Nextech AR Solutions Corp. (“Nextech” or the “Company”) (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), a Metaverse Company and leading provider of augmented reality (“AR”) experience technologies and 3D model services is pleased to announce the closing of multiple new 3D modeling deals for ecommerce, providing the Company with a rapidly growing base of ARR (annual recurring revenue) and MRR (monthly recurring revenue). The Company is experiencing rapidly accelerating demand for its state-of-the-art AI-powered ARitize 3D technologies. In addition, Map D has signed on with a number of event providers, furthering Nextech’s reach into the event technology space.
Nextech AR CEO Evan Gappelberg commented, “We are in negotiations for a record number of contracts with the biggest names in ecommerce for 3D models that total hundreds of thousands of 3D models with delivery dates starting in 2022 Q4 extended into 2023, which is unprecedented. We see an acceleration of demand for our entire suite of Web3 products. We are simultaneously signing on new clients to ARitize 3D, expanding into new industries, while renewing with existing clients for more 3D models. Our 3D/AR product offering is now being recognized as providing a game changing ROI for the global ecommerce ecosystem.” He continued, “over the past four years but especially in the past eighteen months we have positioned ourselves as the lowest cost, most scalable and highest quality 3D model provider by leveraging our AI and ML technologies which are patent pending. We believe 3D models are now accepted as the standard in e-commerce. 3D models are estimated to have a TAM of $100 billion which is going to keep us very busy producing 3D models for the foreseeable future.”
Winning new contracts, combined with renewals and expansion of existing contracts is driving the rapid growth for the Company’s 3D model and augmented reality business in ecommerce. Nextech is pleased to see growth in the following industries:
Nextech has signed a contract with Vaqra, a unique online fashion retailer to create 3D models of their top-selling fashions, highlighting how innovative 3D modelling can be for clothing.
Vu3D Tours, an immersive technology experiences provider has signed with Nextech to provide 3D models for laptops, TVs, phones, etc., showcasing Nextech’s ability to provide high-quality models for complicated electronics with small components.
Continually expanding on the outdoor furniture and equipment 3D modelling, Nextech has signed with Bunnings, a large Australian hardware retailer to do 3D models of BBQs along with a variety of other SKUs; Everdure by Heston Blumenthal has contracted for SKUs of their top-line BBQs; Ezooza, an Italian outdoor home goods store has renewed for a large number of SKUs; North by North, a bamboo furniture manufacturer has renewed their contract with Nextech for additional SKUs. Nextech is seeing definite growth in this category with new and renewal business.
Office Group, an office furniture retailer in South Africa, has renewed their contract for 3D models with Nextech.
As Good As Gold Australia has contracted with Nextech for 3D models of gold bars. Another new and unique contract is for a 3D model of a meteorite with Top Meteorite, showcasing the complexity and details that Nextech’s 3D models are able to provide. A premier provider of fans, Vornado, has also signed on for additional 3D model SKUs. William Wood Mirrors, a specialty UK mirror manufacturer, have increased its contract for complex mirror SKUs with Nextech, in order to meet increased demand in their specialty market.
Nextech has signed a renewal 3D modelling deal with City Grounds, a bicycle retailer for additional SKUs. This follows multiple sports-related ARitize 3D deals, including MGI Golf, Marketer Deutschland, Head, Himibike, Salamander Paddle Gear, Never Summer, The Perfect Mound, Source for Sports, Joyride Bikes and others.
Artika, an online retailer of home lighting solutions has renewed a monthly subscription for 3D models, contributing to Nextech’s MRR. This signing follows Nextech’s previous announcement of Lighting Plus extending their original contract for more 3D SKUs, reflecting increasing demand and positive ROI in the lighting market for 3D models.
Nextech expanded its reach and partners with marketing and other agencies to provide models for 3rd party clients. The latest signing in this area is with Indonesia’s leading ecommerce enabler for a variety of SKUs for their clients, reflecting the growing demand for 3D models worldwide. These signings highlight that more and more retailers are asking for 3D models in the ecommerce space, and their marketing agencies are reaching out to Nextech for solutions for their clients.
Nextech AR’s self-serve event management software solution, Map D, has seen rapid growth in new and renewal business in the event space. Recently, Map D has contracted with the following events:
These events are just a small sampling of the large number of contracts that Map D has signed in the event space in September and October 2022. The Company believes that with that Map D will continue to gain traction and expand into the event space, especially with the most recent integration of ARway’s spatial computing technology for wayfinding.
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