Nextech AR Lands
Major Enterprise 3D Model Deal With S&P 500 Company Top 10
Retailer
3D
Modeling for $5.5 Trillion Global
E-commerce
Industry Taking Off as Generative
AI is Driving
Exponential Growth in Nextech's Web3.0 Portfolio of
Technologies
TORONTO, O.N,
Canada -- February 9, 2023 -- InvestorsHub NewsWire
-- Nextech
AR Solutions Corp.
("Nextech" or the
"Company") (OTCQX:
NEXCF) (CSE:
NTAR) (FSE: EP2), an Augmented Reality (AR), Artificial
Intelligence (AI) and 3D model supplier for Amazon and other major
e-commerce retailers and brands is pleased to announce the Company
has landed another major enterprise customer. Nextech AR Solutions
is excited to be chosen as a supplier for a top 10 e-commerce
retailer in the United States, continuing the Company's rapid
expansion and growth. Today's contract win is for a significant
number of 3D models to be delivered in 2023, and continues to
support the Company's rapid ascension in becoming the top 3D model
supplier to the global
$5.5 trillion dollar e-commerce[1]
ecosystem.
Nextech AR CEO Evan
Gappelberg commented, "Today's new contract is for the delivery of
over 10,000+ 3D models in 2023, with significant expansion possible
in Q3/Q4 of 2023. We are seeing more and more enterprise contracts,
meaning 10,000+ 3D models or more, enter our production pipeline in
2023. We expect to announce additional enterprise contracts from
major retailers in Q1, 2023. This is happening because a rapidly
rising number of companies within the e-commerce ecosystem are
recognizing the game changing ROI and customer satisfaction
experienced by implementing 3D/AR models on their e-commerce
websites." He continued, "3D/AR is setting the standard for Web 3.0
in e-commerce. In my opinion, all e-commerce businesses must follow
suit and go 3D to stay competitive in the marketplace. We are
witnessing the transition from flat 2D photos to 3D models in the
$5.5 trillion dollar e-commerce ecosystem throughout the globe. We
think that this is a decade-long mega-trend in which companies who
don't adopt a 3D/AR e-commerce strategy will be left behind, as
3D/AR produces immersive shopping experiences that customers are
beginning to expect. Over
the past few years we have been heavily investing in artificial
intelligence (AI), which is now paying dividends. Our proprietary
breakthrough AI perfectly positions us to take full advantage of
the multi-billion dollar decade long 3D model
mega-trend."
Nextech AR's proprietary generative
AI is a game-changing technology which solves the multi-billion
dollar 3D model supply problem for the e-commerce market.
In
November 2022, Nextech AR
announced it had filed a patent titled, "GENERATING THREE-DIMENSIONAL
MODELS BY PART." At the
time, the Company began to implement this breakthrough part-based
3D model creation technology. Now the Company is scaling its 3D
models by rapidly expanding its library of 3D model parts past
100,000 by using through composition of deformable
parts.
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, which is expected to have upwards of
1,000,000 individual, unique parts. Nextech is in the process of
significantly expanding this large library and its utility, which
will scale 3D model production. The more models the Company makes,
the larger that part library gets, and the easier it gets to make
new 3D models.
The Company's innovation
protected under patent application 17/874,992 allows Nextech to
create new 3D models by searching, assembling and fine-tuning 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.
According to Shopify[2],
3D augmented reality product models have proven to generate a 94%
increase in conversions and a
40% reduction in returns online[3].
On some product pages, 3D/AR models have increased conversion
rates
by up to 250%.
About
ARitize 3D
ARitize 3D is your
one-stop-shop AR solution with automated 3D model creation at an
unbeatable price. Our Artificial Intelligence (AI) will turn your
existing 2D product images into high-quality 3D and Augmented
Reality experiences. It's fast, it's easy and it will transform
your e-commerce website.
With a 3D model, clients
can interact with the product to see every detail: turn it, spin
it, zoom in, zoom out, leading to 40% lower product returns, 93%
higher click-through rate and a 90% reduction in product
photography costs. The Company believes that this value creation
and ROI are leading to the rapidly growing demand for the Company's
3D technology. Transform your online store into a dynamic virtual
showroom. 3D models allow customers to see products from every
angle and position them in their own space prior to purchasing.
It's an exciting, immersive shopping experience that keeps
customers more engaged, and better informed and helps your brand
stand out from the competition.
ARitize 3D is the
One-Stop-Shop 3D + AR solution for e-commerce that is:
Affordable
- lowest cost
provider
Scalable
- fastest, seamless ,
high quality
Frictionless
- requires low
implementation effort
AI
& ML powered - automated 3D model
creation
End
to End - from
model creation to CMS & AR visualization
Brands are invited
to
contact us to let
our team help you start selling using 3D models for your online
store today.
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
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.