Over $12.5M in Funding Will Support NJ Innovative Medtech and Maternal Health Startups
The New Jersey Economic Development Authority (NJEDA) Board has approved a $12.55 million commitment into two Strategic Innovation Centers (SICs) focused on medical technology and maternal health, facilitating startup creation. The New Jersey Accelerator for Innovation in Medtech (NJ AIM), a multi-location SIC in Camden and Mullica Hill, will support the research, development, and commercialization of novel medical technologies and devices. The New Baby New Jersey SIC, which will be located in Trenton’s Maternal and Infant Health Innovation Center (MIHIC), will assist early-stage companies advance groundbreaking maternal and infant health solutions.
According to NJEDA Acting Chief Executive Officer Mary Maples, “The NJEDA’s latest investments into NJ AIM and the New Baby New Jersey SIC further establish the state’s leadership in the medtech and maternal health sectors, advancing scientific breakthroughs, creating jobs, and bolstering the regional economy.”
The NJ AIM and New Baby New Jersey SIC programs, managed by Plug and Play, will include a combination of services, including workshops, mentorship sessions, business development services, education opportunities, access to unique equipment and industry partners, and investment opportunities. The programs will accelerate two cohorts of startups per year comprised of no less than 20 independent companies per cohort in both Camden and Trenton. Twenty percent of participating companies must be from New Jersey, and the remaining participants will include companies from out of state that may relocate to New Jersey with support from resources that support early-stage startups, such as NJ Accelerate.
The NJEDA will commit up to $5.5 million to invest in NJ AIM and New Baby New Jersey SIC companies and $2.25 million, matched by SIC partner Rowan University, to support the accelerator programs. Additionally, the NJEDA will invest $1.5 million in a new venture studio operated by NLC Ventures, a leading global venture builder in health technology, which will support the development of new medtech and maternal health companies in the state. The NJEDA will reserve $3 million for an early-phase maternal and infant health pre-venture development and early-stage initiative located in Trenton to include programmatic and technical support administered by a third-party.
Read the full article from New Jersey Business Magazine here.