NJEDA and RWJBarnabas Health Announce $10M Investment to Support Innovative Life Sciences Startups

Fund managed by Portal Innovations will support New Jersey Innovation Hub companies affiliated with the HELIX Strategic Innovation Center

TRENTON, N.J. (August 20, 2026) – Today, the New Jersey Economic Development Authority (NJEDA) Board approved a commitment of up to $5 million to an investment fund managed by Portal Innovations to support New Jersey life sciences companies based at the New Jersey Innovation Hub in the New Jersey Health + Life Science Exchange (HELIX) Strategic Innovation Center (SIC). This investment, matched by an up to $5 million commitment from RWJBarnabas Health, the exclusive healthcare partner to the fund, will help advance innovative startups focused on drug discovery and translational medicine, supporting entrepreneurs, creating jobs, strengthening community health and access to healthcare for the communities’ services, and driving long-term growth in the state’s innovation economy.

“Through our first six months in office, my Administration is taking action to ensure the next generation of innovative companies can thrive right here in New Jersey, from cutting costs and easing burdensome regulations, to making government more responsive to the needs of the business community,” said Governor Mikie Sherrill. “The partnership between the NJEDA and RWJBarnabas Health shows the power of public-private partnerships in building our state’s innovation economy, and will further New Jersey’s leadership in the life sciences sector.”

“From cutting red tape and burdensome regulations to expanding access to capital, Governor Mikie Sherrill is taking action to ensure companies can continue to grow and thrive in New Jersey,” said NJEDA Chief Executive Officer Evan Weiss. “The NJEDA’s $5 million investment to Portal Innovations, partnering with RWJBarnabas Health’s $5 million match, will bolster the state’s leadership in the life sciences sector, advance novel research and development, and strengthen New Jersey’s entrepreneurial ecosystem, encouraging the Garden State’s continued economic growth.”

SICs are facilities that support research and development, innovation, and entrepreneurship through mentorship, networking opportunities, hands-on training, business support services, and educational programming. Providing a physical location where entrepreneurs can collaborate helps cultivate new, diverse innovators and drives long-term economic growth. Robust public-private partnerships such as those fostered by SICs expand capital, networking, and development opportunities that strengthen New Jersey’s economy, supporting Governor Sherrill’s efforts to advance innovative economic development initiatives to increase entrepreneurship.

Building One of the HELIX development in downtown New Brunswick includes the New Jersey Innovation Hub, a collaborative environment equipped with full-service workspaces, wet and dry laboratories, conference facilities, food services and other amenities for participating startup companies. Strategic partnerships with private sector leaders like RWJBarnabas Health, which is matching the NJEDA’s $5 million commitment, will help engage and guide New Jersey Innovation Hub startups to real world patient needs, allowing healthcare innovations to quickly transition from discovery to bedside.

“At RWJBarnabas Health, we know the most promising breakthroughs in medicine shouldn’t stall on their way from bench to bedside. We see this collaboration with the NJEDA and Portal Innovations as a direct expression of Governor Sherrill’s vision for a more competitive, innovation-driven New Jersey — one where economic growth and improved health outcomes advance hand in hand,” said George Helmy, EVP and Chief Corporate Affairs Officer, RWJBarnabas Health.  “This strategic investment allows us to walk alongside entrepreneurs from their earliest ideas through clinical application, ensuring that life sciences innovation translates into better outcomes for the patients and communities we serve.”

Portal Innovations, a life sciences venture creation and development platform, was selected as the operator of the New Jersey Innovation Hub in May 2025. The company provides a comprehensive national network encompassing multiple locations and exclusive services tailored to the needs of members and founders. To date, Portal has helped more than 90 innovative startups across various therapeutic areas, including medtech, diagnostics, and data sciences.

“Successful life sciences ecosystems are built through collaboration, and public-private partnerships are essential to creating the conditions where entrepreneurs can thrive, and we’ve already had success in New Brunswick by signing 18 members at the New Jersey Innovation Hub” said John Flavin, Founder and CEO of Portal Innovations. “The investment from NJEDA and RWJBarnabas Health is a seminal moment for life sciences innovation in the state. These funds represent an important commitment to giving New Jersey startups the resources they need to reach their next milestones and build on the momentum already underway in the state’s life sciences ecosystem.”

The New Jersey Innovation Hub is further supported by public and private partners, including Rutgers University, Hackensack Meridian Health, Johnson & Johnson, the New Brunswick Development Corporation, and Middlesex County.

The NJEDA has announced investments into 12 SICs in New Jersey, focused on industries such as artificial intelligence, fintech, aerospace, life sciences, and biotech. In addition to the New Jersey Innovation Hub, several SICs, including the NJ AI Hub, The New Jersey Accelerator for Innovation in Medtech, and the Nurture New Jersey SIC, have associated investment funds in recognition of the importance of access to capital in startup growth. To learn more about the NJEDA’s SIC initiative, visit https://www.njeda.gov/strategic-innovation-centers/. 

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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