Periodic Reporting for period 1 - UPTEKO (First Fully Integrated Drone System for Maritime Operations)
Berichtszeitraum: 2019-08-01 bis 2019-11-30
Upteko is an automated drone that lives on the ship. Its insights will help improve hull inspections, ship docking, reducing accidents and fires and improving search-and-rescue operations. It is the first solution designed specifically for the harsh ocean environment, and its autonomous operation, landing and data processing mean minimal effort from the ship crew is required.
Our team has extensive experience of drone operations in energy, advertising and landscape mapping. We are developing Upteko at the specific request, and in collaboration with the largest players in the marine industry in Denmark (DFDS, Maersk and Uni-Tankers). To clearly define the needs of our solution, we carried out a Feasibility Study split into technical, commercial and financial parts.
We studied the target market and competitors. The ship inspections market is highly promising, worth over €67.5 bn in 2019. Out total available market is €7.4 bn.
Upteko has full Freedom to Operate. We will lease Upteko to our customers, using our current contacts in the shipping market and partnering with large distributors abroad. We will combine this with a multi-channel dissemination strategy to reach new clients.
The project is highly profitable, with an ROI of 7.5 by 2025 for the €1.7 M required to bring our innovation to market. This will translate into total revenues of almost €20M/yr by 2025, and accumulated profits of over €14M.