Boast.ai, a U.S.-based software innovator whose flagship product automates the complex process of claiming R&D tax credits in the US and Canada, announced on Thursday it secured $23 million through its Series A funding round, which was led by Radian Capital.
Founded in 2011, Boast.ai revealed it 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.
“Each year the US and Canadian governments give out billions of dollars in R&D tax credits through a very manual and broken process. At Boast.AI, we are building the future of tax credit recovery with artificial intelligence so you can get larger returns without the grunt work and audit risk.”
While sharing more details about the company’s progress, Alex Popa, co-founder and CEO of Boast.ai, stated:
“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. 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.”
Radian Capital Partner, Jordan Bettman, added:
“Since its launch, Boast.ai has been doubling growth year over year, securing over $150M 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. 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 went on to add with this investment, it will further develop its AI-powered platform to better serve nearly 1,000 customers, launch new products to help companies leverage their eligibility for innovation incentives, and accelerate expansion into new markets.