Project description
Innovative platform for factory inspections
As the global testing, inspection and certification market rises due to international trade, strict regulations and outsourcing, a shift to digital technologies is required. Importers of manufacturing and vertical retail products depend on third-party quality inspectors to monitor the supply chain urgently. This technological change is needed because real-time inspections are not feasible in remote locations, making the process expensive, complex and unreliable. The EU-funded CYRACO project will advance a unique platform (patent pending) that delivers reliable, efficient and real-time remote factory inspections. The platform combines augmented reality, cloud technology, 5G connectivity, AI and smart sensors offering entirely automated and fail-safe factory inspections reducing traditional inspection costs by 80 %.
Objective
The global Testing, Inspection and Certification market is expected to reach €240 billion by 2024, driven by international trade, tightening regulations and outsourcing. This market is also changing radically, as it experiences a complete technological revolution, with traditional TIC services now in decline in favor of digital alternatives (which are expected to account for 80% of the market in less than a decade). This is particularly relevant for the manufacturing and retail verticals, where importers still heavily rely on third party quality inspectors to monitor the supply chain. This process is expensive, complex and unreliable, as real-time inspections are not feasible on remote locations.
Importers struggle to overcome diverging quality standards in sourcing countries. Current digital alternatives are not fully automated and lack the tools to guarantee a full inspection. The current market offering does not answer this pressing demand, as the existing solutions only provide highly specific tools and do not offer completely remote, on-demand, factory inspections.
Our team of experienced experts in the remote inspection field is developing the CYRACO platform, a unique and patent-pending tool that provides a reliable, efficient and real-time remote factory inspections. It combines Augmented Reality, Cloud technology, 5G connectivity, AI 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 80%.
Our platform will democratize supply chain monitoring, promote supplier accountability and pave the way towards real ethical sourcing. Its unique features will allow us to grow exponentially and disrupt the inspection market, with a highly scalable and flexible subscription-based business model. By 2027, we expect to perform over 700,000 inspections per year, generating over €55 million in revenues and resulting in a ROI of 14.3.
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.
- engineering and technology electrical engineering, electronic engineering, information engineering information engineering telecommunications telecommunications networks mobile network 5G
- engineering and technology electrical engineering, electronic engineering, information engineering electronic engineering sensors smart sensors
- social sciences economics and business business and management business models
- natural sciences computer and information sciences software software applications simulation software
- social sciences economics and business business and management commerce
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Keywords
Project’s keywords as indicated by the project coordinator. Not to be confused with the EuroSciVoc taxonomy (Fields of science)
Project’s keywords as indicated by the project coordinator. Not to be confused with the EuroSciVoc taxonomy (Fields of science)
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-2 - SME instrument phase 2
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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.