Listen to this articleThe basics:
- NJ FAST Batch 3 graduates 13 startups at Stevens Institute of Technology in Hoboken
- Cohort raised a combined $80 million, with six companies based in New Jersey
- Supported by Prudential Financial, NJEDA, and Plug and Play to foster enterprise-ready solutions
- Startups include platforms for AI workflows, fintech services, insurance automation, cybersecurity
The third cohort of NJ FAST startups graduated Dec. 3 at an event held at Stevens Institute of Technology in Hoboken.
NJBIZ has previously reported on NJ FAST – the New Jersey Fintech Accelerator at Stevens Institute of Technology. The Strategic Innovation Center is a collaboration between the New Jersey Economic Development Authority and Plug and Play. Stevens Institute serves as the founding academic partner, while Prudential Financial serves as the founding corporate partner.
The graduation took place as part of the NJ FAST Powered by Plug and Play Batch 3 Expo. The event offered the opportunity to show programs made by the founders who participated in this batch of NJ FAST. The cohort included innovations in fintech, insurtech and enterprise AI.
The NJ FAST Batch 3 startups include:
- Lazarus AI – builds advanced foundation models that seamlessly integrate and analyze diverse data formats
- Spendly – helps enterprises reduce costs on operating expenses without changing vendors; tripled revenue during the course of the 12-week cohort
- Counter – a community-powered fintech platform that enables early, no credit payouts of disability and wellness benefits; founders were awarded Forbes 30 under 30
- TodayPay – an alternative payment method to issue instant refunds and insurance payouts
- Thread AI – enables corporates to build, connect, and manage AI-powered workflows and agents
- Picept AI – identifies and eliminates vulnerabilities in AI agents to protect businesses from costly breaches and operational failures; first company in NJ FAST founded by Stevens PhD
- Solvrays – redefines insurance operations with agents AI workflows that cut up to 70% of manual operations
- FutureMoney – a fintech platform designed to make goal-based investing simple and accessible for families, couples and individuals seeking to build generational wealth
- Manifest – a digital platform that simplifies and accelerates retirement account transfers
- Structify – transforms unstructured data into actionable, continuously updating datasets tailored to diverse business needs
- Centraleyes – a cloud based risk management platform which automates, centralizes and visualizes cyber risk management, from collection to analysis and all the way through remediation
- Lyzr AI – the agent infrastructure platform of rebuilding reliable AI agents; Plug and Play invested in its Series A
- TruAgents – an AI-powered platform designed to automate and personalize customer communications across email, SMS and calls
‘High-quality, enterprise-ready solutions’
“The caliber of founder in NJ FAST’s third cohort was exceptional, specifically in their fundraising and business development traction,” Justin Murray, Ventures at Plug and Play NJ, told NJBIZ. “These were high-quality, enterprise-ready solutions built by teams with a depth of understanding within fintech, insurtech, and AI.
“With the support of Prudential Financial, NJEDA, Stevens Institute of Technology, and Transact Capital, this cohort is poised to make a meaningful impact across New Jersey and beyond.”
Six of the 13 startups call New Jersey home. The 13 participating companies raised a total $80 million.
“NJ FAST is solidifying New Jersey’s role as national leader in fintech and insurtech by supporting cutting-edge starts ups and driving innovation forward,” NJEDA Chief Executive Officer Tim Sullivan told NJBIZ. “The Murphy administration’s investments in Strategic Innovation Centers across the state are helping grow New Jersey’s innovation economy, create new technologies, and support long-term job growth.”
Applications for NJ FAST Batch 4 close at the end of the year. More information is available here.
Plug and Play is also partnering with the NJEDA to give out $3.34 million in grants to teams of three or more to start AI startups in the state. More details are available here.
Additionally, Plug and Play will also partner with NJEDA and Rowan University on the state’s 12th SIC. The multilocation effort in Camden and Mullica Hill will focus on medical technology. NJBIZ previously reported on that SIC, which Plug and Play will operate.
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