TORONTO, March 30, 2023 (GLOBE NEWSWIRE) -- via InvestorWire -- Nextech3D.AI (formerly Nextech AR Solutions Corp) (OTCQX: NEXCF) (CSE: NTAR) (FSE: EP2), a leading Generative AI-Powered 3D modeling supplier for major e-commerce brands such as Amazon, P&G, Kohls, and Dyson, has announced a significant expansion into the Asian market with a major enterprise 3D modeling deal for thousands of product SKUs. The contract highlights Nextech's breakthrough Generative AI technology, which is emerging as a globally dominant AI solution for scaling the production of 3D models in the booming e-commerce industry. The production of 3D models for ecommerce is estimated to be worth $100 billion.
Evan Gappelberg, CEO of Nextech comments, "With this enterprise contract we have officially expanded into Asia, the largest and fastest growing market for ecommerce worth $3 Trillion in annual revenue. This multi-year large enterprise contract is another critical step towards our goal to be the global 3D model supplier of choice for enterprise ecommerce giants globally. We continued to see a record number of new deals for 3D models from a variety of customers in Q1 2023 which will generate significant revenue for the next few years. He continues: "This latest 3D modeling contract from the Asian Pacific region of the world continues to point at the accelerating global demand for 3D models as the $5.5 trillion dollar ecommerce ecosystem pivots from flat 2D photos to 3D models. As Nextech3D.AI expands its reach, technology investors have a unique opportunity to invest in a company that is disrupting the e-commerce landscape and driving innovation in the lucrative 3D modeling sector."
"As we move further into 2023, the trend towards 3D models is only gaining more momentum. At Nextech, we are in active discussions with major brands and retailers around the world and are optimistic about securing additional multi-year enterprise contracts. These contracts present a significant revenue opportunity for our Company, which we expect to ramp up over the coming years. With millions of Amazon merchants now realizing the value of incorporating 3D models into their businesses, we anticipate exponential demand and revenue growth. We are excited to be at the forefront of this cutting-edge technology and look forward to continuing to drive innovation in the industry." - Evan Gappelberg, CEO of Nextech.
The Company has also recently landed a major enterprise 3D model deal with an S&P 500 Company Top 10 Retailer - in addition to being a preferred 3D model supplier to Amazon. Nextech3D.ai continues to see record demand for 3D models and anticipates Q1 2023 will exceed sales numbers from Q4 2022. This growth position Nextech3D.ai is a leadership position for 3D modeling in the global $5.5 trillion ecommerce ecosystem.
Generative AI & Patents
A major contributor to Nextech3D.ai's 3D modeling success and ability to meet market demand is its Generative Artificial Intelligence (AI). Last week, the Company filed a provisional patent titled: "Generative AI for 3D Model Creation from 2D Photos using Stable Diffusion with Deformable Template Conditioning." This patent builds on the previous patent filed in November 2022: "Generating Three-Dimensional Models by Part" for creating complex 3D models by parts. The groundbreaking AI technology underpinning these patents places the Company in a leadership position in the 3D modeling for ecommerce industry and sets the stage for the Company to become cash flow positive.
Nextech3D.ai 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 Nextech3D.ai's AI powered 3D part-library. Nextech3D.ai 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 Nextech3D.ai 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.
In February, Nextech3D.ai 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 gives Nextech3D.ai a major competitive edge further solidifying its leadership position in the global 3D model space for ecommerce. With this technology, Nextech3D.ai is revolutionizing the 3D modeling industry and making it possible to create photo-realistic 3D models as digital replicas of real-world products at scale for large enterprise customers.
3D Modeling Deals
Nextech3D.ai has recently signed both new and renewal contracts for 3D models for a variety of industries:
Electronics
Kyocera, a leading supplier of solar power generating systems, mobile phones, printers, copiers, printheads, LCDs, electronic components and more has contracted with Nextech for 3D models of a cell phone. This opens the door to additional 3D modeling opportunities in their product line.
Nextivity, a cellular solutions provider, has contracted with Nextech for a 3D model of one of their popular routers.
Furniture / Home Goods
Tectake, an international eCommerce company with a wide range of work, home, leisure and garden products signed for 3D models of their most popular items, and are anticipated to increase their contract throughout 2023.
Vornado, a premier supplier of Heating, Venting & Cooling products has increased their 3D model contract with Nextech, with most of the models being posted on Amazon.
Sports Equipment
Hammer, a strength training equipment retailer has contract with Nextech for a number of models of their most popular gym equipment. This signing follows the signing of Life Equipment a few weeks ago, showing growth in this industry vertical.
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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 about ARway, visit https://www.arway.ai/
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
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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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