The New Jersey Economic Development Authority (NJEDA) announced a combined $16.5 million in capital allocations supporting eight high-growth New Jersey startups through the New Jersey Innovation Evergreen Fund (NJIEF).
The investments—matched dollar-for-dollar by approved venture capital firms—target early-stage companies across healthcare technology, artificial intelligence security, critical minerals, and life sciences. Designed as a sustainable venture co-investment vehicle, the NJIEF is structured to deploy up to $600 million into New Jersey’s startup ecosystem by pairing state funding alongside private venture capital.
“My Administration is committed to making New Jersey the best place to do business,” Gov. Mikie Sherrill said. “By supporting these innovative companies, we are seeding new and important technologies, attracting incremental capital to New Jersey, and building a dynamic start-up ecosystem.”
The eight funded startups span diverse geographical hubs across the state, from Newark and Short Hills down to South Jersey:
| Startup | Location | Focus Area | NJIEF Investment | Venture Capital Partner |
| Cranium AI, Inc. | Short Hills | AI security & governance against adversarial threats | $5.00M | SYN Ventures |
| Princeton Critical Minerals (PCM) | Newark | Sustainable lithium and critical mineral extraction | $4.00M | SOSV (HAX) |
| Elligint Health, Inc. | Edison | Cloud-based care management platform for health insurers | $1.50M | HLM Investment Partners |
| TangGene, Inc. | New Brunswick | Injectable therapeutics targeting autoimmune diseases | $1.50M | Oak BioCapital |
| AstraNu, Inc. | Murray Hill | Low-cost medical imaging chip modules (Nokia Bell Labs spin-out) | $1.50M | Celesta Capital |
| Urologic Health | Jersey City | Non-invasive urodynamic bladder diagnostic systems | $1.25M | Edge Medical Ventures |
| ChorusRx | Mount Laurel | AI-enabled medication risk platform for high-acuity care | ~$1.00M | Rittenhouse Ventures |
| Sena Health | Mickleton | AI-driven access command center & care coordination | $750K | Rittenhouse Ventures |
- AI & Security: Spin-out enterprise Cranium AI secured the largest single allocation ($5M). Its governance platform is already deployed by major institutions including Johnson & Johnson, JPMorgan Chase, KPMG, and Pfizer to secure machine learning pipelines against compliance and security risks.
- Deep Tech & Clean Energy: Princeton Critical Minerals received $4M to scale its sustainable extraction technologies aimed at closing the global lithium supply gap, leveraging its base at Newark’s HAX Strategic Innovation Center.
- MedTech Innovations: AstraNu, a Nokia Bell Labs spin-out co-backed by Celesta Capital, is developing integrated optical coherence tomography engines on a single chip, cutting medical imaging costs and footprint tenfold.
The NJIEF pairs financial capital with strategic corporate commitments. Tax credit purchasers funding the program provide non-financial support, including mentoring, university programming, and ecosystem acceleration across New Jersey institutions.
NJEDA Chief Executive Officer Evan Weiss emphasized the program’s long-term economic footprint:
“The NJIEF’s success is measured not just in dollars invested, but in the transformative impact it has had on New Jersey businesses,” Weiss said. “Through strategic partnerships and targeted investments, Governor Mikie Sherrill and the NJEDA are helping the next generation of companies thrive, reinforcing New Jersey’s reputation as a leader in innovation and opportunity.”
With 37 approved venture capital partners currently participating and $46 million in unallocated capital remaining from its recent $85 million tax credit auction, the NJEDA continues to accept applications from qualified venture firms and startups on a rolling basis.
