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The company has raised over $120 million to date
Boast.ai, a company that helps businesses leverage Research and Development tax credits, has secured a $100 million credit facility from Brevet Capital. This brings Boast.ai's total funding to over $120 million.
For businesses that conduct various types of research and development, R&D tax credits can be a great way to help fund that research. While the idea behind the tax credits is straightforward enough, understanding what information to keep track of is not so easy.
Then on top of that, it can take over a year to receive financial benefits from expenses that occur throughout the year. That's where Boast.ai comes in. The company helps startups and other businesses keep up with expenses and other information needed for R&D tax credits.
Boast.ai's software uses machine learning to help automate US and Canadian grant applications - specifically the U.S. Research & Experimentation Tax Credit (R&D Tax Credit), the Canadian government’s SR&ED Tax Credits, and Interactive Digital Media Tax Credits (IDMTC).
To date, the company has helped over 1,000 companies recover R&D costs.
On top of that, Boast.ai will use information about the company to give funds upfront, allowing them to press forward with research and development without having to worry quite as much about funding. Companies are, of course, required to pay back the loan (with interest).
Lloyed Lobo, co-founder of Boast.ai tells Crunchbase News, “Companies incur R&D expenses throughout the year, but don’t see financial benefits for 16 months or more because they can’t submit for the credits until they file taxes. We are automating the collection of data to identify, categorize and time-track eligible projects, which gives an estimate of how much time was spent in R&D. You leverage your R&D to grow without giving up equity.”
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