ColdQuanta Secures $110M in Series B Funding

Missouri Patent of the Month - September 2021

Colorado-based ColdQuanta has raised $110 million in a new Series B funding round to support their quantum-computing R&D. 

The funding will be directed towards building quantum applications for technology such as atomic clocks, sensors, and high-precision components like GPS. This includes expanding their product portfolio in an effort to continue commercializing its decades of research into quantum computing by bringing it out of the lab and into real-world applications.

Quantum computers are a whole separate class of technology. Traditional computers are controlled by ones and zeros while quantum computers use qubits (i.e. quantum bits). Qubits can exist as ones and zeros simultaneously. This capability is the reason they can handle much more complex problems.

ColdQuanta’s products include Hilbert, a cloud-based quantum computer for which the company is aiming to reach 1,000 qubits by 2024; and Albert, a quantum sensor product development platform. With advancements like this, it’s no surprise to see that the company has seen rapid growth in recent years. With projects like subcontracts in Japan, the Moonshot Research and Development Program, and subcontracts in Australia, the company is rapidly building confidence and industry relationships.

“The quantum ecosystem is experiencing a global wave of innovation, having our market leadership recognized by investors around the world validates our unique approach,” said ColdQuanta Chief Executive Scott Faris. “Customers are already adopting ColdQuanta for quantum radio-frequency sensors, quantum atomic clocks, and quantum software. These are critical building blocks of the quantum industry that will drive a significant impact on society today while we work towards the massive gains quantum computing will bring in the future.”

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Gene MassID Wins $2K at University of Arkansas’ Funding Pitch Competition

Louisiana Patent of the Month - August 2021

Gene MassID, a student team competing in the fall seed Funding Pitch Competition organized by the University of Arkansas’ Office of Entrepreneurship and Innovation, has secured $2,000 for legal fees and further research.

This team is focused on improving treatment for brain cancer through DNA analysis by developing a diagnostic tool that uses personalized medicine to treat glioblastoma multiforme. This is an aggressive form of cancer with a 95% mortality rate.

The startup believes their tool will help to get rid of guesswork in brain cancer treatment, giving patients another chance at life. 

Gene MassID was among 10 teams to receive funding in the Oct. 11 competition, which awarded more than $10,000. The competition was held in tandem with OEI’s inaugural SEED Arkansas Summit and hosted at the David and Barbara Pryor Center for Arkansas Oral and Visual History in downtown Fayetteville. 

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Three Alabama Universities to Receive $1.3M in Funding for New R&D Efforts

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Alabama’s State Governor, Kay Ivey, has shown support of innovation in the state with his latest announcement. Governor Ivey has awarded $1.3 million to stimulate new R&D projects at three different Alabama universities. 

These programs will focus on life-improving projects and will be funded through the Alabama Research and Development Enhancement Fund – a state-funded program created under the Alabama Innovation Act.

  • The University of Alabama at Birmingham. Total: $666,910.
    • $316,910 to conduct research relating to the development of a new neurovascular stent for stroke treatment.
    • $350,000 to conduct research involving the development of a new material in dental root-canal treatment.
  • The University of Alabama. Total: $486,026. 
    • $399,831 to conduct research relating to development of a membrane for the removal of some man-made chemicals which may cause harm in humans.
    • $86,314 to conduct research involving the development of ultra-high performance concrete using materials available in Alabama.
  • Lastly, Auburn University. Total: $184,773.
    • $184,773 to conduct research relating to the development of an iron-based contrast agent in an angiography procedure that examines blood flow in the body.

“Often, the research and development that comes out of our universities has far-reaching and life-altering impacts across a wide array of issue areas,” said Governor Ivey. “Alabama’s future outlook is largely dependent on our ability to find solutions to the problems of tomorrow, and I commend the students and professors for their dedication and time-consuming efforts to ensure Alabama remains the leader in innovation that it is.”

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Plus Therapeutics Awarded $17.6 Million from State of Texas

biopharma

Plus Therapeutics, Inc. has recently announced it has been awarded  a $17.6 million Product Development Research grant by the Cancer Prevention and Research Institute of Texas (CPRIT). This grant will help fund the continued development of their lead investigational targeted radiotherapeutic, Rhenium-186 NanoLiposome (186RNL), for the treatment of patients with leptomeningeal metastases (LM).

This clinical-stage pharmaceutical company has focused their expertise on developing innovative, targeted radiotherapeutics for rare and difficult-to-treat cancers. LM is one of the most devastating and aggressive late-stage cancer complications. It’s this complication that characterizes the primary cancer spreading to the central nervous system. With promising results from Plus Therapeutics, the FDA has granted Fast Track designation to 186RNL for the treatment of LM.

“The Plus team is honored to receive this significant and esteemed award from CPRIT,” said Marc H. Hedrick M.D., President and Chief Executive Officer of Plus Therapeutics. “We expect that the non-dilutive funding from CPRIT will come on-line next month once the award agreement is finalized and this will significantly offset our longer-term, three-year capital requirements for the advancement of our LM program.”

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Missouri Enacts R&D Credit to Start in 2023

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Missouri companies that conduct research and development can look forward to a new tax credit which will be available starting in 2023. Taxpayers may be authorized to receive this credit against the Missouri corporate income tax and financial institutions tax equal to 15% of their “additional qualified research expenses”.

This is exciting news for the state, who has not had an R&D credit since the 2004 tax year. This news signals a positive trend for businesses and investment in the state. We are still waiting on guidance from the Director pertaining to the application manner.

Here is everything you need to know:

  • For tax years beginning on or after January 1, 2023, taxpayer’s may be authorized to receive a tax credit against the corporate income tax or financial institutions tax 
  • The credit will be equal to 15% of their additional qualified research expenses
  • The credit may be increased to 20% if the expenses relate to research conducted in conjunction with a public or private Missouri college or university
  • Additional qualified research expenses refers to the difference between qualified research expenses, as certified by the Director, incurred in a tax year subtracted by the average of the taxpayer’s qualified research expenses incurred in the three immediately preceding tax years
  • “Qualified research expenses” has the same meaning as provided in IRC Sec. 41
  • 12-year carryover
    • If the credit amount exceeds a taxpayer’s tax liability, the excess may be carried forward for the next 12 succeeding years
  • Transferable credits
    • Up to 100% of the credit may be transferred, sold, or assigned by filing a notarized endorsement thereof with the Department that names the transferee, the amount of tax credit transferred, and the value received for the credit, as well as any other information reasonably requested by the Department
  • Flow-through treatment
    • For a taxpayer with flow-through tax treatment to its members, partners, or shareholders, the tax credit shall be allowed to members, partners, or shareholders in proportion to their share of ownership on the last day of the taxpayer’s tax period.
  • Three-year limitation
    • A taxpayer’s credit may not exceed 200% of its average qualified research expenses incurred during the three immediately preceding tax years
  • Limits
    • The highest amount of credit a single taxpayer may claim in one year is $300,000
    • The aggregate of all tax credits shall not exceed $10 million in any year
    • $5 million of such amount is reserved first for minority-owned, women-owned, and small businesses
    • In the event that total eligible claims for credits received in a calendar year exceed the annual cap, each eligible claimant shall be issued credits based upon a pro-rata basis, given that all new businesses, defined as a business less than five years old, are issued full tax credits first
  • Sales tax exemption
    • Purchases of Missouri qualified research and development equipment are exempt from all state and local sales and use tax

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Inflation Reduction Act and the R&D Tax Credit

Digital R&D facility in Chicago will create over 100 new tech opportunities

With the Inflation Reduction Act of 2022 officially signed into law by President Biden, it’s time to look into the impacts of the act on the R&D tax credit. The legislation was drafted with a focus on government spending programs designed to impact climate change but a variety of tax provisions were contained as well.

The act increases the maximum amount a qualified small business can elect to claim as a payroll tax credit from $250,000 to $500,000 beginning after Dec. 31, 2022. While this may seem like a great move for these small businesses, it’s likely that very few will see any change in their credit. This is simply because of the way the credit is calculated.

The tax credit is calculated based on the amount of R&D spent by the company and most early-stage startups do not spend enough to capture $250,000 worth of a credit in the first place. On the bright side, there is no downside to this increase in the maximized credit limit. All companies eligible for the credit remain eligible and those who have been limited by the cap out in the past will only benefit. With this in mind, the Act doesn’t really double the R&D tax credit for most startups, but could still be a welcome benefit for some.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

NuScale Power’s SMR to be Certified by the Nuclear Regulatory Commission

nuclear power plant

Recent updates from the Nuclear Regulatory Commission (NRC) indicate NuScale Power is in for some good news. The NRC have indicated they will certify NuScale’s 50-MWe (160 MWth) small modular reactor (SMR) design.

NuScale submitted an application in December 2016 for their standard SMR design. After 6 years of review and debate, the certification will officially designate the design as meeting the agency’s stringent safety requirements. Once finalized, the NRC will publish their ruling in the Federal Register and the certification will take effect 30 days thereafter.

Once certified, NuScale’s SMR will become only the seventh reactor design certification awarded by this regulatory body. That means only 7 designs have been issued safe to use in the U.S. 

This certification won’t be the first milestone for the company as they became the first SMR to receive a final safety evaluation report (FSER) from the NRC as a part of a Phase 6 review. This milestone was hit on August 28, 2020. 

While awaiting this certification, NuScale has been hard at work redefining nuclear power. The company recently announced a new business collaboration agreement with National Technical Systems (NTS) which will work to establish an Equipment Qualification (EQ) Test Chamber. This technology, built by NTS, will allow NuScale to mimic the range of environmental conditions under which NuScale equipment is required to function in order to meet U.S. Nuclear Regulatory Commission and plant-specific requirements. The company continually works towards their goals of developing technology to supply energy for electrical generation, district heating, desalination, commercial-scale hydrogen production and other process heat applications. 

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes. Click here to learn more about our technical expertise.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

SkyWater Technology Announces Plans to Pursue Federal Funding for Domestic Chip Manufacturing

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Minnesota-based SkyWater Technology has announced their plans to pursue financing from a federal program to promote domestic chip manufacturing under a public-private partnership with Purdue University and the state of Indiana. The proposed project, valued at $1.8 billion, would include research and development capabilities and semiconductor production operations.

SkyWater has built a Technology as a Service model to streamline their customer’s various production paths including development services, volume production and heterogeneous integration solutions. With this model in place, innovators are able to co-create the next wave of technology with diverse categories including mixed-signal CMOS, ROICs, rad-hard ICs, power discretes, MEMS, superconducting ICs, photonics, carbon nanotubes and interposers.

The newly proposed factory would complement the company’s existing facilities in Minnesota and Florida. The co-investment model meant to support it would ensure federal resources go toward advanced technologies, new tools, and scaled production.

The intention for the next-gen fab location is to provide “mass customization” for innovating electronics solutions. Not only will the facility bolster U.S. chip production, it would ensure the security of intellectual property and support a stronger supply chain. Indiana will see more benefits with the creation of 750 new jobs over 5 years. 

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Argo AI is Bringing Autonomous Vehicle Research in South Carolina Tech & Aviation Center

vehicle

Argo AI, a global autonomy products and services company, has recently planted roots at South Carolina Technology & Aviation Center. This plan comes with Argo AI’s $2.6 million investment and the plans for 40 new jobs in the Upstate.

Argo AI will have access to SCTAC’s automotive test track system called the International Transportation Innovation Center (ITIC). The ITIC will benefit from Argo AI’s rapid growth and impressive holding in their industry. Despite being relatively young, Argo AI has grown significantly in their six years. Two of their largest investors include Volkswagen and Ford.

Argo’s Greenville operations will be dedicated to highway-speed testing as the company advances toward commercial autonomous operations across multiple cities, according to a press release. The company has spent their six years developing, testing, and advancing their autonomy platform. The platform is designed to provide autonomous vehicle technology to support a wide variety of business needs.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Sesame Solar, Inc. Powers their Mobile Disaster Relief Units with Clean Energy

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Michigan-based startup Sesame Solar has been making news the past few months as they announced the release of their mobile disaster relief units and their nanogrids. These nanogrids allow the company to leverage solar power and green hydrogen as a source of reliable and renewable energy. Their disaster relief units take advantage of this capability, ensuring relief comes from clean energy.

The relief units can be used for mobile communications and command centers, medical units, kitchens, and even temporary housing. They can be ready for use within 15 minutes of arrival. 

Until now, other mobile disaster relief units have been powered by diesel fuel which contributes to climate change. Sesame’s solar paneled units overcome this limitation. They also inspire the company’s name. The folded solar panels unfold, opening up to collect energy from the sun – a reference to “open sesame”.

Beyond solar power, the unit is designed with two backup power sources. Between batteries and geen hydrogen there is no limitation in clean energy sources. The company has even worked to achieve wind turbines, though this option is limited by conditions.

“The whole concept is that no fossil fuels are required to be able to have days or weeks of energy autonomy after an extreme weather disaster, like a hurricane or tornado or wildfire, or an event of grid outage in California…or a cyber-attack, or anytime the grid is just down,” said Sesame co-founder and CEO Lauren Flanagan.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.