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

Oshi Health Secures $60M in Series C Funding

Michigan Patent of the Month - July 2021

New York-based Oshi Health, a digital GI health company, has secured $60 million in Series C funding. The round was led by Oak HC/FT with participation from CVS Health Ventures, Flare Capital Partners, Takeda Digital Ventures, Bessemer Venture Partners and First Cressey Ventures.

The company plans to use the funding to continue developing solutions for patients with gastrointestinal (GI) issues. Their approach? Connecting these patients virtually to a team of providers including a gastroenterologist, behavioral health clinician, dietitian, and health coach.

The company supports patients with Crohn’s Disease, irritable bowel syndrome (IBS) and ulcerative colitis. It also offers a symptom-tracking tool and instant messaging with providers.

The company was founded in 2020, quickly pulling in $23 million in Series A funding. In 2023, an additional $30 million in Series B funding was secured alongside a partnership with CVS Health. These moves have enabled Oshi to deliver their virtual GI support platform as an in-network provider in select states.

In addition to further development, Oshi will use the funds to expand its partnerships with provider groups and new employers. It will also work to grow its coverage among payers and expand into Medicare populations starting in 2025.

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.

Revolutionizing Building Insulation: CleanFiber’s $28M Series B Funding Round

CleanFiber Inc., a Buffalo-based materials science startup, is making waves in the construction industry with its innovative approach to building insulation. Recently, the company secured a remarkable $28 million Series B equity funding round, marking a significant milestone in its journey towards sustainable growth.

Founded on the principles of environmental stewardship and technological innovation, CleanFiber manufactures building insulation from recycled corrugated cardboard. This unique approach not only addresses the pressing need for sustainable construction materials but also offers a practical solution to waste management challenges.

Led by CEO Jonathan Strimling, CleanFiber has rapidly gained traction in the market, attracting investments from prominent sustainability-focused firms such as Spring Lane Capital, Climate Innovation Capital, AXA IM Alts, and Tokyu Construction/Global Brain. With the recent Series B round, CleanFiber’s total capital raised, including both equity and debt, has soared to over $100 million.

The company’s success story is deeply rooted in its commitment to innovation and community engagement. After winning a $500,000 prize in the 43North contest, CleanFiber relocated to Buffalo seven years ago, establishing its presence in the region’s burgeoning startup ecosystem. Over the years, the company has expanded its operations, employing approximately 95 people and transforming its factory on the former Bethlehem Steel site in Blasdell into a hub of sustainable manufacturing.

CleanFiber’s impressive growth trajectory is reflected in its year-over-year revenue, which has surged by at least 140% over the last three years. The Series B funding will further accelerate this growth by enabling the company to scale production, diversify its product portfolio, and enhance its market reach through strategic sales and marketing initiatives.

As one of the largest local raises in 2023, CleanFiber’s Series B funding underscores the growing investor interest in sustainable technologies and the company’s potential to drive positive change in the construction industry. With a clear vision and robust financial backing, CleanFiber is poised to revolutionize building insulation and set new standards for eco-friendly construction practices.

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.

Qloo’s $25M Series C Funding Propels Taste AI Innovation

Georgia Patent of the Month - January 2022

Cultural AI expert, Qloo, has successfully secured $25 million in Series C funding. Led by AI Ventures and featuring participation from prominent entities like AXA Venture Partners, Eldridge, and Moderne Ventures, this funding marks a significant milestone in Qloo’s journey as a pioneer in the evolving AI ecosystem.

Qloo’s forte lies in its sophisticated AI-powered insights engine, harnessing highly accurate behavioral data from consumers worldwide. With over half a billion attributes covering diverse categories such as consumer brands, music, film, TV, podcasts, dining, and travel, Qloo’s proprietary AI models identify trillions of connections between these entities. Notably, major brands like Netflix, Michelin, Samsung, and JCDecaux benefit from Qloo’s capabilities, gaining profound insights into customer tastes and preferences.

Crucially, Qloo navigates this landscape without compromising privacy, utilizing advancements that are increasingly pertinent in sectors like financial services, media and publishing, technology, and automotive. The demand for truthful and privacy-compliant AI solutions is soaring, and Qloo is at the forefront of delivering precisely that.

Alex Elias, Founder and CEO of Qloo, emphasizes the company’s commitment to merging cultural knowledge with advanced AI. “For over a decade, we have been committed to refining our cultural data science, and we are now entering an exhilarating phase of expansion, fueled by the growing importance of privacy and the democratization of AI technology,” says Elias.

The Series C funding positions Qloo to democratize AI further, introducing an accessible, self-service interface later this year. This move aims to make consumer and taste analytics available to small and mid-sized enterprises and individuals. Qloo’s ability to make accurate taste predictions, even with limited data, signifies a transformative shift in how AI comprehends our world and anticipates consumer preferences.

Liza Benson, Partner at Moderne Ventures, expresses enthusiasm about Qloo’s expansion into industries such as real estate, finance, and insurance. “It’s an exciting phase of growth, and we’re proud to be part of Qloo’s journey,” says Benson.

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.

Vero Technologies’ Ambitious Step in Revolutionizing Wholesale Financing

In a financial landscape marked by rapid evolution, Vero Finance Technologies, Inc.(Vero Technologies) has emerged as a trailblazer, harnessing innovation to make wholesale financing a lucrative revenue stream for banks. The company’s recent accomplishment—a successful $8.5 million Series A funding round—signals a promising future for both Vero Technologies and the financial institutions it aims to empower.

Wholesale financing, a critical component of the banking industry, has long been in need of a modernized approach. Vero Technologies recognizes this demand and has set out to transform the way banks navigate this complex terrain. The infusion of $8.5 million in Series A funding is a testament to the confidence investors have in Vero’s vision.

At the heart of Vero’s innovation lies a mission to streamline and optimize the wholesale financing process. By leveraging cutting-edge technology and data-driven insights, Vero Technologies is poised to enable banks to unlock the full potential of this revenue stream.

While the specifics of Vero’s technological advancements are yet to be unveiled, the impact is clear: enhanced efficiency, reduced risks, and increased profitability for banks. Wholesale financing, once considered a challenging and cumbersome aspect of banking operations, is now on the cusp of a transformation that promises to make it not only viable but also highly lucrative.

The successful Series A funding round, which attracted significant attention from investors, underscores the immense potential of Vero Technologies’ approach. As the financial industry continues to adapt to a rapidly changing landscape, solutions like those offered by Vero are poised to play a pivotal role in shaping its future.

Vero Technologies’ commitment to research and development, coupled with its innovative spirit, positions it as a driving force behind the evolution of wholesale financing. As banks embrace these advancements, they are likely to experience a substantial boost in revenue while navigating the complexities of wholesale financing with newfound ease.

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.

Revolutionizing Digestive Health: Oshi Health Takes Up $30M In Series B Funding

Digestive disorders affect 1 in 4 Americans and have a high economic burden, driving $135 billion in annual costs. Traditional GI care often leaves patients unsupported between visits, leading to prolonged suffering, high avoidable costs, and long wait times for appointments. But what if there was a way to address these issues and provide comprehensive care for digestive disorders? This is exactly what Oshi Health is aiming for.

Oshi Health, a virtual gastrointestinal care clinic, has recently raised $30 million in series B funding to scale up its technology and meet the growing demand from patients, employers, health plans, and provider groups. This brings their total funding to $59.5 million, and they have partnerships with health platform Solera Health and virtual care company Firefly Health.

Oshi Health is addressing issues including Crohn’s disease and ulcerative colitis, using a comprehensive approach with gastroenterologists, dietitians, behavioral health support, and care coordinators. Their virtual multidisciplinary care resulted in significantly higher levels of patient engagement, satisfaction, and symptom control, as per a prospective study sponsored by Oshi Health.

Moreover, the recent clinical study results are driving accelerated contracting with payers and employers to reimburse access to Oshi Health as a covered benefit. Oshi Health’s services also drove all-cause medical cost savings of $10,292 per patient in just six months, the study found.

The company connects users with an integrated care team consisting of GI specialists including board-certified gastroenterologists, registered dietitians, GI-specialized mental health clinicians, and nurse practitioners. Oshi Health’s approach is to get to the root causes of chronic digestive symptoms and help members understand their own dietary and psychological triggers through iterative treatment and response.

The company’s platform is currently available to over 20 million people as a preferred in-network virtual gastroenterology clinic for national and regional insurers as well as their employer customers. Oshi Health also partners with community GI practices in a collaborative hybrid model to extend access to care, including reimbursed access to dietary and behavioral therapies.

The new funding will accelerate the next phase of Oshi Health’s growth, to scale its clinical team nationwide and forge relationships with health plans, employers, channel partners, and provider groups. “Our investors are collectively funding the change-makers in the most crucial categories of healthcare,” said Sam Holliday, Oshi Health CEO. “They see the transformation opportunity and urgency in digestive care as clearly as we do, and we’re proud to have them back our mission to free millions of Americans from their struggle with digestive symptoms and conditions.”

Oshi Health’s success is part of a growing list of virtual-first companies focused on gastrointestinal care, and the sector is attracting more investment dollars. Ayble Health launched last year with $4.6 million in seed funding, and Salvo Health, a New York-based virtual health clinic focusing on specialty care for chronic gut conditions, nabbed $10 million in seed funding. Oshi Health’s unique care model, which provides comprehensive care and addresses chronic digestive symptoms, is revolutionizing digestive health.

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.

Accern Announces $20M Raised in Series B Funding

Accern Corp. has announced a successful Series B funding round resulting in $20 million. This capital will be directed towards “product-led growth” and specifically R&D efforts for their AI technologies.

Accern is focused on accelerating AI workflows for financial service enterprises using a no-code AI platform. They’ve conducted extensive R&D to create adaptive Natural Language Processing (NLP) and forecasting features to meet the needs in a wide range of AI use cases. While they started out by curating a narrow set of financial information pertaining to stocks, they then broadened their scope to other areas including credit and fraud monitoring.

“Accern’s enterprise focus is to accelerate innovation by providing organizations with … models that enable them to more efficiently transform their unstructured data into real business intelligence — while cutting down on time and costs,” Kumesh Aroomoogan, Cofounder of Accern, said. “Many of our customers use us to enhance their existing models, business intelligence dashboards and products with new features from text data in a no-code workflow.”

The no-code aspect of the product means any business can begin gathering data and gaining insights into their business. The system takes care of it for you , so no data science background is needed. It further cuts down the time needed to gain those insights, turning mass amounts of unstructured textual data (eg. news, social media, financial filings) into insights without the need for any code at all.

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.

AIM Photonics Secures New 7 Year Agreement

Arkansas Patent of the Month - September 2021

New York-based AIM Photonics (American Institute of Manufacturing Photonics) has secured a new seven-year cooperative agreement with the Air Force Research Laboratory (AFRL) and the Research Foundation of the State University of New York.

This agreement includes $321 million in funding and support with $165 million from AFRL and $156 million from other sources.

These funds will be directed towards the manufacturing readiness of advanced photonics. These photonics products are critical to national security and high-performance microelectronics.

New York State Governor Kathy Hochul believes focusing R&D efforts into merging technology sectors is key to rebuilding the state’s economy. “With this funding in hand, we are now better able to ensure New York and the nation will remain at the forefront in the world of technological innovation, research and development.”

AIM Photonics, headquartered at the Albany Nanotech Complex in Upstate New York, will continue its work to develop advanced integrated photonics capabilities for a wide array of existing products and will enable critical applications such as data communications, telecommunications, LiDAR, chemical and biological sensing, artificial intelligence, quantum applications and custom DoD applications.

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.

New York Commits 7.5M to Clean Energy Affordable Housing

Wisconsin Patent of the Month - May 2021

The Clean Energy Initiative announces $7.5 million in funding to create 600 energy efficient and all-electric affordable housing units in New York. The goal is to bring together highly efficient, all electric new construction as well as adaptive reuse projects to breathe carbon neutral affordable housing.

All space heating, cooling and domestic hot water appliances and equipment must be high-performance electric such as, but not limited to, air source or water source heat pumps or variable refrigerant flow (VRF) units and the buildings must achieve advanced levels of Energy Star Certification.

This pilot project is supported as a collaborative effort between New York State Homes and Community Renewal and the New York State Energy Research and Development Authority (NYSERDA). They believe this plan will help contribute to New York’s goal of an 85% reduction in greenhouse gas emissions by 2050.

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.

Researchers at Binghamton, SUNY and MIT Identify Issue with 3D Printing

Researchers at Binghamton University, the State University of New York and the Massachusetts Institute of Technology have identified an issue in 3D printers that is slowing down the printing process. If improved, it would allow faster production of 3D models.

In a paper titled, “Rate Limits of Additive Manufacturing by Fused Filament Fabrication and Guidelines for High-Throughput System Design,” researchers discovered that when printing at 0.2mm thickness, 3D printers built at a speed of around 10 to 20 cubic centimeters per hour.

Their findings stated that the printing speed is strongly related to temperature. The pinch-roller mechanism that feeds through the building material has a limited force and feed rate for melting the material completely. If the polymer was pre-heated or printed from multiple openings, the melting rate would increase and the polymer could more easily be pushed through the nozzle with the same amount of pressure. The researchers hope that their findings will inspire work like this in the future.

3D Printing for R&D

New York is the number one hub in the world for 3D printing, ahead of London and Paris, providing 453 3D printers for use.

3D printing is being used increasingly for designing, researching, testing and developing products. The creation of new or improved products with a 3D printer is generally considered an eligible R&D activity.

Businesses claiming the New York Excelsior R&D Tax Credit can receive a refundable tax credit equal to 10% of the federal R&D credit. For a free assessment, contact Swanson Reed R&D Tax Specialists to find out whether your business qualifies.