SOSV’s HAX is the world’s longest-standing and largest venture capital (VC)-backed startup development program for early-stage hard-tech startups globally. HAX develops and supports industrial, health, and consumer hard-tech startups, with a special focus on decarbonization, industrial manufacturing, energy transition, human health, and securing supply chains.
“SOSV’s HAX deep-tech startup program in the US—a joint investment between the New Jersey Economic Development Authority (NJEDA) and SOSV— will bolster the already-booming New Jersey startup and innovation ecosystem. The NJEDA intends to invest $25 million into HAX LLC and SOSV plans to commit to take 100 companies through the HAX program over the next five years and invest $25 million in these startups,” explained Garrett Winther, Partner at HAX. “SOSV will continue to support companies with tens of millions of dollars in follow-on financing as they grow.
In mid-2022, HAX plans to open a 30,000-square-foot HAX facility in Newark, which will include workshops, labs, testing equipment, and other commercialization resources,” he said.
The already strong economic ties between New Jersey and Israel will benefit HAX as it continues to attract founders to our startup development program. “Israeli startups that participate in the HAX startup development program can benefit from the in-depth knowledge and vast networking opportunities that HAX offers to startups in the decarbonization, digital manufacturing, automated supply chains, and industrial infrastructure sectors,” assured Winther.
The new HAX location in Newark is currently accepting applications from early-stage startups focused on industry 4.0, decarbonization, human health, and climate tech. Each year, upon entering the six-month HAX program in Newark, 15-20 startups will receive a $250,000 initial investment. These founders will work with an in-house team of experts made up of developers, engineers, designers, and investors. In addition to 180-days of hands-on development, the HAX curriculum will provide these startups with tools, technology, and resources to get their products to market faster and set them up for greater long-term business success.
“New Jersey’s incredible talent pipeline, which includes best-in-the-nation public schools and a vast network of colleges and universities is already a strong selling point for HAX startups looking to attract top talent when they remain in the Garden State,” highlighted Winther.
HAX works with companies from every corner of the world, including Israel, to develop and bring to market next-generation hard tech. “Our global footprint, now expanding with our largest location in Newark, will enable more international companies to land quickly in the United States and be a part of the growing megatrend of re-industrialization and decarbonization in the US. Israel is a uniquely capable hub with a wide range of robotics, infrastructure, and deep technology startups that would be perfect to join HAX in Newark to enter the US for customers, research and development, and further investment,” he concluded.
HAX was recently approved to participate in the NJ Accelerate program. Through NJ Accelerate, the NJEDA matches investments made by an approved accelerator into startups that locate in New Jersey within six months after graduating from the participating accelerator’s program. NJEDA’s match will be in the form of a direct loan up to $250,000. A five-percent match bonus is available for companies that are certified as women- or minority-owned in New Jersey. The NJEDA will also provide rent support for up to six months if a company locates in an approved NJ Ignite collaborative workspace.
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