Textiles – Swanson Reed | Specialist R&D Tax Advisors

Axiom Space Partners with Prada on High End Spacesuit

Houston-based Axiom Space has partnered with Prada to bring fashion and function to new heights – astronomical heights. The startup has unveiled their brand new spacesuit at the International Astronautical Congress in Milan.

Any feasible spacesuit must be designed with all the threats of space in mind: the vacuum of space, the temperature of space, debris in space and more. While maintaining durability, the suite must also enable dexterity which means flexibility at the knees and elbows and maneuverability of the fingers.

While the partnership lends some flash and credence to the brand, the fashion mogul’s role in the suit design remains a mystery, likely due to its proprietary nature. That being said, Prada Group’s Chief Marketing Officer Lorenzo Bertelli did say the company brought expertise on “high-performance materials, features, and sewing techniques.”

Axiom’s AxEMU suit has already been through successful pressurized simulations with Artemis III partners. While the suit is a great achievement on its own, Axiom has bigger plans. The company has long planned to launch a commercial space station module to the International Space Station, and has ambitious plans to fly its own station as an ISS replacement in the 2030s.

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.

Solubag Bags $4.5M in Series A Funding

Solubag, a South Florida startup, has secured $4.5 million in Series A funding for their water soluble alternative to single-use plastic. The round was led by Exit Ventures with participation from Between the Coasts Ventures, Landon Ainge, a confidential customer, and others.

The plastic free bags utilize a material similar to that used in dissolvable medication tablets – like a gel cap. This material readily dissolves in contact with water without leaving any toxic or polluting residues behind.

The technology could be used for grocery bags, pet waste bags, utensils and more. The company says its products require no recycling or separation from other waste, as they dissolve in water or soil within weeks or months. The products are certified food-grade, with raw materials that have a long history of food safety.

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.

Teeing Up Success: Eastside Golf Secures $3.4M in Seed Funding

Eastside Golf, a burgeoning apparel company based in Wilmington, recently made waves in the industry with the announcement of a significant investment round totaling $3.4 million in seed funding. Led by Elysian Park Ventures (EPV) and PGA of America, this joint venture investment marks a pivotal moment for the company’s growth trajectory.

Founded in 2019 with a mission to promote diversity and youth engagement within the golfing community, Eastside Golf has quickly gained recognition for its innovative approach to sportswear. With a focus on inclusivity and style, the company has garnered attention from both consumers and industry insiders alike.

The infusion of capital from EPV and PGA of America comes at a crucial time for Eastside Golf, allowing the company to bolster its operational capacity and expand its apparel line. Key hires in wholesale management and product development signal the company’s commitment to strategic growth and scalability.

Recognizing the strategic value of its partnership with EPV and PGA of America, Eastside Golf aims to leverage their expertise and resources to drive exponential growth. With a solid foundation in place, the company is poised to capitalize on emerging opportunities in the market.

Looking ahead, Eastside Golf plans to launch a women’s apparel line, tapping into a new market segment while staying true to its core values of inclusivity and accessibility. Additionally, the company will expand its presence with new pop-up shops across the country, enhancing brand visibility and consumer engagement.

Beyond apparel, Eastside Golf is exploring new avenues for growth, including partnerships with athletes and celebrities to broaden its reach and influence. Community outreach initiatives and innovative product offerings further underscore the company’s commitment to driving positive change within the golfing community.

As Eastside Golf sets its sights on the future, the company remains dedicated to pushing the boundaries of traditional sportswear and redefining the golfing experience for a new generation of enthusiasts. With a strong foundation and strategic vision, Eastside Golf is poised to become a leading player in the 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.

Shloop Inc Brings Sustainability to Footwear with Algae-Based Shoes

New Mexico Patent of the Month - November 2021

Shloop, Inc. – The Shoe Loop – is investing $9 million to renovate a bakery into a footwear design studio. The catch? The shoes are made from algae.

Algae is the fastest growing plant on the planet. This can be a nuisance for people who own ponds and other common sources of algae. But Shloop is turning a nuisance into a sustainable option.

The company developed their own process to turn algae into BLOOM. Ryan Hunt, a Bloom founder, believed algae could be used to remove harmful nutrients, such as phosphorus and ammonia, from industrial and agricultural waste-water. This led to a process of extensive research, where the company discovered they could place protein-rich algae biomass under significant heat, pressure, and time to create a plasticization process. This discovery opened the door for even more innovation. They could clean the environment while simultaneously providing algae-based sustainable materials to the world.

Now, Shloop will use the BLOOM technology to produce sustainable footwear that won’t take up space in landfills or contribute to pollution. Their renovation will convert a 30,000 sq ft historic bakery in Mississippi into a footwear design studio and factory, employing 56 people. The shoes will also be able to be repaired or recycled providing a closed loop for shoes made by Shloop.

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.

AlgiKnit Pulls $13M in Series A Funding

New York-based AlgiKnit Inc., an algae-based textile startup, is working towards scaling their production capabilities and expanding their team. The company has just announced they secured $13 million in Series A funding led by Collaborative Fund. H&M CO: LAB (the investment arm of H&M Group), Starlight Ventures, Third Nature Ventures, as well as previous backers Horizons Ventures and SOSV also participated in the round.

Their latest round of funding will support their circular economy mission as well as help to invest in its manufacturing and R&D divisions. The startup plans to increase its team, currently 20 people, and is actively hiring for 10 new roles at its headquarters in North Carolina.

The company is focused on revolutionizing the fashion ecosystem, transforming seaweed into fiber for a truly eco-conscious material choice. At present, fast fashion and the over production of textiles from non-sustainable materials is creating massive environmental impacts. To combat this, the company started developing materials from seaweeds such as Macrocystis pyrifera – one of the planet’s most renewable and regenerative organisms. With these materials, they can generate yarns and fibers without relying on petroleum or toxic chemicals.

The startup says its goal is to provide designers and brands with the tools and materials necessary to create a sustainable future for people and the planet. AlgiKnit’s fibers can be used in various form factors including knit and woven goods for apparel, interiors, furnishings, and even automotives.

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.

Sortile Wins Circularity 22 Accelerate Competition to Improve Fashion Sustainability

Sortile has been announced as the winner for GreenBiz Group’s Circularity 22 Accelerate competition after taking the stage by storm with their captivating fast pitch. Four startups from across the circular economy landscape competed for the prize, pitching their ideas to two industry experts – Francesca Whitehead, investor at G2VP, and April Crow, vice president at Circulate Capital.

The textile waste management technology company is focused on creating a more robust, circular fashion industry. The rise of fast fashion and microtrends have led to approximately 92 million tons of global textile wastes created every year.

Sortile removes key barriers for textile recycling including the difficult sorting process and lack of data. With these barriers removed, brands are more likely to follow through on their sustainability commitments.

“I started my professional career doing research on Latin American retailers,” Sortile’s CEO Constanza Gomez, who grew up in Chile, told GreenBiz. “I was able to have a clear view of the amount of waste that was created in the industry. It quickly became a sort of obsession to understand why textiles were not recycled.”

The co-founders pitched their device which sorts clothing by fiber composition quickly and efficiently using near-infrared spectroscopy (NIRS). This technology is traditionally used to image and monitor blood oxygen levels in brains, muscles, and tissue for the detection of injury and disease. However, Sortile has found they can apply the technology to optimize textile recycling. When combined with Sortile’s proprietary machine learning algorithms, NIRS is able to scan apparel and identify fiber compositions with 95% accuracy.

This reduces the labor needed to properly process and sort textiles and cuts the time needed in half. It also provides valuable data for B2B customers and improves transparency. Companies that collect clothes (returns or donations) can sell them back to fiber recyclers – saving on disposal costs, diverting material from landfills and helping meet sustainability goals.

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.

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.

Tigeraire Receives Funding from General Catalyst

Tigeraire, Inc. is the first company in Louisiana to attract seed funding from a global top 50 venture capital firm – ever. This tech startup at the LSU Innovation Park has announced they have signed General Catalyst as their lead investor. General Catalyst is a Silicon Valley venture capital firm known for their investments in popular businesses including Venmo, Stripe, Airbnb, and TikTok.

Tigeraire got their start when Jack Karavich moved to Louisiana and began helping the LSU football team. He discovered the limitations of a football helmet in the blistering heat of summer – overheating and breathing difficulties. So he developed a prototype that enhanced airflow in the helmet. The design for this first model – the Cyclone – used dual blowers designed to fit between the padding inside a football helmet, providing cooler air and more comfort to the player. Their portfolio of products is set to grow over the next year into other sports as well as industrial hard hats and ballistic helmets.

One of the main goals of Tigeraire’s helmet technologies is to help battle extreme heat and humidity—a hallmark of south Louisiana. By improving airflow, “cooler heads can prevail,” the company argues, including through increased sweat evaporation and decreased visor fog.

Are you developing new products 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.