Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) revealed that it has secured a significant renewal contract with an S&P 400 company and the largest department store in the US.
Under the contract, Nextech3D.ai will provide over 5,000 3D models of the companies' most popular products, further solidifying its position as a global leader in the 3D model space for eCommerce.
The 12-month renewal contract with the S&P 400 company, valued at approximately $160,000 annually, includes hosting the 3D models on Nextech3D.ai's 3D cloud platform. Furthermore, the company is currently in advanced negotiations for thousands of additional 3D models, which could potentially add another $100,000 in revenue for 2023.
In a statement, Evan Gappelberg, CEO of Nextech3D.ai, expressed his satisfaction with the renewal contract, emphasizing its positive impact on future revenue and business stability. He commended his team for delivering more than 20,000 3D models to Amazon, highlighting their exceptional capabilities in this field.
Gappelberg also expressed optimism about the company's technology, stating that the second half of the year will witness a significantly positive impact on profitability thanks to the momentum gained from their Generative AI.
The contract renewal follows last week's news of another enterprise deal for over 3,000 3D models, showcasing the increasing demand and long-term viability of 3D models worldwide. Additionally, Nextech3D.ai has reached a major milestone by delivering more than 20,000 3D models to Amazon as its preferred 3D model supplier.
Nextech3D.ai credits its breakthrough Generative-AI technology for revolutionizing the 3D modeling industry. With this cutting-edge technology, the company enables large enterprise customers in the eCommerce market to create photo-realistic 3D models of real-world products at scale.
Nextech3D.ai's achievements in the field of 3D modeling include breakthroughs in texture creation and generative AI technology. The latter enables the generation of 3D materials from text prompts, further propelling the company's ambition to become the dominant 3D model supplier in the eCommerce industry. Industry experts estimate the total addressable market for 3D models in eCommerce to be worth $100 billion over the next decade.
As a diversified company, Nextech3D.ai leverages its proprietary AI technology to create 3D experiences for the metaverse. It focuses on developing disruptive technologies, which it subsequently spins out as stand-alone public companies while retaining a significant ownership stake in the newly formed entities.
Contact the author at jon.hopkins@proactiveinvestors.com