Periodic Reporting for period 1 - Xtend (Xtend - ""Extending Reality Skywards"")
Reporting period: 2020-01-01 to 2020-06-30
As part of the phase 1 activities for XTEND, we conducted a comprehensive feasibility study with the aim of assessing the Technical, Commercial and Financial feasibility of our novel SKYLORD XTENDER drone system that offers human machine telepresence for the intuitive control of drones in indoor and GPS denied environments.
Technically, an extensive study has been undertaken into the XTENDER prototype improvements, evaluating the level of development, together with mapping out the next developmental activities to achieve full prototype optimisation. We have successfully undertaken our first indoor test flight in our offices, with the XTENDER drone showing significant potential in spatial awareness, obstacle avoidance and intuitive flight control. A comprehensive technical risk assessment has also been conducted, with robust mitigation strategies put in place to ensure successful development.
Commercially, we have analysed the growing unmanned aerial vehicle market, with current limited drone solutions for indoor applications, helping identify potential target user markets for XTENDER. Our market analysis has also identified competitive solutions, highlighting their current offerings in contrast to XTENDER. We have also evaluated potential commercial risks, together with a cost benefit and privacy impact assessment, to demonstrate the market superiority of our novel solution. Key strategic partners for the production and commercialisation have also been identified, with an engagement plan formulated to guarantee future partnerships. To ensure freedom to operate, we have evaluated our IP landscape, highlighting the uniqueness of XTENDER, together with identifying similar patents.
Financially, we have evaluated the XTENDER business model, identifying key revenue streams, together with the anticipated go to market strategy. Additionally, revenue projections have also been evaluated, demonstrating immense potential for sales of the XTENDER system, with our product expected to generate well over €12 million cumulative sales revenue by the 5th year of commercialisation.
Commercially, we have analysed the growing unmanned aerial vehicle market, with current limited drone solutions for indoor applications, helping identify potential target user markets for XTENDER. Our market analysis has also identified competitive solutions, highlighting their current offerings in contrast to XTENDER. We have also evaluated potential commercial risks, together with a cost benefit and privacy impact assessment, to demonstrate the market superiority of our novel solution. Key strategic partners for the production and commercialisation have also been identified, with an engagement plan formulated to guarantee future partnerships. To ensure freedom to operate, we have evaluated our IP landscape, highlighting the uniqueness of XTENDER, together with identifying similar patents.
Financially, we have evaluated the XTENDER business model, identifying key revenue streams, together with the anticipated go to market strategy. Additionally, revenue projections have also been evaluated, demonstrating immense potential for sales of the XTENDER system, with our product expected to generate well over €12 million cumulative sales revenue by the 5th year of commercialisation.
We are the first and only Company currently able to offer a semi-autonomous drone that is modular and customisable to suite specific market applications. Through our patent protected technology, we remove the technical barrier associated with indoor drone control, helping cut down training from an average of 2 weeks to between 1-3 days.