Boast.ai, a software innovator whose flagship product automates the complex process of claiming R&D tax credits in the US and Canada, today announced raising $23 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.
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“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.”
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Each year the U.S. and Canadian governments provide businesses with more than $15 billion in R&D credits, 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.
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