TORONTO, March 23, 2023 (GLOBE NEWSWIRE) -- via InvestorWire -- Nextech3D.AI (formally "Nextech AR Solutions Corp" or the "Company") (OTCQX: NEXCF) (CSE: NTAR) (FSE: EP2), a Generative AI-Powered 3D model supplier for Amazon, P&G, Kohls and other major e-commerce retailers is pleased to announce its AI-powered SaaS CAD to 3D Design Platform, Toggle3D.ai has crossed over 1000 sign-ups on the platform. Toggle3D.ai enables the conversion, texturing, customizing and sharing of the highest quality 3D models at scale, using CAD files. Since the Beta launch, the platform has attracted a variety of users such as designers, developers, 3D artists, entrepreneurs and creators, reaching over 1000 users on the platform within two months which is a +963% change since the start of the year. The rapid adoption of this technology positions Toggle3D.ai to become an industry leader in the estimated $160 Billion Global GGI Application Software market.
Nextech3D.ai CEO Evan Gappelberg commented, "We are thrilled to see that Toggle3D has surpassed over 1000 sign-ups with 30% weekly growth and 963% growth in the past 60-days, while still in BETA! This is a testament to the hard work of our team and the value that the platform provides to its users. With a first mover advantage and ongoing AI enhancements, we see Toggle3D.ai as setting the standard as the all-in-one platform for CAD-3D model conversion." He continued, "We are also on track for the spin-out IPO of Toggle3D, which we expect to be completed in approximately the next 60 days with the trading symbol being: TGGL. We firmly believe that Toggle3D is commercially ready to disrupt the Global CAD and Global CGI markets and once spun-out, we believe that it will create additional value for Nextech shareholders, just as the ARway spin-out did."
In late January, Toggle3D officially launched the Beta Version of its web-based design studio for converting, texturing, customizing and sharing web-friendly 3D models. With its focus on CAD files, but also accepting other 3D formats, the Toggle3D platform converts heavy manufacturing files into lightweight 3D models for the web. After the conversion, users are provided easy-to-use point-and-click texturing tools to add materials to their models, change colors and add variations.
Since the Beta launch, the platform has attracted a variety of users such as designers, developers, 3D artists, entrepreneurs and creators, reaching over 1000 users on the platform within two months. This is a +963% change since the start of the year. Toggle3D is closely in touch with these users, generating active early adopter involvement in feedback, discovery of new use cases and suggestions for new features. As more users are signing up and trying out the platform, Toggle3D is accumulating valuable information regarding users behavior on the platform to speed up development, reinforce product-market fit and double down on critical pain points.
The plans are priced at $29/mo on a per-user level meaning that multiple users in the same team will pay for each person on the team to have an account in Toggle3D, reinforcing the SaaS recurring revenue business model. The users on the platform today are both free users and pro users trying out the platform with strong signals for early growth in conversions as the product prepares to end Beta and launch the product in Q2 2023.
IPO Spin-Out
In February, Nextech3D.ai announced the details of its IPO spin-out of Toggle3D. The Company has determined to pursue a direct spinout of its generative AI-powered Toggle3D platform through a wholly-owned subsidiary of the Company ("Subco"). The transaction is currently anticipated to proceed by way of plan of arrangement (the "Arrangement") pursuant to which the Toggle3D platform and associated assets will be spun out into a new Subco, but will be subject to final tax and legal structuring considerations.
The Arrangement, if completed, is anticipated to result in, among other things, (i) Nextech retaining approximately 65% of the issued and outstanding shares of Subco ("Subco Shares") upon completion of the transaction, (ii) approximately 20% of the Subco Shares being distributed directly to Nextech shareholders on a pro rata basis; and (iii) approximately 15% of the Subco Shares being distributed to certain service providers of Nextech in consideration of past services, as calculated prior to completion of the Private Placement following which the above percentages will be adjusted on a pro rata basis. In connection with the Arrangement, Nextech intends to seek a direct listing of the Subco Shares on the Canadian Securities Exchange ("CSE").
Latest Toggle3D.ai News
- Nextech AR's AI-Powered CAD-3D Design Studio Toggle3D Launches New Machine Learning and Computer Vision Technology
- Livestream: Toggle3D Q1 Business Updates and Presentation
- Nextech AR's AI-Powered 3D Design Studio Toggle3D Launches Major Tech Upgrade
- Nextech AR Announces Details of Generative AI IPO Spin-out Toggle3D
About Toggle3D.ai
Toggle3D is an AR-enhanced standalone web application which enables product designers, 3D artists, marketing professionals and eCommerce site owners to create, customize and publish high-quality 3D models and experiences without any technical or 3D design knowledge required. The Company believes that Toggle3D is the first platform of its kind, and this breakthrough SaaS product is a potential game changer for the manufacturing and design industry, as it provides a viable solution to convert large CAD files into lightweight 3D models at affordable prices and at scale. According to BIS Research, the CAD market, quantified by the amount spent on the creation of CAD files, is projected to reach $11 Billion dollars by 2023. Learn more: https://toggle3d.ai
Top Three Competitive Advantages of Toggle 3D Versus 3D Legacy Software
NO Learning Curve:
What makes Toggle3D different from the legacy 3D design software is its ease-of-use and democratization of 3D design. The goal is for anyone with no prior technical or 3D design experience to be able to hop into the platform and create a high-quality 3D visual in minutes. This is unlike legacy 3D modeling systems, that require months to truly feel comfortable with. Users would first be required to learn and understand the industry lingo, learn what the tools do and then learn how to use them in the legacy software. Meanwhile, we have streamlined this process in Toggle3D by "humanizing" 3D design terminology, creating templates to guide creation and simplifying the tools using machine learning to transfer the complexity out of the user experience into the backend platform, and instead allow more room for creativity.
Web-based:
Toggle3D is a web-based design studio which means the user can access everything on the browser and start designing instantly. No desktop downloads involved, no updates to keep track of, and no system requirements to worry about. All the templates are organized into project panels that a user can access anywhere and seamlessly navigate between. This is different from how legacy software was built back in the day with the software package being broken out into multiple desktop apps that would require the user to understand system compatibility, download, sync, and learn independently.
Collaboration:
Toggle3D will allow advanced, in-app collaboration. These new sets of features will allow multiple users to work at the same time and on the same project resulting in quick feedback and decision making cross-department, and team. These tools will allow businesses to adopt 3D organization-wide and unlock the power of group iteration. Users could set up workflows, permissions, and version history to keep up with real-time design changes. These advanced collaboration cycles are harder to set up in desktop apps and may sometimes slow down or isolate the design workflow.
About Nextech3D.ai
(formally "Nextech AR Solutions Corp" or the "Company") (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, Nextech3D.ai spun out its spatial computing platform, "ARway" as a stand alone public Company. Nextech3D.ai 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 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, 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
Nextech3D.ai
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)
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.
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