Radius8, a tech company that creates digital storefronts, has received an investment under the New Jersey Economic Development Authority’s Angel Investor Tax Credit Program.
The NJEDA has approved 161 applications for investments into 32 emerging technology life sciences companies, for a total investment of $33.1 million in private capital. Of those, 120 were approved in the fourth quarter of 2019. Radius8 was among the companies that were new to the program in 2020.
Since the program’s inception, the NJEDA has approved 1,322 applications for the injection of $549 million into 94 New Jersey-based technology and life sciences businesses.
New Jersey’s Angel Investor Tax Credit Program offers investors refundable tax credits against qualified investments for New Jersey businesses. The program supports technology businesses with a physical presence in New Jersey that conduct research, manufacturing, or technology commercialization in the state. The program is open to investors throughout the world.
Changes to the program, which are in effect for investments made after January 1, 2020, include doubling the tax credit that investors can receive: from 10 to 20 percent of a qualified investment. An additional 5 percent bonus has been added to the program for investments in a business located in a qualified opportunity zone, low-income community, or a business that is certified as minority- or women-owned by the State.
“Attracting investments into early-stage New Jersey companies is pivotal to Governor Murphy’s vision of creating the most diverse and inclusive innovation ecosystem, one centered around the Garden State’s talented workforce,” said NJEDA CEO Tim Sullivan. “We anticipate increased interest in the Angel Investor Tax Credit Program in 2020, as investors realize the benefits these impactful program enhancements have on their investments into emerging New Jersey companies.”
Radius8 describes itself as a local engagement platform that delivers hyper-local digital experiences to create new commerce opportunities for any enterprise with physical locations and digital channels. In a past interview, CEO Sandeep Bhanote framed Radius8’s mission as a question: “How do we use the physical to help the digital and the digital to help the physical, beyond inventory availability?” (U.S. 1, January 24, 2018)
The idea behind the company, he continued, is to “leverage physical stores in a way which could make discovery of what customers want to buy more contextually relevant.”
The company sees these experiences as necessary to meet today’s industry standards and consumer expectations and allow clients to improve profitability by increasing consumer engagement.
Customers who have adopted Radius8’s technology include Adidas, John Varvatos, Lucky Brand Jeans, Orvis, and many more. Radius8 also participated in the NJEDA’s Net Operating Loss Program.
Radius8, 707 State Road, Suite 105, Princeton 08540. 609-375-8851. Sandeep Bhanote, CEO. www.radius8.com.
Ford Graham Released from Jail
Ford Graham, a former Princeton resident accused in a lawsuit of running a $5 million Ponzi scheme, has been released from the Metropolitan Correctional Center in Manhattan after spending more than two months there.
Graham, together with his wife, Katherine, had been ordered jailed by federal judge Loretta A. Preska for failing to provide documents related to an earlier fraud case that dates back to 2003. The couple are being sued by Susan Flannigan, who worked for one of Ford Graham’s companies, Vulcan Power Group. She successfully sued Graham for $2 million in unpaid commission and salary but has not collected the judgment. (U.S. 1, December 4, 2019.)
Katherine Graham was released after six days, and on January 24, Preska ordered Ford Graham released under the conditions that he live 100 miles or less from the courthouse in New York, comply with discovery demands, and help recover certain documents related to the case.
Grace Veronica Hornyak Dunigan, 57, on February 7. She worked at Acme Supermarket in Hamilton as health and beauty manager for 39 years.
J. David Tregurtha, 92, on February 5. He was a technical specialist for the Aero Space Laboratory at Princeton University.
Brian K. Blanchard, 57, on February 1. He was a project engineer for Groundwater Technology in Hamilton.
Virginia M. Bellando, 86, on February 4. She worked for the New Jersey Department of Law and Public Safety, Motor Vehicle Division, for 37 years, retiring in 1990 as a supervisor.
Joan Ann Boris, 84, on February 5. She retired from the Mercer County Court System as a supervising criminal court clerk.