Governor's Office | Governor Murphy cuts ribbon at HAX US headquarters in Newark

NEWARK, N.J. (April 30, 2024) – This morning, Governor Phil Murphy, Newark Mayor Ras Baraka, and the New Jersey Economic Development Authority (NJEDA), along with business executives, unveiled the new U.S. flagship of HAX, LLC. We held a ribbon cutting at our head office. Located at 707 Broad Street in Newark. HAX is a startup development program for pre-seed hard technology companies with offices around the world supporting startups and entrepreneurs with investment capital, mentorship, and collaboration.

“One of the key priorities of my administration is to expand our innovation economy by providing critical resources to entrepreneurs looking to bring world-class ideas to New Jersey,” said Governor Phil Murphy. said. “HAX’s investment in Newark and New Jersey is a testament to the diverse talent pool the Garden State has to offer. From HAX to Princeton AI Hub to Helix and Edgeworks, New Jersey’s innovation story is evolving. Our investments in this sector will lead to long-term, sustainable economic growth.”

Managed by Princeton-based venture capital firm SOSV, HAX includes an initial investment of $250,000 in each participating company, 180 days of hands-on collaboration, a global community for early-stage founders building hard technology, and more. , provides support to start-up companies. Startup. The 35,000 square foot space on Broad Street includes chemical, mechanical and electrical engineering labs, tools and workspace for 3D printing, manual metal fabrication, computer numerical control machining, laser cutting and more. Since May 2022, 32 HAX-supported startups have operated out of the company's temporary space in Newark.

“I have long challenged the idea that cities lack a suitable workforce. What we lack is adequate investment,” said Newark Mayor Ras J. Baraka. he said. “HAX’s investment in Newark is more than appropriate as we recognize that innovation, creativity, collaboration and hard work are etched in our history and in our DNA. HAX The opening of Newark accelerates Newark's momentum as a new global hub for manufacturing and innovation. We thank HAX and our supporters at Invest Newark and the Newark Alliance for this important partnership. We would like to thank the Governor, the legislators who support us, and the New Jersey Economic Development Authority.”

In 2021, SOSV issued a request for proposals (RFP) regarding HAX's intent to establish a U.S. headquarters. After submitting responses to the RFP and presenting potential locations to SOSV leadership, NJEDA was awarded her RFP. New Jersey is one of several states on the East Coast and Midwest to file a response. Both entities signed a letter of intent in which both NJEDA and SOSV will invest his $25 million in the formation of HAX, LLC. As part of SOSV's contribution, he has committed to bringing 100 companies into his HAX program over the next five years and investing $25 million into these startups. Companies participating in the HAX program are expected to create at least 2,500 new high-wage jobs in the region and attract millions of dollars in new capital.

HAX also serves as New Jersey's flagship Strategic Innovation Center (SIC) to advance Governor Murphy's economic initiatives. SIC is a facility that supports research and development, innovation, and entrepreneurship through mentorship, networking opportunities, hands-on training, business support services, and educational opportunities. SIC can be an accelerator like HAX, or an incubator or research center. Having a physical location where entrepreneurs can collaborate can help support new and diverse innovators and foster long-term economic growth.

In late 2022, NJEDA approved HAX for the NJ Accelerate program. Through NJ Accelerate, NJEDA matches investments from approved startup programs with New Jersey-based startups within six months of graduating from a participating accelerator program. NJEDA matches come in the form of direct loans of up to $250,000. HAX is one of five startup development programs currently approved to participate in NJ Accelerate.

“Under Governor Murphy's leadership, New Jersey has made significant investments in innovative technology startups that have helped create jobs and strengthen our economy,” said NJEDA CEO Tim Sullivan. said. “Newark is an ideal location for entrepreneurs who want to collaborate, create, and hone their skills in the fields of climate technology, industrial automation, and healthcare. Supported by NJEDA such as the Strategic Innovation Centers program Through initiatives, accelerators like HAX empower New Jersey startups to help revolutionize global markets, leading to increased diversity in the workplace and educational opportunities for surrounding communities. When we invest in New Jersey's innovation economy, we invest in entire communities, small businesses, and cutting-edge technology.”

SOSV is also working to establish relationships with universities such as New Jersey Institute of Technology, Princeton University, Rutgers University, and Stevens Institute of Technology. SOSV also hosts groups such as Newark Youth Career Pathways, attends lectures such as The Newark Summit, and presents his first HAX-A-THON during Newark Tech Week for local high school students. We have also been active in the Newark community by organizing events.

“The state of New Jersey showed great foresight when it decided to support HAX in establishing a new headquarters in Newark,” said Sean O’Sullivan, managing general partner at SOSV. Masu. With NJEDA's support, they were able to build an incredibly well-equipped and staffed facility that attracts exactly the type of founders we want to support. And from our base here in Newark, they have the perfect opportunity to take in all of the immense possibilities and resources that New Jersey has to offer. ”

“When we began looking for a new headquarters for HAX in the United States, we were looking for an ecosystem that could be the birthplace of America's re-industrialization. We wanted world-class talent close to some of America's largest industries. said Duncan Turner, HAX Manager Director and SOSV General Partner. It's a truly unique place, with some really great universities and a short train ride from two of the best sources of venture capital in the region.”

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