ARway.ai (CSE:ARWY, OTCQB:ARWYF) has revealed a surge in its sales pipeline, which has soared by over 70% in just six weeks, reaching $2.5 million in potential enterprise contracts.
ARway.ai said this significant growth presents a substantial revenue opportunity for the company as it expands its presence in the global indoor navigation industry.
The company also revealed that it is currently in late-stage negotiations with several enterprise accounts and anticipates further bolstering its pipeline of sales opportunities throughout the year.
The latest update follows the announcement on May 11, when ARway.ai reported a pipeline total of $1.4 million. The exponential growth to $2.5 million underscores the soaring interest from enterprises across diverse industries in ARway.ai's groundbreaking technology.
With the objective of concluding 2023 with a robust pipeline valued at $10 million, ARway.ai remains committed to pushing the boundaries of augmented reality (AR) innovation and delivering exceptional value to its clients through cutting-edge solutions.
In a statement, Evan Gappelberg, the CEO of ARway.ai, commented: "We acknowledge that the $2.5 million currently in our pipeline does not offer an assurance of sales. However, we maintain a high level of confidence in our team's ability to achieve a considerable conversion rate and successfully close these deals. It is important to note that enterprise contracts, such as the ones we are presently pursuing, typically involve an extended sales cycle and necessitate a greater investment of time. We have diligently engaged in piloting, developing, and negotiating with these esteemed enterprise customers over an extended duration, thereby establishing a foundation of trust and progress.”
He continued: “While we cannot guarantee outcomes, we are very optimistic about our ability to obtain a noteworthy closing ratio on this thriving and expanding pipeline. Additionally, our upcoming collaborations with Magic Leap, Microsoft HoloLens, and the recently announced Apple Vision Pro hold the potential to propel our business and further expedite our pipeline's growth. We eagerly anticipate unveiling significant deals in the second half of 2023.”
ARway.ai, powered by artificial intelligence (AI), offers an array of AR experiences for indoor spaces. Its breakthrough technology enables easy navigation, tours, information sharing, notifications, advertising, and gamification, all without the need for coding or beacons. With optimized solutions for both mobile devices and AR glasses, ARway.ai provides unlimited use cases for augmenting physical spaces, making it an invaluable tool for creators, brands, and companies in various industries.
ARway.ai was spun out from its parent company, Nextech3D.ai, on October 26, 2022, with Nextech retaining a controlling ownership stake of 50% through 13 million shares.
Contact the author at jon.hopkins@proactiveinvestors.com