MARS Bioimaging
Precision Imaging, Precision Claims: Supporting MARS with Strategic R&D Funding
Client
Services
Sector
Year
MARS Bioimaging
R&D Tax Incentive, R&D Loss Tax Credit
Advanced Manufacturing, Health Care
2025
Overview
MARS Bioimaging is a trailblazer in medical imaging, developing world-first 3D colour X-ray scanners that reveal the human body with unprecedented clarity. These breakthroughs don’t happen by chance—they’re the result of intensive, ongoing R&D.
To support this innovation, MARS had been tapping into the R&D Tax Incentive (RDTI) and R&D Loss Tax Credit (RDLTC). But they suspected they were leaving value on the table.
This is where Swell came in, providing MARS with a structured, end-to-end process that brought confidence to complex claim work—allowing their team to stay focused on innovating. In FY24 alone, MARS unlocked $535,000 in funding through the RDTI and RDLTC—supporting their momentum at a crucial stage in their journey.
About
Challenges
Uncertainty around eligibility
MARS had limited clarity on what activities and costs qualified under RDTI and RDLTC. This lack of certainty meant they weren’t fully optimising their claims—leaving a meaningful portion of eligible funding on the table.
No formal internal processes
MARS found it difficult to consistently track R&D activity or document eligibility across teams. Without a formal system in place, the process was manual, time-consuming, and prone to gaps.
Limited internal capacity
With a lean team and limited external support, MARS didn’t have the time or expertise to navigate the complexities of the claim process—especially as their innovation efforts scaled.
Why Swell
MARS turned to Swell to bring clarity and confidence to their R&D funding strategy—and that’s exactly what we delivered.
With our team leading the process end-to-end, MARS no longer had to grapple with interpreting legislation, aligning internal teams, or second-guessing eligibility. We surfaced missed opportunities— including identifying new categories of eligible expenditure—and brought rigour to their documentation and reporting.
Just as importantly, we gave MARS peace of mind that their claims were not only compliant, but complete. With Swell handling the complexity, their team could stay focused on what they do best: pushing the boundaries of medical imaging.
Impact & Value
MARS is now in a stronger position to fund and scale their world-leading innovation. With the right support behind them, they’ve been able to focus on the future—without leaving funding on the table.
Significant cashflow unlocked at a critical time
In FY24, MARS secured over half a million dollars in funding across the RDTI and RDLTC—providing vital support to bridge cashflow gaps and keep their innovation efforts moving forward.
A strategic, future-ready funding foundation
With clearer processes and stronger documentation, MARS is better positioned to scale their claims and pursue larger grant opportunities.
Freedom to focus on innovation
With expert support managing the claim process end-to-end, the MARS team can stay focused on their mission—pushing the boundaries of medical imaging.
Conclusion
Innovation is at the heart of everything MARS Bioimaging does—but innovation needs fuel. With Swell’s support, MARS has unlocked the funding they deserve, strengthened their internal processes, and built a foundation for long-term R&D success.
We’re proud to be a partner in their journey—backing them not just with the paperwork, but with the clarity, confidence, and forward momentum to keep breaking new ground.
On Swell's Expertise
"We always knew there was more we could be claiming, but we didn’t have the structure or certainty to go after it. Swell came in, got across the detail quickly, and gave us real confidence we were getting the full value we were eligible for.” —Rob Campbell, CFO at MARS Bioimaging
On The benefits