Periodic Reporting for period 1 - AUTOSITE100 (Autonomous cranes based on computer vision and AI to increase productivity and safety on construction sites)
Reporting period: 2019-11-01 to 2020-02-29
As part of the Phase 1 activities for INTSITE, we conducted a comprehensive feasibility study with the aim of assessing the Technical, Commercial and Financial feasibility of our novel AutoSite100 autonomous crane guidance system for tower cranes within the construction industry.
Technically, an extensive study was undertaken into the AutoSite100 prototype improvements, evaluating the current level of development of the AutoSite100 prototype and mapping out the next developmental activities to achieve full autonomy. Following successful initial prototype development, we have managed to initiate live site testing, with our solution demonstrating notable improvements in the safety and efficiency of crane systems. To ensure continued technical development, a comprehensive technical risk assessment was conducted, with robust mitigation strategies put in place to ensure successful development.
Commercially, a deep market analysis revealed an increasing demand for AI powered solutions for the construction industry. With the growing number of multi-tower crane construction sites, the market has demonstrated a growing need for technologies that will help improve the safety and efficiency of construction sites. Data from the market study has enabled the identification and engagement of key stakeholders in our value chain, together with analysing current competing solutions. Successful engagements have resulted in major crane manufacturers, rental companies and construction companies expressing formal interest in adopting AutoSite100 once it reaches the market. Financially, we have evaluating revenue projections for the anticipated wide uptake of our novel solution. Our market analysis has shown immense potential for sales of the AutoSite100 system.
Commercially, a deep market analysis revealed an increasing demand for AI powered solutions for the construction industry. With the growing number of multi-tower crane construction sites, the market has demonstrated a growing need for technologies that will help improve the safety and efficiency of construction sites. Data from the market study has enabled the identification and engagement of key stakeholders in our value chain, together with analysing current competing solutions. Successful engagements have resulted in major crane manufacturers, rental companies and construction companies expressing formal interest in adopting AutoSite100 once it reaches the market. Financially, we have evaluating revenue projections for the anticipated wide uptake of our novel solution. Our market analysis has shown immense potential for sales of the AutoSite100 system.
AutoSite100 remains the only solution in the market that will offer full autonomous crane operation, capable of managing multi-crane systems in real time. Our solution also combines the features offered by leading market solutions, offering monitoring, reporting, obstacle detection and operational optimisation. With AutoSite100, cranes will be able to operate 24/7, without the direct need for crane operators, helping significantly improve site productivity and safety within active construction sites.