Montréal, March 11, 2021 – Boast.ai, an innovative software developer that helps companies automate the process of preparing and financing research and development (R&D) tax credit claims, is continuing its growth with a new team in Montréal. The company plans to hire up to 25 professionals in its engineering, customer success, and sales teams over the next 12 months.
Boast.ai’s flagship product is a platform that uses artificial intelligence to automate the process of applying for R&D tax credits. It has recently secured CA$30 million in Series A funding from Radian Capital, a growth-stage fund specializing in enterprise software, combined with a CA$125 million credit facility from Brevet Capital, a leading alternative credit investment and specialty finance firm.
This funding will allow the company to expand in markets such as Montréal, further develop its platform, and launch a new product to enable start-ups to receive cash advances on R&D tax credits up to 16 months ahead of government processing times. Accordingly, it seeks to add a total of 50 new members in its four Canadian locations this year.
Montréal’s rich artificial intelligence ecosystem, as well as its engineering talent pool, are among the reasons that led Boast.ai to expand in the city.
“We have been impressed with the warm welcome and proactive support from Montréal International and Investissement Québec,” said Alex Popa, CEO, Boast.ai. “In addition, we look forward to furthering collaborations with organizations such as Startupfest, Founder Institute Montréal, Montréal NewTech, and Next AI as we eagerly grow our operations in Montréal”
“Boast.ai’s fundamental mission is to help innovative companies become successful,” said Lloyed Lobo, President, Boast.ai. “Boast also runs Traction, a non-profit community of more than 90,000 tech entrepreneurs and professionals. Over the last several years, we’ve brought leaders from the fastest growing companies to share advice via weekly webinars, regular dinners and meetups, and an annual conference. We look forward to the opportunity to collaborate with members of the local ecosystem and support the Montréal business community.”
R&D: a vital role to support innovation
Each year the U.S. and Canadian governments combined provide more than $20 billion in R&D credits to fund businesses. In Canada, the Scientific Research and Experimental Development Tax Incentive Program (SR&ED) program is the lifeblood of the innovation ecosystem, providing upwards of 60% cashback to small businesses investing in R&D. The Boast.ai platform seeks to assist companies to recover R&D costs from the U.S. and Canadian governments, streamlining the process, reducing the risk of costly audits, and giving companies access to their future refunds as early as 16 months ahead. To date, Boast.ai has helped more than 1,000 companies.
Boast.ai’s R&D tax credit software gathers data from a company’s existing technical and financial systems to identify, categorize, and time-track eligible projects, ensuring nothing is missed and all the supporting documentation is in place.
“Once again, Montréal’s artificial intelligence ecosystem is playing a key role in attracting innovation. Boast.ai can count on a highly qualified talent pool. Accordingly, a recent fDi Benchmark analysis has ranked Montréal among the top three places in North America to invest in AI,” says Stéphane Paquet, President and CEO of Montréal International.
“We are proud to see that the drawing power of Montréal’s innovation ecosystem is just as great as ever,” noted Hubert Bolduc, President of Investissement Québec International. “The new Boast.ai office will help consolidate our AI strengths by creating many highly skilled jobs. Innovation plays a key role in establishing a strong, sustainable economy, and our team will continue its efforts, here and abroad, to preserve and strengthen ecosystems that are strategically important to Québec’s economic development.”
Boast.ai is building the future of tax credit management and recovery with artificial intelligence to help companies get larger returns faster without manual work and audit risk. With operations across the US and Canada, more than 1,000 innovative companies have leveraged Boast.ai to recover their R&D costs from the government. For more information, please visit www.boast.ai .
About Montréal International
Montréal International is a non-profit organization funded by the private sector, the governments of Canada and Québec, the Communauté métropolitaine de Montréal and the City of Montréal. Its mandate is to attract and retain foreign investment (companies and startups), international organizations, skilled workers and international students to Greater Montréal by providing support services tailored to their needs.
About Investissement Québec
Investissement Québec’s mission is to play an active role in Québec’s economic development by spurring business innovation, entrepreneurship and business acquisitions, as well as growth in investment and exports. Operating in all the province’s administrative regions, the Corporation supports the creation and growth of businesses of all sizes with investments and customized financial solutions. It also assists businesses by providing consulting services and other support measures, including technological assistance available from Investissement Québec – CRIQ. In addition, through Investissement Québec International, the Corporation also prospects for talent and foreign investment and assists Québec businesses with export activities.