We’re excited to announce our $23M USD ($30M CAD) Series A funding led by Radian Capital. With this investment, Boast.ai will further develop our AI-powered platform to better serve our customers, launch new products to help companies fund their product development efforts, and accelerate expansion into new markets.
Each year the U.S. and Canadian governments provide more than $15 billion in R&D credits to fund businesses, 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.
“Once fully implemented, Boast also effectively becomes a system of record for all R&D and engineering data.”
Co-founders Alex Popa and Lloyed Lobo started Boast.ai with the mission to help innovative companies become successful and fuel their growth without giving up equity and dealing with red-tape.
“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.”
“Boast.ai raises $30 million Series A to “revolutionize” R&D tax credit market.”
Alex and Lloyed have built a “Pay It Forward” culture into the fabric of the company from the get-go. From their humble beginnings starting Boast out of Alex’s apartment to their Series A, the founders have managed to bootstrap the company while supporting the startup ecosystem along the way.
“Boast’s mission is to help innovative companies become successful,” said Lloyed Lobo, co-founder and President of Boast.ai. “While we support that mission through our product, we also co-founded and built a community of over 60,000 entrepreneurs and technology professionals called TractionConf.io to take that mission further. We’ve brought leaders from the fastest growing companies to share advice via weekly webinars, regular dinners and meetups, and an annual conference, with the proceeds benefiting the local communities where we do business.”
“Boast.ai aims to automate the government grant application process with a machine learning-powered tax credit platform.”
“Boast.ai has been doubling growth year over year, securing over $200M 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,” says Radian Capital partner Jordan Bettman. “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.”
To learn how Boast.AI can help streamline your R&D tax credit applications and get larger refunds without the headache of complex paperwork, get in touch with us.
To check out our 30+ open positions in engineering, sales, marketing, and customer success, please visit our careers page.