Project description
AlchemyML – extending the platform functionalities to benefit businesses
The EU-funded AlchemyML project is supporting Spain-based company Skootik in expanding its universal machine-learning engine, initially conceived for predictive maintenance of industrial machines in the manufacturing sector. Skootik will extend the AlchemyML engine’s features to assist in supply chain and resource management. The solution, which does not require users to have any knowledge of machine learning, could help businesses improve resource management, for example by reducing utility bills by 5–15 % and increasing stock rotation by 5–10 %. The disruptive solution is expected to grow to EUR 7 billion by 2022.
Objective
Skootik (https://skootik.com(opens in new window)) is a start-up from San Sebastian (Spain) founded in 2012 developing more accessible (technically and regarding its cost) exploitation of information extracted from data with artificial intelligence. Skootik is in the final round of the BIND4.0 start-up accelerator programme sponsored by the Basque Country regional Government, where large companies test technologies developed by start-ups. Our product, AlchemyML, is a universal and fully automatic machine learning solution, initially conceived for predictive maintenance of industrial machines in the manufacturing sector. Currently AlchemyML is expanding its features to assist in supply chain management and resource management. AlchemyML does not require businesses of any size to have any knowledge of machine learning to get the advantages of information extracted from data. Using AlchemyML will help to reduce maintenance costs by 15-35% by prevention of machine failure, improve resource management with a 5-15% reduction in utility bills or increase stock rotation by 5-10%. AlchemyML is a disruptive solution in the very dynamic ML market, which will reach globally €7 billion (CAGR 44.1%) by 2022. We aim at a revenue of €56 million with a positive ROI of 4.94 in our first 5 years, reaching a leading position in the manufacturing SME ML solutions market, with over 20% of market share, 300 new customers in Europe, and our staff growing accordingly, with around 30 new employees expected.
Fields of science (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
- natural sciences computer and information sciences data science
- social sciences sociology industrial relations automation
- natural sciences computer and information sciences artificial intelligence machine learning
You need to log in or register to use this function
We are sorry... an unexpected error occurred during execution.
You need to be authenticated. Your session might have expired.
Thank you for your feedback. You will soon receive an email to confirm the submission. If you have selected to be notified about the reporting status, you will also be contacted when the reporting status will change.
Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
-
H2020-EU.2.3. - INDUSTRIAL LEADERSHIP - Innovation In SMEs
MAIN PROGRAMME
See all projects funded under this programme -
H2020-EU.3. - PRIORITY 'Societal challenges
See all projects funded under this programme -
H2020-EU.2.1. - INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies
See all projects funded under this programme
Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
SME-1 - SME instrument phase 1
See all projects funded under this funding scheme
Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
(opens in new window) H2020-EIC-SMEInst-2018-2020
See all projects funded under this callCoordinator
Net EU financial contribution. The sum of money that the participant receives, deducted by the EU contribution to its linked third party. It considers the distribution of the EU financial contribution between direct beneficiaries of the project and other types of participants, like third-party participants.
20013 DONOSTIA SAN SEBASTIAN
Spain
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.