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How a deep-tech startup secured $1.2M without giving up equity.
The company was spending heavily on research, but claiming none of the tax credits or grants it qualified for. Skillfi's fractional CFO set up proper R&D cost tracking, filed for tax credits and won government grants, adding months of runway without selling a single share. It's how our fractional CFO service works: senior financial leadership, exactly when you need it.
Spending millions on research, and claiming nothing back.
The company develops new materials for longer-lasting batteries. Most of its 32 people were scientists and engineers, and most of its $4.5M yearly spend went on research, lab work and prototypes.
Its accountant filed basic returns, but nobody had ever claimed the R&D tax credits the work clearly qualified for, or applied for the government energy and manufacturing grants built for companies like it. Staff time wasn't tracked by project, so even the founders couldn't say how much went on research. With 13 months of cash left, the only plan was another equity round in a tough market.
We knew grants existed for companies like ours. We just never had the time or the know-how to go after them.
Co-Founder & CEO, client
Capture the R&D cost properly, then claim every dollar it qualifies for.
Our fractional CFO treated non-dilutive funding as a revenue stream, with tracking, deadlines and owners. Grant agreements and compliance terms were reviewed by our legal & compliance team.
R&D costs captured properly
Simple weekly time tracking by project, research costs coded in the books and technical notes kept as the work happened, ready for any review.
Tax credits for this year and past years
Federal and state R&D credits claimed for the current year, past returns amended where allowed, and payroll tax offsets used while the company isn't yet profitable.
Grants that match the mission
A grant calendar built around the company's research, with the CFO leading budgets and financial sections while the scientists wrote the technical case.
12 months, step by step
From no claims at all to a steady stream of non-dilutive funding. Here's how the engagement unfolded.
- Month 19 grants shortlisted
Funding review
Three years of spending reviewed against tax credit rules and a shortlist of grants that fit the research.
- Month 1–222 people tracking
Cost tracking set up
Project time tracking, research cost codes and a simple way for scientists to log technical progress.
- Month 2–4$540K claimed
Tax credit claims
Current-year credits claimed and past returns amended with specialist tax advisers, with full supporting files.
- Month 3–63 submitted
Grant applications
Three grant applications written with the research team, with budgets, milestones and matching funds planned.
- Month 7–10$660K awarded
Grants awarded
Two grants won, with reporting, milestones and compliance set up so funds arrive on schedule.
- Month 11–12+7 months runway
Funding plan
A rolling calendar of credits and grants for the next two years, built into the company's financial plan.
Funding that doesn't cost equity
Four sources of non-dilutive money, run like a pipeline with owners, deadlines and expected values.
R&D captured as it happens
- Time by project
- Research cost codes
- Technical progress notes
Tax credits claimed
- Federal R&D credit
- State R&D credit
- Payroll tax offset
Grants won
- Energy research grants
- Manufacturing programs
- Strong financial sections
Built into the forecast
- Expected funding by month
- Runway scenarios
- Board updates
Twelve months later
Months of cash runway
Enough time to hit key milestones before the next raise.
That $1.2M bought us seven more months to prove our technology, without selling a single share. When we do raise again, it will be from a much stronger position.
Co-Founder & CEO, clientSpending on R&D, but not claiming credits or grants?
Our fractional CFO will track your research costs properly, claim the tax credits you qualify for and win grants that extend your runway without giving up equity. Need grant terms checked? Add our legal & compliance team.
- A non-dilutive funding review
- R&D cost tracking
- Tax credit claims
- Grant applications & reporting
30 minutes. No obligation.
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