Project description
Tool for trustworthy industrial inspections
The global testing, inspection and certification (TIC) sector is poised to grow, providing a range of services required by the international trade. The TIC market is in rapid expansion as a result. Digitalisation proved that the classic methods of inspection are unreliable. However, current digital methods do not fulfil all the needs of the market. The EU-funded CyRaCo Box project is a technologically advanced tool aiming to provide real-time, effective, trustworthy and fully automated industrial inspections. In addition, it diminishes the costs in comparison to classic methods by 90 %. It will also help European SMEs improve their participation in international trade. The project aims to develop a business model that is highly scalable and subscription-based.
Objective
The global Testing, Inspection and Certification (TIC) market is expected to reach €250 billion by 2024, driven by international trade, tightening regulations and outsourcing. This market is also changing radically and will experience a complete technological revolution, as traditional TIC services are now in decline in favor of digitalized alternatives. This is particularly relevant for the manufacturing vertical, where manufacturers and retailers still heavily rely on third party quality inspectors to monitor the supply chain. This process is expensive, complex and unreliable, since real-time inspections are not feasible on remote locations. Additionally, current digital alternatives are not fully automated and lack the tools to guarantee a full inspection. Existing partial solutions only provide highly specific tools and do not offer cross-sector factory inspections.
Our team of highly experienced experts in the TIC field is developing the CyRaCo Box, a unique and patent-pending tool that provides a reliable, efficient and real-time remote factory inspections. It combines 3D Modelling, Augmented Reality, Cloud technology, analytics and smart sensors to offer completely automated and fail-safe factory inspections. As a result of the improved efficiency and automation, it also reduces traditional inspection costs by 90%.
The CyRaCo Box wil democratize supply chain monitoring, promote supplier accountability and pave the way towards real ethical sourcing. Additionally, it will also facilitate international trade for European SMEs, which do not have the necessary resources to develop expensive in-house inspection infrastructure.
The unique features of the CyRaCo Box will allow us to grow exponentially and disrupt the inspection market, with a highly scalable and flexible subscription-based business model. By 2024, we will already perform almost a thousand factory inspections, generating over €16 million in revenues and resulting in a ROI of 7.75.
Fields of science (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
- natural sciences computer and information sciences software software development
- engineering and technology electrical engineering, electronic engineering, information engineering electronic engineering sensors smart sensors
- social sciences economics and business business and management business models
- social sciences law human rights
- social sciences economics and business business and management commerce
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Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
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H2020-EU.2.3. - INDUSTRIAL LEADERSHIP - Innovation In SMEs
MAIN PROGRAMME
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H2020-EU.3. - PRIORITY 'Societal challenges
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H2020-EU.2.1. - INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies
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Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
SME-1 - SME instrument phase 1
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Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
(opens in new window) H2020-EIC-SMEInst-2018-2020
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Net EU financial contribution. The sum of money that the participant receives, deducted by the EU contribution to its linked third party. It considers the distribution of the EU financial contribution between direct beneficiaries of the project and other types of participants, like third-party participants.
51467 Bergisch Gladbach
Germany
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.