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Adranos Announces Successful $20M Series A Funding Round

Indiana-based Adranos Inc. has closed on a Series A funding of $20 million set to support their development of solid rocket fuel and motors for long-range missiles and space systems. The company will use the funding to support and grow their staff, scale its manufacturing capacity, and increase R&D efforts. This funding round was initiated after the founders developed a proprietary rocket fuel using aluminum-lithium alloys, achieving increased range, speed, and payload performance.

The Series A funding round closed after a successful test campaign of their ALITEC-fueled tactical missile-sized solid rocket motors for the US Navy and Air Force. Participation in this round of funding came from Impala Asset Management LLC, Explorer1 Fund, Elevate Ventures, and Specific Impulse Capital.

“To put that campaign in context, we built and tested solid rocket motors that were about 10 times larger than what we had built in the past. That was a significant step up in capability,” said Grasso. “With this funding, we’re going to be able to scale and meet all sorts of new and interesting opportunities as they come our way.” said Michael Grasso, co-founder and Chief Executive Officer Chris Stoker and Vice President of Space Systems and Government Relations.

The company’s ALITEC fuel maximizes solid motor performance by liberating hydrogen and minimizing slag formation, releasing more energy per unit weight of fuel versus traditional rocket fuels. R&D is conducted in West Lafayette and is expected to ramp up with this funding.

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.

Hawaii-Based Marine AgriFuture Set to Participate in Hatch Innovation Studio

Hatch Accelerator has announced their latest aquaculture innovation studio in Hawaii. This round will include eleven startups including Marine AgriFuture – a Hawaiin startup.

Marine AgriFuture is committed to utilizing symbiotic relationships and renewable resources to maintain and grow clean, delicious ocean-based products in a bio-friendly and sustainable way in the 21st Century. This goal falls perfectly in line with Hatch’s alternative seafood innovation.

The innovation studio will take place at the Natural Energy Laboratory of Hawaii Authority (NELHA) location over the next four years. Marine AgriFuture, along with the other 10 companies, will be treated to a month-long part-time programme featuring some of the US aquaculture sector’s most prominent players as mentors, along with support and guidance from the Hatch team and network.

Marine AgriFuture’s application included work surrounding the development of a Salicornia – Gracilaria hydroponic polyculture system capable of growing seaweed and saline vegetables. Their system will further be designed to treat wastewater from other farmed aquatic species.

Are you developing new software 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.

Maridose LLC is in the Final Stages of Federal License to Grow Cannabis for Medical Research

Florida-based Maridose, LLC is in the final stages of obtaining a coveted and rare federal license to grow cannabis for medical research in Maine.

Professor Lumír Hanuš leads the scientific advisory board for the company, bringing on expertise in cannabis research. His discovery and isolation of Anandamide – the first known endocannabinoid in the human brain – made him renowned as the leading analytical chemist in cannabis research. In fact, this discovery is credited with being the basis for all research into the endocannabinoid system for the last 3 decades.

The limitations on these licenses have left the University of Mississippi with a monopoly over the cultivation of cannabis for federally sanctioned research for more than 50 years. There are only 600 scientists across the country with federal approval to study marijuana.

With the approaching license approval, Maridose intends to set up shop in TechPlace, the business incubator facility at Brunswick Landing. A final walkthrough has already been conducted on April 21st so close to April 20th, or 4/20). All that is left is to receive the final greenlight from the federal office, and then Maridose can begin custom-cultivating cannabis for research.

The custom cultivating practice will ensure the exact amount needed will be grown for each research study, rather than growing the product and then trying to sell it to researchers. In addition to cultivation, Maridose intends to conduct their own research in areas including opioid use replacement, pain management, arthritic and neuropathic pain, sleep, and anxiety.

This application process was initiated by Maridose more than four years ago, sitting alongside 36 other applications. To date, six entities have joined the University of Mississippi on the DEA’s list of approved “bulk manufacturer (marijuana) growers” and Maridose is poised to be next.

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.

Pyka, Inc. Has Secured $37m in Funding for their Electric Autonomous Ag Aircrafts

Washington Patent of the Month - August 2021

Pyka Inc. began their journey in 2017 as they set out to develop a new form of aviation – one which is autonomous and electric; fast and environmentally friendly. In recent news, the company has secured $37 million in Series A Funding.

This funding is meant to provide the means for the startup to fast track the production of their Pelican aircraft and ramp up R&D even further.

In a statement, Pyka CEO Michael Norcia said, “We are extremely pleased with this successful raise and the opportunities it affords Pyka to rapidly boost our manufacturing and begin executing on our more than $320 million in MOUs and commercial agreements from customers.”

Back at the start, Pyka was focused on the development of Big Bird, their proof of concept (POC) vehicle. This POC got them accepted into Y Combinator’s summer 2017 batch, and the company spent three months building, testing, and flying Big Bird – a 400 lb unmanned aerial vehicle (UAV). After a successful and fully autonomous mission, the company raised $3 million in funding out of their round at Y Combinator and moved into the design and development of their first full product – the Egret.

With success from the Egret, ,a 200 lb payload 100% autonomous electric crop duster, the company made history as the creators of the first-ever human-scale autonomous electric aircraft certified for commercial work. They used this momentum to launch the development of the Pelican, the second generation electric autonomous agricultural airplane. In 2021, the Pelican took to the skies for the first autonomous fixed wing aerial application on a banana crop – in human history.

The Pelican is a fully autonomous, crop-spraying aircraft with LIDAR-enabled collision and terrain avoidance systems. The aircraft is powered by three electric motors and redundant batteries and it can take off in as little as 450 feet and spray up to 130 acres an hour at a fifth of the operating costs of piloted aircraft. Its payload triples that of its predecessor, the Egret.

This impressive history shows the dedication of the company and the drive behind their R&D. With the influx of this Series A funding, the company intends to further their development to create an ecosystem of technologies including proprietary flight control software, avionics, high power density motors, motor controllers, batteries, and custom carbon-fiber composite airframes.

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.

ERC and 2021 R&D Credits

Rhode Island Patent of the Month - December 2021

The IRS has released information and updates surrounding the impact of the Employee Retention Credit (ERC) on the R&D credit for the 2021 financial year. Through an announcement and then an updated instruction set for the R&D tax form 6765, we can see that the IRS has decided companies can benefit from one or the other tax credit.

Previous Rule

The 2020 Tax Year allowed a company to claim both the ERC and R&D tax credit from the same employee wages.

New Rule

The Consolidated Appropriations Act (CAA) went into effect on December 27, 2020. Based on more recent notices in the past month from the IRS, this act has solidified that a company can no longer use the same wages to claim both the ERC and R&D Credits for 2021.

This means, if you claimed ERC for wages for an employee involved in R&D, this claimed amount cannot be factored into the R&D credit calculation.

The introduction of COVID-19 stimulus measures has added to the complexity and intricacy of the U.S. tax code. Understanding how each stimulus interacts with the R&D credit is crucial to filing a complete and accurate claim.

Are you conducting research and development activities? 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.

Bucha Bio’s Biodegradable Textile Could Replace Leather and Latex

“As a material designer, I am always curious about new processes. Inspired by nature, made in the lab, Bucha’s grown materials have an unexpected beauty.”

You may have heard talk of plant-based alternatives being essential to the prosperity of our world. When you hear these sentiments, your mind probably wanders to plant-based diets and giving up meat. Bucha Bio, Inc. has a different approach in mind.

As a collective, we still use animal products outside of the kitchen – from fashion to furniture. Zimri T. Hinshaw started a biotech company with the intention of designing and selling petrochemical-free materials as a leather alternative for use in the fashion industry. After initial success, he decided this had greater potential and shifted gears to create a plant-based, sustainable, customizable material that could replace anything from leather to latex.

With an initial startup process of growing and drying sheets of kombucha SCOBY (symbiotic culture of bacteria and yeast) in his dorm room, the company has since scaled production up. Through serious R&D, and over 20 different iterations, they have developed a production system that consumes minimal water and emits no greenhouse gasses or toxic waste products.

This material can be grown in a matter of weeks, a significant improvement when compared to the years, energy, and products required to raise an animal to an appropriate size.

This process has led Bucha Bio to the creation of their Shorai™ material, made from bacterial nanocellulose and 100% plant-based components. The textile is completely biodegradable with no petrochemical or plastic additives. In addition to this impressive feat, the textile is water-resistant, scratch-resistant, sunlight-resistant, and flame-resistant.

In addition to a $250,000 investment from SOSV’s IndieBio accelerator in New York City, Hinshaw recently raised $550,000 from New Climate Ventures, along with other VCs and angel investors.

Are you developing new software 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.

Repaytient Joins Village Capital Finhealth Cohort

Alaska Patent of the Month - September 2021

Repaytient, a Kentucky-based startup, has been selected for Village Capital’s Finhealth U.S. cohort.

The company has joined the cohort of early-stage companies who have been selected for their fintech solutions. Each of these companies are focusing on developing solutions for low-to-moderate income communities and small businesses.

Repaytient specifically seeks to offer customizable, interest-free payment plans to help patients pay for out-of-pocket medical expenses while simultaneously increasing a hospital’s cash flow. The company is the only one in the cohort focused on the healthcare space.

The accelerator’s goal is to set up companies to be able to raise their next round of capital. With Village Capital’s support, Repaytient is gearing up for this fundraising round in 2022.

The company recently received $100,000 from Render Capital and $25,000 from Kentucky Science & Technology Corp. This capital is in addition to the $100,000 from private investors who helped to start the business in 2020.

Repaytient has hit quite a few milestones in the 18 months since its founding. They launched their first hospital in November 2020 and has since landed six contracts with more in negotiation, while also expanding its partnership with Alliant Management Services, a Louisville-based company that specializes in rural hospital management. They hope next year’s funding round will help to accelerate the growth of the business.

Are you developing new software 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.

Document Crunch

Michigan Patent of the Month - October 2021

Document Crunch, Inc. has recently been announced as the gold-medal prize winner of the sixth annual Construction Startup Competition, sponsored by Cemex Ventures.

The 2021 Construction Startup Competition is a global competition wherein construction startup companies around the world had the opportunity to present their projects to a jury composed of the top representatives of each organizing company as well as an audience of experts in construction, investment, and innovation.

The organizing companies included CEMEX Ventures, Dysruptek, Ferrovial, GS Futures, Hilti, VINCI Group’s Leonard and NOVA by Saint-Gobain.

Georgia-based Document Crunch is a software tech startup who has leveraged Ai powers to identify and explain critical issues in construction contracts, insurance policies, plans/drawings, specifications and more. The construction industry is risky in both the physical aspect as well as the financial investment that each project brings. Most companies employ lawyers who spend hours sifting through these contracts and policies to identify potential issues. With the AI based program, these reviews can be completed in much less time and with much more accuracy.

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.

It’s Time to Leave Forgetting in the Past

We’ve all had those experiences where you’re heading out the door for the day and think “what am I forgetting?”. Ofcourse, later that day you realize it’s garbage day and you didn’t bring the bins out, or it’s set to rain and you left your umbrella at home. Our memories are fallible, often leaving us stranded. Our days only get busier, with a million little things to do, it makes sense that a few of these fall off our radar.

Under the name Did U Remember to LLC, Christine Unnold and her father, Bob Unnold, decided enough was enough and built a device that will prevent these memory lapses.

All of our phones have calendars and time apps that can be used to set reminders, but these are limited by our schedule. They only work if we are exactly on time as planned. For instance, if you set a reminder to turn off the AC but you’re ahead of schedule, you might already be on your way to work by the time the reminder goes off. Christine and Bob’s device – called the Atendit – overcomes this limitation.

The Atendit is a combination of an app and a Bluetooth sensor. The motion sensor wirelessly communicates with your phone. You can place the sensor anywhere that suits your reminder needs. For instance, if you need reminders to bring your coffee and lunch to work, you can place the sensor by the door. As you head out the door, the sensor detects your motion and sends a reminder to your phone. If you need reminders to take your medication, you could place it in the bathroom and the same process will occur.

The app can also be programmed in other ways. For instance, it can be set up to check the forecast and alert you to impending rain.

With this system, you can always get your reminders at just the right time.

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.

Deuce Drone Partners with Greer’s Markets for Autonomous Drone Delivery

Drones and Smart Irrigation Systems Boost Farming Production in Colorado

Deuce Drone, LLC has focused their efforts on solving the last mile delivery problem for brick and mortar retailers. Through their drone technology, they enable drone shipment from existing stores to nearby locations.

Recently, Deuce Drone has entered into a technology development partnership with a supermarket chain, Greer’s Markets. The company will provide drone delivery for this fifth-generation family-owned supermarket chain, with 29 supermarkets across Alabama, Florida, and Mississippi.

This Mobile-based startup began flights in November, travelling between Greer’s St. Louis Street market and the Innovation Portal. These test runs are finalizing the autonomous flight and package handling systems. At present, their drones can carry a payload of up to 10 pounds.

Bill Haub, senior director of Deuce Drone said the deal with Greer’s Markets puts the Deuce Drone team near a retailer that they can further develop their technology with as well as the ability to have flights back and forth on a regular basis. The hope is to move from a development stage and into a greater revenue service. Haub also said the deal will hopefully enable more hiring, offer greater exposure for the company and promote fundraising opportunities for Deuce Drone.

Deuce Drone isn’t interested in manufacturing drones themselves, but they have been steadily developing and testing both software and hardware since 2020. This iterative development strives for a drone which can successfully – and reliably – carry products off the shelves.

Are you developing new software 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.