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Report

Teaser, summary, work performed and final results

Periodic Reporting for period 1 - CloudStorm (Introducing Software Robots 2.0: CloudStorm Enterprise Software Integration and Automation Tool)

Teaser

Summary

CloudStorm software makes robotic process automation (RPA) accessible for the mass market. With enterprise-wide software integration and a unique automated process discovery algorithm, CloudStorm is the first to enable employees to increase their productivity by innovating their daily practices. Most commonly used enterprise software is rigid and difficult to use.

Millions of employees spend their work days on redundant tasks that result from missing integrations between the different software â€“ e.g. copy-pasting data between SAP and Excel. When it comes to automating such processes, by far the biggest cost factor with current technologies is finding the processes worth to automate, and having to use consultants to do the implementation work. CloudStorm eliminates the need for manual process mapping and expensive consultant hours.

The flexibility of our technology allows implementing an innovative business model, where smaller companies can be billed per use instead of having to pay high prices for large and bulky software packages. We initially target a â‚¬6.7 billion business opportunity within the business process outsourcing market space. We enter the market through selected industries (Banking, finance & insurance; Pharmaceuticals; Telecommunications) where operations are highly regulated, and as a result, there is an abundance of repetitive workflows and complex IT systems that CloudStorm can simplify.

Virtual Solutions Ltd. is a Hungarian software development SME aiming to disrupt the quickly growing RPA industry. Following our SMEI Phase 1 project, the Phase 2 project focuses on finalising the development of our core technology, implementing the next generation features to secure mass market scalability for CloudStorm, piloting our solution in various enterprise settings, and
preparing our company for global scaling.

Work performed

\"The project has ran very smoothly and we have achieved all the objectives and milestones as well as submitted all the deliverables that were allocated to the first period.
The most significant results per WPs are as follows:

WP1
We have developed the necessary toolset that allows users to \"\"teach\"\" our system the task they want to automate, to execute already existing automations, and to retrieve the output of previous executions.
We designed the user experience of the next generation End User Innovation tool.
A Workflow Service was created.
We implemented the next generation of our App Builder module.
We have created integrations for different kinds of software.
The toolset now covers a business automation and integration process end to end.

WP2 will start in the second period, however we already started with some preparatory work.

WP3
We won and conducted 5 paid pilot projects successfully
Collected invaluable feedback on our product roadmap
Attending and winning several pitch competitions which resulted in ongoing pilot negotiations with large enterprises hosted in Vienna (AT), Munich, Hamburg and Berlin (DE).
Early-phase pilot projects validated the readiness of the platform and its usability in creating simple web apps and automations

WP4
We have created automated online marketing channels.
The CloudStorm project won admission into corporate accelerators. The two programs gave us invaluable visibility and direct sales contacts.
Our as-a-service business model got validated.
We achieved initial success in channel sales.
We turned pilot partners into customers already.

\"

Final results

The project already has a tremendous impact on our company in various aspects of technology, team, market, and customer interaction.

Initially, our platform used a host of technologies and was dependent on external technology providers. Thanks to the project, we have become more technology-independent and complete, considering both the technical infrastructure and platform features. We are becoming ready to have all customer projects run in our infrastructure.

Skilled experts were recruited to aid technological progress beyond the state-of-the-art, even if the current labor market holds us back in the pace of team expansion. The growth in full-time employment brought along sophisticated internal processes both in architecture design, business development, and operation.

Thanks to the publicity achieved during the project, commercial partners already expressed notable interest to partner with CloudStorm and resell the services. So far we have received partner interest from Germany, Hungary, Austria, Norway, the United States, Kazakhstan, and South Africa.

Our marketing efforts start to bear fruit, as we receive increasing interest from managers willing to increase their teams\' efficiency from all over Europe and beyond. Initially, we have planned market entry to stem from Central-Eastern European markets, gradually building momentum to enter Western European markets. We have accelerated this process and managed to secure paying pilot partners and customers from Germany and Austria, earlier than planned.

We are gaining deep insight into the forces acting in the office automation market. Pilot projects help us distinguish what features and services are essential from our initial hypotheses.

We are working on ways to give employees automate the annoying part of their work and to provide them with control over software robots working in the background.

Should further resources be required after concluding the project, investor interest, we have already received signs the availability of follow-on funding.

All the above warrants that the expected potential impact of the project is secured.