Onshore, an AI-powered platform maximizing tax incentives for innovative companies, has raised $31 million in Series B funding. Formerly known as SPRX, Onshore automates R&D tax credits, 179D deductions, and cost segregation studies, providing audit-ready results backed by evidence and expert review with minimal client effort. The funding will expand its intelligent automation capabilities to serve more sectors.
AI Overhauls R&D Tax Claims
The timing aligns with surging interest in AI applications for professional services. Onshore's outcomes-based model replaces legacy billable hours, delivering results in 2-3 weeks versus months for traditional methods. This positions the platform to capture growing demand from CFOs and finance teams seeking efficient tax optimization.
Innovative firms in software, engineering, manufacturing, architecture, agriculture, and system integration frequently underclaim eligible tax incentives due to documentation complexity and audit risks. Traditional tax services rely on manual labor and hourly billing, resulting in high costs, delays, and inconsistent quality. Onshore has identified over $600 million in incentives across more than 500 companies, underscoring the massive value left unclaimed annually.
Onshore built an AI-native platform that scans financials, projects, and operations to pinpoint incentives, generating defensible studies automatically. Its differentiation lies in combining machine intelligence with CPA oversight, ensuring 100% audit defensibility at a fraction of traditional costs. Unlike manual consultancies, Onshore guarantees outcomes without hourly fees, slashing turnaround to 2-3 weeks.
This speed and reliability address key pain points ignored by incumbents focused on compliance volume over innovation. The platform's evidence-based approach minimizes disputes, with free audit support included.
The Series B round counts backing from Y Combinator, FPV Ventures, Vertex Ventures, Restive Ventures, and Pruven. These investors signal strategic validation for AI disruption in a staid industry long dominated by time-based pricing. The capital supports product scaling and market expansion, aligning with Onshore's mission to rebuild tax services.
Onshore operates in a fragmented tax incentives landscape where software penetration remains low despite trillions in potential annual savings. Its traction—$600M+ unlocked—demonstrates product-market fit amid rising R&D spend. The shift to AI automation mirrors trends in legaltech and accounting, promising higher margins and broader access.
Competitive funding in tax tech underscores momentum, though specific recent rounds highlight investor appetite for automation. Onshore differentiates through full-stack coverage of credits and deductions, not just claims processing.
Onshore's founder brings direct experience from Grant Thornton’s Tax Innovation team, where tech-driven tax strategies were pioneered. This expertise infuses the platform with real-world credibility, bridging AI capabilities and regulatory nuances essential for defensibility.