Periodic Reporting for period 1 - System EYE (System EYE - сutting-edge innovation to make your drive safer, collect and monetize automotive data)
Periodo di rendicontazione: 2018-11-01 al 2019-03-31
Discoperi tackles 3 global challenges:
1. Every year 1.35 million people die in car accidents and 20-50 million people are injured or become disabled. There is no solution on the market to predict risky behaviour of other drivers and alert the driver in time to avoid the potential road collision. Road crashes cost countries 1-6% of GDP (e.g. workforce losses, medical costs, administrative expenditures, etc.).
2. Insurance companies, fleets, car sharing and rentals lack transparent and unbiased sources to evaluate and improve driving behaviour of their clients and drivers. Auto insurance industry players face losses due to severe competition and USD 29 billion of fraud related premium leakages per year. Fleets including taxis report that good drivers’ behaviour saves 12% on operating costs, whereas bad drivers cost an extra 13% on operating costs. In addition, 57% of fleet managers reported that fraudulent activity is a big issue for a company
3. The current way of handling automotive data infringes upon drivers’ privacy, fails to compensate drivers and does not serve the interest of society at large. Few people know about the SIM cards embedded in many new cars, constantly sending and receiving gigabytes of car data from hundreds of sensors, including engine parameters, geolocation and driving habits. The revenue pull from car-generated data will reach $450-750 bn by 2030. Currently, automakers own this data and sell aggregated data to 3rd parties beyond the driver’s notice. If the driver benefits – only indirectly, as in the case of the manufacturer occasionally issuing new maintenance recommendations. However, it is the driver who paid for the car, fills a tank, spends his or her time, generates data, but does not have a chance to control, use or sell this car data and so benefit from it.
With its mission to save lives by preventing road accidents and enable drivers to control and monetize automotive data, Discoperi invented System EYE – a small IoT device, from a first look, but a very sophisticated and highly advanced technological system in reality. System EYE aims to save at least 300 thousand lives per annum, connect different vehicles into a single flexible network and uncover on behalf of the drivers tremendous value of automotive data. In Discoperi vision, automotive ecosystem participants own, share and transact data in a fair and transparent way.
The objective of the SME Instrument Phase 1 project was to conduct a feasibility study for System EYE commercialization that would include: a thorough analysis of target markets, unique value proposition and market entry strategy validation, regulatory requirements analysis, IPR strategy development, business model validation and business plan elaboration.
The SME Instrument Phase 1 project allowed Discoperi to conduct a feasibility study, continue work on System EYE hardware and software, and prepare for commercialisation of the innovative solution.
1. Every year 1.35 million people die in car accidents and 20-50 million people are injured or become disabled. There is no solution on the market to predict risky behaviour of other drivers and alert the driver in time to avoid the potential road collision. Road crashes cost countries 1-6% of GDP (e.g. workforce losses, medical costs, administrative expenditures, etc.).
2. Insurance companies, fleets, car sharing and rentals lack transparent and unbiased sources to evaluate and improve driving behaviour of their clients and drivers. Auto insurance industry players face losses due to severe competition and USD 29 billion of fraud related premium leakages per year. Fleets including taxis report that good drivers’ behaviour saves 12% on operating costs, whereas bad drivers cost an extra 13% on operating costs. In addition, 57% of fleet managers reported that fraudulent activity is a big issue for a company
3. The current way of handling automotive data infringes upon drivers’ privacy, fails to compensate drivers and does not serve the interest of society at large. Few people know about the SIM cards embedded in many new cars, constantly sending and receiving gigabytes of car data from hundreds of sensors, including engine parameters, geolocation and driving habits. The revenue pull from car-generated data will reach $450-750 bn by 2030. Currently, automakers own this data and sell aggregated data to 3rd parties beyond the driver’s notice. If the driver benefits – only indirectly, as in the case of the manufacturer occasionally issuing new maintenance recommendations. However, it is the driver who paid for the car, fills a tank, spends his or her time, generates data, but does not have a chance to control, use or sell this car data and so benefit from it.
With its mission to save lives by preventing road accidents and enable drivers to control and monetize automotive data, Discoperi invented System EYE – a small IoT device, from a first look, but a very sophisticated and highly advanced technological system in reality. System EYE aims to save at least 300 thousand lives per annum, connect different vehicles into a single flexible network and uncover on behalf of the drivers tremendous value of automotive data. In Discoperi vision, automotive ecosystem participants own, share and transact data in a fair and transparent way.
The objective of the SME Instrument Phase 1 project was to conduct a feasibility study for System EYE commercialization that would include: a thorough analysis of target markets, unique value proposition and market entry strategy validation, regulatory requirements analysis, IPR strategy development, business model validation and business plan elaboration.
The SME Instrument Phase 1 project allowed Discoperi to conduct a feasibility study, continue work on System EYE hardware and software, and prepare for commercialisation of the innovative solution.
During the SME instrument Phase 1 project Discoperi conducted an in-depth analysis of target markets, market entry strategy validation, value proposition validation, IPR strategy development, and business plan development.
Market research revealed that the global telematics market is growing at a CAGR (’17-’21) of 21%, while the global car data monetization market is accelerating at a CAGR (’17-’21) of 42%. Based on the market analysis, top priority countries for market entry were identified.
During value proposition validation Discoperi conducted a deep analysis of pain points of each target customers segment and alternative solutions presented on the market. Analysis revealed the unique value proposition of System EYE: predictive collision prevention for drivers, advanced driving behaviour profiling for businesses and an open car data monetization market for drivers, businesses, and municipalities to share and transact data in a fair and transparent way.
During the intellectual property protection strategy development Discoperi team created a plan for acquiring trademarks and patents, and decided on the further steps and actions for IPR protection. After regulatory requirements analysis, Discoperi team developed the strategy for GDPR compliance and identified EU certification requirements for System EYE.
Finally, Discoperi validated the business model during the Phase 1 Feasibility study. Discoperi will earn revenue from two streams: devices selling and commission fee on every data transaction on the Data-Transaction-Platform.
Market research revealed that the global telematics market is growing at a CAGR (’17-’21) of 21%, while the global car data monetization market is accelerating at a CAGR (’17-’21) of 42%. Based on the market analysis, top priority countries for market entry were identified.
During value proposition validation Discoperi conducted a deep analysis of pain points of each target customers segment and alternative solutions presented on the market. Analysis revealed the unique value proposition of System EYE: predictive collision prevention for drivers, advanced driving behaviour profiling for businesses and an open car data monetization market for drivers, businesses, and municipalities to share and transact data in a fair and transparent way.
During the intellectual property protection strategy development Discoperi team created a plan for acquiring trademarks and patents, and decided on the further steps and actions for IPR protection. After regulatory requirements analysis, Discoperi team developed the strategy for GDPR compliance and identified EU certification requirements for System EYE.
Finally, Discoperi validated the business model during the Phase 1 Feasibility study. Discoperi will earn revenue from two streams: devices selling and commission fee on every data transaction on the Data-Transaction-Platform.
System EYE – cutting-edge innovative solution, which prevents car accidents, provides businesses with advanced driving behaviour profiling and creates an open market for car data monetization. In Discoperi vision, automotive ecosystem participants own, share and transact data in a fair and transparent way.
In comparison with alternative technologies, System EYE main technological advantages, which enable superior value proposition for the customers, are the following: predictive collision prevention and advanced driving behaviour profiling that are based on normal driving behaviour mapping and network data collection and personal car data control and monetization. The additional value of System EYE comes from network externalities, according to which every individual driver supplies valuable data into the entire fleet network and, thus, directly contributes to the overall community safety improvement.
Discoperi plans to invest heavily in enhancing the ability of its existing solution to allow the driver to manage and monetize their automotive data. Discoperi plans to build multiple NOCs (network operations centres) to be able to manage the automotive ecosystem. Various steps will be implemented to create a strong, vibrant and active community.
In comparison with alternative technologies, System EYE main technological advantages, which enable superior value proposition for the customers, are the following: predictive collision prevention and advanced driving behaviour profiling that are based on normal driving behaviour mapping and network data collection and personal car data control and monetization. The additional value of System EYE comes from network externalities, according to which every individual driver supplies valuable data into the entire fleet network and, thus, directly contributes to the overall community safety improvement.
Discoperi plans to invest heavily in enhancing the ability of its existing solution to allow the driver to manage and monetize their automotive data. Discoperi plans to build multiple NOCs (network operations centres) to be able to manage the automotive ecosystem. Various steps will be implemented to create a strong, vibrant and active community.