- Nextech recently signed a letter of intent to acquire all outstanding shares of Threedy.ai Inc. Threedy’s AI-enabled technologies create 3D models from 2D images through a six-stage assembly line, integrated into a single platform. Nextech intends to assimilate Threedy’s platform into its AR ecosystem
- The company also announced it has been designated as the preferred vendor by Visit Tampa Bay, a not-for-profit organization
- NTAR recently launched “LiveX,” its Digital Experience Platform, and plans to showcase it in a June 29 signature event featuring Gary Vee as the keynote speaker
Toronto-based Nextech AR Solutions (CSE: NTAR) (OTCQB: NEXCF)
recently announced it has signed a binding LOI to acquire all outstanding shares of California-based Threedy.ai Inc (“Threedy”). The acquisition, expected to be completed mid-June, will be based on an all-stock offer in which US$9.5 million worth of Nextech’s common shares will be issued to Threedy’s shareholders (https://ibn.fm/bg5PZ
Founded in 2018, Threedy envisions a commerce world wherein every physical product has an exact 3D digital replica. To achieve this vision, the startup builds proprietary artificial intelligence (“AI”) technologies and computer vision innovations that create 3D models of physical products from 2D photos at scale through a six-stage assembly line.
This AI-enabled product, coupled with the guidance of the leadership team comprising seasoned entrepreneurs and scientists, has enabled Thready to forge relationships with many clients in the commerce industry, including Wayfair, Walmart, Lighting Plus New Zealand, K-mart Australia, Kohl’s Pier 1 Imports, and more.
With the buyout, which is part of Nextech’s acquisition strategy to create new revenue opportunities and grow, Nextech intends to assimilate Threedy’s AI-powered integrated platform into its AR ecosystem. It envisions that this product will become the self-service AR platform for all its AR solutions, which include holograms, AR portals, e-commerce, AR advertising, and more.
Further, the acquisition will enable both Nextech and Threedy to bridge the content creation gap between 2D and 3D and center AI technology within the digital transformation economy.
“With Threedy’s technology and Nextech’s global sales and marketing machine, our combined AI teams, and our existing AR tech and resources as a public company, I’m convinced that we will quickly take a leadership position in the AR industry,” stated Nextech CEO Evan Gappelberg.
As a developer of a better industry solution for creating 3D models and content, Threedy is well placed to scale with the rapid adoption of AR around the world. In fact, the startup’s game-changing product is the first ever to create digital replicas easily, fast, and cost-effectively manner. It, therefore, significantly benefits major retailers and manufacturers, which, for a long time, could not expand their 3D digital inventories fast enough and cost-effectively. At the time, the biggest bottleneck used to be the inability to create 3D models at a scale. But not any longer.
Elsewhere, Nextech also made two notable announcements recently, the first being that it has been chosen as the preferred vendor by Visit Tampa Bay
, a not-for-profit organization that encourages visitors to unlock the sun, fun, and culture in Florida’s most diverse travel destination (https://ibn.fm/mWniD
). While the partnership mainly concerns Nextech’s e-commerce segment, it is strategic because it extends the company’s reach by providing an opportunity to connect with confirmed conferences to host virtual and hybrid events on its virtual experience platform (“VXP”).
Additionally, on May 12, NTAR released its Digital Experience Platform, “LiveX
”, the AR industry’s first-ever all-in-one platform that supports AR advertising, AR e-commerce, AR products, and augmented digital experiences.
The company plans to showcase LiveX in a signature event, dubbed “LiveNow
,” to be held Tuesday, June 29, 2021, at 10 am Eastern Time (https://ibn.fm/foRW2
). LiveNow will feature entrepreneur and internet personality Gary Vaynerchuk (better known as Gary Vee) as the keynote speaker.
For more information, visit the company’s website at www.NextechAR.com
NOTE TO INVESTORS:
The latest news and updates relating to NEXCF are available in the company’s newsroom at https://ibn.fm/NEXCF
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