ARway Corporation (CSE:ARWY) said it has launched the company’s newly-developed Image Access Point technology, which provides image recognition and tracking for localization and wayfinding that uses computer vision to trigger from a brand image or logo.
Developers can now pre-select which images will serve as AR triggers, also known as Image Access Points. ARway believes that this breakthrough technology has significant revenue implications in advertising and adds to ARway’s value proposition, transcending from a wayfinding tool into an advertising platform that activates off of brand logos.
The company said it plans to file an application to have the technology patented in the first quarter of 2023.
READ: ARway signs multiple pilot projects for augmented reality indoor wayfinding; says demand surging
In a statement, Evan Gappelberg, CEO of ARway commented: "This technology offers a new and substantial revenue driver for ARway by providing interactive experiences and advertising opportunities, increasing foot traffic to specific areas or products. As a company, we are committed to staying at the bleeding edge of AR technology and bringing innovative solutions to our customers. We believe that Image Access Point technology is game-changing and expect that it will only accelerate the adoption of our tech with new customers."
Image Access Point technology allows smartphones to utilize advanced Computer Vision to recognize 2D images, activating an augmented reality (AR) map and experiences linked to that specific location. By using advanced computer vision technology, it can detect and augment images, providing a seamless and engaging experience for users.
The global image recognition market size reached US$30.0 billion in 2021 and is projected to reach US$76.5 billion by 2027, exhibiting a CAGR of 16.88% during 2021-2027.
Previously, ARway experiences could only be accessed by scanning QR codes, but with this new technology, any 2D image such as posters, logos, ad banners, etc can now serve as a trigger. This is particularly powerful for brands with a strong presence as it enables them to use their own brand logos and ads as entry points into the real-world metaverse, positioning their brand as a leader in innovation.
Industries and markets that can benefit from this technology include retail and shopping malls, sports stadiums, airports, hospitals, advertising, events and trade shows, art galleries and museums, entertainment, hospitality and more.
ARway recently announced a significant upgrade to its spatial computing Software Developer Kit (SDK) with the release of version 2.0. Launching the SDK and its latest updates contributes to the expansion of ARway as a major player in the spatial computing and wayfinding market.
The launch of version 2.0 SDK marks the completion of the last major component of the AR wayfinding and spatial computing platform. The full ARway platform offering consists of the ARway app - for spatial mapping, The Creator Portal - for content management and analytics , and The ARwayKit SDK - for custom apps and integrations. The ARway SDK is being offered as a SaaS platform or can be used in limited ways for free with the ARway watermark.
New share purchase warrant program
ARway also announced that in order to manage its cash flow and reduce or possibly eliminate its dependency of raising capital for payroll it has established a new share purchase warrant program under which it will issue an aggregate of 1,559,556 share purchase warrants to its service providers in connection with their employment and/or consulting arrangements with the company.
Each warrant will be exercisable to acquire one common share of the company at an exercise price of C$1.13 for a period of one year. The warrants will be automatically exercised in equal monthly tranches on a pro-rata basis over the term of the warrants, and the exercise price will be satisfied by the monthly salaries otherwise payable by the company to the recipients of the warrants.
Upon exercise, the recipients of the warrants may opt to either receive the underlying shares, or participate in a managed sale program to sell the underlying shares on the open market and receive the cash proceeds. Any shortfall as a result of participation in such a managed sale program will be funded by the company.
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. Visitors can access a venue map by scanning a QR code with their smartphone upon entering the venue to navigate to any Point of Interest (POI) with step-by-step directions, learn information about those POIs, and interact with rich AR content and experiences along the way.
Contact the author at jon.hopkins@proactiveinvestors.com