Vancouver-headquartered Boast.ai has raised a CAD $30 million Series A funding round for its AI-powered platform that automates the complex process of claiming R&D tax credits. The round was led by Radian Capital.
With the investment Boast.ai will further develop their 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. 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,” said Alex Popa, co-founder and CEO of Boast.ai.
“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.”
In Canada, the SR&ED program is the lifeblood of the innovation ecosystem, providing upwards of 60% cash back 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 is 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.
Since its launch, Boast.ai has been doubling growth year over year, securing over CAD $200 million in R&D tax credits for customers without raising external capital.
Boast.ai was co-founded by Popa and Lloyed Lobo.