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

Revolutionizing Displays: NanoPattern’s Quantum Dot Ink Secures New Seed Funding

NanoPattern Technologies, Inc., led by cofounders Yu Kambe and Dmitri Talapin, has secured $1.5 million in a seed funding round. The funding will help to scale its photopatternable quantum dot ink, which enables the commercialization of next-generation displays.

The photopatternable quantum dot ink developed by NanoPattern is a game-changer for display component manufacturers. It facilitates the production of full-color microdisplays for a wide range of applications, including augmented reality, virtual reality, wearables, smartphones, tablets, and televisions.

This latest funding round follows a series of strategic investments, including support from the Polsky Center’s George Shultz Innovation Fund and grants from the National Science Foundation’s Small Business Innovation Research program. These investments have been instrumental in fueling NanoPattern’s research and development efforts, allowing the company to demonstrate the effectiveness and reliability of its quantum dot ink.

Partnering with Nanosys Shoei, the world’s largest quantum dot manufacturer, NanoPattern has successfully showcased sub-10 micron pixel resolution, paving the way for widespread adoption of its technology. With the new funding, the company plans to transition from product demonstration to showcasing product-specific features while enhancing quantity control and manufacturing capabilities.

Expansion into a cleanroom environment is also on the agenda for NanoPattern, highlighting the company’s commitment to maintaining rigorous quality standards. Leveraging the advantages of the Chicago area ecosystem, including access to cleanrooms and top talent from local universities, NanoPattern is poised for further growth and innovation.

The successful seed round, led by Queen City Angels and supported by other prominent investors, is a testament to NanoPattern’s potential to disrupt the display industry. With plans to expand its team and attract top talent to the Midwest, NanoPattern is poised to lead the charge in advancing display technology and driving innovation in the region.

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.

Vivante Health’s Secures $31M to Transform Digestive Health with Novel Platform

South Carolina Patent of the Month - June 2021

Vivante Health recently announced a remarkable achievement in securing a $31 million Series B funding round, led by the Mercato Partners. This infusion of capital has propelled Vivante Health’s total funding to an impressive $47 million, reflecting the immense promise and potential of their innovative approach to gastrointestinal (GI) health.

At the core of Vivante Health’s offering is their cutting-edge platform known as GIThrive, a digital solution designed to provide personalized care plans for individuals grappling with digestive disorders. GIThrive empowers patients to take charge of their health by enabling them to track symptoms, access educational content, and engage with self-guided behavioral health modules. What sets GIThrive apart is its integrated care team, which includes dietitians, coaches, and healthcare physicians, all readily accessible through the platform.

The Illinois-based company’s recent funding success will be channeled into enhancing their technology and expanding their workforce, reaffirming their commitment to advancing GI health solutions. Bill Snyder, CEO of Vivante Health, articulated the company’s vision, stating, “One in four Americans suffers from a digestive disorder or undiagnosed digestive symptoms that affect their quality of life as well as their healthcare costs. We have proven that our scalable technology platform paired with our comprehensive care team results in better health, lower costs and a much better experience for the members we serve.”

Vivante Health’s remarkable journey of research and development has garnered significant attention and investment, with prior funding rounds including a $16 million Series A round in the previous year, a $5.8 million Series A1 investment in 2020, and a $6 million investment in 2018.

Their partnership with Solera Health, a digital platform specializing in benefits and chronic disease management programs, underscores the growing recognition of Vivante’s pioneering role in the field. As Vivante Health continues to make strides in digestive health, their all-in-one digital program, GIThrive, is poised to empower millions of individuals to reclaim their lives from digestive symptoms while significantly reducing healthcare costs for employers and health plans.

Vivante Health’s mission to tackle digestive diseases head-on is a testament to their dedication to improving the lives of millions and reshaping the landscape of GI health. With their innovative solutions, they offer hope and relief to those affected by digestive disorders, promising a brighter and healthier future for all.

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.

Sivananthan Labs: Leading the Way in Quantum Sensing

Sivananthan Laboratories Inc. has announced the successful completion of a $1.5M award from the Small Business Technology Transfer (STTR) Phase II program for the development of an entangled short-wavelength infrared (En-SWIR) photon source. This is an exciting development in the field of quantum sensing and promises many orders of magnitude enhancements in imaging, sensing, computing, metrology, and communication.

The En-SWIR entangled photon source and detector system envisioned by Sivananthan Laboratories, featuring advanced image processing algorithms, ultimately promises to be an enabling technology for rapid and effective decision making, increasing the speed and reach of disruption of any defense forces. This development is consistent with Sivananthan Laboratories’ business model and long-standing commitment to developing advanced technology for the US military.

Led by Dr. Paul Boieriu, the latest development follows the initial success of their Phase I project which established proof of concept and demonstrated remarkable potential of the fast-emerging field of quantum sensing. The project operates on the concept that when used as part of Sivananthan Laboratories’ imaging system, the En-SWIR increases signal-to-noise ratio, allowing for non-direct-line-of-sight imaging of distant objects with increased image quality and low power consumption, making it ideally suitable for space-based applications.

Sivananthan Laboratories is a high-tech business incubator and a national leader in the infrared sensing and imaging industry. The company was formed in September 2009 with a mission to nurture and foster the development of cutting-edge research in areas pertaining to national security, both physical and economic, and socio-economic development.

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.

Solid-State Battery Startup Natrion Secures $2M in Seed Funding

Illinois-based Natrion has announced the close of their first-ever seed funding round which successfully raised $2 million. The company is focused on the development of batteries that will better support mass market electric vehicles (EV), pushing their boundaries in terms of distance and power.

With growing global climate crises and climbing gas prices, it’s no surprise that there is also a growing demand for Evs. As this demand grows, so will the need for batteries to power them. This is where Natrion comes in.

The company has R&D facilities in New York and Illinois with semi-automated pouch cell production lines for the manufacture of prototype multi-layer pouch cells for use in EVs. These facilities are further set apart from others by the company’s specialized handling of lithium metal for the construction of lithium metal batteries.

Presently, EVs are limited by known fire safety risks and the high cost associated with prevailing lithium ion battery tech. But Natrion’s solid-state lithium-ion and sodium-ion battery chemistries are set to overcome these obstacles.

Natrion replaces plastic membranes with a Lithium Solid Ionic Composite (LISIC). The plastic membranes are soaked in highly volatile and flammable liquids which can create serious fire risks and also cause degradation of the chemical reactions. This degradation limits the battery performance and lifespan. LISIC, on the other hand, achieves the performance needed without any liquid and therefore has improved battery safety, performance, and durability.

This seed funding, along with a previously acquired $200,000 contract from the US Department of Defense will support the development of pouch cells to house the LISIC prototypes in full-size cells.

“Having the backing of investors of this caliber has positioned us well to continue to lead the pack and push the boundaries of what’s possible. Over the years we’ve assembled a stellar core research and development team that will now have all the necessary resources to make Natrion’s vision a reality,” Alex Kosyakov, CEO and co-founder of Natrion, said in a statement.

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.

Illinois Innovation Network Distributes Their First Group of Awards

Illinois Innovation Network has announced their first group of innovation awards at the Illinois State Fair’s Tech Prairie STEAM Expo. These awards went to individuals from their 15 hubs who have made advances in research, tech commercialization, and education.

The awards were presented to faculty staff or scientists from IIN in three subject areas:

Environment and water
Food and agriculture
Health and wellness

They also presented an award to the most impactful innovation by a team and two awards to the student innovators from IIn member universities.

The award winners were:

- Environment & Water Category
  - Kenneth B. Anderson – director of the Advanced Coal and Energy Research Center and professor of geochemistry at SIUC
  - Anderson is in the application process of processing biomass such as agriculture wastes into high-value platform chemicals
- Food & Agriculture Category
  - Girish Chowdary – director of the Distributed Autonomous Systems Laboratory and Donald Biggar WIlle Faculty Fellow at the University of Illinois at Urbana-Champaign (UIUC) and co-founder and CTO of EarthSense
  - EarthSense enables the creation of highly productive, resilient, sustainable crops.
- Health and Wellness Category
  - Aadeel Akhtar – Founder of PSYONIC, based at the EnterpriseWorks incubator in the UIUC Research Park
  - Development of algorithms that make upper-limb prosthetics much more functional to use.

Elizabeth Gaillard – professor of chemistry and biological sciences at Northern Illinois University (NIU) who studies diabetic retinopathy and age-related macular degeneration.

- - Gaillard’s research is changing the way these diseases are diagnosed and treated
- Teams (other category)
  - SHIELD Team includes:

Martin Burke – the May and Ving Lee Professor for CHemical Innovation

Timothy Fan – professor of veterinary clinical medicine

Paul Hergenrother – Kenneth L. Rinehart Hr. Endowed Chair in Natural Products Chemistry and Professor of Chemistry

Nigel Goldenfeld – Swanlund CHair and professor of physics

William Sullivan – professor and director of Rokwire open-source mobile application form

Rebecca Lee Smith – associate professor of pathobiology

- - SHIELD: Target, Test, Tell team are developing a saliva-based COVID-19 test and mobile app to help safely reopen campuses
- Student Category

Alex Kosyakov – founder of Natrion

- - Natrion is a battery R&D startup launched by Kosyakov and Tom Rouffiac

Nelson Fernades – founder and project manager of SIUC’s Green Roof Project

- They transformed an existing 10-year-old urban horticulture research facility into a multidisciplinary innovation hub for experiential and experimental learning

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.

Syngenta Seeds Begins Construction for New R&D Facility

Syngenta Seeds is a leading global provider of agricultural science and technology, especially with seeds and crop protection products. They have recently begun construction on a brand new R&D innovation center just outside of Creston and Malta, Illinois. With current plans, the facility will be opened and ready to go in late 2022.

The 88-acre, 100, 000 sq ft facility will provide a brand new home base for the company’s research and development. Syngenta is focused on developing products to safely feed the world, while taking care of the planet. That means sustainable, healthy, and quality agricultural products.

Syngenta said the site was selected for its location, soil type and accessibility, and will provide facilities for large-scale events and engagement with growers on corn and soybean technology and innovation.

“This new site will enable us to accelerate our innovation in Seeds R&D while strengthening our focus on delivering new capabilities through investments in breeding and digital technologies,” Trevor Hohls, Syngenta global head of seeds development, said in a press release. “This is a strong statement of our commitment to innovation and providing our scientists with the resources to bring the best products and technologies to solve the key problems that growers face.”

The facility will also spotlight how Syngenta is transforming product development through on-farm collaboration with growers, a press release said.

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.

120Water to Monitor Potential COVID Outbreaks in Illinois

120Water has announced their partnership with the Illinois Department of Public Health (IDPH) and Discovery Partners Institute (DPI). This partnership will provide the funding and technology needed for 120Water to conduct a statewide COVID-19 wastewater surveillance program. This county-level data will offer early warnings of any re-emerging COVID-19 outbreaks to public officials.

120Water is a trusted advisor in water programs nationwide, offering cloud-based software and digital sampling kits to protect public health. They have developed testing procedures to detect SARS-CoV-2 RNA in wastewater sewage which can provide a 7 day leading indicator of outbreaks. This monitoring program was tested first in just 10 Illinois counties but, following success, will expand to all 102 counties by January. With accurate and rapid results, this could give public health officials the chance to respond immediately to any new outbreaks.

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.

Verizon has Launched a 5G Lab at the University of Illinois Research Park

Verizon has launched a new 5G innovation hub at the University of Illinois. It’s part of the company’s plan to utilize 5G technology in more real world applications. The ‘Verizon 5G Ultra Wideband’ service will explore how 5G can be used in machine learning, IoT, robotics, AI, guided vehicles, drones, VR, data analytics, and more.

“Verizon 5G Ultra Wideband’s super-fast speeds, increased bandwidth and low latency can enhance applications for industries ranging from agriculture to manufacturing,” said Tami Erwin, EVP and CEO of Verizon Business. “The Research Park is an ideal location for our latest 5G Innovation Hub serving as an environment that cultivates startups, and inspires collaboration among various corporate partners and students to spur creativity and accelerate the innovation process.”

The Innovation Hub at the University of Illinois Research Park at Urbana-Champaign is home to more than 120 companies. It allows students, startups and tech employees to combine their knowledge and skills, to collaborate and develop innovations.

Verizon’s Illinois launch is part of the company’s larger plan to partner with enterprises, startups, universities, labs, and government, to explore how 5G can disrupt and transform industries. It has six 5G labs in the U.S., each specializing in exploring use cases in industries from healthcare to entertainment. For example, its Columbia University Lab is working on rehabilitation through VR. The 5G provides extremely low latency, meaning that two people can work together faster (e.g. a patient and a physician), or a person can view their own movements back in real time. One of Verizon’s New York Labs explores the future of retail, attempting to leverage 5G technology into smart wearable devices and augmented reality shopping apps. Another New York team looks at mobile and computer gaming, with 5G improving the processing power (e.g. faster rendering, less lag, better ability for graphics, etc).

Are you developing a new invention? Did you know your R&D experiments could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? 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.’s largest Specialist R&D tax advisory firms, offering tax credibility assessments, claim preparation, and advisory services. 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 and CFPs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Chicago and Indiana Among the Fastest Growing Life Sciences Clusters

In an industrial sector defined mostly by innovation, life sciences research remains a high expense, high-risk scheme – and having a great location strategy is a vital success factor.

According to Deloitte’s 2019 Global Life Sciences Outlook, rising research and development (R&D) costs, operating costs, competitive wages for top talents, and skyrocketing lab rent payment in top tier clusters are driving life science firms to newfangled and creative real estate strategies so they can remain near resources and top talent.

Competitive and expensive real estate markets are forcing life sciences firms to think twice when assessing their real estate preferences. For the most highly in-demand locations, fierce competition for talent and space is resulting in both creative renovations and new development of first generation space.

But not every need for life sciences laboratory space can be met in larger and more established clusters such as San Diego, Boston-Cambridge, or Raleigh Durham. As these cities face a scarcity of laboratory space and other life sciences real estate, companies looking for alternative options are discovering second-rank markets such as Chicago, Indiana, Seattle, and Denver. Even though established United States clusters are located on either coast, emerging clusters are showing that life science companies are growing and taking root in the middle of the nation.

Midwest cities such as Indiana are showing sufficient growth to rank as emerging clusters. Indiana’s pharmaceutical and medical device industries have shown steady growth since 2014 and was ranked in the top 10 states for bio-science patent distributions in 2016. According to TEConomy 2018 research on Investment, Innovation, and Job Creation in the Bioscience Industry, Indiana boasted the highest location quotient for drugs and pharmaceuticals compared to all other US states. This implies there is a high employment concentration in the industry in this city relative to the rest of the nation.

Illinois, chiefly the Chicago region, is now home to several top research institutions and universities, and also boasts the headquarters of big firms such as Hospira, Baxter International and Abbot Laboratories.

The Windy City also received favorable attention in February 2018 when CBRE (the commercial real estate giant) pointed out the city’s emergence as a noteworthy life sciences cluster. And even though the region ranks tenth in NIH funding with awards totaling around $688.2 million, it placed ninth in lab space (8.8 million square feet), patents (1246), and VC funding ($332.21 million from nine deals).

Over the next few years, we can expect these city’s commercial real estate sector to be the main beneficiaries of the booming life sciences sector.

Pfizer Cuts 150 Jobs From R&D Program

Pfizer is starting out 2019 by tearing up its intermediate-stage and preclinical research and development operations focused on biosimilar drugs, which will cut off hundreds of employees who were engaged in the development program.

This is the second year in a row Pfizer has taken out its budget axe. In 2018, the firm terminated its neurosciences division, discarding new drugs and laying off about 300 workers in Andover, Massachusetts and Connecticut.

Pfizer has decided to cut off 150 workers at two of its sites in Chennai (India) and Lake Forest (Illinois, US) through phasing out five of its preclinical biosimilar developments. This will allow Pfizer to redirect the development’s funding to its growing late-stage programs across the firm’s other significant therapeutic areas of research.

The resolution was made after an annual Research and Development investment review, which chose to drop the biosimilar candidates.

According to Pfizer’s spokesperson, Thomas Biegi, the preclinical biosimilar assets were, after all, four to eight years from being made available to patients through commercialization.

“This choice will support Pfizer’s ability to better assign its resources to cutting edge late-stage programs in ailments where patients have only a few or no treatment options, such as oncology, neurological drugs, or rare diseases,” Thomas told BioProcess International.

He further emphasized that this reduction of its pipeline does not imply Pfizer’s general commitment to biosimilars changes.

While the company’s decision will see around 150 Pfizer workers within the R&D sector lose their jobs, on the bright side, it is expected to dismiss most of these individuals through early retirement and voluntary layoffs through the end of 2018 and into early 2019.

Furthermore, both R&D groups affected by this cut were inherited during the 2015, $15 billion buyout of Hospira. In fact, this acquisition is what put Pfizer in the biosimilars business.