Climavision Sees new R&D Facility in the Forecast
Climavision, Kentucky’s new weather-intelligence company, has announced they will be receiving a $100 million investment to open new R&D operations in North Carolina. The Rise Fund – a global impact investing platform – will help as Climavision strives to deliver technology and services that can help in the fight against climate change. Investments like this one aim at providing the technology needed to enable climate change solutions.
Climavision is a pioneering weather-intelligence company that is powered by a private network of high-resolution radars, GPS-RO data, and proprietary software. Their goal is to improve both timing and accuracy of weather forecasts as well as to fill gaps in weather surveillance. They were formed as a division of Enterprise Electronics Corp (EEC) – a massive supplier of weather radar systems.
With this $100M funding, they intend to open a new R&D department in Raleigh, North Carolina. Raleigh was chosen as it has a large local tech talent and a great meteorology program at North Carolina State University. They hope to use this division to change the landscape of weather forecasting, as they bring together a weather radar and satellite network with new prediction modeling tools. As of now, the industry relies on existing government data – but you can only interpret and analyze that in so many ways. With Climavision applying its own proprietary data to this mix, it can provide a more accurate forecast.
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.
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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.
