• 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

  • A Spinning Island Lake In Argentina Looms Out Of The Swamps Like An Eyeball
  • Mammals Have Evolved Into Ant Eaters 12 Times Since The Dinosaurs Went Extinct
  • Thieving Pulsar Spinning 592 Times A Second Reveals New Understanding Of Where Its X-Rays Come From
  • The Rise And Fall (And Lamentable Rise) Of The “Alpha Male” Myth
  • IFLScience The Big Questions: How Do Black Holes Shape The Universe?
  • North America’s Smallest Turtle Is The Cutest Thing You’ll Find In A Bog
  • “Unambiguous Signal” To Curb Emissions Now: Long-Lost Aerial Photos Reveal Evolution Of Antarctic Ice Shelf Collapse
  • 8 Children Have Been Born With 3 Biological Parents Each After Mitochondrial Transfer
  • First Known Observations Of Matter-Antimatter Asymmetry In Special Particle Decay
  • In 1973, NASA Sent Two Spiders Into Space To See If They Can Spin Webs – And They Learnt A Lot
  • Meet The Many Species Of Freaky Looking “Assassin Spiders” That Only Eat Other Spiders
  • Your Dog’s TV Preferences Might Reveal Their Personality
  • Some Human Gut Bacteria Can Absorb Harmful Toxic “Forever Chemicals” So They Can Be Pooped Out
  • You Could Float Through 10 Countries Before The World’s Most International River Spat You Out
  • Enormous Coronal Hole And Beast-Like Crawling Prominences Dazzle On The Active Sun
  • Dramatic Drone Footage Of Iceland’s Latest Volcanic Eruption Shows An Epic Scene From Hell
  • A Shrimp That Lives In A Tree? Indonesia’s Cyclops Mountains Are Home To Some Seriously Strange Wildlife
  • Is NASA’s Claim That Saturn Could Float On Water Really True?
  • Pangea Proxima: This Is What Planet Earth May Look Like 250 Million Years In The Future
  • The Story Of Dogxim, The Fox-Dog Hybrid That Shouldn’t Have Existed
  • 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