Oklahoma – Swanson Reed | Specialist R&D Tax Advisors

Oklahoma’s Entrepreneurs Could Secure New Funding

Investments in innovation can boost economies and keep an industry growing. This logic is exactly why Oklahoma is investing in entrepreneurs with the next big idea.

The Builders + Backers Idea Accelerator is offering all Oklahomans over 18 a chance to test their entrepreneurial ideas by providing up to $5,000 in non-dilutive grants. Applicants do not need a full-formed business plan and pitch. The application simply requires an idea.

Those selected will partake in a 90-day virtual program without needing to quit their day job. The program will take off in November. The deadline to apply is Sept. 29, 2024.

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.

RFX Solutions Secures $9M in Series A Funding Round

RFX Solutions, Inc., a pioneer in SaaS compliance software for healthcare facilities, has announced the successful closure of a $9 million Series A funding round led by Arthur Ventures. This significant investment underscores the confidence in RFX Solutions’ mission to revolutionize healthcare compliance through innovative technology.

Partnering with Arthur Ventures for this pivotal phase of growth, RFX Solutions aims to leverage the firm’s expertise in partnering with growing B2B SaaS companies. Amanda Penrod, PhD, Co-Founder & CEO of RFX Solutions, expressed excitement about the partnership, emphasizing Arthur Ventures’ deep understanding of the SaaS landscape and shared vision for streamlining compliance processes in healthcare.

The funding will play a crucial role in accelerating RFX Solutions’ software development, enhancing the product roadmap, and strengthening sales enablement efforts. By focusing on regulatory compliance, RFX Solutions addresses a critical pain point in the healthcare industry, replacing manual handling of compliance data and regulatory documents with efficient and error-free solutions.

Patrick Meenan, general partner of Arthur Ventures, highlighted the transformative potential of RFX Solutions’ platform for Ambulatory Surgery Centers (ASC), offering comprehensive solutions to their mounting challenges. With RFX Solutions, ASCs can remain compliant, streamline operations, and prioritize delivering high-quality patient care.

RFX Solutions’ innovative approach promises a future where compliance is streamlined, risks are minimized, and healthcare facilities can refocus on patient care. The partnership with Arthur Ventures marks a significant milestone in RFX Solutions’ journey to redefine healthcare compliance through cutting-edge technology.

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.

Lumata Health and Prevent Blindness Join Forces to Tackle Mental Health Challenges for Americans with Vision Loss

Florida Patent of the Month - November 2021

Lumata Health, a healthcare startup that aims to prevent vision loss from chronic eye diseases, has partnered with Prevent Blindness, the leading volunteer eye health and safety organization in the US, to address barriers to care for patients. The partnership will initially focus on providing mental health resources to individuals with chronic eye diseases, including anxiety and depression. With over seven million Americans experiencing vision impairment and one in four adults with vision loss experiencing anxiety or depression, the partnership is timely and vital.

To kick off the partnership, Lumata Health and Prevent Blindness will collaborate on a training program for Lumata’s certified eye care coordinators. The program will focus on capacity building around mental health resources and support for individuals experiencing vision loss and blindness. Lumata’s care coordinators work directly with patients to ensure adherence to their doctor’s care plan and address barriers to care.

This partnership will enable Lumata’s team of care coordinators to connect with various resources in any given geographical area to support low vision patients. Lumata Health currently serves thousands of patients suffering from vision-threatening chronic eye conditions through partnerships with ophthalmology clinics and health systems. Patients supported by Lumata Health’s intelligent eye care management platform miss an average of 30% fewer appointments.

Prevent Blindness was founded over one hundred years ago, and together with its six state affiliates, advocates and engages millions of people each year to promote eye health and vision preservation. The organization’s services include public and professional education, advocacy, certified vision screening and training, community and patient service programs, and research.

The partnership between Lumata Health and Prevent Blindness will go a long way in addressing mental health issues among patients with chronic eye diseases. By providing impactful resources and support, the two organizations hope to prevent preventable blindness and preserve vision in the US. Follow Lumata Health and Prevent Blindness on their social channels for the latest news and information.

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.

Oklahoma Senate Passes Bill to Support R&D and Innovation in the State

The Oklahoma Senate has passed a bill by Senator Chris Kidd, R-Waurika, to attract research and development companies to Oklahoma. The bill will return to the House for final consideration before moving on to the governor’s desk.

House Bill 4354 – referred to as the Oklahoma Research and Development Act – was drafted to direct the Oklahoma Center for the Advancement of Science and Technology (OCAST) to provide matching grants for eligible companies. Eligible companies then partner in projects with research universities or nonprofit research institutions in the state with the intention of fostering development of key industries.

Sen. Kidd has been working to diversify the Oklahoman economy, sponsoring research activities, and increasing the state’s competitiveness.

“Currently, OCAST’s highly competitive awards only go to existing companies already in our state. This bill would set aside a pool of funds specifically for companies who choose to relocate here and want to perform research and development with our great research institutions.” Kidd said.

Under the Research and Development Attraction Grants Program, the matching grants could be awarded to cover up to 50 percent of the cost of the project, not to exceed $100,000. To be eligible, a business must:

Be an Oklahoma-based small business (less than 100 employees);
Operate in aerospace and autonomous systems, life sciences, or energy diversification;
Partner with an Oklahoma-based research entity;
Conduct its research and development project within Oklahoma; and
File an application with OCAST showing the total cost of the project and demonstrating private capital to fund at least 50 percent of the project.

Are you developing new technology for a new or 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.

AAON Acquires BasX

Mississippi Patent of the Month - August 2021

AAON, Inc., an Oklahoma-based company specialized in energy efficient HVAC products for nonresidential buildings has announced their plans to acquire BasX, LLC.

BasX, also known as BasX Solutions, manufactures data center cooling solutions, cleanroom systems, custom HVAC systems and modular solutions. This acquisition will provide a great launching point for AAON to dive into end-markets. BasX is already well-known to these end-markets. In addition,

“Upon closing this acquisition, we will continue to advance our long-term strategy of focusing on innovative, semi- custom and custom, energy efficient HVAC solutions for nonresidential applications”, commented Gary Fields, AAON’s President and Chief Executive Officer.

The acquisition will align AAON with their long-term growth and development plans as they work to expand their market holding. Through AAON’s technology and the highly engineered, customized products of BasX, they are set to further improve existing HVAC technologies and bring new innovation to the market.

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.

Canoo Gears up for Production of EVs

Canoo – a successful electric vehicle startup – has made moves to gear up for production. With plans to release electric minivans in 2022, and commercial vehicles soon after, they have hired hundreds of employees and started gathering suppliers needed for production.

They have plans to build what they call a “Mega Micro Factory” for pickup trucks and multipurpose delivery vehicles. This facility will be based in Oklahoma. The state has promised $300 million in undiluted financial incentives to support Phase II of their facilities and manufacturing.

Aquila said about one-third of Oklahoma’s investment will be available within the first 36 months. These funds will help the company progress in the transition to the gamma phase, which means Canoo is preparing to launch. Canoo increases its workforce from 230 to 656 each year, 70% of which are hardware and software engineers. Startup operating costs increased from $19.8 million year-on-year to $104.3 million, most of which was due to research and development.

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.

TulsaLabs and AI VentureTech Join Together for Space Research

TulsaLabs and AI VentureTech, Inc. have announced their collaboration for the launch of new space technology research labs in New York and Tulsa, Oklahoma.

TulsaLabs, a subsidiary of AppSwarm, is a startup technology accelerator that focuses on bringing application developers together to improve development processes. AI VentureTech is focused on AI R&D for the betterment of mankind.

The joint research labs will help these two companies to develop commercial space-related technologies that leverage AI, machine learning, and edge computing. Their priority is to develop high-performance computing micro-cloud applications in orbit, which can process and analyze huge quantities of data as it is created in space. Edge computing will speed this time-to-insight process from months to minutes.

The companies think these technologies could apply to plant hydroponics for space-based food growth, weather modeling, and medical imaging for long-duration space exploration.

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.

Recuro Health Selected for Funding from Cortado Ventures

SteadyMD Listed as One of 2021’s Finest Healthcare Startups

Cortado Ventures, an Oklahoma based venture fund, announces it’s plan to fund Recuro Health. Recuro is an integrated digital solutions platform which provides healthcare products and services to its members.

Recuro intends to use their integrated digital health solution to transition the U.S. healthcare system from a reactive, disease focused model to a population, health and outcomes approach. Their system provides a “digital medical home” for patients and reduces the need for episodic care – providing an overall healthier life.

Cortado was launched as a venture capital fund to help get the next generation of companies ready to bring future-ready tech jobs to the region.

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.

Firehawk Aerospace Gains Colby Harlow in Board of Directors

Firehawk Aerospace has gained Colby Harlow, President of Harlow Capital Management, on their board of directors. This addition comes with an investment of $1.2 million in seed financing for the rocket fuel technology startup, nearly doubling the fund.

Firehawk Aerospace is a startup focused on the development of a new hybrid rocket fuel. Their product enhances launch safety, cost, and transportation using additive manufacturing.The hybrid fuel combines liquid and solid propellants, and outcompetes other versions in the reduced cost and increased efficiency. Using their patented 3D-Ultra technology, they plan on optimizing the rocket manufacturing process so engines can be made as quickly and inexpensively as possible. Their design requires just 12 parts and uses 3D-printed fuel. Firehawk is proud to say their engines have a Zero TNT equivalency, meaning they do not detonate.

After being a finalist in the Startup Battlefield at TC Disrupt in 2020, they are looking to expand their R&D and manufacturing into Oklahoma and Texas.

Are you developing new products? 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.

Oklahoma Invention Index – December 2020

The Invention Index measures a country’s or state’s innovation output by comparing GDP growth with patent production growth.

Oklahoma Invention Index December 2020: 2.67% (A grade)

Oklahoma Invention Index over the last year:

OK-Invention-INDEX-1

Anything over C grade is positive sentiment; anything under C is negative outlook/sentiment. Using that sentiment, it is possible to observe trends over time, and also compare states/countries. In doing so we can predict which states have the best chance to recover economically from the pandemic (or any other economic incident that may occur).

Discussion:

In December, the Oklahoma Invention Index scored a positive sentiment which was higher than the previous year’s average and outperformed the downward trend for the year. This is in contrast to the prior 12 months, which experienced an upward trend. There has been no sudden drop in patent numbers, despite the evolving situation with Covid-19. However, it is possible that these approvals are happening on patents applied for prior to the Covid-19 outbreak. If this is the case, we may see a decrease in approvals – and a reduced Invention Index – in the coming months/years as the state feels the full economic impact of companies closing and/or being forced to minimize their staffing and therefore minimize their R&D work hours.

Learn more about the Invention Index here.

Are you thinking of patenting any of your bright ideas? Did you know your research work 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 CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.