The New Jersey Economic Development Authority (NJEDA), the Trenton-based state agency that leads New Jersey’s economic development, has backed eight early-stage companies since February through its venture co-investment program, it announced on October 16, 2026. The approvals came through the New Jersey Innovation Evergreen Fund (NJIEF). Six of the eight companies work in health care, medical devices, or biotechnology.
“My Administration is committed to making New Jersey the best place to do business. By supporting these innovative companies, we are seeding new and important technologies, attracting incremental capital to New Jersey, and building a dynamic start-up ecosystem,” said Mikie Sherrill, Governor of New Jersey.
How the Evergreen Fund Works
Through the NJIEF, the state acts as an equity investor in early-stage companies. It deploys up to $600 million alongside venture capital firms, matching their investments in New Jersey businesses.
The fund is financed through tax credit sales. Purchasers fund the investments made by Qualified Venture Firms (QVFs). They also commit to strategic support for the state’s innovation ecosystem, including funding for university partners, nonprofits, and Strategic Innovation Centers, as well as mentoring and educational programs. Those commitments are scored as part of each purchaser’s bid.
“The NJIEF’s success is measure[d] not just in dollars invested, but in the transformative impact it has had on New Jersey businesses,” said Evan Weiss, Chief Executive Officer of NJEDA.
The Health and Life Sciences Startups
Urologic Health, a Jersey City medical device company, is developing what it describes as the first fully non-invasive urodynamic diagnostic system for assessing bladder function. The current standard test requires catheterization, according to NJEDA. Urologic Health’s system is designed to remove the need for catheters for both men and women. The company was incubated at the MEDX Xelerator in Israel and is now based at Liberty Science Center in Jersey City. It was approved for an NJIEF investment of $1.25 million by matching Edge Medical Ventures, an early-stage firm with offices in Jersey City and Israel. EdgeMed previously co-invested in Synchrony Medical through the NJIEF.
TangGene, a New Brunswick biotechnology company, is developing an investigational injectable drug for autoimmune diseases, starting with multiple sclerosis. The company says its technology is designed to retrain the immune system to target disease-causing cells while leaving the rest of the immune system intact. TangGene was approved for up to $1.5 million through an application submitted by Oak BioCapital, a venture firm focused on life sciences and biotech.
AstraNu, a Murray Hill company founded in 2025, is a Nokia Bell Labs spin-out developing low-cost medical imaging technology for eye care and diagnostics. It is commercializing an integrated Optical Coherence Tomography (OCT) “engine module” that medical device makers can plug into their products. The module combines the needed components on a single chip that the company says is 10 times smaller and cheaper than traditional parts. AstraNu was approved for up to $1.5 million by matching Celesta Capital, which has a long-term partnership with Nokia to commercialize technologies from Nokia Bell Labs. AstraNu is the first venture from that collaboration.
Elligint Health, based in Edison, provides a care management platform for health insurers, focused on high-risk patients. Its main product, Helios, is a cloud-based platform that gives care managers a single system for patient information. It also prioritizes tasks and generates care plans automatically. Elligint Health was approved for $1.5 million by matching HLM Investment Partners, a venture firm focused on health care services, technology, and innovation.
South Jersey Companies Draw Rittenhouse Backing
Two of the health companies are based in South Jersey, and both were matched with Rittenhouse Ventures.
ChorusRx, formerly GalenusCare, is a Mount Laurel pharmacy and medication-risk management company. It serves high-risk, high-acuity patients, such as those in hospice and chronic care. Its core offering, APPRAISE, is an AI-enabled medication-optimization platform that uses regimen-level risk scoring. ChorusRx was approved for an NJIEF investment of almost $1 million.
Sena Health, based in Mickleton, is an AI-enabled health care access and care coordination company. It pairs AI agents with clinically trained human coordinators to reduce administrative work for medical groups, health systems, and employers. Its flagship Access Command Center provides round-the-clock front- and back-office support, covering scheduling, triage, care navigation, referral management, and revenue cycle operations. Sena Health was approved for $750,000.
The two deals are Rittenhouse’s second and third investments under the program. Its first was a co-investment in New Jersey-based transcendAP in November 2025.
“Through the NJ Innovation Evergreen Fund and our partnership with NJEDA, we are proud to support category-defining healthcare companies in South Jersey like ChorusRx and Sena Health, and put more capital behind New Jersey innovators who are transforming patient outcomes,” said Saul Richter, Founder & Managing Partner of Rittenhouse Ventures.
What’s Next for the Fund
The round also includes two companies outside health care. Princeton Critical Minerals (PCM), a Newark company that emerged from Princeton University, was approved for $4 million by matching SOSV for its lithium extraction technology. Cranium AI, a Short Hills AI security company, was approved for $5 million by matching SYN Ventures.
The Evergreen Fund now has about $46 million in unallocated capital for new investments in New Jersey businesses. That capital comes in part from $85 million in tax credits NJEDA auctioned last year. To date, the program has approved 37 venture capital firms and made direct investments in 20 businesses. Venture firms can apply to become QVFs on a rolling basis.
For Kathleen Coviello, Chief Economic Transformation Officer of NJEDA, the network of firms is the point: “By delivering a robust roster of venture capital firms to cutting-edge startups, the NJIEF is fueling job creation and driving economic development across the state.”
About the NJEDA
The NJEDA is New Jersey’s principal agency for driving economic growth. It works with a range of stakeholders on initiatives to build strong communities, create jobs for state residents, and strengthen New Jersey’s long-term economic competitiveness.
