Essencient Ltd

About Essencient Ltd

Essencient uses innovative, patented technology to change the world of social conversation analysis. Using natural language processing (NLP) techniques, the Company analyses high volumes of social conversations to find and eliminate the noise, or meaningless data, and to then provide the refined, meaningful data to its clients.

The innovation

Myriad quickly identified that the work undertaken by Essencient to make advancements in rules-based methodology for NLP using text from social media would qualify for R&D tax relief.  The development of the Company’s NLP system contained significant technical uncertainties, involving knowledge that could not be readily deduced by the company’s competent professionals.

How we helped

Myriad guided the Essencient’s management team through the R&D claim process.  Using its simple step-by-step process, Myriad covered off the technical, costing and tax elements of the R&D tax claim.  Myriad also helped out with preparing the iXBRL accounts.

"The technical report produced by Myriad was first class. It was very detailed and prepared extremely quickly to a high standard."

Michael Petit, Co-founder & Chief Operating Officer, Essencient Ltd.  

The reward

Essencient received a well-deserved R&D tax credit from HMRC.  The R&D tax relief claim was processed very quickly by HMRC due to the detailed and transparent R&D claim report that was produced by Myriad.  Essencient has re-invested the R&D tax credit back into the business to support ongoing R&D activities.

"Myriad made the R&D tax claim process look simple and trouble-free. They did a great job, went the extra mile and were very responsive."

Robert Lancashire, Co-founder & Chief Executive Officer, Essencient Ltd.