The Garden State is looking to grow into the next big biotech hub. The New Jersey Innovation Hub has tapped venture capital firm Portal Innovations to build a 30,000-square-foot incubator lab space in a new life sciences complex under construction in New Brunswick, Portal announced in a May 15 release.
In addition to the lab space, Portal will also provide aspiring entrepreneurs from nearby universities like Rutgers, Princeton and the New Jersey Institute of Technology with seed capital and introductions to potential investors and pharma partners, the firm said in the release.
Chicago-based Portal’s goal is to “help turn New Jersey’s life sciences market into a leading force for biotech and medtech innovation,” the firm said in the release.
Portal’s space will include wet and dry labs, life sciences equipment, co-working areas and offices, the firm said. The New Jersey facility will become part of Portal’s broader incubator network, which includes labs in Chicago, Atlanta, Boston and Houston, according to the release.
The New Jersey Innovation Hub’s facilities, including Portal’s planned incubator space, will be housed in building one of the Health & Life Science Exchange of New Jersey (HELIX NJ), a mixed-use development in progress in New Brunswick.
This first building will also include spaces for a marketplace, medical education and other translational research labs, according to HELIX NJ’s website, and is set to be completed this year.
“New Jersey is the state of innovation," New Jersey Gov. Phil Murphy said in the release. "From life sciences to generative AI, we are building the future right here in the Garden State. The HELIX NJ is a hub for innovation and research, and the perfect place for Portal Innovations to place roots as they look to further their presence here in New Jersey.”
The second building of the HELIX NJ complex will be the new home of Nokia Bell Labs, the R&D organization of Finnish telecommunications giant Nokia, while the third will be a mixed-use building with 220 housing units. The second and third buildings are set to finish construction in 2028 and 2030, respectively.