5 Businesses Receive NJ Innovation Evergreen Funding

On Mar 11, 2026

The New Jersey Economic Development Authority (NJEDA) recently closed on investments for five cutting-edge businesses through the New Jersey Innovation Evergreen Fund (NJIEF). The companies, located in Mercer, Camden, and Hudson counties, received investments through the approvals of applications submitted by Qualified Venture Funds for a combined $4.65 million.

The NJIEF, 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 fund currently has approximately $78 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.

“The New Jersey Innovation Evergreen Fund is a cutting-edge initiative designed to strengthen the state’s economy by leveraging both public and private capital to support high-growth startups and entrepreneurs,” said NJEDA CEO Evan S. Weiss. “Governor Sherrill and the NJEDA have been laser-focused on bolstering the innovation economy, creating jobs, and supporting the next generation of transformative companies, helping reinforce New Jersey’s standing as a global center for technological discovery and innovation.”

“Investments through the NJIEF underscore New Jersey’s commitment to supporting innovation businesses and entrepreneurs,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “By delivering a robust roster of venture capital firms to cutting-edge startups, the NJIEF will continue to drive job creation and economic development across the state.”

The following companies received investment funding through the NJIEF:

Antigenix Therapeutics, Inc. – Princeton

Antigenix Therapeutics is a platform-based biopharmaceutical company focused on developing monoclonal antibody-based products for the precision treatment of cancer, autoimmune disorders, and other serious diseases. The company’s primary current asset, AGX-010, focuses on selectively activating on the surface of malignant epithelial cells, including those in triple-negative breast cancer, ovarian, prostate, and colon cancers. The company, which is based out of the Princton Innovation Center BioLabs, will receive an NJIEF investment of $1 million through an application submitted by Pier 70 Ventures.

A diverse and women-led venture capital firm, Pier 70 Ventures, is investing in Antigenix. Pier 70 targets early-stage investments in businesses led by founders from historically underserved backgrounds, with a focus on diagnostics, devices, health services, health tech, logistics, precision medicine, and smart health. Based in Seattle, Pier 70 Ventures aims to generate a social impact while delivering economic benefits to stakeholders. This investment in Antigenix will be Pier 70’s first investment in a New Jersey-based business

PolyGone Systems – Kearny

PolyGone is revolutionizing the $200 billion water treatment industry with its innovative solution for microplastic pollution. Founded in 2021 as a spinout from Princeton University, PolyGone has developed a patented filtration media that passively captures microplastics smaller than 1 mm from treatment effluents, reservoirs, and rivers. This technology, known as the Artificial Root Filter, mimics aquatic plant roots and achieves a 98% removal efficiency in lab tests. The company’s headquarters is located in Kearny, New Jersey with additional lab space at the NJ BioScience Center in North Brunswick. PolyGone will receive an NJIEF investment of $400,000 through an application submitted by Tech Council Ventures.

Tech Council Ventures, a New Jersey-based early-stage venture capital firm, with an investment focus in healthcare, enterprise technology, and CleanTech, in investing in PolyGone. The firm serves on the NJEDA’s Innovation Advisory Committee and on the NJ Bioscience Incubator Advisory Board, and has participated in New Jersey Founders and Funders events and has utilized the Angel Investor Tax Credit Program.

TranscendAP – Hamilton

TranscendAP was founded in 2017 and specializes in Accounts Payable (AP) automation. In 2022, TranscendAP made its solution available on a cloud multitenant offering, and expanded its market opportunity with integrations to Oracle, Microsoft, and Ellucian. TranscendAP’s platform incorporates proven Artificial Intelligence (AI) technology and has a strong roadmap for AI purpose-built functionality.

TranscendAP received two investments through the NJIEF, one for $750,000 for an application submitted by Rittenhouse Ventures, and one for $500,000 for an application submitted by Tech Council Ventures.

Lula, Inc. – Voorhees

Lula, Inc. (Lula Commerce) is a digital platform company based in Voorhees focused on meeting the delivery needs of convenience stores by integrating third-party delivery services and inventory management. Founded in 2020 in the wake of the COVID-19 pandemic, Lula sought to address the challenge of reduced foot traffic in local convenience stores. Lula’s solution enables stores to efficiently manage and integrate their operations into the digital marketplace. Lula will receive a NJIEF investment of $1 million through an application submitted by California-based UP.Partners.

Synchrony Medical – Jersey City

Synchrony Medical is a pioneering company in the field of respiratory therapy, dedicated to enhancing the quality of life for patients with chronic lung disease. Through its research, Synchrony Medical has developed a highly differentiated, Food & Drug Administration (FDA)-cleared, home-use device known as LibAirty, which provides effective airway clearance therapy. Synchrony Medical was founded in 2020 and is based in Israel, with offices located in Jersey City. Synchrony Medical received an NJIEF investment of $1 million through an application submitted by Edge Medical Ventures (EdgeMed).

EdgeMed, an early-stage investment fund with offices in Jersey City and Yehuda, Israel, is investing in Synchrony Medical. The firm is committed to advancing healthcare by identifying and nurturing innovative companies that address significant unmet clinical needs with substantial market potential, and is specifically dedicated to supporting Israeli MedTech companies looking to enter the U.S. market. The investment in Synchrony Medical will be EdgeMed’s second investment in a New Jersey-based business.

The New Jersey Innovation Evergreen Fund (NJIEF) platform currently includes 29 approved venture capital firms actively seeking investment opportunities in New Jersey-based companies.

Applications for venture firms seeking to qualify as a QVF can be found here and are being accepted on a rolling basis. The firms approved to date represent diversity in terms of investment strategy, industry, and stage. Additionally, there continues to be strong momentum from interested managers. The roster of the current approved managers can be found here.

Applications for approved QVFs to apply for Qualified Investments into high-growth, innovative businesses based in New Jersey are also open. The total capital available for new investments stands at approximately $60 million and the NJEDA recently auctioned $85 million in tax credits to raise additional capital for further investment.

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