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) programs.
“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.”