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FORNY20-FORNY2020

KVAL: RIMARC Startup II - Investigation and documentation of commercial potential of next minutes wave prediction software

Alternative title: RIMARC Startup II - Undersøkelse og dokumentering av kommersielt potensiale for programvare for prediksjon av neste minutters bølger

Awarded: NOK 0.50 mill.

Project Number:

323868

Project Period:

2021 - 2021

Funding received from:

Location:

RIMARC is a new software tool that by means of a standard ship navigation radar can predict ocean waves 4-8 minutes ahead in time. Prototype test have shown that the system developed can make such prediction. By use of the RIMARC solution we aim to increase both safety and operation efficiency by next minutes wave and motion predictions. During the qualification project we have examined in more details the market for the product. We have gathered extensive amounts of data and statistics, and the whole team have gained a better understanding for where and how the product may add value for the maritime industry. When it comes to business models it appears too early to make decisions on a single preferred model. We need to work more together with potential customers, and also develop a version of the software that is closer to a commercial product, so that we can make more precise offerings. The interest for the software in the industry has been confirmed. We have attracted interest from two major players in the industry, that both are interested to explore the possibility of cooperation. The financial prognosis from the application was made have been confirmed. The means it is expected a yearly sales revenue of 20 MNOK when the product have gained a traction in the marked (after 5 years). An IP strategy has been developed during the project, and this may have been the single most important result. We have made a figure that explains in an easy way what and how the software works, and that confirms the NORCE ownership of the code. This has created a better common understanding in the team as to how the software works and makes the communication with customers and partners much easier. The software code has been developed by NORCE alone, and it is protected by the norwegian copyright law. It is our opinion that the project has reached its goal by confirming the commercial potential of the RIMARC software. The intention for the team now is to continue the development towards a commercial version, so that we can offer the product in the marked within 2023.

Prosjektet har hatt viktig betydning for prosjektdeltakere og forksningsgrupper i NORCE på den måten at det mer vesentlig mer klart hva som skal til for å få til en kommersialisering av teknologien. Det er klart for oss at markedet etterspør produktet, men det er også klart at det er konkurrenter som tilbyr sine løsninger i markedet for den samme problemstilling. Konkurransen er derfor betydelig. Ved en vellykket kommersialisering ser vi for oss at RIMARC software kan kunne komme til bred anvendelse i den maritime industrien. Vårt mål er å kunne komme i positiv dialog med to av verdens største tilbydere av radarer i industrien (begge japanske). RIMARC vil kunne bidra til tryggere og mer effektive operasjoner til havs.

Funding scheme:

FORNY20-FORNY2020