InvestmentPitch Media Video Discusses Nextech AR Solutions’ Forecasting Record Q1 and FY 2023 Revenues Driven by Breakthrough Generative AI
VANCOUVER, British Columbia, March 01, 2023 (GLOBE NEWSWIRE) — Nextech AR Solutions Corp. (OTCQX:NEXCF) (CSE:NTAR) (FSE:N29), an Artificial Intelligence powered 3D model supplier for Amazon and hundreds of other major e-commerce retailers and brands reports that supported by its ground-breaking generative AI technology, Q1 2023 is currently tracking to be a record quarter for 3D modeling.
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The company recently announced a major generative AI breakthrough in 3D model texture creation which enables the company to recreate high-quality 4K textures at scale from just small digital swatches. This technology represents a 720x increase in production speed, providing a finished product in just seconds compared with current technology which consumes hours of manual labor. This breakthrough in texture expansion technology will revolutionize the 3D modeling industry and give Nextech a major competitive edge further solidifying its leadership position in the global 3D model space for ecommerce. The company plans to file a patent in 2023 on this breakthrough technology.
The company’s ARitize 3D platform is a one-stop-shop AR solution with automated 3D model creation at an unbeatable price. Its Artificial Intelligence (AI) turns existing 2D product images into high-quality 3D and Augmented Reality experiences. The company’s innovative technology is protected by a patent called “Generating Three-Dimensional Models by Part”.
ARitize 3D has built a substantial library of 3D models, with most of the 3D models composed of several individual parts. Every time a new 3D model is created, the parts are harvested into Nextech’s AI powered 3D part-library, which now contains 100,000 3D model parts. The more models the company makes, the larger the library gets, and the easier it gets to make new 3D models and scale 3D model production. Nextech is in the process of significantly expanding this large library which is expected to grow to upwards of 1,000,000 individual, unique parts.
The company has a proven track record of developing or acquiring what it believes are disruptive technologies and once commercialized, spinning them out as stand-alone public companies, retaining a significant number of shares, while distributing a percentage of the company to existing shareholders. Nextech has been a favorite with investors, particularly following the highly successful spinoff of ARway in October. With ARway currently trading at $1.17, Nextech’s holdings of 13 million shares are contributing about $15 million to Nextech’s market capitalization.
In September, the company launched Toggle3D, 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, with new features allowing multiple users to work at the same time on the same project. With the platform created as a web-based design studio, the user can access everything on the browser with no downloads involved, no updates to keep track of, and no system requirements to worry about. The company is currently in the process of spinning off this company with plans to list it on the Canadian Securities Exchange.
The shares are trading at $0.71. For more information, please visit the company’s website at www.NextechAR.com. Investor Relations is handled by Lindsay Betts, who can be reached at 866-274-8493 Ext 7201 or by email at [email protected].
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