Project description
Innovative solution for real-time process tracking
The Industrial Internet of Things (IIoT) market will considerably grow by 2021, and investments in smart factory technologies and Industry 4.0 will reach some EUR 187 billion by 2025, according to estimates. However, more than 80 % of manufacturing SMEs do not possess a manufacturing execution system (MES), leading to significant financial losses every year. This incomplete process tracking results in high processing costs, increased waste, lower productivity and insufficient data and tools to optimise production. The EU-funded Prodsmart project proposes a software-as-a-service cloud MES solution for real-time process tracking. The solution is a complete system for real-time analysis, management and optimisation, targeting SMEs from all industrial sectors in an unexplored market in the EU, the United States and Brazil.
Objective
Manufacturing SMEs lose $200 billion every year due to defficient process tracking. Manufacturing SMEs are an underserved segment that represent 95% of manufacturers and are an integral component of OEM supply chain networks. More than 80% of SMEs do not possess a Manufacturing Execution System (MES). Without these, SMEs rely on paper and spreadsheet-based systems to track their operations, which leads to high processing costs, increased waste, lower productivity and insufficient data and tools to optimize production.
Prodsmart is a Software-as-a-Service cloud MES solution for real time process tracking for production lines and job shops. A complete system for analysis, management and optimization for manufacturing SMEs working in real time.
Prodsmart was founded in 2015, and our team of 14 members has generated a turnover of 200.000€ in 2017 with our current base solution for SMEs that has 51 paying clients (mostly in Portugal). Our SaaS B2C business model is powered by an active sales team.
The Industrial IoT (IIoT) will be worth more than twice the consumer IoT. It is expected that the IIoT market will reach $124 billion by 2021, and investment in Smart Factory Technologies and Industry 4.0 is expected to grow to $200 billion by 2025. Taking into account our target markets of US, EU and Brazil we estimate a TAM of $17 billion, a SAM of $6 billion and we aim to reach a SOM of $120 million.
We initially raised 200.000€ of Venture Capital with Caixa Capital in 2016 to ramp-up our sales in Portugal, and have now just closed a 1,3M€ round of investment from Innovation Nest, Join Capital and 500Start-ups to back-up our sales in the UK and the US.
We have SME clients from all industrial sectors, and unlike our competitors (many of them from the US), we have established a new business model (SaaS) and unexplored target market (Industrial SMEs) that can massively benefit from our solution in order to improve their productivity and reduce costs.
Fields of science
- natural sciencescomputer and information sciencesinternetinternet of things
- social scienceseconomics and businessbusiness and managementcommercee-commerce
- social scienceseconomics and businessbusiness and managementbusiness models
- social scienceseconomics and businesseconomicsproduction economicsproductivity
- engineering and technologyelectrical engineering, electronic engineering, information engineeringinformation engineeringtelecommunicationsmobile phones
Programme(s)
Funding Scheme
SME-1 - SME instrument phase 1Coordinator
7040 043 ARRAIOLOS
Portugal
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.