Connecticut Recent News – Swanson Reed | Specialist R&D Tax Advisors

FORGE Secures New Funding from Connecticut’s MIF fund

FORGE, a nonprofit that connects hardtech startups with product development, manufacturing, and supply chain education and resources, today announced it has received new funding from the Connecticut Department of Economic and Community Development’s Manufacturing Innovation Fund (MIF).

The nonprofit is focused on bringing hardtech startups from prototype to commercialization at scale. They achieve this by providing the tools and advice needed by any startup. The new funding will bridge a critical gap for startups with physical products through non-dilutive product development grants in the range of $30,000 to $100,000, as well as continuing to offer manufacturing readiness education and facilitating right-fit connections to local manufacturers. FORGE aims to use these offerings to drive innovation, create new opportunities to engage with innovation for Connecticut suppliers, and increase advanced product development in the state.

Those interested can submit an application for FORGE’s first $30,000 grant. This grant will be awarded mid November at the CT Innovation Nights event in Stamford, CT. The application deadline is October 4, 2024.

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.

Connecticut in Top 10 States for R&D Spending

The Bureau of Economic Analysis (BEA) has recently released a report examining R&D spending across the nation. The report, the first of its kind, has shown Connecticut ranks in the top 10 states for R&D spending.

The state spent 2.7% of its GDP on R&D-type activities in 2021 – the year of analysis. For the state, a 2.7% spend represents more than $7.9 billion – an increase of 22% over the previous year and up 44% since 2017. This shows a continuous growth in R&D investments, despite the hard times faced since the onset of the COVID-19 pandemic.

In Connecticut, businesses accounted for 92% of R&D value added, with universities and colleges contributing 5% and 3% for state and local government.

The state’s manufacturing sector was responsible for $3.67 billion in activity in 2021 (46%), while professional, scientific, and technical services contributed $3.3 billion (42%).

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.

PreviewLabs: Accelerating Innovation in Game Development Through Rapid Prototyping

Georgia Patent of the Month - January 2022

PreviewLabs, Inc. has emerged as a key player in game development, giving developers an edge by streamlining the prototyping process.

Recently, this edge has helped Squido Studio to raise $1.1 million for their upcoming virtual reality project. Squido Studio, a new startup, utilized PreviewLabs’ technology to rapidly build prototypes in time for their funding round pitches.

The rapid prototyping technology empowers game developers to swiftly create and test prototypes before committing to full-scale production.

PreviewLabs’ success is rooted in dedicated research and development initiatives. Leveraging cutting-edge technologies, the company empowers game developers to bring their visions to life more efficiently. This commitment not only reshapes the game development landscape but positions PreviewLabs as a sought-after partner for studios seeking a competitive edge.

The collaborative nature of PreviewLabs’ work takes center stage, showcasing active engagement with game studios to understand their unique challenges and goals. This collaborative spirit fosters a dynamic exchange of ideas, ensuring that the prototypes align seamlessly with the creative vision and technical requirements of each project.

Bernard François, the founder and CEO of PreviewLabs, said in a statement, “Physics-based gameplay in a multiplayer context is complex and requires a lot of experimentation, especially in VR, where you feel you are holding the objects with your own hands. Our team worked tirelessly to overcome the complexities of creating an immersive environment where multiple players can interact simultaneously with the same objects.”

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.

Bright Feeds Converts Food Waste to Nutritional Animal Feed

Bright Feeds has built a high-tech facility to turn commercial food waste into meal for animal feed.

40% of the current food supply in the U.S. is wasted, equating to $ 161 billion in economic cost
95% of unused food ends up in landfills or incinerators
10% of greenhouse gasses in our atmosphere originate from methane produced by food in landfills

These stats, and their horrifying implications, inspired Bright Feeds to jump into action. Their innovative food waste recycling solution, when at capacity, is equivalent to removing 33,700 cars off the road every year.

Founded just two years ago, the company has made incredible strides in their bid to reduce our environmental impact. The new high-tech processing facility uses a series of sensors and computer algorithms to turn various combinations of commercial food processing waste into a uniform meal for animal feed. The sensors measure everything from protein and fiber to ash content. An algorithm-driven software solution then controls the blending and mixing processes to create a consistent feed with consistent nutritional value.

This proprietary technology can accept a wider variety of food waste than other food recycling alternatives which are limited to dry, grain-based bakery products. Bright Feeds can accept vegetables, fruit, and other wet waste.

This feed has already been distributed to a first batch of customers whose feedback suggests the waste-based meal runs on the order of 20% cheaper than conventional feed ingredients like corn and soybeans.

This first high-tech processing plant opened roughly 7 months ago, but with the incredible growth of the company, Bright Feeds is already looking to expand further. They are now looking to build a second processing plant, one located nearer to sources of commercial food waste and potential feed mills.

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.

Enko, Crop Health Company, Secures $70M in Series C Funding

We have seen just how fragile the global food supply chain can be when hit with a crisis. Crop security has since become a critical investment area. This is where crop protection startup Enko comes in.

Enko has recently secured $70 million in Series C funding for its platform that facilitates the discovery and development of alternatives to chemical crop protections. The investment round was led by Nufarm, an Australian agrochemicals company.

Enko addresses crop security issues with artificial intelligence to apply drug discovery and development approaches from pharma to plants. With this process, they are tackling the biggest threats to crops including pest resistance and ever-evolving diseases. As if this wasn’t a bold enough mission as it is, the company’s platform further strives to drive down R&D costs, allowing for the discovery of new products to be more cost-effective.

Their platform uses AI for a target-based discovery process which allows them to first rapidly identify and discover new compounds. This stage is driven by their deep understanding of plant, insect, and fungal biochemistry. Once the target is known, the company can quickly achieve potency and selectivity through the next stages of their structure-based design.

DNA Encoded Libraries (DEL) are incorporated into their platform, using state-of-the-art drug discovery approaches to screen 100’s of billions of compounds against each of their targets rapidly and cost effectively. This allows the company to have multiple unique starting points for their pipeline, increasing the chance at effective solutions. As they continue to grow, so do their datasets, furthering their expertise and capabilities.

The company led a Series B round led by the Bill & Melinda Gates Foundation in 2020 which raised $45 million. Between their rounds of funding and their R&D collaboration with Bayer to discover new chemistries for fighting weeds and with Nufarm to develop new herbicides, the company is on a sure path to improving the agriculture industry.

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.

Nuritas Announces Connecticut Headquarters in Plans to Expand into North America

Nuritas, an Irish biotech company, has announced their plans to set up a North American headquarters in New Haven. The location will be close to Yale in order to capitalize on the commercial and scientific talent and resources in the area.

Jean Claude Bacos, the Chief Commercial Officer for Nuritas, said some of the company’s Irish workforce will be relocating to Connecticut, including the Nuritas’ founder and chief executive officer, Nora Khaldi, who said the state “offers a unique quality of life for our employees.”

In addition to relocating some existing staff, the company intends to hire 12-15 people to expand their staff.

Through the use of artificial intelligence, Nuritas is on the lookout for bioactive peptides in familiar food sources. These peptides are protein fragments that benefit the body and health. Their use of AI to identify these peptides streamlines the process by substantially reducing the amount of time it takes to bring the next wave of plant-derived nutritional supplements to market.

“The fact that they are coming here, to this economic ecosystem is an endorsement of what we’re doing here,” said Josh Geballe, a senior associate provost for entrepreneurship and innovation at Yale University. “New Haven will continue to emerge as an alternative to major cities because of its affordability and quality of life.”

The company has built and scaled their own unique discovery platform over the course of the past 8 years, training it on years of proprietary experimental data. Development of the platform as well as processing of the discovered peptides are a source of constant R&D as the company strives to expand the industry’s capabilities.

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.

Carillon Technologies Receives $6.4M DARPA Contract

Mississippi Patent of the Month - August 2021

Carillon Technologies has been awarded a $6.4 million contract from the Defense Advanced Research Projects Agency (DARPA). The funding will go towards a project to prototype the next generation satellite-to-satellite communication systems using cutting edge commercial Holographic Optical Beam Steering (HOBS) technology from Lumotive, LLC.

Carillon Technologies has partnered with the Government and government contractors before, working to accelerate identification, adaptation, and deployment of cutting-edge commercial technologies to achieve critical government missions. Their technology spans tactical communication, optical communication, on-orbit systems, and distributed RF systems.

Using HOBS technology will allow for lightweight and affordable satellite communications. This will be breakthrough technology for use in both commercial and defense communication constellations as well as for new high-performance, highly-survivable space architectures. “This new solid-state HOBS technology will provide a step change in size, weight, and cost for satellite Free Space Optical Communications (FSOC) systems.” said Dr. John D. Evans, CEO of Carillon Technologies.

HOBS technology is being developed for automotive LIDAR applications by Lumotive, a commercial start-up. Lumotive will join this collaboration with Carillon and DARPA, combining their technology with Carillon’s expertise in forming business relationships that join defense and commercial sectors.

Currently R&D investments by venture, commercial and global companies dwarf those of the U.S. Government, with just 4% of global R&D performed within the defense ecosystem. “Carillon’s mission is to help ensure the security of America and the American people,” says Evans. “As a country, we cannot realistically hope to secure our Nation’s defense without robust access to commercial technology. Unfortunately, necessary government requirements make this collaboration nearly impossible. This DARPA effort exemplifies how Carillon’s team can bridge the defense and commercial worlds, and ensure America’s soldiers, sailors, marines, airmen and guardians have the technology they need to ensure our security now, and into the future.”

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.

Connecticut R&D Tax Credit Updated in State Budget Legislation

On June 23rd, Governor Lamont signed Connecticut’s state budget legislation into law. While the budget did not change anything for income or sales tax rates, it did include a change to the Connecticut State Research and Development Tax Credit.

There will be an increase in the R&D credit corporations may claim against their annual Connecticut tax liability over the next two years. This increase will bring the cap on this credit from 50.01% to 60% of their annual tax liability for the 2022 tax year and 70% for the 2023 tax year and onward.

However, the carryforward period for unused credits will be reduced. This period will now be capped to 15-year carryforward rather than the unlimited “period’ that was used before. This change will come into effect starting with R&D credits earned in the 2021 tax year.

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.

MannKind and United Therapeutics Earn FDA Priority Review Status

New Jersey Patent of the Month - May 2021

The FDA has granted priority review status for Tyvaso DPI as it seeks approval. Tyvaso DPI is a dry powder inhaled formulation of treprostinil to treat pulmonary arterial hypertension (PAH) as well as pulmonary hypertension associated with the interstitial lung disease (PH-ILD).

This priority review process shortens the FDA review period to eight months rather than an entire year.

United Therapeutics developed Tyvaso DPI and submitted the new drug application and request for priority review in April. MannKind Corp. developed the handheld Dreamboat inhalation device used to deliver Tyvaso DPI.

This collaboration works to deliver Tyvaso DPI to patients so that the drug may lower blood pressure and improve patient health. Over the course of initial Phase 1 trials, patients showed improvement in their ability to perform exercise and reduced PAH symptoms overall.

In anticipation of transitioning from manufacturing Dreamboats for a small clinical supply to a larger prelaunch inventory, MannKind is scaling up its R&D facility in Danbury, Connecticut.

“It’s exciting to bring growth and expansion to Danbury and the surrounding communities as MannKind continues to build upon its Technosphere technology,” said Joe Kocinsky, MannKind’s chief technology officer. “Our site will practically double in size as we spend the next months preparing for Tyvaso DPI, pending FDA approval.”

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.