Latent AI, a fast-growing artificial intelligence company, is celebrating the opening of its expanded corporate headquarters in Princeton. The event highlights the state’s emerging leadership in artificial intelligence and defense technology and is a significant economic development story for Central Jersey.
New Jersey has a robust AI industry, with companies specializing in machine learning, data science, analytics, and automation. These firms help businesses optimize performance, improve decision-making, and generate valuable insights. The AI sector in New Jersey is growing rapidly, with applications in healthcare, finance, IT, among other areas.
Among the notable attendees scheduled to appear are: Rep. Bonnie Watson Coleman; Assemblyman Roy Freiman; Assemblywoman Mitchelle Drulis, South Brunswick Township Mayor Charles Carley; Tim Sullivan, CEO, New Jersey Economic Development Authority; and Jags Kandasamy, CEO and co-founder of Latent AI.
The event will feature remarks from dignitaries, a facility tour, and technology demonstration.
Latent AI is doubling its footprint in the S&P Global Building at 1 Independence Way on Route 1 corridor and the expansion is adding 23 employees.Â
The new facility includes a specialized data center for cutting-edge AI testing. The facility received a Department of Defense Level 5 certification and 97% efficiency improvements for the U.S. Navy.
New Jersey has become a hothouse for AI company formation, and the state is providing assistance. Under Gov. Phil Murphy, New Jersey has been collaborating with private industry to boost artificial intelligence companies in the Garden State.
In March, the New Jersey Economic Development Authority board approved the creation of two programs to assist AI development. Next New Jersey is a $500 million program aimed at AI infrastructure that provides tax credits to eligible businesses investing in large-scale AI data centers and companies engaging in AI-related activities. The AI Innovation Challenge Administration Grant is $3.8 million in grant funding for a statewide AI Challenge promoting participation from diverse stakeholders. This grant aims to identify challenges throughout the state and leverage AI to develop innovative software solutions that advance social and public good. Winners will work with the administrator on pilot testing and commercialization of the AI-based software solution – as well as receive mentorship and advisory support.
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