The New Jersey Economic Development Authority (EDA) has closed a $1 million Edison Innovation Fund investment to assist Elanti Systems Inc., an innovator of service management and intelligent routing software solutions marketed to global telecommunications companies.
“Elanti Systems has shown the strength, vision and tenacity to succeed in today’s competitive technology environment,” said Caren S. Franzini, CEO of EDA. “Investing in New Jersey’s technology-based companies will not only create high-wage, high-skilled jobs, but will also strengthen the state’s overall economy.”
Elanti Systems offers service providers management solutions that focus on service visualization and assurance for IP Virtual Private Networks and optimization for IP Networks. The company provides its customers essential management and control capabilities and the ability to optimize and utilize IP infrastructure related to its services, thereby offering service guarantees instead of service level agreements.
The financing from EDA will enable Elanti to create 38 jobs in New Jersey during the next two years.
“New Jersey’s commitment to innovative technology and Elanti Systems enables us to continue to grow and meet the needs of service providers around the world,” said Michael Jaschke, CEO of the New Providencee, N.J.-based company. “Elanti’s growth will ensure new jobs for New Jersey. We are thrilled with the EDA’s vision in identifying and supporting Elanti Systems and look forward to a long and healthy relationship with the state of New Jersey.”
The Edison Innovation Fund was created to attract and retain technology and life sciences companies throughout their discovery, development and commercialization stages.
The EDA, in consultation with the New Jersey Commission on Higher Education and the New Jersey Commission on Science and Technology (CST), is responsible for managing the Edison Innovation Fund.
The fund will leverage $350 million in private capital that will be targeted to emerging companies as well as existing mid-sized and large technology and life science businesses.
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