The New Jersey Economic Development Authority (NJEDA) recently closed on investments for three businesses through the New Jersey Innovation Evergreen Fund.
The companies, two in Bridgewater and one in Princeton, 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.
“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 three companies are JOGO Health and Hill Research in Bridgewater and PolyGone Systems in Princeton.
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 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.
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. These are the first investments in New Jersey businesses by Atma Capital and minority-owned Creative Ventures.
Hill Research is an AI startup moving to Bridgewater from Boston. 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, a minority-owned venture capital firm based in New York City.
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. 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. PolyGone is its first New Jersey investment.
The NJIEF, launched in 2022, is a 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 highlight 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.”
