NexTech AR Solutions Corp (OTCQB:NEXCF) (NEO:NTAR) (FRA:N29) announced that it has signed a binding letter of intent to acquire Threedy.ai Inc, an artificial intelligence (AI) company based in Silicon Valley, in a C$9.5 million all-stock deal.
Threedy’s patent-pending technology utilizes an AI-powered assembly line to enhance the creation of 3D models from 2D photos at scale. The company, founded in 2018, has a robust list of clients, including Walmart, Wayfair, Kohl’s Pier 1 Imports, K-mart Australia, Lighting Plus New Zealand and more, the company said.
Using Threedy’s proprietary AI and computer vision innovations, the production of 3D models can be scaled to thousands of 3D models per week. First, product photos are automatically onboarded, then 3D models are created, hosted on Threedy’s cloud and served to client properties using web AR/3D, all within a single integrated platform.
READ: NexTech AR partners with Visit Tampa Bay to use augmented reality to tell the story of the iconic Florida locale
NexTech envisions that Threedy’s platform will become the self-service AR platform for all its AR solutions including, ecommerce, AR advertising, Genie in the Bottle Holograms, AR Portals and more.
“Ecommerce has lived in the same flatland for 25 years now, and we have been attempting to fit a world that is 3D into 2D flat screens,” Threedy CEO Nima Sarshar said. “The future of digital commerce, however, is 3D. Customers — businesses and consumers alike — are increasingly demanding to see the products they are buying online in as much detail as possible to interact with them immersively and see them in the space they are intended for before committing to a purchase. To that end, our vision is to create a 3D digital replica of every commercial product in the world.”
The need to make 3D digital replicas fast and cost-effectively is a global need that has not been met until now, NexTech said. Three-dimensional digital inventories are growing rapidly but the process is still too slow and costly for most, with the biggest bottleneck for the global adoption of AR being 3D model creation at scale.
“I have been patiently waiting for a company to come along that not only understands AI but also understands that AI is the key to cracking the code on scaling AR content creation,” NexTech CEO Evan Gappelberg said in a statement.
“Nima and Max [Hwang, Threedy CTO] are two rare entrepreneurs who have figured it out and are gutsy and smart enough to not only build their disruptive technology but also bring it to market through the world’s largest retailers. 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”.
Once the deal is closed, which the company expects to occur in 30 days, the Threedy team will join NexTech. Sarshar and Hwang will provide executive services to Threedy and Nextech, the company said.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel
Story by ProactiveInvestors
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