In a significant boost to the Garden State’s “innovation economy,” the New Jersey Economic Development Authority (NJEDA) has finalized $4.65 million in investments across five high-growth companies. The funding, facilitated through the New Jersey Innovation Evergreen Fund (NJIEF), marks a milestone in Gov. Mikie Sherrill’s initiative to position New Jersey as a global hub for technological and medical discovery.
The NJIEF is a unique public-private partnership where the State acts as an equity investor alongside professional venture capital firms. With approximately $78 million in unallocated capital still available and another $85 million recently raised through tax credit auctions, the fund is poised to fuel a new wave of Garden State startups through 2026.
The five recipients represent a diverse cross-section of New Jersey’s strongest sectors, including biotechnology, clean energy, and enterprise software.
1. Antigenix Therapeutics (Princeton)
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Sector: Biopharmaceutical / Oncology
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Investment: $1 million (via Pier 70 Ventures)
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The Mission: Operating out of the Princeton Innovation Center BioLabs, Antigenix is developing precision treatments for aggressive cancers, including triple-negative breast cancer. This marks the first New Jersey investment for the women-led firm Pier 70 Ventures.
2. PolyGone Systems (Kearny)
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Sector: CleanTech / Water Treatment
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Investment: $400,000 (via Tech Council Ventures)
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The Mission: A Princeton University spinout, PolyGone has developed a patented “Artificial Root Filter” that removes 98% of microplastics from waterways. The funding helped the company close its full seed round in just six months.
3. TranscendAP (Hamilton)
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Sector: Enterprise Software / AI
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Investment: $1.25 million (via Rittenhouse Ventures & Tech Council Ventures)
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The Mission: TranscendAP uses AI to automate accounts payable processes, helping businesses reduce invoice costs by up to 70%. The dual investment will support the expansion of their cloud-based platform and local hiring.
4. Lula, Inc. (Voorhees)
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Sector: Digital Commerce / Logistics
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Investment: $1 million (via UP.Partners)
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The Mission: Known as “Lula Commerce,” this South Jersey startup helps convenience stores bridge the gap to the digital marketplace by integrating inventory with third-party delivery services.
5. Synchrony Medical (Jersey City)
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Sector: MedTech / Respiratory Therapy
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Investment: $1 million (via Edge Medical Ventures)
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The Mission: This Israeli-American company developed “LibAirty,” an FDA-cleared device for patients with chronic lung disease. The investment highlights the ongoing economic partnership between New Jersey and the Israel Innovation Authority.
The NJIEF does more than just write checks. Under the program’s structure, tax credit purchasers also commit to supporting the state’s broader innovation ecosystem through mentoring, educational opportunities, and financial support for university partners and non-profits.
“The NJIEF is a cutting-edge initiative designed to strengthen the state’s economy by leveraging both public and private capital to support high-growth startups,” NJEDA CEO Evan Weiss said. “We are laser-focused on bolstering the innovation economy and creating jobs.”
Currently, 29 approved venture capital firms are part of the NJIEF platform, actively scouted for the next generation of New Jersey success stories.
