Explore the words cloud of the CyRaCo Box project. It provides you a very rough idea of what is the project "CyRaCo Box" about.
The following table provides information about the project.
|Coordinator Country||Germany [DE]|
|Total cost||71˙429 €|
|EC max contribution||50˙000 € (70%)|
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)
|Duration (year-month-day)||from 2019-08-01 to 2019-12-31|
Take a look of project's partnership.
|1||CYRACO GMBH||DE (BERGISCH GLADBACH)||coordinator||50˙000.00|
The global Testing, Inspection and Certification (TIC) market is expected to reach €250 billion by 2024, driven by international trade, tightening regulations and outsourcing. This market is also changing radically and will experience a complete technological revolution, as traditional TIC services are now in decline in favor of digitalized alternatives. This is particularly relevant for the manufacturing vertical, where manufacturers and retailers still heavily rely on third party quality inspectors to monitor the supply chain. This process is expensive, complex and unreliable, since real-time inspections are not feasible on remote locations. Additionally, current digital alternatives are not fully automated and lack the tools to guarantee a full inspection. Existing partial solutions only provide highly specific tools and do not offer cross-sector factory inspections.
Our team of highly experienced experts in the TIC field is developing the CyRaCo Box, a unique and patent-pending tool that provides a reliable, efficient and real-time remote factory inspections. It combines 3D Modelling, Augmented Reality, Cloud technology, analytics 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 90%.
The CyRaCo Box wil democratize supply chain monitoring, promote supplier accountability and pave the way towards real ethical sourcing. Additionally, it will also facilitate international trade for European SMEs, which do not have the necessary resources to develop expensive in-house inspection infrastructure.
The unique features of the CyRaCo Box will allow us to grow exponentially and disrupt the inspection market, with a highly scalable and flexible subscription-based business model. By 2024, we will already perform almost a thousand factory inspections, generating over €16 million in revenues and resulting in a ROI of 7.75.
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The information about "CYRACO BOX" are provided by the European Opendata Portal: CORDIS opendata.
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