The New Jersey Economic Development Authority (NJEDA) Board has approved the fourth investment from the New Jersey Innovation Evergreen Fund (NJIEF) into RICOVR Healthcare, a Princeton-based life sciences company. The investment, amounting to $400,000, was made following an application submitted by Yaax Capital.
"The New Jersey Innovation Evergreen Fund is a transformative initiative, designed to boost New Jersey’s economy and support high-growth start-ups by providing a self-sustaining investment cycle for entrepreneurs in need of access to capital," said NJEDA Chief Executive Officer Tim Sullivan. "Under Governor Phil Murphy’s leadership, the Garden State remains a global innovation leader by investing in the next generation of emerging companies."
Launched in 2022, the NJIEF aims to increase access to strategic resources and venture capital within New Jersey. The fund acts as an equity investor in early-stage companies and has over $30 million available for initial investments into additional high-growth businesses. Another tax credit auction is planned for 2025 to raise further capital.
"Today’s Board approval into RICOVR boosts the company’s momentum, giving them the tools they need to succeed," said NJEDA Chief Economic Transformation Officer Kathleen Coviello. "The New Jersey Innovation Evergreen Fund has made four investments thus far with no signs of slowing down."
RICOVR Healthcare is developing XALIVA, a point-of-care medical device that uses saliva for rapid diagnostic results. Initially targeting Tetrahydrocannabinol (THC) testing, XALIVA aims to address issues related to cannabis use detection in workplaces.
"We are thrilled and honored to receive this investment from the New Jersey Economic Development Authority," said Himanshu Bhatia, CEO of RICOVR Healthcare. "This support underscores the innovative work we’re doing at RICOVR."
RICOVR has previously received support from NJEDA and other programs such as the COVID NJ Entrepreneur Support Program and Catalyst Research and Development Voucher Pilot Program.
Yaax Capital's Managing Partners John Farrell and Andres Azcarraga Riveria Torres co-founded their firm in 2018 after working together at DILA Capital. This investment marks their first involvement with a New Jersey-based business.
"We are thrilled to partner with the New Jersey Economic Development Authority to support RICOVR as they continue to develop cutting-edge technology," said John Farrell.
Applications for venture firms seeking qualification as Qualified Venture Firms (QVF) are being accepted on a rolling basis. The total capital available for new investments stands at over $30 million.
