Periodic Reporting for period 1 - Dynamic BC (Dynamic Bright Code: Delivering digital content in offline environments by connecting unique LEDbased optical tags with mobile devices.)
Reporting period: 2019-07-01 to 2019-11-30
BrightCodes is an Israeli company founded in 2018 and headquartered in Tel Aviv. The company’s mission is to provide secure and affordable means for mobile payments to merchants and consumers worldwide. With this purpose in mind, the Company started the development of BrightCodes Pay, an innovative payment platform that makes use of a proprietary Visible Light Communication (VLC) protocol to enable mobile proximity data transfer. This innovative solution makes payments affordable, secure and frictionless; moreover, it can be extended to several other applications, including toll payments and access control. BrightCodes is now focused on the optimization of the BrightCodes Pay platform to maximize its performance before large scale market deployment. Key objectives of the development are to upgrade the encoding/decoding and computer vision algorithms, the mobile Software Development Kit, and the cloud server architecture; to set-up an assembly line, and to validate the system performance through an in-field trial to be performed in collaboration with international mobile wallet providers. This will enable the Company to lay the ground for regulatory approval and initial commercialization in Europe.
During the feasibility assessment, BrightCodes defined the users’ requirements for BrightCodes Pay and outlined the next phase of the development plan, defining all the optimization and scale-up activities. The Company scouted for key stakeholders to support the manufacturing and in-field trial of the platform. BrightCodes identified the target market segments and opportunities, defined the Total and Serviceable Addressable markets and established the commercialisation strategy. The Phase 1 feasibility assessment showed a compelling opportunity for the BrightCodes Pay project, validating its technical and commercial viability. The EIC Accelerator Phase 2 funding will provide an important source of non-dilutive funding to complete the planned activities.
The increasing cost of cash together with the problems associated with its maintenance are pushing Europe and other advanced economies to become cashless. With the large-scale deployment of 5G technology and the increasing number of smartphone users worldwide (reaching 3.5B in 2020), the payment industry is shifting towards the adoption of mobile payments, which present numerous advantages for consumers and merchants. These include increased customer base and customer loyalty, increased revenues, and savings for societies in the order of €45B per year. BrightCodes Pay is capturing this market need for large-scale deployment of mobile payments, providing a mobile payment platform which is cheap, secure, and adaptable to any merchant and any size of business on the large scale.