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EDA picks two companies for CoVest Fund support

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The NJ CoVest Fund is designed to help technology and life science companies in New Jersey commercialize their product.
The NJ CoVest Fund is designed to help technology and life science companies in New Jersey commercialize their product. - ()

The state’s Economic Development Authority selected talent acquisition firm Reflik Inc. and renewable energy company Gridless Power Corp. as its two picks to receive support under the its NJ CoVest Fund.

Both “emerging-stage technology companies” will receive a $250,000, 10-year loan at 3 percent interest, according to a release.

The NJ CoVest Fund is designed to help technology and life science companies in New Jersey commercialize their product by bridging the funding gap between product development and commercialization.

“NJEDA’s continuum of resources for growing businesses, from financing to networking and mentoring opportunities, is designed to support [Gov. Phil] Murphy’s plan for making New Jersey ‘The State of Innovation’,” EDA CEO Tim Sullivan said in a written statement.

Reflik, based in Somerset, utilizes its talent acquisition platform to aid companies with recruitment.

It will match the loans from the NJ CoVest Fund with money it raised through the EDA’s angel investor tax credit program, which grants tax breaks to companies that invest in emerging technology businesses.

Reflik co-founder and CEO Ashish Vachhani Vachhani said the company will use the funds to hire more staff and expand its customer base.

“It’s an exciting time for us at Reflik as we broaden our network to help our clients find the top-notch talent they are seeking,” said Vachhani in a statement.

Gridless Power Corp., based in Collingwood, will use the funds to finance the design, manufacturing and marketing of its portable rechargeable battery products.

“The time between product development and commercialization is an extremely critical time for companies like Gridless Power and we are grateful for the NJEDA’s support as we continue to grow,” Gridless Power Co-Founder and President Patrick Murphy said in a statement.  

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Daniel J. Munoz

Daniel J. Munoz


Daniel Munoz covers politics and state government for NJBIZ. You can contact him at dmunoz@njbiz.com.

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