NJEDA awards $2M under Angel Match program to support early-stage technology companies

The New Jersey Economic Development Authority closed its first four approvals under the Angel Match Program, awarding a total of $2 million to support early-stage technology companies.

The NJEDA is the first entity to commit capital to a technology company, leading to other investors who provide matching funds, fueling the growth by increasing the pool of available capital.

The NJEDA’s investment ranges from $100,000 up to $500,000, as it is matched on one-to-one basis with the company’s corresponding preferred equity round.

“Since taking office, Gov. (Phil) Murphy’s economic development strategy has been centered on connecting entrepreneurs and small business owners with the capital they need to succeed in an equitable and inclusive manner, especially after the coronavirus pandemic,” NJEDA CEO Tim Sullivan said. “The Angel Match Program is unlocking capital for companies and stimulating greater investment into New Jersey’s innovation ecosystem. Through these strategic investments, the Angel Match Program will help companies achieve successful, scalable commercialization of their cutting-edge products and create high-skilled jobs across the state.”

“The Angel Match Program is designed to amplify the growth of New Jersey’s early-stage technology sector,” NJEDA Chief Economic Transformation Officer Kathleen Coviello said. “With an emphasis on matching angel and seed-stage investments, the program reinforces the state’s commitment to nurturing an ecosystem conducive to technological advancement and economic diversity.”

The following companies received up to $500,000 through the Angel Match Program:

  • AlphaROC Inc. in Newark is a developer of a data science and analytics platform designed to leverage unique data sets to provide artificial intelligence-based insights to investors.
  • Princeton Identity Holding Co. Inc. in Hamilton Township is a biometric identity management business that makes security accurate, reliable and convenient. Using biometric technologies, Princeton Identity enables businesses and global organizations to simplify identity management, resulting in improved safety and protection.
  • TLA Innovation Inc. was founded in 2020 and is headquartered in Paramus. The company develops solutions for individuals and businesses in the cybersecurity, privacy and regulatory industries. Its cybersecurity platform protects against identity-driven attacks and uses advanced biometrics and AI to assure identities and facilitate cleaner, more efficient businesses processes.
  • vipHomeLink Inc. is a Digital Home Management solution providing tailored home maintenance reminders, engaging digital content and expert home recommendations. The company, founded in 2018, is headquartered in Morristown and partners with insurance carriers to provide a white-label, software platform, as well as proprietary data, to improve customer retention and reduce home insurance losses.