Enterprise Startup incentivety estimates that companies are missing up to $ 1.2 billion of incentives – and this has just raised a new series of funding to help companies find tax advantages using AI.
The startup announced today a series of funding of $ 9.5 million $ 9.5 million led by Innovative Capital Group, a fund at the start of the stadium and a venture capital studio. The consulting firm Ryan LLC and Gary Gilbert, who co -founded Rocketmortgage and Cleveland Cavaliers co -owners, also participated in the round.
Founded in 2019, Incify, based in Los Angeles, offers software that helps companies manage their tax credits and their incentives (C&I). The startup uses AI to find applicable advantages depending on the history and the location of a business, and it manages the request process and the calendar of the entire C & I portfolio of a company.
InCify previously raised $ 4.25 million in 2020, and its customers include KPMG, Amazon, Cargill and the investor Ryan LLC.
Incending the CEO, Laurence Sotsky, said that adding the AI to the platform – namely Incify’s Explore Tool, where companies obtain personalized tax incentives – helped the startup to overeat its activities.
“To create Explore, we have compiled all federal, state and local subsidies, credit, reduction and incentive in a massive data warehouse,” he said. “We then formed our AI model on this vast set of data, allowing us to provide unrivaled information and rich content to our customers.”
Sotksy added that the Intentify business model was a difficult sale for some VCs during the fund collection process. In addition to traditional SaaS income, the incident also obtains costs when it connects customers to a network of partners to advise.
“Interesting, the greater the VC, the more difficult them seemed to be integrating into their investment thesis,” said Sotksy.
Investors predict that 2025 will be the year of specialization with regard to AI startups, and the tax and accounting space is no exception: startups like finally, which offers the accounting of the AI, and accounting, which builds an accounting technology in Ireland, both of funding last year.
In the tax credit space, the competitors of the INCIFY include mainstreet, which find tax credits for startups and small businesses and has collected more than $ 100 million from VCS, including Moxxie Ventures, Alumni Ventures and Gradient Ventures.
Here is an exclusive overview of the Pitch incentive to 20 slides used to increase its financing series by $ 9.5 million.
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