Nextech AR acquires 3D AI modeling for e-commerce company Threedy

Nextech AR acquires 3D AI modeling for e-commerce company Threedy

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Nextech AR Solutions Corp. (OTCQB:NEXCF) (NEO:NTAR) (CSE:NTAR) (FRA:N29) said it has acquired Threedy.ai, Inc, an artificial intelligence (AI) company based in Silicon Valley, California, which provides 3D modeling for e-commerce companies. The all-stock transaction is valued at US$9.5 million. Nextech, a dominant player in the augmented reality (AR) space, said a definitive agreement has been signed by all parties with closing expected on or about June 25. 2021. The company noted that its acquisition strategy is focused on creating net new revenue opportunities that scale with the global adoption of AR. READ: Nextech AR reveals limited early access to its HoloX telepresence creator platform Threedy has built a disruptive end-to-end solution around its model creation technology for the AR industry. Through a simple JavaScript tag integration, product photos are automatically onboarded, 3D models are created for each product through the power of AI and hosted on Threedy’s cloud. Nextech and Threedy plan to create a unified, scalable 3D content creation engine for all their AR solutions. By combining its leading AR platform with Threedy’s disruptive AI technology, Nextech said it has just changed the game. “With our integrated platform powered by AI, users can quickly transform 2D objects into AR enabled 3D, while removing the friction that currently exists within the customer value chain,” Nextech CEO Evan Gappelberg said in a statement. “This a true a game-changer for e-commerce businesses and product manufacturers alike, and for the more than 100 million and growing consumers shopping with AR online and in stores today who are driving the mass adoption of augmented reality in everyday life.” Retailers including Kohl's, Pier1 and K-Mart Australia are already using Threedy’s technology to offer AR shopping experiences at scale. "Content creation has long been the bottleneck for bringing AR to large retailers, many of whom have thousands of SKUs live at any given time," Threedy CEO Nima Sarshar said. "Using our virtual assembly line technology, thousands of models can be created per week, with minimal human intervention, in many categories.” Nextech focuses on developing AR solutions however most of its revenues are currently derived from three e-Commerce platforms: vacuumcleanermarket.com, infinitepetlife.com and Trulyfesupplements.com. Contact the author at stephen.gunnion@proactiveinvestors.com

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