Approved by HAX for NJ Accelerate support
The New Jersey Economic Development Authority announced Nov. 22 that HAX was recently approved for support of NJ Accelerate, NJEDA’s partner accelerator program.
This is the latest progress in a busy year for HAX, a startup development program for pre-seed hard tech companies, which NJBIZ has widely reported on. The effort is a partnership between NJEDA and SOSV, a Princeton-based venture capital firm.
In August, HAX announced that it had leased 35,000 square feet at 707 Broad St. in Newark, which will serve as its US headquarters.
The program offers support for emerging companies, including an initial investment of $250,000, 180 days of hands-on collaboration, and a global community for early-stage founders building hard tech startups.
Through NJ Accelerate, NJEDA matches investments made by approved programs to startups that move to the Garden State within six months of graduation from the participating accelerator’s program.
HAX is one of five startup development programs approved to participate in the initiative, along with Morgan Stanley Multicultural Innovation Lab, Cleantech Open Northeast, VentureWell’s ASPIRE program and University City Science Center – Launch Lane.
The NJEDA match comes in the form of a direct loan of up to $250,000 with a 5% bonus available to businesses certified as women-owned or minority-owned in New Jersey. NJEDA will also provide rental assistance for up to six months if a business moves into an approved NJ Ignite co-working space.
NJEDA chief executive Tim Sullivan said that by supporting entities like HAX, NJ Accelerate helps businesses take root and grow in the Garden State.
“The NJ Accelerate program moves government forward. [Phil] Murphy’s vision for New Jersey’s leadership in innovation by helping advance the transformative ideas of New Jersey entrepreneurs,” Sullivan said. “NJEDA is committed to providing New Jersey innovators with the tools they need to take their concepts from paper towel drawings to commercialization. NJ Accelerate is an essential part of our resource suite that empowers New Jersey startups to disrupt the global marketplace.
The NJEDA Board of Directors also recently announced the approval of a $150,000 loan for Renovate Robotics under the NJ Accelerate program. Renovate Robotics, a New Jersey-based and recent HAX graduate, is a building technology company working to automate the installation of shingles and solar panels on single-family residences.
“Renovate Robotics was the first startup to join us at our new HAX facility in Newark, and we are thrilled with the tremendous progress they have been able to make since joining the HAX program,” said Duncan Turner, General Partner from HAX from SOSV. . “Their solution plays a crucial role in bridging the supply gap for entrepreneurs and accelerating the transition to solar for consumers.”
“We look forward to seeing even more New Jersey businesses choose to grow in the Garden State through the programs, initiatives and commitments put in place under Governor Murphy’s leadership,” said Kathleen Coviello, Director of Economic Transformation. of the NJEDA.
“The powerful combination of NJEDA’s startup development support and access to funding has helped position our company for commercialization,” said Andy Stulc, CEO of Renovate Robotics. “Like all start-ups, Renovate Robotics has had some challenges on the road to commercialization, but the NJ Accelerate program has helped ease the typical startup learning curve while improving our chances of securing the capital we need. need to bring our ideas to market.”