“Facilitating growth in life sciences and technology is an important part of working toward creating a more vibrant state economy,” said Caren S. Franzini, CEO of EDA. “Investing in emerging companies like Innovation Engineering will ensure that New Jersey continues to be a leader in the technology and life sciences industries.”

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.

Since its launch of the fund in 2006, New Jersey has delivered nearly $245 million in financing assistance, business incentives and tax credits to early-stage and established technology and life sciences businesses.

In addition, more than $425 million in total project costs has been leveraged by Edison Innovation Fund investments.

“We are excited to have the EDA as an investor in Innovation Engineering and greatly appreciate its commitment and confidence in us,” said Imran Bhutta, CEO of Innovation Engineering. “This investment will help us expand our technology and grow in New Jersey.” Established in 2002, Innovation Engineering is a provider of advanced power systems and radio frequency based technologies for the semiconductor equipment, industrial lasers, medical equipment and telecommunication markets. EDA funds will be used to expedite product development and commercialization, as well as research and development.

The Edison Innovation Fund was created to support technology and life sciences companies throughout their discovery, development and commercialization stages.

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