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.