyk. “It will provide critical support to entrepreneurs, helping to position New Jersey for the next generation of transformative technologies.”

The NJ AI Hub is an integral part of Governor Murphy and the NJEDA’s efforts to expand state resources for the AI sector. In June, the NJEDA opened applications for the Next New Jersey Program – AI, which provides tax credits to eligible businesses investing in large-scale AI data centers and companies engaging in AI-related activities. The NJEDA also approved a dedicated AI cohort within the New Jersey Innovation Fellows Program (NJIF) in 2024, which will provide income replacement grants of up to $400,000 to eligible entrepreneur teams looking to launch an AI-driven business.

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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TRENTON, N.J. (December 10, 2025) – The New Jersey Economic Development Authority (NJEDA) recently closed on investments for three cutting-edge businesses through the New Jersey Innovation Evergreen Fund (NJIEF). The companies, which span across three municipalities in New Jersey, received investments through the approvals of applications submitted by Qualified Venture Funds for a combined $6.2 million.

“The New Jersey Innovation Evergreen Fund is a pioneering initiative that strengthens New Jersey’s economy by combining public and private funding to support high-potential startups and entrepreneurs and creating a sustainable investment cycle for innovators who require access to capital,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Murphy’s leadership, New Jersey is strengthening its reputation as a global innovation hub by making significant investments in the next wave of groundbreaking companies based in the Garden State.”

The NJIEF, launched in 2022, 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 over $5 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.

“These investments build on the momentum of the NJIEF and highlights the state’s dedication to backing emerging minority and women-led businesses and entrepreneurs,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “By generating a steady flow of venture capital into high-growth startups, the NJIEF will keep fueling job creation and economic development throughout New Jersey.”

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 networking, mentoring, and educational opportunities, and are a scored component of the tax credit purchasers’ bids.

The following companies received investment funding through the NJIEF:

PolyGone Systems – Princeton

PolyGone Systems was founded by Princeton University graduates Yidian Lu and Nathaniel Banks. Through the use of their patented filtration media, PolyGone is revolutionizing the water treatment industry, and has launched the world’s first industrial microplastic treatment pilot, which is set to capture over 580 million microplastics annually. Through an application submitted by FYRFLY Venture Partners, PolyGone received an NJIEF investment of $1.25 million.

“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 Lui, Co-Founder of PolyGone Systems. “Throughout the process, the Evergreen team was collaborative and deeply supportive, working closely with our team and prospective investors to help accelerate the round. Their involvement is a testament to New Jersey’s commitment to advancing cleantech innovation and supporting startups addressing urgent environmental challenges. Looking ahead, we’re proud to be expanding our operations by establishing our new headquarters in Kearny. It’s our way of paying forward the Evergreen Fund’s support by building global-scale innovation within the Garden State.”

Founded in 2012, FYRFLY Venture Partners is a woman-led seed-stage venture capital firm with an office in San Francisco, California and a presence in Zurich, Switzerland. With a focus on the enterprise information technology and deep technology sector, PolyGone is its first New Jersey investment.

“PolyGone Systems is tackling one of the most urgent environmental challenges of our time—removing microplastics from water at scale” said Julie Maples, Founding Partner at FYRFLY Venture Partners. “FYRFLY invests in teams building transformational technologies with enduring value, and we’re proud to partner with NJEDA to help PolyGone grow in New Jersey, a state that’s fast becoming a national hub for climate innovation and advanced manufacturing.”

JOGO Health – Bridgewater

JOGO Health is a MedTech and digital health company that focuses on developing treatments for chronic pain and neuromuscular disorders. Their innovative approach leverages neuroplasticity through an Artificial Intelligence (AI)-powered platform to provide non-invasive and drug-free relief for conditions such as chronic back pain, stroke paralysis, migraines, and incontinence. JOGO Health has treated over 25,000 patients across more than 50 hospital partnerships, such as Mayo Clinic, Mount Sinai, and Brigham & Women’s. JOGO Health also received support from the Authority through the Technology Business Tax Certificate Transfer (NOL) program.

“The NJEDA, and in particular the Evergreen Fund, continues the long tradition of keeping New Jersey at the forefront of the innovation economy,” said Sanjali Murali, Co-Founder & CEO of JOGO Health. “This funding has been key to further commercialization of digital therapies that are a game changer for millions of patients who suffer from migraines, incontinence, and stroke related movement disorders.”

JOGO Health received two investments through the NJIEF, one for $2 million through an application submitted by Atma Capital, and one for $1.18 million through an application submitted by Creative Ventures Management, LLC.

Atma Capital was founded in 2021 as a women-led Seed-stage venture capital firm, with offices located in California, Dubai, and China, with an investment focus on deep technology startups with positive societal and environmental impacts. The investment into JOGO Health will be the firm’s first investment in a New Jersey-based business.

“At Atma Capital, we invest in technologies that elevate human potential through the intelligent integration of mind and body,” said Ying Lee, Managing Partner at Atma Capital. “JOGO’s non-invasive neuro-muscular platform exemplifies this vision—bridging modern neuroscience with holistic wellness to promote healthy, happy aging and empower individuals to take charge of their own vitality.”

Creative Ventures is a minority-owned, California-based, early-stage deep-tech venture capital firm. The firm was founded in 2015 and invests in early-stage companies that address labor shortages, rising healthcare costs, and climate change. JOGO Health will be the firm’s first investment in a New Jersey-based business.

“We always look for transformative technologies and are excited to partner with JOGO Health. We think their team and technology have incredible potential to positively impact the lives of patients, and bring a new model to management of chronic conditions in the healthcare system,” said James Wang, General Partner at Creative Ventures.

Hill Research – Bridgewater

Hill Research is an AI startup that initiated its relocation from Boston to Bridgewater, New Jersey. Hill Research leverages Generative AI to accelerate the last mile of clinical trials for pharmaceutical companies. The company’s modular AI agents address key challenges in the clinical trial life cycle, including patient screening, Case Report Form annotation, clinical evidence synthesis, compliance, and reporting. Hill Research received an NJIEF investment of $1.75 million through an application submitted by Covenant Venture Capital.

“Clinical trial data analysis is often repetitive and slow, with processes like double programming taking valuable time away from biostatistics experts. Hill Research changes that process with AI tools that automate routine work while keeping human expertise at the center for accuracy and control,” said Louise Liu, Co-Founder & CEO of Hill Research. Our platform helps biostatistics teams to interpret data faster and make smarter decisions that accelerate drug development, bringing new treatments to patients sooner. Support from NJEDA allows us to expand our R&D team, strengthen partnerships, and scale our technology across the biopharma sector. As a women-led company, we’re proud to drive innovation and create opportunities for diverse talent across New Jersey’s innovation ecosystem.”

Founded in 2020, Covenant Venture Partners is a minority-owned venture capital firm based in New York City, with a focus on investing in companies developing AI technologies that will disrupt existing processes, as well as unique, early-stage technology and life science companies.

“The Evergreen Innovation Fund program demonstrates the effectiveness of a public-private partnership when it’s designed to achieve specific outcomes, including more founders funded, faster growth, and stronger talent pipelines,” said René Bastón, Venture Partner at Covenant Venture Partners. “With the NJEDA’s support, Covenant led Hill Research’s seed round to scale Agentic AI in clinical development to shorten trial timelines and improve submission readiness. This is New Jersey at its best: aligning capital, capability, and community to create real economic value.”

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 over $5 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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