CPE News (12/10/2020) – Boast.ai has closed a $30 million Series A round of financing led by Radian Capital.
Founded by Alex Popa and Lloyed Lobo, Vancouver based Boast.ai is a software provider whose flagship product automates the complex process of claiming R&D tax credits in the US and Scientific Research & Experimental Development (SR&ED) tax credits in Canada.
Boast.ai will use funding to further develop its AI-powered platform, launch new products to help companies leverage their eligibility for innovation incentives, and accelerate expansion into new markets.
photo credit: Boast.ai
Boast.ai Raises CAD $30M Series A to Revolutionize SR&ED Tax Credits with AI-Powered Approach
Innovation incentives poised to become key funding source for early-stage and high-growth companies
VANCOUVER, BC, Dec. 10, 2020 /CNW/ — Boast.ai, a software innovator whose flagship product automates the complex process of claiming R&D tax credits in the US and Scientific Research & Experimental Development (SR&ED) tax credits in Canada, today announced raising CAD$30 million in a Series A round led by Radian Capital, a growth-stage fund specializing in enterprise software. With this investment, Boast.ai will further develop their AI-powered platform to better serve their nearly 1,000 customers, launch new products to help companies leverage their eligibility for innovation incentives, and accelerate expansion into new markets.
“R&D is the engine of the modern economy, and innovative companies should be able to access the tax credits they’re entitled to,” said Alex Popa, co-founder and CEO of Boast.ai. “We’ve spent almost a decade honing our craft to help customers get more money, faster and with less risk, compared to any other solution in the market. We empower companies from startups to large enterprises to quantify the value of their R&D efforts, then leverage that asset through a successful R&D tax credit application which allows them to grow their business without unnecessary outside capital.”
Each year the U.S. and Canadian governments combined provide nearly CAD$20 billion in R&D credits to fund businesses. In Canada, the SR&ED program is the lifeblood of the innovation ecosystem, providing upwards of 60% cashback to small businesses investing in R&D, but the application process is cumbersome, time-consuming, and leaves applicants at risk of costly audits. Boast has built a unified system of record for R&D that gathers data from companies’ existing technical and financial systems to identify, categorize, and time-track eligible projects. The result: an intuitive, streamlined process that puts all necessary documentation at your fingertips, leading to a faster, easier process with larger refunds and lower audit risk — all at a better total value than traditional service vendors.
Boast.ai’s team has extensive expertise in the technology and tax-credit space. Popa previously managed the R&D tax practice for large accounting firms, while co-founder and President Lloyed Lobo formerly ran product and growth for a number of venture-backed tech startups.
“Boast’s mission is to help innovative companies become successful,” said Lobo. “While we support that mission through our product, we also co-founded and built a community of over 60,000 entrepreneurs and technology professionals called TractionConf.io to take that mission further. Over the last seven years we’ve brought leaders from the fastest growing companies to share advice via weekly webinars, regular dinners and meetups, and an annual conference, with the proceeds benefiting the local communities where we do business.”
“Since its launch, Boast.ai has been doubling growth year over year, securing over CAD$200M in R&D tax credits for customers without raising external capital. That’s exactly the kind of financial discipline and savvy execution our firm looks to support,” says Radian Capital partner Jordan Bettman. “With this infusion of new capital behind a game-changing enterprise software solution, Boast.ai is poised to revolutionize the way businesses fund their growth and cement its position as the unified system of record for R&D data.”
Boast.ai is building the future of tax credit management and recovery with artificial intelligence to help companies get larger returns faster without the manual work and audit risk. With offices in San Francisco, Toronto, Vancouver, and Calgary, nearly 1,000 innovative companies leverage Boast.ai to recover their R&D costs from the government.
About Radian Capital:
Founded in 2016, Radian Capital is a NYC-based growth equity fund. Radian partners with strong entrepreneurs and management teams of software and tech-enabled services businesses by helping these companies systematically accelerate growth and innovation. Representative investments include Emailage, Mural, and BriteCore.
For further information: Contact: David Wamsley, firstname.lastname@example.org, https://boast.ai
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