HAX approved for NJ Accelerate support

Matthew Fazelpoor//November 23, 2022//

HAX approved for NJ Accelerate support

Matthew Fazelpoor//November 23, 2022//

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

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

In August, HAX announced it leased 35,000 square feet at 707 Broad St. in Newark, which will serve as its U.S. headquarters.

The program provides support for emerging companies, including a $250,000 initial investment, 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 made by approved programs into startups that locate in the Garden State within six months after graduating 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.

NJEDA’s match is in the form of a direct loan up to $250,000 with a 5% bonus match available for companies that are certified as women- or minority-owned in New Jersey. The NJEDA will also provide rent support for up to six months if a company locates in an approved NJ Ignite collaborative workspace.

New Jersey Economic Development Authority CEO Tim Sullivan 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 already exisiting 1,063 jobs, on Sept. 30, 2021.
New Jersey Economic Development Authority CEO Tim Sullivan – EDWIN J. TORRES/NJ GOVERNOR’S OFFICE

Tim Sullivan, NJEDA chief executive officer, says that by supporting entities like HAX, NJ Accelerate helps companies establish roots and grow in the Garden State.

“The NJ Accelerate Program furthers Gov. [Phil] Murphy’s vision for New Jersey’s leadership in innovation by helping to advance 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 drawings on a paper napkin to commercialization. NJ Accelerate is an essential element of our suite of resources that is empowering New Jersey startups to revolutionize the global marketplace.”

The NJEDA board 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 graduate of the HAX, is a construction 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’re excited by the tremendous progress they’ve been able to make since joining the HAX program,” said Duncan Turner, general partner of SOSV’s HAX. “Their solution plays a crucial role in closing the supply gap for contractors and accelerating the transition to solar for consumers.”

“We look forward to seeing even more New Jersey companies choosing to grow in the Garden State as a result of programs, initiatives, and commitments set in place under Gov. Murphy’s leadership,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello.

“The NJEDA’s powerful combination of startup development support and access to funding has helped to position our business for commercialization,” said Renovate Robotics CEO Andy Stulc. “Like all young companies, Renovate Robotics has experienced some bumps along the road to commercialization, but the NJ Accelerate Program has helped to mitigate the typical learning curve faced by startups while also improving our chances of getting the capital we need to take our ideas to market.”