TaxNova gets backing from a16z’s accelerator and Revolut and Miro operators

European tech startups are increasingly focused on streamlining crucial administrative processes, with TaxNova emerging as a notable example. This London-based company has secured $1 million in pre-seed funding, notably from Andreessen Horowitz's (a16z) accelerator, to automate the complex R&D tax credit claims process for tech firms. The backing from prominent figures associated with Revolut and Miro highlights the perceived value and potential of its innovative approach. TaxNova's solution directly addresses a significant pain point for technology companies, who often find the existing R&D tax credit application process to be time-consuming and prone to error. By integrating with commonly used engineering tools such as GitHub, Jira, Slack, and Notion, the platform leverages AI to automatically identify qualifying R&D work, calculate eligible costs, and generate audit-ready documentation. This automation aims to reduce the claim preparation time from months to weeks, preventing valuable engineering hours from being diverted to administrative tasks. The implications of TaxNova's technology extend to both individual companies and the broader European tech ecosystem. By simplifying R&D tax credit claims, the platform helps businesses, particularly smaller ones, to maximize their financial incentives, potentially freeing up capital for further innovation and growth. This focus on efficient resource allocation is crucial for fostering a more competitive and self-sufficient European digital landscape, reducing reliance on external funding and encouraging reinvestment within the region.