Periodic Reporting for period 1 - RetroFeel (A ground-breaking, nanotechnology sensor-based platform for highly accurate predictive maintenance of industrial equipment.)
Reporting period: 2019-06-01 to 2019-09-30
Founded in 2017 and headquartered in Haifa (Israel), FeelIT Technologies (FeelIT) is a high-tech Company focused on the development of cutting-edge smart sensing systems for industrial equipment maintenance. FeelIT provides RetroFeel, the best-in-class monitoring and analytics platform enabling highly accurate and reliable predictive maintenance of industrial processing plants. Fast and easy to install, RetroFeel will accelerate the Industry 4.0 revolution by enabling for the first time smart maintenance of the entire industrial asset in a simple, feasible and cost-effective way. The team is now working towards the optimisation of the sensing system to widen the range of parameters and equipment components that can be monitored. Key objectives of the development are to optimise the RetroFeel sensing and data analytics performance; to set-up an industrial assembly line; to validate the system through deployment in large-scale manufacturing environments; and to obtain CE mark certification and regulation compliance for RetroFeel commercialization in Europe.
Throughout the duration of the feasibility assessment, FeelIT defined the users’ requirements for RetroFeel hardware and software implementation, reviewed the product development plan, defined the scale-up activities, and scouted for key stakeholders to support in the in-field validation stages. The market segments and opportunities have also been evaluated, defining the TAM and SAM, and a commercialisation strategy has been established. The Phase 1 feasibility assessment showed a compelling opportunity for the project, confirming the technical and commercial viability of RetroFeel. The EIC Accelerator Phase 2 funding will provide the needed amount of funding and support for the successful implementation of the planned activities.
With the growth of the Internet of Things (IoT), the Fourth Industrial Revolution (Industry 4.0) is beginning. Industrial companies have recognized that IoT and digitization are revolutionizing the industrial world as they enable industrial users generate huge volumes of data at an extremely high frequency and relatively low cost. However factories’ analytics capabilities are laying behind on this. Industrial experts estimated that manufacturing companies discard 98% of all the data they can collect because they do not have the operational analytics capabilities to integrate that data in their operations. Moreover, lack of adequate predictive maintenance systems cost the global processing industry as much as €17 billion a year. FeelIT will boost Industry 4.0 by providing the most effective predictive maintenance platform based on highly sensitive and economical sensors combined with a unique data analytics platform. According to McKinsey&Company, IoT in the factory setting is projected to create €1-4 trillion value per year globally in 2025. The largest portion of that value creation is due to industrial analytics and predictive maintenance. In addition, leveraging sensor data with analytic systems will help industries find new ways to avoid injuries and create safer working environments, and to reduce the environmental impact of manufacturing by improving machinery useful time and system efficiency overall.