The New Jersey Economic Development Authority (NJEDA) has finalized investments for three businesses through the New Jersey Innovation Evergreen Fund (NJIEF), totaling $6.2 million. The companies, located in Princeton and Bridgewater, received funding following applications submitted by Qualified Venture Funds.
Tim Sullivan, Chief Executive Officer of NJEDA, stated, “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.” He added that under Governor Murphy’s leadership, significant investments are being made in emerging companies in the state.
Launched in 2022, the NJIEF aims to improve access to venture capital and strategic resources within New Jersey. The fund allows the state to act as an equity investor alongside professional venture capital firms, with up to $600 million allocated for early-stage companies. Currently, more than $5 million remains available for new investments. Recently, NJEDA raised additional funds by auctioning $85 million in tax credits; this new capital will be available for investment starting in early 2026.
Kathleen Coviello, Chief Economic Transformation Officer at NJEDA, said: “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. 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 recipients of NJIEF investment benefit from commitments made by tax credit purchasers who provide networking opportunities, mentoring, and educational support as part of their bids.
PolyGone Systems of Princeton was one recipient. Founded by Princeton University graduates Yidian Lu and Nathaniel Banks, PolyGone uses patented filtration media aimed at removing microplastics from water. Their pilot project is designed to capture over 580 million microplastics annually. Through an application submitted by FYRFLY Venture Partners—a woman-led seed-stage firm—PolyGone received $1.25 million.
Yidian Lui, Co-Founder of PolyGone Systems commented: “The New Jersey Evergreen Fund has been transformational for our company… The Evergreen Fund served as a powerful catalyst, motivating investor commitments and enabling us to close our full seed round within just six months… Looking ahead, we’re proud to be expanding our operations by establishing our new headquarters in Kearny.”
Julie Maples of FYRFLY Venture Partners added: “PolyGone Systems is tackling one of the most urgent environmental challenges of our time—removing microplastics from water at scale… We’re proud to partner with NJEDA to help PolyGone grow in New Jersey.”
JOGO Health in Bridgewater also secured two rounds of investment—$2 million via Atma Capital and $1.18 million via Creative Ventures Management LLC—for its AI-powered platform treating chronic pain and neuromuscular disorders without drugs or invasive procedures. JOGO Health reports having treated over 25,000 patients across more than 50 hospital partnerships including Mayo Clinic.
Sanjali Murali, Co-Founder & CEO of JOGO Health said: “The NJEDA, and in particular the Evergreen Fund, continues the long tradition of keeping New Jersey at the forefront of the innovation economy… This funding has been key to further commercialization of digital therapies that are a game changer for millions.”
Atma Capital Managing Partner Ying Lee stated: “At Atma Capital we invest in technologies that elevate human potential through intelligent integration… JOGO’s non-invasive neuro-muscular platform exemplifies this vision.”
James Wang from Creative Ventures remarked: “We always look for transformative technologies… We think their team and technology have incredible potential to positively impact lives.”
Hill Research—a startup relocating from Boston—received $1.75 million through Covenant Venture Capital for its use of Generative AI tools intended to speed up clinical trials processes within pharmaceutical research.
Louise Liu, Co-Founder & CEO explained: “Clinical trial data analysis is often repetitive and slow… Hill Research changes that process with AI tools that automate routine work while keeping human expertise at the center… Support from NJEDA allows us to expand our R&D team…”
René Bastón at Covenant Venture Partners said: “The Evergreen Innovation Fund program demonstrates effectiveness when it’s designed to achieve specific outcomes… With NJEDA’s support Covenant led Hill Research’s seed round… This is New Jersey at its best: aligning capital capability community…”
Applications remain open both for venture firms seeking QVF status as well as approved QVFs wishing to apply for qualified investments into innovative businesses based in New Jersey. The roster can be found online along with details about current managers.
Further information about translation services offered on njeda.com clarifies they are provided via Google Translate under its own terms (https://policies.google.com/?hl=en), not reviewed or endorsed by either NJEDA or State authorities.
