The New Jersey Economic Development Authority (NJEDA) finalized investments totaling $6.2 million across three cutting-edge New Jersey businesses through the New Jersey Innovation Evergreen Fund (NJIEF). The investments, which span Princeton and Bridgewater, were approved based on applications submitted by Qualified Venture Funds (QVFs).
This latest round of funding underscores the state’s commitment to growing its innovation ecosystem and supporting high-potential companies, particularly emerging minority and women-led businesses.
“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,” NJEDA Chief Executive Officer Tim Sullivan said.
The three Garden State companies—specializing in clean technology, digital health and AI for clinical trials—received the following investments:
| Company | Location | Focus Area | Total NJIEF Investment | Qualified Venture Funds |
| PolyGone Systems | Princeton (moving to Kearny) | Cleantech (Microplastic Filtration) | $1.25 Million | FYRFLY Venture Partners |
| JOGO Health | Bridgewater | MedTech/Digital Health (Chronic Pain/Neuromuscular) | $3.18 Million | Atma Capital & Creative Ventures Management |
| Hill Research | Bridgewater (relocating from Boston) | AI for Clinical Trials | $1.75 Million | Covenant Venture Capital |
Kathleen Coviello, NJEDA chief economic transformation officer, emphasized the fund’s dedication to diversity.
“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,” she said.
PolyGone Systems, founded by Princeton University graduates, secured $1.25 million to revolutionize water treatment using patented filtration media. The company, which is establishing its new headquarters in Kearny, has launched the world’s first industrial microplastic treatment pilot.
“The Evergreen Fund served as a powerful catalyst, motivating investor commitments and enabling us to close our full seed round within just six months,” Co-founder Yidian Lui said.
JOGO Health of Bridgewater, a MedTech and digital health company, received a combined $3.18 million to advance its AI-powered platform for treating chronic pain and neuromuscular disorders. The company, which has treated over 25,000 patients and partners with institutions like Mayo Clinic, said the funding is key to further commercializing its digital therapies.
Hill Research, an AI startup that is relocating from Boston to Bridgewater, received $1.75 million. The women-led company develops Generative AI agents that accelerate the “last mile” of clinical trials for pharmaceutical companies, helping bring new treatments to market faster.
“Support from NJEDA allows us to expand our R&D team, strengthen partnerships, and scale our technology across the biopharma sector,” Co-founder & CEO Louise Liu said.
The NJIEF, which launched in 2022, deploys state equity alongside professional venture capital firms, aiming to deploy up to $600 million over time. The fund currently has over $5 million of unallocated capital available and recently auctioned $85 million in tax credits to raise additional capital, which will be available in early 2026.
All companies approved for NJIEF investment also benefit from strategic commitments made by the tax credit purchasers, including mentoring, networking, and educational opportunities, ensuring comprehensive support for growth within New Jersey’s innovation ecosystem.
