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The basics:

• NJEDA and CoreWeave created a $20M AI Hub Fund to support New Jersey startups
• The NJEDA approved a $10M investment matched by CoreWeave and affiliates
• Fund supports early- and growth-stage AI companies tied to the NJ AI Hub
• Initiative aims to drive job creation and expand New Jersey’s innovation economy

The New Jersey Economic Development Authority and CoreWeave announced Dec. 15 the creation of a $20 million NJ AI Hub Fund to support startups affiliated with the NJ AI Hub Strategic Innovation Center.

The NJEDA board approved a $10 million investment, which will be matched dollar for dollar by CoreWeave and affiliated investors.

The fund will provide early-stage and growth-stage AI startups with access to capital and resources needed to scale their businesses in New Jersey.

“The growth of New Jersey’s innovation ecosystem creates immense opportunities for residents and entrepreneurs, helping create jobs in growing industries, transform communities, and catalyze new startup creation,” said Gov. Phil Murphy. “With this new Hub Fund, along with our ongoing efforts to shape AI’s future, we are reviving the Garden State’s legendary legacy of innovation and, in the process, making our state more competitive in the global economy for decades to come.”

“Under Governor Murphy’s leadership, the NJEDA has utilized its Strategic Innovation Center initiative to support growth among the state’s most dynamic industries, partnering with private sector leaders, academia, and other stakeholders to accelerate research and bolster entrepreneurship,” said NJEDA CEO Tim Sullivan. “The NJEDA’s and CoreWeave’s investment into the NJ AI Hub will ensure that startup founders in New Jersey have access to the capital needed to grow in the state, helping create jobs and boost local economies.”

‘Designed to deliver’

Brian Venturo, co-founder and chief strategy officer at CoreWeave – a founding partner of the NJ AI Hub – said New Jersey has the talent, the infrastructure and the drive to become a national leader in AI innovation.

“This commitment is designed to deliver real benefits for people across the state, more opportunity, more high-quality jobs, and a stronger economy, while supporting the next generation of AI leaders building technology that will improve how we live and work,” said Venturo. “We are proud to partner with Governor Murphy, the NJEDA, and the NJ AI Hub to help make New Jersey a top destination for AI advancement.”

“The launch of this $20 million fund is an essential catalyst for AI startups in New Jersey,” said NJ AI Hub Executive Director Liat Krawczyk. “It will provide critical support to entrepreneurs, helping to position New Jersey for the next generation of transformative technologies.”

Acceleration in the space

The fund announcement came alongside another Dec. 15 announcement that Plug and Play will manage a new accelerator program at the NJ AI Hub, supporting AI startups at multiple stages through mentorship, investor connections and industry partnerships.

New Jersey is fast becoming one of the most compelling places in the country to build an AI company…
– Michael Olmstead, partner and chief revenue officer, Plug and Play

Plug and Play was also awarded a $3.8 million NJEDA grant to develop and manage an upcoming AI Challenge, aimed at engaging residents, researchers, students, and businesses to create AI-based solutions to real-world challenges across the state.

“New Jersey is fast becoming one of the most compelling places in the country to build an AI company, and this fund makes that real for founders, not just on paper,” said Michael Olmstead, partner and chief revenue officer at Plug and Play. “By pairing NJEDA’s commitment with CoreWeave and the NJ AI Hub, we’re giving New Jersey startups the capital, connections, and support they need to go from first pilot to meaningful scale right here in the Garden State.

“We’re excited to back founders who are using AI to solve practical problems, create good jobs, and carry New Jersey’s long legacy of innovation into the next decade.”