Gov. Phil Murphy and Princeton University President Christopher L. Eisgruber have announced that Microsoft and CoreWeave will join the state and Princeton as founding partners in the NJ AI Hub. The NJ AI Hub will serve as a state-of-the-art, collaborative ecosystem that integrates research, innovation, education, and workforce development. As part of this investment, Microsoft will leverage its TechSpark program to provide expertise and resources for AI skilling and workforce development to create opportunities for innovation in New Jersey and the region.
The NJ AI Hub will be located along Route 1 at 619 Alexander Road in West Windsor, in space provided by Princeton University.
Microsoft, CoreWeave, the NJEDA, and Princeton University, are founding equity partners in the newly created NJ AI Hub. Together, they expect to invest over $72 million to support the long-term success of the Hub, including up to $25 million of non-binding commitment from the NJEDA.
A portion of NJEDA’s and CoreWeave’s committed funding will include a planned NJ AI Venture Fund that will support innovation commercialization through equity investments.
Microsoft, CoreWeave, the NJEDA, and Princeton University will focus on the following three pillars of programming at the NJ AI Hub:
Through this new AI Hub, Microsoft will be bringing its TechSpark program to New Jersey. Founded in 2017, Microsoft TechSpark fosters inclusive economic opportunity across the U.S., including job creation and innovation, by working in communities and investing in local organizations. TechSpark operates across all 50 states and to date, TechSpark has helped secure more than $700 million in community funding for local innovation, trained 65,000 people in critical technology skills, and created 4,500 jobs.
Plans for an AI Hub were announced by Governor Murphy and President Eisgruber in 2023. Pending NJEDA Board approval, the NJ AI Hub will be supported through the NJEDA’s Strategic Innovation Center (SIC) initiative. The NJEDA has executed a non-binding term sheet to support the NJ AI Hub’s operating budget for up to five years. In total, the NJEDA is anticipated to invest up to $25 million to support the NJ AI Hub and the NJ AI Venture AI Fund.
“As the AI industry rapidly evolves, it’s imperative that we capitalize on this moment in New Jersey. I’m incredibly proud of this partnership with the top leaders in the industry and higher education, which further establishes our state as a hub for cutting-edge AI innovation and talent,” said Murphy. “AI’s economic and innovation potential is vast, giving us the chance to take our state to new heights. This partnership will not only solidify New Jersey’s position as a global technology leader, it will also attract high-paying, sustainable jobs for our residents, allowing for a stronger and more prosperous future for our state.”
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