Opyl Ltd (ASX:OPL) has received a $200,500 R&D refund from the Australian Taxation Office which will assist the company's continuing research and development of three unique digital health platforms powered by artificial intelligence (AI).
The company's solutions offer life science and healthcare organisations ways to optimise types of health data and social media channels.
As a small company undertaking an ambitious pivot in a particularly uncertain business environment, the 43.5% R&D tax incentive is fundamental to Opyl’s continued investment in AI and health data research.
Opyl expects the ongoing development will likely lead to future research and development refunds.
Program "effectively drives growth”
Chief executive officer Michelle Gallaher said: “The R&D tax incentive is a critical program that effectively drives growth and recovery for small businesses and high-value technology-centric jobs at a time when Australia needs to lean into innovation as we emerge from the COVID-19 environment.
“Without the incentive, it would have been considerably harder to continue to invest in Opyl’s research program.”
Digital health focus amid COVID-19
COVID-19 has delivered a rapid escalation in the health market’s readiness to access and optimise data, social media and digital platforms.
As difficult as the COVID-19 conditions are for many businesses, it may be an accelerator for the uptake of Opyl services as the company moves for the first time in the company’s history, towards a cash neutral and positive position in the current quarter.
The global pandemic has validated Opyl’s focus on digital health, social media channels and data optimisation.
In the absence of a universal vaccine and validated drug therapies, data sharing across digital platforms like social media is saving lives and preventing infections.