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

WarrCloud Secures $20M in Series B Funding

WarrCloud, a St. Louis – based tech firm, has raised $20 million in Series B funding. The round was led by Centana Growth Partners with participation from Argentum and Automotive Ventures.

WarrCloud has developed an automated warranty processing platform that fits seamlessly within their user’s systems. The new funding will expand their offering, using AI to further enhance warranty claims automation.

The company has had a big year, announcing partnerships with FordDirect, the Missouri Automobile Dealers Association (MADA), and American International Automobile Dealers Association (AIADA).

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.

InnovaPrep Acquires Clara Biotech

InnovaPrep LLC has acquired the assets of Clara Biotech, a startup which made a name for itself by launching a first-of-its kind cancer detection in 2015.

InnovaPrep is a local leader in the biotech industry. Their detection tech focuses on biological sample collection, concentration, and preparation. The company has commercialized a collection of market-disruptive platform technologies for rapid, automated concentration of biological particles.

The acquisition will support InnovaPrep as they begin development and experimentation in a very niche field – exosomes. Clara Biotech’s technology and team are experts in exosome isolation and preparation and will support InnovaPrep to step boldly into the niche field, with a ready to go team.

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.

St. Louis’ Startup, Eiwa, Closed a Successful Series A Funding

Eiwa, a St. Louis-based AgTech startup, has closed on a Series A funding round led by Serra Ventures. While the company did not disclose the amount raised in the funding round, a regulatory document it filed March 6 with the U.S. Securities and Exchange Commission showed the company has raised $1.6 million in equity financing.

Eiwa is working to streamline and improve the agricultural industry via digitization. Following the initial process of meeting and conversing with farmers across the globe, the company began developing a platform and algorithms to improve data acquisition, analytics, and visualization for seed breeders. Following this first push, the company has made an impressive mark, managing over 70% of all soybean breeding plots in the 3 main geographies: Argentina, Brazil, and the USA.

The company then expanded their expertise, bringing in functionalities which targeted Breeding, Crop Protection, Crop Nutrition, Marketing, and Sales and launched their proprietary solution: Eiwa Vault. This platform combines technology, images and data, enabling field information and data knowledge management in a simple and reliable framework focused on faster product development cycles and accelerated market deployment of Farm Inputs.

This commitment to innovation continues to drive the company. The latest round of funding will be directed towards funding both continued development and scaling the product on the market.

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.

Missouri Enacts R&D Credit to Start in 2023

Missouri companies that conduct research and development can look forward to a new tax credit which will be available starting in 2023. Taxpayers may be authorized to receive this credit against the Missouri corporate income tax and financial institutions tax equal to 15% of their “additional qualified research expenses”.

This is exciting news for the state, who has not had an R&D credit since the 2004 tax year. This news signals a positive trend for businesses and investment in the state. We are still waiting on guidance from the Director pertaining to the application manner.

Here is everything you need to know:

For tax years beginning on or after January 1, 2023, taxpayer’s may be authorized to receive a tax credit against the corporate income tax or financial institutions tax
The credit will be equal to 15% of their additional qualified research expenses
The credit may be increased to 20% if the expenses relate to research conducted in conjunction with a public or private Missouri college or university
Additional qualified research expenses refers to the difference between qualified research expenses, as certified by the Director, incurred in a tax year subtracted by the average of the taxpayer’s qualified research expenses incurred in the three immediately preceding tax years
“Qualified research expenses” has the same meaning as provided in IRC Sec. 41
12-year carryover
- If the credit amount exceeds a taxpayer’s tax liability, the excess may be carried forward for the next 12 succeeding years
Transferable credits
- Up to 100% of the credit may be transferred, sold, or assigned by filing a notarized endorsement thereof with the Department that names the transferee, the amount of tax credit transferred, and the value received for the credit, as well as any other information reasonably requested by the Department
Flow-through treatment
- For a taxpayer with flow-through tax treatment to its members, partners, or shareholders, the tax credit shall be allowed to members, partners, or shareholders in proportion to their share of ownership on the last day of the taxpayer’s tax period.
Three-year limitation
- A taxpayer’s credit may not exceed 200% of its average qualified research expenses incurred during the three immediately preceding tax years
Limits
- The highest amount of credit a single taxpayer may claim in one year is $300,000
- The aggregate of all tax credits shall not exceed $10 million in any year
- $5 million of such amount is reserved first for minority-owned, women-owned, and small businesses
- In the event that total eligible claims for credits received in a calendar year exceed the annual cap, each eligible claimant shall be issued credits based upon a pro-rata basis, given that all new businesses, defined as a business less than five years old, are issued full tax credits first
Sales tax exemption
- Purchases of Missouri qualified research and development equipment are exempt from all state and local sales and use tax

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.

Vitti Labs Announces FDA Approval for Phase II IND Clinical Trial

Vitti Labs LLC, a research and development tissue bank, has announced FDA approval of their Phase II investigational new drug (IND) clinical trial. With this approval, they can move forward with a Phase II Outpatient Clinical Trial using a combination of Umbilical Cord Mesenchymal Stem Cells and Mesenchymal Stem Cell Exosomes to treat Pulmonary Fibrosis secondary to COVID-19.

COVID-19 commonly results in the presence of one of two respiratory manifestations. The first manifestation is a significant reduction in the diffusing capacity of the lungs (FLCO). The second is associated pulmonary interstitial damage. Even a full year after a recovery from COVID-19, the incidence rate of impaired DLCO and persistent lung damage is still over 30%. These persistent complications have caused substantial population morbidity, long-term disability, and even death due to the fibrotic lung progression.

With this study, Vitti Labs believes they will be able to move forward with much needed treatment modalities for these and other respiratory and pulmonary diseases. Vitti Labs is the first to bring a Phase II trial for this treatment using these therapeutics.

The company harvests biomaterials from the umbilical cord and placenta, using their properties to activate and support the repair of the body. They harvest through the bio-ethically donation of birth tissue from healthy and consenting mothers across the United States.

Are you developing new pharmaceuticals 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.

Pluton Furthers Understanding of Bacteria Capable of Killing Mosquitoes

Louisiana Patent of the Month - August 2021

Pluton Biosciences has recently announced their participation in the Wells Fargo Innovation Incubator (IN2) program has generated a deeper understanding of how three novel bacteria work to kill disease-carrying mosquitoes. One of these is a larvicidal bacteria capable of killing the disease-carrying Aedes aegypti mosquito.

This Missouri-based company was founded in 2017 and is composed of a team of talented scientists, entrepreneurs, and technologists. They explore the diverse world of microorganisms in an effort to develop clean, eco-friendly products for carbon sequestration, agriculture, pharmaceuticals, biomaterials, and bioremediation. They developed a proprietary platform called the Micromining ® Innovation Engine which helps their scientists discover microbes with novel activities in only a few months.

During their time in IN2’s seventh cohort, they performed R&D activities at the Donald Danforth Plant Science Center in St. Louis. With Danforth’s biochemistry expertise, Pluton’s researchers have unraveled the chemistry behind three novel bioinsecticides discovered back in 2017. Previous developments by Pluton include microbes that have the potential to save crops, kill pests, reduce diseases, and even break down plastic waste.

In addition to working in the IN2 cohort, Pluton received $250,000 in technical assistance to further research into these three novel bacteria. This also came with access to state-of-the-art expertise and resources in the Danforth Center. Between funding and technology, pluton has doubled down on their research and intends to continue working with these novel bacteria characteristics.

Are you developing new biotechnology for a new 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.

BTO Announces $3.8M in SBIR Funding

Energy Americas, LLC. was the recipient of the Building Technologies Office’s (BTO) Small Business Innovation Research (SBIR) Phase I grant. Energy Americas qualified for this funding under Topic 12D: Advanced Building Control Systems for Controlled Environment Agriculture (CEA).

Missouri-based Energy Americas will use the funding to develop a smart climate control system capable of maintaining a stable and high-quality environment for indoor poultry farms. The goal being to allow farmers to raise chickens in a clean and healthy environment while reducing their heating fuel consumption by approximately 50%.

The BTO recently announced they will invest another $3.6 million in 21 projects across 14 states. These grants are awarded to companies whose projects have potential for commercialization. The grants help fund the R&D needed to realize these projects and allow companies to explore their technological potential. The Department of Energy funds these grants in an effort to support the development of clean energy technologies and a clean energy workforce.

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.

Medical Appointment Booking Software Wins Big at Kansas City Pure Pitch Rally

Kansas-based software company SureShow was the top prize winner at the fifth annual Pure Pitch Rally. The startup develops software solutions that allow medical practices to take online bookings in the event of no-shows. It took home $20,500 + $5,000 Technology Blueprint Award from Artisan Technology Group.

SureShow’s application allows online patients to be put in a queue, so when a clinic has a last minute cancellation, the physician can perform a virtual consultation (via computer or mobile app). With 25% of appointments resulting in a no-show, this system helps practices meet their full earning potential, and gives patients more access to the care they need. It integrates with clinics’ existing software, and is HIPAA compliant.

The company was one of eight tech startups that was invited to pitch and compete for funding at the Pure Pitch Rally, this year with a livestream audience. Each entrepreneur presented their ideas/company to ‘land sharks’, aka 88 CEOs and VIPs in the tech industry.

As well as SureShow, the eight startups included:

PMI Rate Pro, a startup that provides fast quotes for private mortgage insurance, which won $24,000.
Relay Trade Solutions, a company that connects all supply chain stakeholders for faster ordering, shipping and process, which won $10,000.
AgButler, a gig economy platform that provides job solutions to farmers and agricultural businesses, which won $9,000 + $3,000 People’s Choice Award funded by Lockton.
Air Traffic Awareness, an application to improve situational awareness for in-flight safety, which won $5,000.
Booth Browser, a mobile application company that helps vendors manage inventory and streamline transactions, which won $5,000.
NORDEF (AWA Technology), which streamlines processes in the automotive fluid industry, which won $5,000.
Plasmonic Diagnostics, a medical technology startup making diagnosing diseases faster and easier, which won $5,000.

Are you developing new tech? 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.’ 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 CPA’s. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Hampshire Pet Products Set A World Record Thanks To Its R&D Efforts

There are lots of world records regarding the pets we adore so much. For instance, the Longest Dog – a Great Dane that measured more than 7 feet from its hind legs to the nose. Tallest Dog? That was Zeus, another Great Dane that was 44 inches tall.

There is even a record for the heaviest dog. The English Mastiff named Zorba from the UK made the Guinness Book of World Records, thanks her massive size. She weighed more than 343 pounds and measured 8 feet 3 inches.

But there is a dog-related record that’s more interesting than all of these. In 2011, Hampshire Pet Products in Joplin, Missouri received an entry in the Guinness Book of World Records for making the largest dog biscuit that weighed 617 lb. (279.87 kg). The biscuit was 19 ft. (5.79 m) long, 1.63 inches (0.04 m) deep, and 3.8 ft. (1.16 m) wide. In addition, it required ten bakers to bake it, and it was made to celebrate the firm’s 10th anniversary.

In case you did not notice, the dog biscuit weighed twice as much as poor Zorba (the heaviest dog.) So how was Hampshire Pet Products able to pull it off?

Two months after the deadly Joplin tornado that blew out the south wall of Hampshire’s processing facility, the company, famed for its cold extruded and baked pet treats, got serious about setting a new Guinness world record for the biggest dog biscuit.

But it was not that simple. To turn this goal into a reality, it took the firm three consecutive months of baking trials with strict Research and Development (R&D) times before they could start the real attempt. On the day of the event, the baking procedure alone took four hours.

The company even added a new, secret weapon to its product development arsenal: a test facility.

“We now have our own internal R&D test kitchen, so we can test new products in house with the customer’s help or without the customer’s help,” Curt Dudley, vice president of sales says. “The previous Guinness Record for a dog biscuit was held in the UK and it weighed less than 300 pounds. Our company’s goal was to set a new record with a dog biscuit that weighed more than 400 pounds.”

This focus on R&D is also how Hampshire Pet Products, in partnership with its clients, is able to launch over 60 new products each year. Using the SKALA system, the company collects data during the different points in the baking process, which will be used for R&D purposes to innovate and increase efficiency. The company’s skilled employees have the ability to develop new and custom features for their equipment, providing a competitive advantage by increasing the business’s flexibility and being able to test new items in the market.

Benson Hill And Mars Inc Have Developed Technology To Protect The Cacao Tree

Cacao trees are the sole source of beans used in the manufacturing of chocolate. However, with the rising temperatures, specifically in the tropical forests, the trees are facing the danger of extinction.

It is with this concern that Benson Hill and Mars Inc. have come together to offer innovative solutions to saving the cacao tree. Benson Hill is an agricultural technology company that is based in St Louis. On the other hand, Mars Inc. is the leading candy manufacturer globally and is a specialist in breeding cacao, having invested in it for more than 20 years.

The partnership is aimed at improving the climate resiliency and productivity of the cacao trees after researching their genome.

Benson Hill has come up with an innovative technology platform that has the ability to combine big data and machine learning with genome editing and biology so as to speed up the growth process. Moreover, the plants are made more resilient to diseases and climate change. The CEO of Benson Hill, Matt Crisp, stated that the greatest beneficiaries of this innovative technology are both the consumers and farmers.

With the tropical regions being limited to West Africa, South America and Asia, farmers of the cacao trees face challenges from the limited water supply as well as the ever increasing temperatures. However, with this project, farmers will be able to produce more produce from smaller portions of land.

Mars chocolates are in huge demand, especially during holidays such as Halloween, Easter and Valentine’s Day. Over 2.8 billion pounds are consumed every year. As a result, solutions must be developed to protect the cacao tree and ensure that this demand can be met.