Nextech's
Breakthrough Generative AI Plus Record 3D Model Demand Puts Company
On Track For Record Q1 3D-Model Revenue & Record FY 2023
Growth
-
New
Enterprise contracts for 3D Models in $5.5 Trillion ecommerce
Industry Driving Record Growth
-
Breakthrough
Generative AI Driving Record 3D Model Production in Q1 and
Beyond
TORONTO, O.N,
Canada -- February 28, 2023 -- InvestorsHub NewsWire
-- Nextech
AR Solutions Corp.
("Nextech" or the
"Company") (OTCQX:
NEXCF) (CSE:
NTAR) (FSE: EP2), is an Artificial Intelligence powered 3D
model supplier for Amazon and hundreds of other major e-commerce
retailers and brands is pleased to announce that with the Company's
groundbreaking generative AI technology, Q1 2023 is currently tracking to be a
record quarter for 3D modeling. The timing of record 3D modeling
demand and record production capabilities on the back of its
breakthrough generative AI is expected to drive record 2023 revenue
for the 3D model business in ecommerce. The Company believes that
as a preferred 3-D model supplier to Amazon, it is perfectly
positioned to lead the $5.5 trillion dollar ecommerce market as it
transitions from 2D photos to 3D models.
Evan Gappelberg, CEO of
Nextech comments, " In addition to large enterprise customers like
Amazon, Nextech continues to see a record number of new deals for
3D models from a variety of customers in Q1 2023. It's due to this
record demand in just the past 60 days that we anticipate Q1 2023
will exceed sales numbers from Q4 2022." He continues " These
latest 3D modeling contracts continue to show accelerating global
demand for 3D models due to the high ROI. The 3D model
mega-trend is gaining even more traction in
2023, as the mass
adoption of 3D models has really only just begun. Nextech is
currently in discussions with major brands and retailers across the
globe and we fully expect to land additional major enterprise
multi-year contracts. These contracts represent an enormous
amount of potential revenue for years to come but when combined
with the millions of Amazon's merchants who are starting to
recognize the value of having 3D models, the demand growth along
with our revenue growth becomes exponential".
In February, Nextech
AR
announced a major generative artificial intelligence (AI)
breakthrough in
3D model texture creation. The breakthrough enables the Company to
recreate high-quality 4K textures at scale from just small digital
swatches in just seconds versus hours of manual labor, representing
a 720x
increase in production
speed. This breakthrough in texture expansion technology will
revolutionize the 3D modeling industry and give Nextech a major
competitive edge further solidifying its leadership position in the
global 3D model space for ecommerce. The Company plans to file a
patent in 2023 on this breakthrough technology.
GENERATIVE AI
In Q4, 2022
the Company reported that this proprietary AI-based technology for
3D model creation using through composition of deformable parts is
now covered under: US patent application # 17/874,992.
ARitize 3D
has built a substantial library of 3D models to date, and most of
the 3D models created are composed of several individual parts. For
example, a chair is composed of legs, a seat back and cushions.
Every time a new 3D model is created, the parts are harvested into
Nextech's AI powered 3D part-library. Nextech is in the process of
significantly expanding this large library and its
utility,
which is
expected to eventually hold millions of individual, unique parts.
This massive parts library enables Nextech to create new 3D models
by searching, assembling and using this part library, allowing for
a significantly increased speed of 3D model creation. Instead of
starting from scratch, these parts are retrieved and assembled
first, reducing 3D model creation time. The more models the Company
makes, the larger that part library gets, and the easier it gets to
make new 3D models and the more revenue the Company can
generate.
Watch a
video demonstrating this breakthrough
innovation:
click here
To learn more, please
follow us on
Twitter,
YouTube,
Instagram,
LinkedIn,
and
Facebook, or
visit our website:
https://www.Nextechar.com.
For further information,
please contact:
Investor Relations
Contact
Lindsay Betts
investor.relations@Nextechar.com
866-ARITIZE (274-8493)
Ext 7201
Nextech AR
Solutions Corp.
Evan
Gappelberg
CEO and
Director
866-ARITIZE
(274-8493)
About
Nextech AR [1]
Nextech AR Solutions
(OTCQX:
NEXCF) (CSE:
NTAR) (FSE: EP2) is a diversified augmented reality, AI
technology company that leverages proprietary artificial
intelligence (AI) to create 3D experiences for the metaverse. Its
main businesses are creating 3D WebAR photorealistic models for the
Prime Ecommerce Marketplace as well as many other online retailers.
The Company develops or acquires what it believes are disruptive
technologies and once commercialized, spins them out as stand-alone
public Companies issuing a stock dividend to shareholders while
retaining a significant ownership stake in the public
spin-out.
On October 26, 2022
Nextech AR spun out its spatial computing platform, "ARway" as a
stand alone public Company. Nextech AR retained a control ownership
in ARway Corp. with 13 million shares, or a 50% stake, and
distributed 4 million shares to Nextech AR Shareholders. ARway is
currently listed on the Canadian Securities Exchange (CSE:ARWY), in
USA on the (OTC: ARWYF) and Internationally on the Frankfurt Stock
Exchange (FSE: E65). ARway Corp. is disrupting the augmented
reality wayfinding market with a no-code, no beacon spatial
computing platform enabled by visual marker tracking.
On December 14, 2022
Nextech AR announced its second spinout of Toggle3D, an AI-powered
3D design studio to compete with Adobe. Toggle3D is expected to be
public in the first half of 2023.
To learn more about
ARway, visit
https://www.arway.ai/
Forward-looking
Statements
The CSE
has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
Certain
information contained herein may constitute "forward-looking
information" under Canadian securities legislation. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as, "will be" or variations of
such words and phrases or statements that certain actions, events
or results "will" occur. Forward-looking statements regarding the
completion of the transaction are subject to known and unknown
risks, uncertainties and other factors. There can be no assurance
that such statements will prove to be accurate, as future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements and forward-looking information. Nextech
will not update any forward-looking statements or forward-looking
information that are incorporated by reference herein, except as
required by applicable securities laws.