Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) has announced a significant expansion into the Asian market with a major enterprise 3D modeling deal for thousands of product SKUs.
The contract highlights Nextech's breakthrough Generative AI technology, which is emerging as a globally dominant AI solution for scaling the production of 3D models in the booming eCommerce industry. The production of 3D models for eCommerce is estimated to be worth $100 billion.
In a statement, Evan Gappelberg, CEO of Nextech commented: “With this enterprise contract we have officially expanded into Asia, the largest and fastest growing market for eCommerce worth $3 trillion in annual revenue. This multi-year large enterprise contract is another critical step towards our goal to be the global 3D model supplier of choice for enterprise eCommerce giants globally.“
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He added: “We continued to see a record number of new deals for 3D models from a variety of customers in Q1 2023 which will generate significant revenue for the next few years."
He continued: “This latest 3D modeling contract from the Asian Pacific region of the world continues to point at the accelerating global demand for 3D models as the $5.5 trillion dollar eCommerce ecosystem pivots from flat 2D photos to 3D models. As Nextech3D expands its reach, technology investors have a unique opportunity to invest in a company that is disrupting the e-commerce landscape and driving innovation in the lucrative 3D modeling sector.
"As we move further into 2023, the trend towards 3D models is only gaining more momentum. At Nextech, we are in active discussions with major brands and retailers around the world and are optimistic about securing additional multi-year enterprise contracts. These contracts present a significant revenue opportunity for our Company, which we expect to ramp up over the coming years. With millions of Amazon merchants now realizing the value of incorporating 3D models into their businesses, we anticipate exponential demand and revenue growth. We are excited to be at the forefront of this cutting-edge technology and look forward to continuing to drive innovation in the industry,” Gappelberg concluded.
Nextech3D.ai recently landed a major enterprise 3D model deal with an S&P 500 Company Top 10 Retailer - in addition to being a preferred 3D model supplier to Amazon. The company continues to see record demand for 3D models and anticipates Q1 2023 will exceed sales numbers from Q4 2022. This growth position’s it in a leadership position for 3D modeling in the global $5.5 trillion eCommerce ecosystem.
Nextech3D.ai also recently signed both new and renewal contracts for 3D models for a variety of industries, including:
Electronics:
Kyocera, a leading supplier of solar power generating systems, mobile phones, printers, copiers, printheads, LCDs, electronic components and more has contracted with Nextech for 3D models of a cell phone. This opens the door to additional 3D modeling opportunities in its product line.
Nextivity, a cellular solutions provider, has contracted with Nextech for a 3D model of one of its popular routers.
Furniture / Home Goods
Tectake, an international eCommerce company with a wide range of work, home, leisure and garden products signed for 3D models of its most popular items, and are anticipated to increase the contract throughout 2023.
Vornado, a premier supplier of Heating, Venting & Cooling products has increased its 3D model contract with Nextech, with most of the models being posted on Amazon.
Sports Equipment
Hammer, a strength training equipment retailer has a contract with Nextech for a number of models of their most popular gym equipment. This signing follows the signing of Life Equipment a few weeks ago, showing growth in this industry vertical.
Nextech3D.ai - formally Nextech AR Solutions Corp - is a diversified augmented reality, AI technology company that leverages proprietary artificial intelligence (AI) to create 3D experiences for the metaverse. Its main businesses are creating 3D WebAR photorealistic models for the prime eCommerce marketplace as well as many other online retailers.
The company develops or acquires what it believes are disruptive technologies and once commercialized, spins them out as stand-alone public companies issuing a stock dividend to shareholders while retaining a significant ownership stake in the public spinout.
Contact the author at jon.hopkins@proactiveinvestors.com