Oklahoma Recent News – 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.

GE opens oil and gas R&D center in Oklahoma

Two test wells drilled deep underground and a well simulation towering five stories above, highlight the advanced research capabilities of GE’s Oil and Gas Technology Center.

GE have opened their oil and gas technology center in Oklahoma City, which is expected to become the central hub for the company’s scientists and engineers to collaborate with the oil and gas industry on digital and hardware solutions and advancements. The center consists of five stories and 125,000 sq ft of lab and office space, suitable for 230 employees.

The facility is designed to advance technology throughout the oil and natural gas industry, and is the company’s 10th worldwide research center, however, the first to specialize in one area.

GE’s CEO, Lorenzo Simonelli, says the research focus at the center will span across all areas of oil and gas such as; production solutions and well construction systems, oilfield facilities and systems, and reservoir performers. Simonelli believes a strong commitment to R&D will help the oil and gas customers find new efficiencies to work through tough market conditions and lead to transformational opportunities for the industry to thrive long term.

“This is a unique center from a global perspective and the plan is to be at the forefront and take the industry forward through applied technology,” Simonelli said. “Unconventional oil and gas drilling is taking place in other parts of the world. There is an opportunity to bring them in here to study and learn with others in the industry. This is going to provide the ability for commercialization of new technology and a new approach at a faster pace.”

The new technology center will accelerate innovation, the center will enable the full power of digital solutions and technology from across GE’s industrial businesses to advance the oil and gas industry.

While the oil and natural gas industry has used improved technology over the past decade to unlock vast amounts of oil and natural gas, the industry remains inefficient, said Mike Ming, general manager of the research facility. The new technology outcomes from this center will solve this issue by utilizing reserves in cost-effective and environmentally friendly ways and subsequently attracting companies from across the nation and around the world.

An innovative creation which has already been developed at the technology center is ‘Raven’ the prototype drone, engineered to detect emissions precisely and cost-effectively. ‘Raven’ has already been successfully piloted and was able to detect emissions from oilfield equipment at well sites in Arkansas. ‘Raven’ is one of many exciting developments to be produced from Oklahoma’s new research center.

To find out whether your company could qualify for the Federal Research Credit, Contact a Swanson Reed specialist.

BioVenture Forum in Oklahoma Encourages Entrepreneurship

The Oklahoma Medical Research Foundation (OMRF) BioVenture Forum aims to facilitate interactions between international scientific teams and the biotechnology community, demonstrating scientific achievements from Oklahoma to potential investors. “When people think of Oklahoma, they think of oil and gas… We want them to see a biotech mecca here, as well,” said Manu Nair, OMRF’s Vice President of Technology Ventures. One of the companies showcased at the forum was Oklahoma-based Selexys Pharmaceuticals, which has turned out to be a great entrepreneurial success story for the state.

In November 2016, the largest life sciences agreement in the history of Oklahoma was signed. Selexys were acquired by Novartis, who are the second largest pharmaceutical company in the world, for $665 million. This was one of the top five mergers of US-based companies in the last quarter of the year. Before the takeover, the start-up received investment funds from i2E (an Oklahoma-based small business) and the Oklahoma Life Sciences Fund, as well as around $12 million in grants.

Historically, venture capital has been in short supply in Oklahoma. Start-ups in Oklahoma are now being supported, thanks to the state’s model for developing venture capital. This includes both state and private funding from organizations like The Oklahoma Center for the Advancement of Science and Technology and i2E. While Oklahoma cannot compete with states like Massachusetts or New York, the cost of undertaking research there is lower, so investment funds can go further.

Former Selexys CEO, Scott Rollins, is now running another Oklahoma-based pharmaceutical company, Tetherex Pharmaceuticals, which aims to develop a treatment for Chrohn’s disease and cancer. Companies like this will benefit both Oklahoma and the global community for years to come.

There are many research activities that qualify pharmaceutical companies for the R&D Tax Credit. Contact a Swanson Reed specialist to learn more.

biotechnology entrepreneur oklahoma r&d pharmaceuticals startup tax credit

Oklahoma Company Turns Towards Innovation and R&D to Help Boost Business

Oklahoma City-based oil-field manufacturer Kimray Inc. has begun an R&D project to upgrade its signature valves and other equipment to run on electricity instead of methane or compressed air.

“It’s just going to evolve. I hope we don’t ever have a timeline to when it will be finished,” said Mark Anderson, Kimray’s product support manager. “As technology improves, the things we’re able to do it will just keep going.”

The new design will further reduce emissions and give operators more control of their equipment remotely which will decrease the need for travel. Remote operation is also less expensive and safer.

“If you’re in the energy industry any length of time, you’re going to have people talk about safety,” Anderson said. “The most dangerous thing we do is drive. It’s not the pressure. It’s not the work. It’s driving to and from locations. If we can keep people off the road to make changes and monitor leaks, it will also reduce our environmental impact. That’s a key thing to what we’re doing.”

Kimray is proof that innovation isn’t slowing down with the downturn of the oil and gas industry.

“The downturn actually helped us to know we were on the right track, heading in the right direction,” Anderson said. “It motivated us to get things done and speed things up.”

Many other oil and gas companies are following in Kimray’s footsteps and looking towards innovation and R&D to keep things afloat.

The Oklahoma R&D tax credit is available for those companies conducting R&D within the state. To find out if your company is eligible, please contact a Swanson Reed specialist for further information.

innovation oklahoma r&d tax credit