Nextech3D.ai Signs Enterprise Renewal and Expansion Contract With Major Ecommerce Brand For 3000 3D Models
Company is Seeing a Global Surge in the 3D Modeling Business
NEW YORK CITY, NEW YORK, USA, May 11, 2023 – 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 has signed a renewal and expansion 3D modeling deal with an enterprise customer. With Nextech’s breakthrough generative-AI technology, the Company believes it has revolutionized the 3D modeling industry, and gained a major competitive edge solidifying its leadership position in the global 3D model space for ecommerce. Nextech3D.ai is making it possible to create photo-realistic 3D models as digital replicas of real-world products at scale for large enterprise customers in the global $5.5 trillion dollar ecommerce market.
The client operates in various industries such as retail, shopping malls, entertainment, and real estate and is a major player in the Middle East, North Africa, and Central Asia region (MENA). The first contract is for a 12-month extension to host thousands of 3D models that Nextech3D.ai created for the customer last year. The second contract is to create an additional 550 3D product models. Both contracts are worth approximately $150,000 annually
Nextech3D.ai CEO Evan Gappelberg commented, “We are gratified to receive this renewal contract from our customer, and excited as it confirms the enterprise value and strong ROI that we provide to the massive global ecommerce ecosystem which is now pivoting from 2D photos to 3D models. We believe that we are just at the beginning of a decade-long mega-trend that is worth $100 billion. Today’s news is just one of what we believe to be many enterprise deals and yet another building block for our Company. In 2023, we are very focused on capturing market share within the Amazon marketplace and becoming the dominant 3D model supplier for the global ecommerce industry.”
A major contributor to Nextech3D.ai’s 3D modeling success and ability to meet market demand is its Generative Artificial Intelligence (AI). In March, 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.
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.
Last week, the Company announced it had achieved a major breakthrough in generative AI technology that facilitates the generation of 3D materials from text prompts. This breakthrough in text to 3D material creation is key in driving the company forward in its quest to be the dominant 3D model supplier for the ecommerce industry. The 3D models for e-commerce TAM is estimated to be worth $100 billion over the next decade.
In the text-to-3D Material Pipeline, users can input a text prompt into the AI generator, and the system creates multiple image variations of that prompt. The generated images are then layered with texture maps to create a 3D material. Users can add descriptive words to their original text prompt to further tweak the texture to their desired state. This feature provides users with a high degree of customization, allowing them to create unique textures that are tailored to their needs.
The groundbreaking AI technology underpinning these technology breakthroughs and patents places the Company in a leadership position in the 3D modeling for ecommerce industry.
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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.[Text Wrapping Break]
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 OTCQB (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.[Text Wrapping Break][Text Wrapping Break]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[Text Wrapping Break]Lindsay Betts[Text Wrapping Break]investor.relations@Nextechar.com [Text Wrapping Break]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.
