ARway Corporation (CSE:ARWY) said it has signed multiple pilot projects for augmented reality indoor wayfinding and that its services are now also experiencing a surge in demand.
The pilot programs can create significant revenue for the company once they are converted into long-term contracts, the company said.
"We are fielding a steady flow of requests from Fortune 500 companies and have now started to hire an enterprise sales force to help address this rapidly growing demand,” Evan Gappelberg CEO of ARway said in a statement.
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“ We expect to have over 100+ pilot programs in play over the coming months and expect many to convert into full-scale projects. We are working on large individual projects that, once commercialized, can generate as much as $250,000/month in MRR (monthly recurring revenue) or $3 million in ARR (annual recurring revenue).
"As we book these pilot programs and listen to the customers' needs, we are convinced that ARway will become the de facto standard for AR wayfinding in 2023. We are extremely excited to have so much early demand, as we are just at the beginning of ARway's wayfinding journey,” he added
The pilot projects are as follows:
- Large Hospital Group - ARway will deploy augmented reality wayfinding within a single 3-story hospital covering over 30,000 square feet. This pilot project has the potential to roll out to 200 hospitals within the same hospital group.
- Spain Airport – Passengers will be able to use AR wayfinding from the arrival gate, to baggage claim to transportation depot using image tracking technology. This pilot project will be using ARway Kit SDK to integrate AR wayfinding into the transportation provider’s mobile app.
- Brazil Airport – Passengers will use AR wayfinding to the ground transportation depot from baggage claim. The ARway Kit SDK will integrate AR wayfinding into a car rental company’s mobile app.
- 400,000 square feet (sq ft) Dubai Mall As announced on December 12, 2022, ARway successfully spatially mapped a 400,000 sq ft mall for a pilot project, showcasing the company's breakthrough augmented reality indoor wayfinding solution.
ARway is a no-code spatial computing platform for the real-world Metaverse. It enables AR-enhanced indoor navigation and wayfinding solutions for large, multi-purpose venues enabled by marker-based tracking using QR codes.
The ARway offering has an unlimited number of uses for augmenting physical spaces in the metaverse, consisting of indoor navigation with AR activations to improve the visitor experience in large and complex spaces.
Contact the author at jon.hopkins@proactiveinvestors.com