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
- engineering and technologyelectrical engineering, electronic engineering, information engineeringinformation engineeringtelecommunicationstelecommunications networksmobile network5G
- engineering and technologyelectrical engineering, electronic engineering, information engineeringelectronic engineeringsensorssmart sensors
- social scienceseconomics and businessbusiness and managementbusiness models
- natural sciencescomputer and information sciencessoftwaresoftware applicationssimulation software
- social scienceseconomics and businessbusiness and managementcommerce
Keywords
Programme(s)
Funding Scheme
SME-2 - SME instrument phase 2Coordinator
51467 Bergisch Gladbach
Germany
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.