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Report

Teaser, summary, work performed and final results

Periodic Reporting for period 1 - FARSIGHTS (Fast And Reliable Surveillance and Identification of Ground asseTs from Space)

Teaser

Summary

With over 400 satellites in orbit generating over 100 Petabytes (2022) Satellite imagery analytics are becoming the bottle neck in the Earth Observation data chain. As shown in the Malaysia Airlines flight case, current object detection technologies, Templates, Geometric knowledge-based and Machine Learning, cannot cope with Earth Observation Big Data on an efficient and effective way.
SkanSense is solving this problem with FARSIGHTS, a patented technology to locate fully automatically (no human supervision) objects in satellite imagery, even without knowing its size and shape. Instead of shapes, FARSIGHTS technology finds â€œcoloursâ€ in a very efficient and reliable way. Its patented technology takes advantage of an existing technology, the Solar Infrared Reflective Coatings, widely used in roofing, and with growing application in the maritime, aerospace and automotive markets.
The FARSIGHTS technology is being developed into a software-as-a-service product having in mind the emerging cloud-based Earth Observation digital platforms, and GIS software suites that are transforming the Earth Observation services value chain.
This project aims to accelerate the launch of the FARSIGHTS in the Satellite based Earth Observation analytics market to enter in a market that is expected reach a demand of $2 billion (2025).

Work performed

During the last 6 months the SkanSense team has worked on an analysis of the technical, commercial and financial aspects required to assess FARSIGHTS viability. Main results:
Market Validation. The business development activities done with 8 large potential customers and partners have unveiled that Maritime Security and Safety seems to be the segment in which SkanSense technology is closest to market, while Asset Management and Logistics applications is the biggest market opportunity. However, there are still multiple new applications to be discovered. The partnership with satellite operators is unveiling new potential applications for the FARSIGHTS technology.
Market Trends. The satellite-based Earth Observation market is clearly shifting towards analytics with operators and AI/ML entering quickly in this market. Satellite big data analytics startups have raised over $180 million in the last three years. Almost all of them in the US.
SkanSense Market Size. An in-depth market analysis has been performed taking advantage of the lessons learned from the market validation activities. Due to this research we have identified a Serviceable Available Market (SAM) of $732 million across four main segments with different dynamics and applications. These market segments will grow in the next years an average Compound Annual Growth Rate (CAGR) of 16% reaching a Serviceable Available Market (SAM) of over $2 billion in 2025.
Intellectual property strategy. After analysing in depth, the current company IP portfolio and the patentability space a development strategy has been drafted based on 5 lines.
Technical Feasibility analysis: A product development plan has been drafted for the next years including the objectives for a potential SME Instrument Phase II project.
Financial Feasibility Analysis. The financial feasibility study has confirmed that the commercialization of FARSIGHTS can achieve a turnover of over â‚¬2 million by 2022 and a strong EBITDA. The company will increase its team to 11 full time employees by year 4.
The company business plan has been updated with the outcomes of the Feasibility Study.

Final results

The market validation activities have confirmed that FARSIGHTS is truly a disruptive product, because it combines the growing satellite based big data with the digitalization of assets using physical tags. According to our potential partners and customers FARSIGHTS can open additional mass market applications, still in concept phase.
The financial feasibility study has confirmed that the commercialization of FARSIGHTS can achieve positive EBITDA very quickly generating a turnover of over â‚¬4.6 million in the next 5 years. The company plans to create create at least 7 new high qualified jobs in the fields of Machine Learning and GeoIntelligence.