Boast.ai secures $100 million to help startups claim R&D tax credits

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Boast.ai, a company developing software that automates the process of claiming R&D tax credits, today announced that it secured a $100 million credit facility from Brevet Capital. The company plans to use the loan to further develop its platform as it looks to expand its startup customer base.

Each year, the federal governments of the U.S. and Canada provide more than $15 billion in innovation incentives to private companies. In fact, it’s estimated that nearly a third of U.S. patents rely directly on U.S. government-funded research. But filling out the applications to receive this funding is often a cumbersome process — and yet another barrier for companies squeezed by the pandemic as venture capitalists pull back