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Company raises $100M to help businesses get R&D funding immediately
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Fintech company Boast.ai, which helps businesses receive government research and development (R&D) tax credits without all the hassle, on Wednesday announced a $100 million credit facility from Brevet Capital.
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The company, which secured $23 million in Series A funding from Radian Capital in December, helps businesses receive up to $250,000 in R&D tax credits without having to wait a year or more for money from the government using artificial intelligence and an in-house team of experts.
“Globally, over $200 billion … is given by governments in R&D tax incentives to fund businesses,” Boast.ai co-founder Lloyed Lobo told FOX Business, “but the application process in manual, it’s cumbersome, it’s prone to expensive audits, and it takes a lot of time to get the money from the government because you have to incur 12 months of expenses before you get this money.”
In the U.S., these nonrefundable credits are a government benefit given to taxpaying, qualifying businesses under Section 41 of Title 26, of the Internal Revenue Code, in an effort to promote American innovation.
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