Funding for NJ Tech, HealthTech, and Cleantech Startups –April, 2021
A few months ago, the New Jersey Economic Development Authority (NJEDA) revealed a new web page that shows the funding that has been received by New Jersey startups at all stages of growth, as well as the mergers and acquisitions that have been happening all over the state.
There is more investment listed on this website than most of us in the New Jersey tech community are aware of, and it’s good to see how many startups in the Garden State are receiving backing from angels and venture funds. Most of these investments come from out-of-state angels, venture funds, family offices, etc.
NJTechWeekly.com has decided to publish the angel and VC investment information in tech, healthtech, cleantech and other tech-related companies from the previous month, once a month. This article includes the startup funding for April, 2021.
This is a useful place for entrepreneurs to see who is funding companies like theirs, and for them to learn the scope of that funding. For those interested in economic development, remember that these are the companies that will likely be hiring in New Jersey.
All the information, including the listings on biotech and pharma companies, is available on the Angel and VC Investments website, here. As the NJEDA says, the list isn’t meant to be exhaustive.
The listings of the deals are compiled from outside sources, including Pitchbook and Crunchbase, as well as other sources that are available to the public. The NJEDA has marked with an asterisk the companies that it has helped.
Company: Edda Technology
Location: Princeton, NJ
Sector: Healthcare | Edda Technology develops computer-assisted radiology technology designed to enhance efficiency and effectiveness in imaging-guided cancer treatment. The company’s technology offers an IQQA platform that supports a patient-specific, disease-targeted and multi-disciplinary approach to cancer treatment as well as a fully quantitative, real-time interactive approach to imaging analysis stimulation and guidance, enabling physicians to use advanced clinical applications, including 3D quantitative analysis and visualization, automated volumetric organ segmentation and virtual planning and treatment simulation.
Deal synopsis: The company raised $150 million of venture funding on April 7.
Investor(s): 3W Partners Capital, Draper Dragon, Guo-Qing Wei, Matrix Partners China, OrbiMed, U.S. Department of Health and Human Services, VisionFund International
Pitchbook Profile page: https://pitchbook.com/profiles/company/57498-31
News Release: EDDA Technology Announces US$150 Million Financing Round, led by Softbank Vision Fund 2, with OrbiMed Participation, to Advance Intelligent Robotic Solutions for Precision Surgery
Company: Solidia Technologies
Location: Piscataway Township, NJ
Sector: Business Products and Services (B2B) | Solidia Technologies develops cement and concrete technology processes offering patented green solutions intended to develop sustainable and green technologies. The company’s technology incorporates artificial intelligence into concrete production which allows a reduction in wastage, improvement in quality control and system optimization, helping clients to minimalize their carbon emission and reduce carbon footprint.
Deal synopsis: The company raised $78 million of venture funding on April 29.
Investor(s): Air Liquide Venture Capital, BASF Venture Capital, BP Ventures, Breakthrough Energy Ventures, Bright-Capital, Canada Pension Plan Investment Board, EmergingISV Capital Partners, Emissions Reduction Alberta, Imperative Science Ventures, Incite Ventures (Burlingame), Kleiner Perkins, L. John Doerr, Lafarge, OGCI Climate Investments, Piva Capital, Prelude Ventures, Total Carbon Neutrality Ventures, William Joy, Zero Carbon Partners
Pitchbook Profile page: https://pitchbook.com/profiles/company/53758-54
News Release: Solidia Technologies Closes $78 Million Fundraise and Names Bryan Kalbfleisch CEO
*Solidia Technologies previously participated in the NJEDA’s NOL Program.
Company: Infiniti Energy
Location: Howell, New Jersey
Sector: Renewable Energy | Infiniti Energy is a solar developer providing large scale solar energy solutions.
Deal synopsis: The company raised $60 million of development capital on April 7, 2021.
Investor(s): Upper Bay Infrastructure Partners
Pitchbook Profile page: https://pitchbook.com/profiles/company/464439-97
News Release: Upper Bay commits $60 million to Infiniti’s solar development plans, forms Infiniti Energy
Company: Brella Insurance
Location: Hoboken, New Jersey
Sector: Financial Services, Insurance, InsurTech | Brella Insurance is an insurance technology company that provides financial support to people with health recovery.
Deal synopsis: The company raised $15 million in Series A funding on April 22.
Investor(s): Fidelity Security Life Insurance Company, Alumni Ventures Group, Founder Collective, SixThirty, Two Sigma Ventures
Pitchbook Profile page: https://pitchbook.com/profiles/company/431227-18#overview
News Release: Brella Insurance Raises $15M Series A to Fund National Expansion of Supplemental Health Insurance Solution
Company: Avibra
Location: Iselin, NJ
Sector: Financial Services | Avibra develops social applications designed to reward good habits with life insurance coverage. The company’s platform provides holistic well-being benefits to improve individual overall well-being and uses data science and machine learning to track and reward individual good habits with life insurance coverage, enabling customers to increase good habits in a fruitful way.
Deal synopsis: The company raised an estimated $7 million of Seed-1 funding on April 13.
Investor(s): Brewer Lane Ventures, PruVen Capital
Pitchbook Profile page: https://pitchbook.com/profiles/company/267147-73
News Release: N/A
Company: Benqi
Location: Newark, NJ
Sector: Information Technology | Benqi develops algorithmic liquidity market protocols intended to effortlessly lend, borrow, and earn interest with their digital assets. The company provides a protocol on a highly scalable and decentralized platform with a focus on approachability, ease of use, and low fees, democratizing access to decentralized financial products by providing permissionless lending and borrowing, thereby enabling traders to instantly supply to and withdraw liquidity from a shared liquidity market.
Deal synopsis: The company raised $6 million of venture funding on April 14.
Investor(s): Arrington XRP Capital, Ascensive Assets, AVA Labs, Dragonfly Capital Partners, Genblock Capital, Genesis Block Ventures, Mechanism Capital, Moon Inc, Morningstar Ventures, Rarestone Capital, Skynet Trading, Spartan Group, TRGC, Woodstock Fund
Pitchbook Profile page: https://pitchbook.com/profiles/company/464363-20
News Release: BENQI Completes $6 Million Funding Round Led by Ascensive
Company: RICOVR Healthcare
Location: Princeton, NJ
Sector: Healthcare | RICOVR Healthcare develops saliva-based testing devices designed for rapid-results testing with true portability and ease of use. The company’s patented biosensor platform uses a small drop of saliva to provide high-quality, cost-effective results in approximately five minutes, enabling employers, healthcare systems, and law enforcement to access non-invasive testing devices.
Deal synopsis: The company raised $4.3 million through the combination of debt and Seed funding on April 19.
Investor(s): Achari Ventures, Floret Ventures, HALLEY Venture Partners, New Jersey Economic Development Authority
Pitchbook Profile page: https://pitchbook.com/profiles/company/431682-22
News Release: N/A
*RIVOVR Healthcare previously benefited from the NJ Entrepreneur Support Program.
Company: Leap (Information Services)
Location: Jersey City, NJ
Sector: Consumer Products and Services (B2C) | Leap develops real-estate platforms created to help underqualified individuals gain access to sought-after apartments. The company offers an artificial intelligence-driven platform and allows for a quick and thorough vetting of potential residents, enabling people to get access to new and better options when choosing an apartment and neighborhood, and allowing landlords to expand their pool of qualified tenants.
Deal synopsis: The company raised $2.83 million of venture funding on April 23.
Investor(s): Greenlight Capital Re
Pitchbook Profile page: https://pitchbook.com/profiles/company/266484-07
News Release: N/A
*Leap previously participated in the NJEDA’s Angel Investor Tax Credit Program.
Company: Calamu
Location: Clinton, NJ
Sector: Information Technology | Calamu develops cybersecurity software designed to protect against data loss. The company’s platform protects data from hackers, simplifies the difficulty of many regulatory requirements as well as eliminates the risk of a data breach, enabling clients to maintain complete ownership of their data, preventing unauthorized access, and simplifying regulatory requirements around data privacy and protection.
Deal synopsis: The company raised $2.4 million of seed funding on April 6.
Investor(s): John Stewart, Jumpstart NJ Angel Network, Louis Ryan
Pitchbook Profile page: https://pitchbook.com/profiles/company/342994-06#overview
News Release: Calamu Raises $2.4 Million Seed to Pioneer Auto-Healing Data Protection; Launches Advisory Board and Expands Board of Directors
Company: Hoodle
Location: Manalapan, NJ
Sector: Information Technology | Hoodle provides video communication applications intended to connect people through small group video calls. The company’s application organizes small group video calls led by brands, influencers, and interesting people, enabling users to participate and communicate with different people in real-time and exchange views and information in their groups.
Deal synopsis: The company raised $2.28 million of Series 1 seed funding on April 7.
Investor(s): Olive Tree Capital
Pitchbook Profile page: https://pitchbook.com/profiles/company/462800-62#overview
News Release: N/A
Company: AmpaCash
Location: Marlboro, NJ
Sector: Information Technology | AmpaCash develops micropayment technology designed to make purchases online, and remote mobile purchasing from a screen. The company’s mobile application supports real-time p2p and p2bank money transfers, its platform is linked to a prepaid card which the users can use to shop in-store, enabling merchants to generate revenues from online content sales through micropayments.
Deal synopsis: The company raised $370,000 of angel funding on April 5.
Investor(s): Undisclosed
Pitchbook Profile page: https://pitchbook.com/profiles/company/464037-94#overview
News Release: N/A
Company: Siscale
Location: Roseland, NJ
Sector: Information Technology | Siscale provides automation and big data analytics services intended to offer customized solutions for decision making and business growth. The company offers a threat intelligence solution that is both scalable and leverages advanced analytics as well as manages artificial intelligence for IT operations (AIops) adoption using big data and machine learning, enabling businesses to gather data from infrastructure, applications and security tools and devices with automation capabilities.
Deal synopsis: The company raised approximately $322,000 in Euros in equity crowd funding in the form of SAFE Notes via SeedBlink as of April 26.
Investor(s): Orange Fab
Pitchbook Profile page: https://pitchbook.com/profiles/company/438803-11#overview
News Release: N/A
Company: Portable EMR Solutions
Location: East Brunswick, NJ
Sector: Healthcare | Portable EMR Solutions develops healthcare software solutions designed to bring robust and cost-effective solutions to large and complex problems in the healthcare industry with a combination of medical, healthcare, and information technology expertise. The company’s products include a smart card, EMR integrations, secure cloud backup, and EMR portability. The company provides a mobile app and a platform for patients enabling them to aggregate their electronic medical records in one place and for doctors to see them in one place.
Deal synopsis: The company closed on $100,000 of venture funding on an undisclosed date.
Investor(s): Mahmood Mosaddeghi, Hesham Mohamed, Ravi Gangavali, Jeremy Baron, Harald Kiamzon
Pitchbook Profile page: N/A
News Release: N/A
Company: Streamport
Location: Randolph, NJ
Sector: Consumer Products and Services (B2C) | Streamport provides online video streaming platform intended to revolutionize live video content. The company offers an all-in-one application with unlimited content with a huge variety that can be accessed on different devices, enabling users to access vast amounts of video content, live and on-demand, on their internet.
Deal synopsis: The company closed on $72,050 out of a planned $1.07 million of equity crowdfunding in the form of SAFE notes via Wefunder as of April 8.
Investor(s): Marin Mihaela
Pitchbook Profile page: N/A
News Release: N/A
Company: Signal Insights
Location: North Caldwell, NJ
Sector: Consumer Products and Services (B2C) | Signal Insights develops news update platforms designed to monitor the client and industry news, key website changes, press releases, and blog posts. The company’s platform includes crawling the web to find news articles about various industries, comes up with google news alert, social accounts, also provides filtering of news articles according to a user’s preference, enabling users to get client and industry news, key website changes, press releases, blog posts, and social media posts in a single click.
Deal synopsis: The company raised $63,700 of angel funding on April 21.
Investor(s): Undisclosed
Pitchbook Profile page: https://pitchbook.com/profiles/company/442603-90
News Release: N/A
Company: Solar Intermodal
Location: Roseland, NJ
Sector: Energy | Solar International develops technology products designed for the transition to carbon-less fuels. The company focuses on facilitating the transitional economy from carbon-based fuels to the new climate economy through simple implementation of existing technologies in industrial and commercial applications, enabling clients to reduced fuel costs, and support hydrogen production.
Deal synopsis: The company raised $38,000 of angel funding on April 5.
Investor(s): Undisclosed
Pitchbook Profile page: https://pitchbook.com/profiles/company/464033-89#overview
News Release: N/A
Company: Ilekun Health
Location: Hillsdale, NJ
Sector: Healthcare | Ilekun Health develops healthcare applications intended to empower people to make smarter decisions around their health with smart technology. The company’s application utilizes artificial intelligence to glean insight around provider quality, services offered, and cash price from a complex deluge of unstructured health data, enabling patients to make health-related decisions.
Deal synopsis: The company raised $37,500 of angel funding on April 19.
Investor(s): Undisclosed
Pitchbook Profile page: https://pitchbook.com/profiles/company/465198-13#overview
News Release: N/A
Company: GlydeApp
Location: Newark, NJ
Sector: Consumer Products and Services (B2C) | GlydeApp provides contactless dining experience intended to maintain hygiene and ease payments. The company’s application provides diners instant access to curated menus and flexible and easy ordering and payment options by focusing on data-driven engagement, thereby giving restaurants the ability to market back to their patrons, understand what works best for their business, and increase check sizes.
Deal synopsis: The company raised an undisclosed amount of Series 1 venture funding on April 21.
Investor(s): Asymmetry Ventures, Permian Bank Capital, Village Global
Pitchbook Profile page: https://pitchbook.com/profiles/company/462014-02
News Release: GlydeApp, Inc. Raises Funding from Village Global to Expand Use of its Contactless Dining Platform
Company: GETIDA
Location: Teaneck, NJ
Sector: Information Technology | GETIDA develops refund-recovery and inventory management systems intended for third-party Amazon sellers using Amazon Fulfillment Services. The company’s platform specializes in Amazon Fulfillment By Amazon discrepancy analytics, financial recovery and utilizes proprietary auditing technology to discover, manage and keep track of inventory transactions, refunds, and claims, enabling organizations to improve their overall performance.
Deal synopsis: The company raised an undisclosed amount of angel funding on April 7.
Investor(s): Eytan Wiener
Pitchbook Profile page: https://pitchbook.com/profiles/company/464123-17
News Release: N/A
