New Jersey is investing new money in artificial intelligence startups and launching a $20 million investment fund designed to give early-stage companies access to capital, mentorship and business support to grow in the Garden State.
The New Jersey Economic Development Authority, in partnership with AI infrastructure company CoreWeave, announced the creation of the NJ AI Hub Fund on Tuesday. Money will support state-connected startups NJ AI Hub Strategic Innovation Centerwhich launched in 2023 at Princeton University and aims to advance the ethical use of AI and support new technological developments across the state.
Governor Phil Murphy said the initiative would help create jobs, strengthen local economies and enhance New Jersey’s reputation as a center for innovation.
“The growth of New Jersey’s innovation ecosystem creates immense opportunities for residents and entrepreneurs, helping to create jobs in growing sectors, transform communities and catalyze the creation of new startups,” Murphy said in the announcement. “With this new Hub Fund, along with our continued efforts to shape the future of AI, we are reviving the Garden State’s legendary legacy of innovation and, in doing so, making our state more competitive in the global economy for decades to come.” »
The announcement also includes a major role for Plug and Play, an international startup accelerator that will run an AI-focused accelerator program at the NJ AI Hub. Through this program, selected startups will be matched with mentors, investors and industry partners to help them refine their products and attract additional funding. The company plans to create startup cohorts each year to support companies at different stages of development.
Additionally, Plug and Play received a $3.8 million grant to launch a statewide challenge that will invite residents, students, researchers and businesses to propose AI technologies that can solve problems facing New Jersey. Winning teams will have the chance to test or commercialize their ideas with the help of AI experts.
New Jersey joins several other states that are investing in the AI industry through various programs, grants and funding for AI startups.
THE Massachusetts AI Centermanaged by the Massachusetts Technology Collaborative, which describes itself as “a single public agency,” offers grants and challenges to foster the development of AI. A recent initiative, the Massachusetts AI Models Innovation Challenge, offers more than $3 million for the development of AI models in key economic sectors.
San Jose, California, provides grants to local AI startups through its AI Startup Incentive Program encourage the establishment of operations in the area.
And New York continued throughout the year to expand its Empire AI Consortiuma project funded by state and philanthropic funds to advance general research projects in supercomputing and AI, hoped to further the public good.