Periodic Reporting for period 1 - BrainMatter (Enterprise Grade Lean AI platform)
Reporting period: 2019-05-01 to 2019-08-31
Overall aim of BM is to develop an intelligent and highly customizable platform, that facilitates the full AI lifecycle from the creation of high-quality data sets independent from the data source to the training and deployment of AI models.
The importance for the society of the BM project lies in paving the way to industry-wide AI adoption which is a huge market estimated to create $3.7T value by 2027.
Commercial feasibility: we carried out a market analysis of the Big Data and AI for enterprise applications markets (Western EU and global scope): software market to reach $46B value by 2027 with 16% CAGR growth. We narrowed down our target verticals to manufacturing and defined the market drivers, barriers, as well as conducted a SWOT analysis; we also benchmarked against competitors to re-define USPs. We identified stakeholders, standards and regulations. We concluded an FTO and defined an IP protection strategy. We updated the business model canvas with findings of the study, including revenue model and pricing.
Financial viability: according to the findings of the technical and commercial studies we updated our financial projections with the re-defined revenue and pricing model and deemed BM to be financially viable.
The wider impact of BM is allowing the adoption of AI industry- wide and drastically speeding up automating of error-prone, time-consuming and boring data labelling tasks which will allow data scientists to centre themselves to tasks of higher-value creation and therefore contribute to unleash the potential of $3.7T AI value.