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ATHENA 2.0 SIGNED

The most accurate, actionable and user-friendly AI-econometrics powered tool to optimise pricing strategies in the Consumer-Packaged Goods sector

Total Cost €

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EC-Contrib. €

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Partnership

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 ATHENA 2.0 project word cloud

Explore the words cloud of the ATHENA 2.0 project. It provides you a very rough idea of what is the project "ATHENA 2.0" about.

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Project "ATHENA 2.0" data sheet

The following table provides information about the project.

Coordinator
WISE ATHENA SL 

Organization address
address: CALLE VALLE DEL RONCAL 16 - CASA 325
city: ROZAS DE MADRID
postcode: 28223
website: n.a.

contact info
title: n.a.
name: n.a.
surname: n.a.
function: n.a.
email: n.a.
telephone: n.a.
fax: n.a.

 Coordinator Country Spain [ES]
 Total cost 2˙155˙750 €
 EC max contribution 1˙509˙025 € (70%)
 Programme 1. H2020-EU.3. (PRIORITY 'Societal challenges)
2. H2020-EU.2.3. (INDUSTRIAL LEADERSHIP - Innovation In SMEs)
3. H2020-EU.2.1. (INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies)
 Code Call H2020-SMEInst-2018-2020-2
 Funding Scheme SME-2
 Starting year 2019
 Duration (year-month-day) from 2019-03-01   to  2021-02-28

 Partnership

Take a look of project's partnership.

# participants  country  role  EC contrib. [€] 
1    WISE ATHENA SL ES (ROZAS DE MADRID) coordinator 1˙509˙025.00

Map

 Project objective

Product pricing is the most critical element for FMCGs and CPGs companies, but it is very complex to optimise them due to the high number of factors involved and their interrelations.

When defining prices for their products (SKUs) CPGs need to consider price elasticity, cross-elasticity, cannibalisation, competitors' pricing strategy, etc. Additional complexity comes from customers’ micro-segmentation, type of retailer and channels. In addition, prices move on a daily or weekly basis. As consequence, fixing the right price for products has become a major challenge for FMCGs/CPGs companies. The problem is so complex that current state-of-the-art reaches accuracies around 60%-70% in demand prediction.

ATHENA 2.0 integrates cutting-edge research in AI, big data and econometrics (AI research in collaboration with Stanford and approved by IEEE) and applies it to demand prediction and pricing optimisation reaching unprecedent levels of accuracy (>90% and up to 98%); Two patents have been requested to protect the core of Wise Athena. In addition to much higher accuracy, Wise Athena provides actionable results. The service is affordable, easy-to-use and does not require integration with the CPGs.

Nowadays, our solution consists in the combination of 50 software modules (12 AI modules to model main econometrics variables and 40 interconnection modules that model their interrelations). Thanks to our outstanding performance Wise Athena was selected by SAP.io in October 2017 among 2.000 candidates as one of the 10 most innovative start-ups exploiting AI;

After almost one year of market validation, we have reached 100k€ MRR in Sep‘18 and 0% churn rate, setting the basis for the next upscaling phase. This project is a fundamental piece in our scale-up and growth strategy since it will increase Wise Athena scalability allowing its massive commercialisation. Thanks to this project we will reach 50M€ revenues by 2023, with 22M€ EBITDA and generating 90 new jobs.

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The information about "ATHENA 2.0" are provided by the European Opendata Portal: CORDIS opendata.

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