ADP Ventures has invested in SPRX, an AI-powered platform that automates R&D tax credit claims, enhancing efficiency and reducing processing times significantly.

Target Company Overview

SPRX is a cutting-edge platform designed to streamline and automate the claims process for Research and Development (R&D) tax credits. Leveraging artificial intelligence, SPRX provides a comprehensive solution that includes calculating eligible tax credits, preparing necessary reports, and offering audit support in compliance with IRS regulations. By automating over 80% of the processes related to gathering complex information for R&D tax credits, SPRX significantly minimizes the time and effort required by organizations, ensuring greater efficiency and reduced risk of prolonged tax audits.

The complexity and time-consuming nature of R&D tax credit claims often leave many companies unaware of their eligibility, resulting in unclaimed credits. Recognizing this challenge, SPRX has revolutionized the process, decreasing the average claim duration from 270 days to approximately 5 days, thus enabling organizations to realize their potential tax benefits more effectively.

Industry Overview

The R&D tax credit industry in the United States plays a crucial role in stimulating innovation and encouraging businesses to invest in research and development activities. As companies increasingly focus on innovation to remain compe