Aembit Secures $25M in Series A Funding

Using Wi-FI? Here are three things you need to know about the KRACK in the system

Aembit, a leading non-human identity (NHI) IAM startup, has secured $25 million in Series A funding, bringing the total capital raised to nearly $45 million.

Aembit is a non-human Identity and Access Management (IAM) company focused on developing SaaS solutions to manage all the non-human access steps. That means the use of identity, policy-based, and MFA controls. Their goal is to bring improved cybersecurity to entities, limiting credential theft and loss.

This new funding comes after an increase in cybersecurity attacks including non-human identity attacks on Cloudflare, The New York Times, and Microsoft. NHI refers to the applications, scripts, and bots that businesses routinely use to automate their operations. These NHIs use credentials to communicate with sensitive databases, applications, and infrastructure. When compromised, hackers can access secrets like API keys, access tokens, and more.

Aembit’s solution is aimed at improving management of these NHIs. Leveraging native identities and sophisticated automation, organizations use Aembit to eliminate storage of sensitive secrets within applications or vaults by moving to short-lived access tokens with a no-code auth approach. With Aembit, businesses proactively secure non-human access while eliminating the manual and fragmented work required today by security, engineering, and DevSecOps teams.

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.

Huntress’ $150M Milestone: Revolutionizing Cybersecurity for SMEs

Missouri Patent of the Month - September 2021

Huntress, a trailblazer in cybersecurity for small businesses and service providers, has achieved a significant milestone by securing $150 million in a Series D funding round. This latest investment, led by Kleiner Perkins, Meritech Capital, and returning investor Sapphire Ventures, has propelled Huntress’ valuation beyond $1.5 billion, marking a pivotal moment in the company’s growth trajectory.

The fresh influx of capital will be channeled into advancing Huntress’ research in endpoint, identity, cloud, and SaaS security, as well as facilitating strategic acquisitions. This commitment underscores Huntress’ dedication to bolstering the cybersecurity defenses of small enterprises, which form the backbone of the global economy.

Huntress specializes in delivering cutting-edge cybersecurity solutions through its acclaimed Managed Security Platform. This platform, renowned for its advanced capabilities, integrates endpoint detection and response, identity threat detection and response, security awareness training, and an upcoming Security Information and Event Management (SIEM) solution. All these features are supported by a world-class Security Operations Center (SOC), ensuring robust protection for clients.

With the new funding, Huntress aims to develop and acquire innovative products, furthering its mission to safeguard vulnerable companies. The company is poised to expand its reach, ensuring that small businesses have access to top-tier cybersecurity tools before cybercriminals can exploit them.

Huntress’ recent accomplishments include over 70% year-over-year revenue growth for the past two years, recognition as the industry leader in endpoint detection and response for the eighth consecutive season, and leadership in managed detection and response according to G2 rankings. As Huntress approaches $100 million in annual recurring revenue and protects nearly 3.5 million endpoints and identities, this funding milestone marks a new era in the company’s mission to elevate cybersecurity for small enterprises worldwide.

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.

Unveiling the Innovation Odyssey: Joget, Inc.’s Remarkable Journey in Low-Code Development

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Joget, Inc., the global innovator in next-generation enterprise application development, has been included in the Forrester Research report, “The Low-Code Platforms For Citizen Developers Landscape, Q4 2023”. We believe the acknowledgment underscores Joget’s impactful presence in the low-code market and its consistent efforts to redefine enterprise application development through its platform.

The report, which serves as a crucial benchmark for application development and delivery leaders, offers an overview of low-code platforms for citizen developers. It can help them understand the value of a platform, how the vendors differ, and what options there are based on company sizes and market focus.

The cornerstone of Joget’s success lies in its commitment to pushing the boundaries of low-code development. In an era where agility and efficiency are paramount, Joget has emerged as a key player, demonstrating an unwavering dedication to empowering businesses through innovative solutions.

The company’s recent recognition in the “Low-Code Platforms Landscape 2023” report is a testament to its impactful strides in the industry. This acknowledgment not only reflects Joget’s current standing but also sheds light on its continuous evolution and adaptability in the ever-changing tech landscape.

Joget has been at the forefront of democratizing app development, enabling organizations to streamline their processes and boost productivity. 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.

BC3 Technologies Secures FDA Clearance and Launches Sprayable Bandage Product

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BC3 Technologies, Inc. received FDA clearance for their SEAL Hemostatic Wound Spray in February, and has since announced their plans to launch their product.

The privately held medical device company operates with the mission to change the way health care professionals and first responders manage life-threatening arterial bleeding. Each year, 40 percent of critically wounded people with arterial bleeding die in transit to the hospital. Pressure and bandages can only do so much to help when managing a bleeding wound. 

The sprayable bandage is designed with an aerosol can using chitosan to speed up blood clotting and seal up a wound. The spray forms a strong barrier over the wound, offering a painless method of halting the bleeding. The product was formulated for emergency situations, surgical environments, and for the battlefield where response time to hemorrhaging is the critical difference between life and death.

The company has performed studies, finding their formulation performed better than other chitosan-based products designed to reduce hemorrhage. Use of SEAL resulted in 50 percent less blood loss than other chitosan-based dressings or granules. Its proprietary aerosol delivery system – unique in the class – helps to stop the bleeding rapidly and effectively, and it reduces the risk of wound infections by preventing the growth of harmful bacteria. This novel spray design also allows the product to be applied directly to complex 3D wound architectures and forced into openings like gunshot wounds. This makes it more effective in reaching all aspects of the wound.

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.

Polaris Genomics Receives $100K and Will Continue Research on their PTSD Genomic Test

Maine Patent of the Month - June 2021

Polaris Genomics, a biotech startup, has announced their research will continue thanks to a $100,000 grant from the Maryland Industrial Partnership Program (MIPS). This grant matches a first grant awarded by MIPS back in the fall of 2020. 

The first grant allowed Polaris to begin partnering with researchers at the University of Maryland Baltimore, and with this second grant in place, that research can proceed.

The company brought the first and only PTSD genomic test to the industry, calling it PTS-ID. This genomic blood test is thought to identify persons with PTSD, measure the disease severity, and detect treatment response. The research will continue to evaluate PTS-ID’s efficacy and performance.

Early research had been conducted with a test pool comprising mostly white males. Their tests were then expanded, creating a small cohort of 69 African American men and women, allowing the researchers to observe how their biomarkers performed in a wider population. With a growing statistical significance in the data, the company intends to initiate Phase Two.

“Phase two will allow us to validate these findings with a larger group and to test the biomarkers’ ability to detect changes with treatment,” said Dr. Daniel J Roche, PhD, Assistant Professor Psychiatry at the University of Maryland School of Medicine and the Maryland Psychiatric Research Center.

The second grant is crucial to the mission of better serving veterans, first responders, frontline workers, and trauma-impacted communities alike. Based on the genomic insights and research outcomes, Polaris is moving rapidly towards product commercialization.

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.

Synteris Receives $2.7M Award for Ceramic Electronics 3D Printing Technology

New Mexico Patent of the Month - June 2021

Synteris, a Maryland-based startup, has raised $2.7 million in funding towards the development of a novel ceramic 3D printing approach. The funding comes from the US Department of Energy who released a total of $175 million through their Advanced Research Projects Agency-Energy (ARPA-E) grant program. The grants will fund 68 R&D projects focused on disruptive technologies in the energy, electric vehicle, storage, and nuclear recycling industries.

Synteris’ technology is designed to serve as an alternative means of producing parts from non-oxide ceramics, like carbides, nitrides, and borides. The approach synthesizes non-oxide material in-situ as opposed to directly laser melting ceramic feedstock powders. The use of laser-induced reactions between their reactive precursor system and a gaseous atmosphere synthesize an array of carbides or nitrides by altering the reactant gas and precursor constituents.

The technology has been coined Selective Laser Reaction Sintering (SLRS). The company intends to use this new funding to deploy SLRS in the creation of a new form of electronics packaging capable of improving EV and aircraft performance.

As part of the ARPA-E program, Synteris will work with the National Renewable Energy Laboratory to improve the thermal management, power density, performance, and lifetime of ceramic packaging for power electronic modules.

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.

XONA Systems Secured $7.2M in Series A Funding

Georgia Patent of the Month - January 2022

Maryland-based XONA Systems has closed their successful Series A funding with $7.2 million in funding. This funding will be directed towards building out the company’s sales and marketing team as well as an investment in product development. These two moves will position the company for an international expansion.

The startup developed a secure platform for businesses to use digital tools to control physical infrastructures including oil rigs and wind turbines. The company saw the need for remote and secure access to operational technology and built a platform that would meet these needs. 

“Being able to access operational technology and other critical systems at any time, and from anywhere is becoming a necessity. Hybrid work is convenient, cost effective and plays a role in recruitment and retention – but for critical infrastructure, it’s all that and way more,” said Bill Moore, founder and CEO at XONA. “There are countless reasons professionals running oil rigs in the middle of the ocean, manufacturing plants meeting high demand, water treatment facilities serving large populations and other critical facilities need 24/7 access. But providing that access has traditionally been complex and fraught with security issues – that’s why we built XONA.”

Technology agnostic and configured in minutes, XONA’s proprietary protocol isolation and zero-trust architecture immediately eliminates common attack vectors, while giving authorized users seamless and secure control of operational technology from any location or device. With integrated multi-factor authentication, user-to-asset access controls, user session analytics, and automatic video recording, XONA is the single, secure portal that connects the cyber-physical world and enables critical operations to happen from anywhere with total confidence and trust.

They intend for this expanded global presence to reach more than 25 countries which will further enhance their secure reach. As a result of the funding, Mike Janke, managing director at DataTribe Opportunities Fund, has joined the company’s board of directors. In addition, Jeff Williams, former chief revenue officer at FireEye, has joined as an independent board member.

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.

REGENXBIO to Announce Interim Clinical Trial Results

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Maryland-based REGENXBIO is a leading clinical-stage biotechnology company seeking to improve lives through the curative potential of gene therapy. Biotech, as an industry, is expensive and requires lots of capital to support any development and innovation. Earlier this month, REGENXBIO announced a partnership with AbbVie. Now, we can expect a presentation of some of their data from their RGX-314 clinical trials. The partnership with AbbVie allowed REGENXBIO to unlock the full value of its organic pipeline.

They will present their data at the Retina Society 54th Annual Scientific Meeting in Illinois. Their product, RGX-314, is a potential best-in-class, one-time gene therapy for the treatment of wet AMD. The presentation will show interim results at six months of follow up for patients in Cohort 1 (dose level: 2.5×1011 genome copies per eye)

RGX-314 is being investigated as a potential one-time treatment for wet AMD, diabetic retinopathy, and other chronic retinal conditions. RGX-314 consists of the NAV AAV8 vector, which encodes an antibody fragment designed to inhibit vascular endothelial growth factor (VEGF). RGX-314 is believed to inhibit the VEGF pathway by which new, leaky blood vessels grow and contribute to the accumulation of fluid in the retina.

REGENXBIO is advancing research in two separate routes of administration of RGX-314 to the eye, through a standardized subretinal delivery procedure as well as delivery to the suprachoroidal space. REGENXBIO has licensed certain exclusive rights to the SCS Microinjector® from Clearside Biomedical, Inc. to deliver gene therapy treatments to the suprachoroidal space of the eye.

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.

Tonix Pharmaceuticals to Open R&D Center in Maryland

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Tonix Pharmaceuticals, a pharmaceutical company focused on developing repurposed drugs for central nervous system (CNS) conditions, has announced their plans to acquire an R&D facility in Frederick, Maryland.

The 48,000 sqft R&D facility will expand their vaccine and treatment development capabilities, with initial focus on COVID-19. They have currently started development of three treatment options, adn are looking to speed up the development process. An additional vaccine in development would protect against smallpox and monkeypox.

As the Delta variant leads to a rising case count in both the US and the UK, development of additional or new vaccines and treatments is paramount. But COVID-19 isn’t the only concern in the states. The re-emergence of monkeypox has been noted with cases in the US, Israel, Africa, and the UK. Tonix Pharmaceuticals aims to use their R&D facility to create a rapid and effective vaccine pipeline with efficacious results to get ahead of potential spreading diseases. 

“The Fredrick facility will be a major expansion of our R&D capabilities,” Tonix CEO Dr. Seth Lederman said in a statement. “We believe this facility will ensure adequate resources and capacity to support and grow our pipeline of vaccines and antiviral therapeutics. In addition, we view control of in-house facilities as a strategic capability to ensure the speed and efficiency with which we can develop vaccines and antiviral products in the future against known, emerging or novel pathogens.”

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.

Maryland Startup Announces Next-Gen Quantum Computer

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Maryland-based quantum computing startup, IonQ, has announced its next-gen quantum computer. The device has a lower error rate than any other on the market due to the unique way it was built.

What is a Quantum Computer?

Simply put, a quantum computer is a machine that uses a quantum system to perform calculations that regular computers can’t. Classical computers (including smartphones and laptops) put information into binary “bits” – 0s and 1s. In a quantum computer, the basic unit of memory is a quantum bit (qubit). Qubits are made using physical systems, such as the spin of an electron or the orientation of a photon. These systems can be in many different arrangements all at once – quantum superposition. Qubits can also be inextricably linked  together – quantum entanglement. The result is that a series of qubits can represent different things simultaneously.

For example, eight bits is enough for a traditional computer to represent any number between 0 and 255. But, eight qubits is enough for a quantum computer to represent every number between 0 and 255 at the same time. A few hundred entangled qubits would be enough to represent more numbers than there are atoms in the universe.

Applications

Quantum computers have an edge of traditional computers because of this ability to link and represent information simultaneously. That makes them extremely useful for things like artificial intelligence (AI), and cybersecurity and encryption.

However, because developers are working with new, intricate technology, the systems are not always stable. Quantum computers are highly sensitive: heat, electromagnetic fields (EMFs) and collisions with air molecules can cause a qubit to lose its quantum properties. This process, known as quantum decoherence, causes the system to crash, and it happens more quickly the more particles that are involved. 

At present, classic computers outperform quantum computers, but that may change within the next decade. And, even then, they’re not likely to replace classical computers, but be used as a different tool; emails and spreadsheets will stay with computers we know now, and more advanced data work will be done on quantum computers.

IonQ’s Next Generation Computer

Quantum computer makers typically use ‘synthetic’ quantum systems for their quantum bits (qubits). For example, developers may use loops of supercooled superconducting wire,  intentional imperfections in crystalline silicon, or other designs carefully coaxed to behave as quantum systems.Some companies (like IBM and Google) are experimenting with superconducting qubits to develop their quantum computers. Others (like D-wave) utilize annealer technology, which involves cooling qubits during an algorithm’s execution to change their value passively. 

IonQ’s method is different. The company uses a naturally occurring quantum system: individual atoms. It uses a “flexible” Ion Trap Technology approach. This involves turning atoms into ions, and then using EMFs to deploy and trap the ions on silicon chips. It can then load any number of ions into a linear chain, meaning it can possibly use a 100+ qubit system without having to create new hardware. 

However, errors are extremely common with quantum computers, because of decoherence and/or quantum noise (interference from EMFs, lasers, etc). If this happens, the computing from the qubits is interrupted. Some quantum computer makers believe that more qubits will mean better working technology, so they add as many as possible and use separate systems to deal with errors. IonQ, on the other hand, is trying to develop qubits that are less error prone. And this could entail reducing the number of qubits in the system. For instance, quantum computers by IBM and Google have about 50 qubits; IonQ’s system has only 32. And yet it also has a lower error rate to give the system 99.9 percent fidelity. In fact, IBM has devised a calculation for quantum volume, and IonQ’s system calculates at over four million, the highest known number. 

IonQ says the computers should be commercially available soon.

Are you developing new software, products or inventions? 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.