What Are the Tech and Clean Tech Companies Receiving Funding through the EDA’s NOL Program? Part Two.
New Jersey’s Technology Business Tax Certificate Transfer Program enables eligible tech and life-science companies to sell their net operating losses and unused research and development tax credits to unrelated profitable corporations for cash. The cash can be used as working capital or to fund research.
The state only offers this program to companies that have filed for, or have a license to use, protected proprietary intellectual property (defined as a patent or a registered copyright); and there are other restrictions. More commonly known as the Net Operating Loss (NOL) Program, it is administered by the New Jersey Economic Development Authority (EDA) and the New Jersey Division of Taxation within the state’s Department of the Treasury.
This year, 48 companies were approved to share $60 million. The EDA saw an 18 percent increase in the number of applications this year over 2017, adding up to the highest number since 2014. The average award in 2018 was $1.25 million. Over the course of this program, the EDA has approved more than $1 billion in funding for over 540 tech and life-science companies.
The state recently released a list of the companies it has supported through the NOL Program in 2018. We wondered what companies they were, and what were their ideas. The list below represents tech and clean/green tech companies doing business in New Jersey that were supported by the program this year. They are given in alphabetical order. Here, in Part Two, we list the companies from G to W. Most of the descriptions were taken from the company’s website pages. The full list of companies can be found here.
Gadget Software (Newark) builds “innovative software solutions that enable authentic digital transformation across multiple industries. We provide the tools to transform both structured and unstructured content, integrate sensor and instrumentation data, and create a new class of digital productivity tools. For three years we have dissected, analyzed and researched how the modern world consumes information on the preferred device: Mobile. With consistent feedback and research across industries and disciplines, we have created the first dedicated Digital platform designed to optimize and organize information, data and content, and make it universally usable on small screen devices. We enable employees, technicians, partners, suppliers, researchers and consumers to leap past the navigational obstacles on small devices, that make information gathering difficult and perplexing. Enter a whole new world of information consumption, increasing productivity and providing an optimal experience for your user community.”
Impactivate Networks (Atlantic City) is a “multifaceted digital network” that’s “unlike anything you have seen before. Located on the iconic Atlantic City boardwalk, this network includes 50 OOH digital place-based structures with the opportunity to grow to over 700 structures along the Jersey Shore. With over 130 million visitors across the Jersey Shore line, advertisers can maximize exposure and engage with consumers through multiple messages.”
IoTecha (Piscataway) was “born at the nexus of two powerful trends; transportation electrification, and smart grid evolution. [They] provide highly integrated software and hardware solutions that accelerate time to market. [Their] solutions bring Operations Technologies and Information Technologies worlds together by simplifying the development and implementation of Smart EV Charging and EV / Smart Grid integration.”
MDX Medical (Lyndhurst). Operating under Vitals, this company makes it easier for users to search for doctors, hospitals and clinics.
Miami International Holdings (Princeton). “MIAX has deep rooted experience in developing, operating and trading on exchanges. The initial focus of MIH was to leverage management’s expertise and relationships in the equity options space to launch the MIAX Options Exchange, a fully electronic options exchange for the trading of OCC issued standardized options on equities and ETFs. Trading on MIAX Options commenced on December 7, 2012 following its approval from the SEC as a National Securities Exchange. MIAX Options now lists and trades options on over 2,600 multi-listed classes. MIAX PEARL is MIH’s second fully electronic options trading exchange and has leveraged the industry leading technology and infrastructure developed by MIAX to serve as a counterpart to MIAX Options by providing a price-time allocation and maker-taker pricing model. Trading on MIAX PEARL commenced on February 6, 2017 following its approval from the SEC as a National Securities Exchange. MIAX PEARL along with MIAX Options and the MIAX Options Complex Order System now provides members of the MIAX exchange group with access to approximately 75% of the total U.S. options market volume.”
Moblty (Livingston) is a “recognized leader in Digital Shopper engagement in the retail environment. Moblty provides retailers with the most advanced and comprehensive tools, technology and intellectual currency to activate and transform today’s shopper experience…with programs that inspire, inform, educate and provide incentives to consumers in real time!”
Ocean Power Technologies’ (Monroe Township) PowerBuoy system “integrates patented technologies in hydrodynamics, electronics, power conversion and energy storage, and intelligent computer control systems to maximize the extraction and conversion of the natural energy in ocean waves. The result is a leading edge, ocean-tested, proprietary power conversion and management system that turns wave power into reliable, clean, and environmentally beneficial electricity for offshore applications.”
Radius8 (Princeton) is a “Localization platform that enables retailers to sell more to consumers by creating store-centric online experiences, and in-store experiences based on local digital demand. These experiences … allow you to improve profitability by increasing consumer engagement. Radius8 can generally be implemented in less than 30 days regardless of a retailer’s technology stack, and without requiring changes in store associate behavior or investing in new infrastructure.”
Reflik (Somerset), as “the leader in crowdsourcing talent, finds top candidates in half the time and for half the cost, through its extensive network of recruiters and industry professionals.”
Special Needs Ware, d/b/a ONEder (Newark). “ONEder provides digital curriculums that teach social-emotional skills and help students with disabilities prepare for life after high school,” Jonathan Izak, founder and president, told us.
TrialScope (Jersey City) is the most widely used clinical trial disclosure software for mitigating risk and reducing time to compliance. (See our recent story on TrialScope here.)
United Silicon Carbide (Monmouth Junction). UnitedSiC “develops innovative silicon carbide FET and diode power semiconductors that deliver the industry’s best SiC efficiency and performance for electric vehicle (EV) chargers, DC-DC converters and traction drives, as well as telecom/server power supplies, variable speed motor drives and solar PV inverters.”
Wellsheet (Newark). NVP Labs graduate Wellsheet has earned federal recognition for its use of artificial intelligence to “enhance providers’ experience with EHRs by making clinical workflows more intuitive, specific to clinical specialty, and actionable.” The company describes itself as an “intra-EHR, specialty-agnostic cloud platform that prioritizes clinical content within physician workflow with machine learning.”
