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Nexus Robotics: An Example of SR&ED Tax Credits Reinvestment

Nexus Robotics: An Example of SR&ED Tax Credits Reinvestment
on June 4, 2024
Nexus Robotics: An Example of SR&ED Tax Credits Reinvestment
About: Nexus Robotics: An Example of SR&ED Tax Credits Reinvestment

Nexus Robotics: An Example of SR&ED Tax Credits Reinvestment

Robots-as-a-service disrupt traditional approaches to crop health, and fill a growing market need.

Fully Autonomous, Versatile, Informed

Nexus robots navigate and remove weeds autonomously. They use cameras and a neural network to differentiate between weeds and crops, remove weeds from many different crop types, and operate 24 hours a day. The robots constantly collect data about the crops and growing conditions, which helps farmers make more educated decisions about soil fertility and disease remediation.

Nexus Robotics

The world needs crops to support growing populations, but farm workers are becoming harder to find and employ. Nexus Robotics is creating technology that can solve this problem.

Crops require weeding to keep them healthy—especially certain kinds of crops that grow in fields across the world. The task of weeding to keep crops healthy is traditionally accomplished with hired farm help or through use of chemicals. Sustainability, environmental concerns, and growing demand require a new approach for weeding and crop health which Nexus Robotics is innovating to solve. The Nexus Robotics team creates hardware and software to power autonomous robot weeding machines that make crop health possible in a sustainable, scalable, efficient way. “The future is definitely here with robot-based farm solutions,” said Luc Labbé, Nexus Robotics CEO. “Technology is going to solve the problems we are facing in agriculture in a way that will benefit the farmer, the consumer, and the environment.”

About: Nexus Robotics: An Example of SR&ED Tax Credits Reinvestment
About: Nexus Robotics: An Example of SR&ED Tax Credits Reinvestment

“Technology is going to solve the problems we are facing in agriculture in a way that will benefit the farmer, the consumer, and the environment.”

LUC LABBÉ, CEO, Nexus Robotics

A Solution That is Powered by Innovation

The company has invented the world’s first autonomous machines that pick weeds using articulating arms to grab and pull the weed and root entirely out of the ground. This is more effective, and it does not use chemicals. The machines (robots) run 24×7 for up to four days without needing any support from a farmer. They use artificial intelligence and machine learning to identify, locate, and pick weeds. In the future, Nexus robots will inform farmers of soil conditions, harmful insects, disease, and even predict harvest levels.?
“Farmers are asking for help with much more than just picking weeds,’’ said Labbé. “They want automated crop health. Nexus robots are already in the fields all day, so we can deliver many more insights that guide better decision making and actions for optimal crop health and yield. Ultimately, helping farmers realize more success is why we are investing so much in innovation.”

About: Nexus Robotics: An Example of SR&ED Tax Credits Reinvestment
About: Nexus Robotics: An Example of SR&ED Tax Credits Reinvestment

Nexus Robotics began as the brainchild of co-founder Teric Greenan, who had land and vegetables, but soon tired of routine tasks like weeding. Using his mechanical engineering background, he co-founded the company to help farmers be more successful by helping them focus their energy and resources on more important, less repetitive tasks than weeding crops.

The company is investing in employees who write software and build hardware that makes everything work. This focus is on cutting edge innovation, prototype development, use of the latest GPS, hybrid, and robotics technology to deliver solutions that challenge traditional approaches. This is positioning Nexus Robotics as a leader in the emerging agriculture and farming robots-as-a-service category.

About: Nexus Robotics: An Example of SR&ED Tax Credits Reinvestment

“Nexus robots are already in the fields all day, so we can deliver many more insights that guide better decision making and actions for optimal crop health and yield.”

Capitalizing on SR&ED and Funding to Innovate Faster

Like every company that prioritizes innovation, Nexus Robotics places a premium on being fiscally responsible so it can continue to invest in innovation and grow faster.“Farmers are asking for help with much more than just picking weeds,’’ said Labbé. “They want automated crop health. Nexus robots are already in the fields all day, so we can deliver many more insights that guide better decision making and actions for optimal crop health and yield. Ultimately, helping farmers realize more success is why we are investing so much in innovation.”

Boast has partnered with the company to maximize their tax credit funding available through Canada’s governmental Scientific Research and Experimental Design (SR&ED) program, which rewards innovation investment with tax credits.

Additionally, Boast provides accelerated access to eligible tax credits through it’s SR&ED, non-dilutive funding solution, helping Nexus Robotics access SR&ED funds quarterly instead of waiting up to a year.?

“The Boast process for SR&ED was easy and painless, and their SR&ED ‘funding-as-a-service’ helps us access our cash sooner and hire faster,” said Labbé. “We like their technology-first approach to the traditionally-cumbersome process offered by big accounting firms. It’s efficient and modern, and ultimately makes our claims process easier.”

About: Nexus Robotics: An Example of SR&ED Tax Credits Reinvestment

“The Nexus Robotics team is compounding their return on the SR&ED program by utilizing our funding solutions,” said John Can Karayel, Boast Head of Investments. “Accessing SR&ED-eligible funds quarterly will dramatically speed up their innovation investment, time-to-market, growth, and valuation.”

Nexus Robotics outcomes from Boast SR&ED claims and funding

Faster, easier, and transparent claims process
Access to non-dilutive growth capital 12-18 months in advance
Full audit protection, backed by Boast R&D experts
A proven, defined process using the Boast cloud platform
About: Nexus Robotics: An Example of SR&ED Tax Credits Reinvestment
Accelerate innovation with SR&ED and R&D tax incentive automation from Boast. AI.
About: Nexus Robotics: An Example of SR&ED Tax Credits Reinvestment
Learn more about Nexus Robotics Innovative Robots-as-aService solution.

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