PROMISE was started in 2004 as a €14m European Union funded FP6 project comprising a consortium of 22 commercial and academic partners (PROMISE Consortium). The Project ended in May 2008 when it was officially acclaimed by the European Commission as an example of a successful IST project.
The mnemonic PROMISE was derived from PROduct lifecycle Management and Information tracking using Smart Embedded systems.
The core concept of the PROMISE project was that information generated during all phases of life by products that are able to sense and communicate their condition and environment can be consolidated (closing the lifecycle information loops) and transformed into knowledge. This knowledge can then be used to better support existing products and to create new product and service value. Towards the end of the project it was recognized that the PROMISE Architecture and interfaces could be universally applied not only to product lifecycle information management but to any kind of lifecycle, including, for example, supply chains, food and beverage traceability, healthcare etc.