Established in February 2017, the Company intends to address the unmet needs of early-stage life science companies, by automating their R&D tax claims process, as well as provide life-sciences management and equipment location services. RDvault seeks to digitise a very manual, timely and complex problem, with a specific focus towards assisting UK life science companies with important administrative processes such as the claim of R&D tax credits.
Traditionally early stage Life Science companies are capital intense and extremely fragile immediately following incorporation. Also, their management may be inexperienced in the handling of early set-up costs or the economics of resource location and appropriate use. It is estimated that an average biotech start-up spends between £200,000 to £1m+ in the early stages of their business lifecycle, in addition early stage companies are usually non-revenue generating for 3-5 years and over 90% are deemed to fail: it is this target market that the Company seeks to serve.
For early-stage life science companies, the biggest problem is their access to ongoing finance and resources, making these two major factors key to a company’s survival. Typically, resources are invested in specialist equipment, product development, IP protection, and the employment of specialist staff. Such capital intense companies can exhaust funding, resulting in projects being delayed, discontinued or even risk company closure.
RDvault has identified a market opportunity for innovative Research and Development Apps and states from its recent market research that there is no other company in the UK offering a completely digital SaaS solution service focused purely on life science companies.
That said, the Company does have manual competitors in a broad range of sectors namely Forrest Brown and GrantTree, which themselves offer some SaaS elements. These competitors would not be considered life science specialists, or have in-depth knowledge of the sector with regards to life sciences consultancy and equipment location services.