Software developer Boast.ai is expanding its existing operations across Canada
With new positions to be established at their Montreal, Toronto, Calgary, and Vancouver offices. The company develops artificial intelligence and machine-learning-based systems to more efficiently and effectively prepare research and development tax credit claims.
Montreal Chosen as Hotspot for AI Development
The expansion will establish 50 new positions, nearly doubling the current extent of the company. Half of these new positions will be at their Montreal offices. These Montreal jobs are expected to be spread out among their engineering and sales departments. The growth of tech ventures in Montreal has been proceeding at a rapid pace, with many new offices and expansions planned. Notably, a new Google office is planned to open here in 2022.
In a press release, the company states that their decision to focus on Montreal during expansion comes from the thriving artificial intelligence industry there, with many prominent AI companies and startups present.
CEO of Boast.ai Alex Popa says that “We look forward to furthering collaborations with organizations such as Startupfest, Founder Institute Montréal, Montréal NewTech, and Next AI as we eagerly grow our operations in Montréal.”
Algorithmic Sofware Solutions for R&D Tax Credits
Boast.ai uses algorithms and artificial intelligence to better identify and evaluate research and development tax credits for companies, drawing information from their existing records and systems. They provide this service for both Canadian and US ventures, with both countries having complex R&D tax structures that many organizations struggle to implement.
The organization has already provided these services to over 1,000 organizations. Beyond their tax services, Boast.ai also uses their AI tech to identify possible sources of financing for R&D ventures. This enables organizations to fully exploit any funding available for their specific ventures.
Making the Most of Research and Development Funding in Canada
Canada strongly encourages innovation across all industries, and one of their primary instrument to do so is the Scientific Research and Experimental Development Program. The SR&ED program provides incentives through both income tax deductions and investment tax credits. Claimants receive over $3 billion in tax incentives from the program each year.
These benefits are available to organizations of any size and from any industry. The complexity of the incentive makes retrieving these benefits time-consuming for large organizations and sometimes prohibitive for smaller organizations. Boast.ai produces software to automate these tasks, providing fast and reliable data gathering and analysis. Through their systems, they allow organizations to fully benefit from R&D credits while avoiding the severe burden of a potential audit.
A Period of Marked Growth for Boast.ai
While Boast.ai has been operating for ten years now, the organization has just recently transitioned to this strategy of rapid growth. In December 2020, the company’s Series A round of funding generated $30 million. Boast.ai has also established a $125 million credit facility with Brevet Capital. These sources of funding are enabling Boast.ai to rapidly expand its operations throughout Canada and bring its AI tax solutions to even more organizations.