Neo.tax, a R&D tax credit app, has reportedly raised $3m in its seed round to help its goal of making R&D tax credits used by more US startups.
The capital round was supplied by Uncork Capital partner Andy McLoughlin, Floodgate partner Mike Maples, Jr, Liquid 2 Ventures general partner Michael Ma and Lux Capital partner Deena Shakir, according to a report from TechCrunch.
R&D tax credit, which is also called Research and Experimentation tax credit, is an incentive in the US which offers tax break incentives for increasing their investment into research and development.
Neo.tax aims to help more companies access the R&D tax credit by automating the processes involved. The app can also enable companies to see how much savings they can earn each year through the credit and how to get the refund.
To qualify, a business must You’re be building a new or improved product or feature, have less than $5 million in revenue and less than 5 years since first revenue. The company also needs to have employees and payroll taxes in the US.
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