Nextech's Breakthrough Generative AI Positions Company for Breakout Revenue Growth in 2023
Nextech AR Solutions Corp (OTCQX:NEXCF) recently announced a significant patent update for its generative AI technology that enhances 3D model creation for eCommerce. The company has filed a patent under US application #17/874,992, enabling rapid scaling of its 3D model library to over 100,000 parts, paving the way for increased production efficiency. CEO Evan Gappelberg emphasized the competitive edge this technology provides, predicting a strong market demand for 3D models. The company also issued shares worth $20,000 to Coachman's Research Program as part of its ongoing investor relations efforts.
- Nextech has filed a patent for generative AI technology, enhancing 3D model creation efficiency.
- The company is scaling its 3D model library to over 100,000 parts, facilitating rapid production.
- CEO predicts strong demand growth for 3D models, indicating potential revenue increase.
- Previous announcements of multi-million dollar enterprise contracts set a positive revenue outlook.
- The issuance of 26,666 common shares at a price of $0.75 per share may dilute existing shareholders.
- No specific revenue figures or timelines for expected contracts were disclosed, leaving some uncertainty.
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Generative AI Driving Exponential Growth in Nextech's Web3.0 Portfolio of Technologies for Ecommerce Enables Scaling 3D Model Production
TORONTO, ON / ACCESSWIRE / January 10, 2023 / Nextech AR Solutions Corp. ("Nextech" or the "Company") (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a Metaverse Company and leading provider of augmented reality ("AR") experience technologies, and 3D model services announces a patent update covering the Company's breakthrough artificial intelligence (AI) technology 3D model creation. Also, the Company is pleased to report that this proprietary AI-based 3D model creation using through composition of deformable parts is now covered under: US patent application # 17/874,992. ARitize 3D is the Company's One-Stop-Shop in 3D + AR solution for eCommerce.
Nextech AR's generative AI is a game-changer by solving the multi-billion
Watch a video demonstrating this breakthrough innovation: click here
Evan Gappelberg, CEO of Nextech commented, "Today we are leveraging the game-changing power of generative AI which we believe gives us a major competitive advantage in the 3D model market. With generative AI we are creating an increasingly wider exponentially growing moat: the more models we make, the larger that part library gets, and the easier it gets to make new 3D models. I believe that we are at the point where the value of Nextech goes up with each new 3D model we make, creating a virtuous cycle of growth and value." He continued, "2023 is going to be the year of AI. We have already announced multi-million dollar enterprise contacts and more are expected in 2023. With our breakthrough AI that we are continuously developing, we are becoming the global go-to 3D model supplier for ecommerce. With hundreds of millions of 3D models needing to be made, we have been heavily investing in 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!"
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.
Pursuant to an engagement letter with Coachman's Research Program, the Company has issued 26,666 common shares at a price of
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 eCommerce 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
The Company believes that this value creation and ROI are leading to the rapidly growing demand for the Company's 3D technology.
ARitize 3D is the Company's One-Stop-Shop in 3D + AR solution for eCommerce
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 AR, 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
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 Toggle3D, visit https://toggle3d.com/
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.
SOURCE: Nextech AR Solutions Corp.
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