HAX approved for NJ Accelerate support

The New Jersey Economic Development Authority announced on November 22 that HAX was recently approved for support by NJ Accelerate, NJEDA’s partner accelerator program.

It’s the latest advance in a busy year for HAX, a start-up development program for pre-seed hard-tech companies that NJBIZ has extensively documented. The effort is a partnership between NJEDA and SOSV, a Princeton-based venture capital firm.

In August, HAX announced it had leased 35,000 square feet at 707 Broad St. in Newark that 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, the NJEDA matches investments from approved programs into startups that locate in the Garden State within six months of completing the participating accelerator 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.

NJEDA’s grant will be in the form of a direct loan of up to $250,000 with a 5% bonus attribution to New Jersey-certified women- or minority-owned businesses. The NJEDA also offers rental support for up to six months when a company locates in an approved NJ Ignite collaborative workspace.

Tim Sullivan, CEO of the New Jersey Economic Development Authority, speaks at a press conference in Berkeley Heights to announce the expansion of fintech Fiserv Inc. in New Jersey, adding 1,927 jobs to an existing 1,063 jobs on September 30, 2021.

CEO of the New Jersey Economic Development Authority Tim Sullivan – EDWIN J. TORRES/NJ GOVERNOR’S OFFICE

NJEDA Chief Executive Officer Tim Sullivan says that by supporting companies like HAX, NJ Accelerate is helping businesses put down roots and grow in the Garden State.

“The NJ Accelerate Program sponsors Gov. [Phil] Murphy’s vision of New Jersey’s innovation leadership by helping drive the transformative ideas of New Jersey entrepreneurs,” said Sullivan. “The NJEDA is committed to providing New Jersey innovators with the tools they need to take their concepts from drawing on a paper napkin to commercialization. NJ Accelerate is an essential part of our resource package that empowers New Jersey startups to revolutionize the global marketplace.”

The NJEDA Board of Directors also recently announced the approval of a $150,000 loan for Renovate Robotics through the NJ Accelerate program. Renovate Robotics, a New Jersey company and recent HAX graduate, is a building technology company working to automate the installation of clapboards and solar panels on single-family homes.

“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 made since joining the HAX program,” said Duncan Turner, General Partner by SOSV’s HAX. “Your solution plays a critical role in closing the supply gap for contractors and accelerating the transition to solar for consumers.”

“We look forward to seeing more New Jersey companies choose to grow in the Garden State as a result of programs, initiatives and commitments led by Governor Murphy,” said Kathleen Coviello, NJEDA’s Chief Economic Transformation Officer.

“NJEDA’s powerful combination of startup development support and access to funding has helped position our company for commercialization,” said Andy Stulc, CEO of Renovate Robotics. “Like all fledgling companies, Renovate Robotics has experienced some bumps on the road to commercialization, but the NJ Accelerate Program has helped soften the typical startup learning curve while improving our chances of getting the capital we need to to implement our ideas market.”

Source