• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

SOSV is building a New Jersey HAX facility for industrial, healthcare and climate startups

September 16, 2021 by David Barret Leave a Comment

SOSV this morning announced work on a $50 million HAX facility in Newark, New Jersey focused on growing industrial, healthcare and climate startups. The five-year development plan utilizes $25 million from the New Jersey Economic Development Authority.

The facility is set to open in June of 2022, with an eye on early-stage U.S. companies working toward their seed round. SOSV notes that, while HAX’s earliest focus was on wearables, in more recent years, the accelerator has largely shifted to industrial and healthcare, which currently comprise 70- and 20% of its portfolio, respectively.

“Since 2015, HAX started investing in more industrial & health startups and today make up 90% of our new investments,” HAX Partner Garrett Winther told TechCrunch. “These hard tech startups, at their earliest stages, tend to rely on more deep science R&D, high precision prototyping, and only require one to two of their first product before raising funding. These companies also take up a lot of space, easily filling a room with their equipment and prototypes.”

Newark was chosen for myriad reasons, including proximity to New York City and universities like Princeton and Rutgers. It also, frankly, has more space than, say, Manhattan – which is a clear necessity for industrial startups. That’s a big part of the reason companies like AeroFarms and Bowery have looked toward to the area to host their massive vertical farming facilities.

The fact that the state was willing to put up around half the cost of the project likely didn’t hurt, either. New Jersey no doubt has a vested interest in welcoming hardware startups with open arms. It will be interesting to see what sort of incentives the local governments can offer to help keep them there to avoid the allure of nearby NYC.

“Growing New Jersey’s innovation economy both creates high-quality jobs today and generates opportunities for exponential returns in the future,” NJEDA CEO Tim Sullivan said in a release. “As startups become successful and scale-up in New Jersey, they build buildings, hire more employees, and become anchors for vibrant communities and small-business supply-chains.”

SOSV says the Newark location will effectively operate as a U.S. equivalent to its offices in Shenzhen, China, which afford easy access to the global supply chain. HAX also operates satellites in San Francisco, Tokyo and New York.

Source Link SOSV is building a New Jersey HAX facility for industrial, healthcare and climate startups

David Barret
David Barret

Related posts:

  1. Australian court orders Allianz pay $1.1 million penalty for travel insurance sales
  2. Financial comparison “super app” Jeff raises $1.5M seed extension
  3. Amnesty International says Syrian refugees tortured on return
  4. Explainer: How will solid-state batteries make electric vehicles better?

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Bright Northern Lights Across America Expected This Week As 3 Coronal Mass Ejections Fly Towards Earth
  • Brain Implant Enables Paralyzed Man To Feel And Use Objects Using Someone Else’s Hands
  • “This Is A Really Big Deal”: Brain Training Significantly Improves Key Neurochemical Levels In World First
  • “Wholly Unexpected”: First-Ever Fossil Paranthropus Hand Raises Questions About Earliest Tool Makers’ Identity
  • For Centuries, Nobody Knew Why Swiss Cheese Has Holes. Then, The Mystery Was Solved.
  • Scientists Studied The Infamous “Chicago Rat Hole” And They Have Some Bad News
  • Massive 166-Million-Year-Old Sauropod Footprints Become The Longest Dinosaur Trackway In Europe
  • Do Spiders Dream? “After Watching Hundreds Of Spiders, There Is No Doubt In My Mind”
  • IFLScience Meets: ESA Astronaut Rosemary Coogan On Astronaut Training And The Future Of Space Exploration
  • What’s So Weird About The Methuselah Star, The Oldest We’ve Found In The Universe?
  • Why Does Red Wine Give Me A Headache? Many Scientists Blame It On The Grape Skins
  • Manta Rays Dive Way Deeper Than We Thought – Up To 1.2 Kilometers – To Explore The Seas
  • Prof Brian Cox Explains What He Finds “Remarkable” About Interstellar Object 3I/ATLAS Story
  • Pioneering “Pregnancy Test” Could Identify Hormones In Skeletons Over 1,000 Years Old
  • The First Neolithic Self-Portrait? Stony Human Face Emerges In 12,000-Year-Old Ruins At Karahan Tepe
  • Women Are Diagnosed With ADHD 5 Years Later Than Men, Even With Worse Symptoms
  • What Is Cryptozoology? We Explore The History And Mystery Of This Controversial Field
  • The Universe’s “Red Sky Paradox” Just Got Darker: Most Stars Might Never Host Observers
  • Uranus And Neptune May Not Be “Ice Giants” But The Solar System’s First “Rocky Giants”
  • COVID-19 Can Alter Sperm And Affect Brain Development In Offspring, Causing Anxious Behavior
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version