HAX Arrives In Newark, Boosts Tech Startups In New Jersey

NEWARK, NJ — New Jersey tech business startups are getting a turbo boost from the highly anticipated arrival of a business “accelerator” in Newark.

On Tuesday, elected officials and business leaders gathered for a ribbon cutting at HAX LLC’s newly constructed United States flagship headquarters at 707 Broad Street in Newark.

HAX, which is operated by Princeton-based venture capital firm SOSV, provides support for emerging companies. The aid includes a $250,000 initial investment in each participating company and 180 days of hands-on collaboration. Participating businesses also have access to a “global community for early-stage founders building hard tech startups.”

The 35,000-square-foot space on Broad Street offers startup businesses access to tools and workspaces such as chemical, mechanical, and electrical engineering labs, 3D printing, manual metal fabrication, Computer Numerical Control machining and laser cutting.

SOSV has committed to taking 100 companies through the HAX program over the next five years and investing $25 million in these startups. Companies participating in the HAX program are expected to generate at least 2,500 new, high-paying jobs in the area and attract millions in new capital, according to a statement from the office of Gov. Phil Murphy.

The HAX accelerator has already been paying dividends, officials said, with 32 HAX-supported startups operating out of the company’s temporary space in Newark since May of 2022.

Companies active in the program include LightHearted, a cost-effective medical device that can diagnose heart disease, Renovate Robotics, which manufactures and deploys autonomous robots that can install shingles on roofs, and PureLi, a spin-off from Princeton University’s WET Lab that is developing ways to extract lithium from brine.

According to the governor’s office, SOSV has also committed to establishing relationships with universities such as the New Jersey Institute of Technology, Princeton University, Rutgers University and Stevens Institute of Technology, and has invested in the Newark community by hosting groups like the Newark Youth Career Pathways, participating in speaking engagements like The Newark Summit, and organizing events like its first HAX-A-THON during Newark Tech Week for local high school students.

“One of the key priorities of my administration has been to expand our innovation economy by providing critical resources to entrepreneurs who want to bring their world-class ideas to New Jersey,” Murphy said.

“HAX’s investment in Newark and New Jersey is a testament to the diverse talent pool the Garden State has to offer,” the governor added.

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