Nextech AR Solutions Corp. to Acquire Silicon Valley AI-Powered 3D Model Creation Company Threedy.ai Inc. for US$9,500,000
Nextech AR Solutions (OTCQB: NEXCF) has signed a binding letter of intent with Threedy.ai Inc. to acquire all outstanding shares, enhancing its capabilities in 3D model creation.
Threedy, based in Silicon Valley, specializes in AI technologies that automate the production of high-quality 3D models from 2D images, currently serving clients like Walmart and Wayfair.
This acquisition aims to address the bottleneck in 3D content generation, supporting Nextech's strategy to capture the growing AR market.
- Acquisition of Threedy enhances Nextech's AR offerings.
- Threedy's technology allows scaling of 3D model creation to thousands per week.
- Supports Nextech's strategy of net new revenue opportunities with AR adoption.
- None.
Nextech AR Solutions Corp. (“Nextech”) (OTCQB: NEXCF) (NEO: NTAR) (FSE: N29) is pleased to announce that it has signed a binding letter of intent (the “LOI”) dated May 14, 2021 with Threedy.ai Inc. (“Threedy”) to acquire all outstanding shares of Threedy. Threedy is an artificial intelligence (“AI”) company based in Silicon Valley, California, backed by prominent venture capitalists (“VCs”) and angle investors. Founded in 2018, they have been building AI technologies for the 3D model creation of physical products at scale. They have an expansive list of clients, including Walmart, Wayfair, Kohl’s Pier 1 Imports, K-mart Australia, Lighting Plus New Zealand, and many more.
(Graphic: Business Wire)
Threedy’s patent-pending technology leverages AI to enhance the building of quality 3D models from simple 2D photos at scale through an AI-powered assembly line.
Using Threedy’s proprietary AI and computer vision innovations, the production of 3D models can be scaled to 1,000s of 3D models per week. Threedy has built a truly disruptive end-to-end solution around its model creation technology for the augmented reality (“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 the Threedy’s cloud, and 3D visualizations are served to client properties using web AR/3D, all within a single integrated platform. Nextech envisions that this platform will become the self-service AR platform for all its AR solutions including, e-commerce, AR advertising, Genie in the Bottle Holograms, AR Portals, and more.
Nextech's acquisitions strategy is focused on creating net new revenue opportunities that scale with the rapid global adoption of AR, and Threedy is perfectly positioned to capitalize on that by offering a better industry solution for 3D content creation. 3D digital inventories from every major retailer and manufacturer are growing rapidly but it is still too slow and costly for most, with the biggest bottleneck for the global adoption of AR being 3D model creation at scale. The need to make 3D digital replicas easy, fast, and cost-effectively is a global need that has not been met until now. With this transaction, Nextech and Threedy are here to bring AI technology to the forefront of the digital transformation economy and build the bridge between the 2D and 3D world of content creation.
Evan Gappelberg CEO of Nextech AR Solution
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