NexTech AR Solutions Corp (NEO:NTAR) (CSE:NTAR) (OTCQB:NEXCF) announced a major new upgrade to its virtual experience platform with the addition of artificial intelligence (AI) chat features.
The augmented reality company said Monday that it is launching the new standardized chat features within its virtual experience platform and ARoom collaborative streaming solution.
NexTech also said it will offer the chat platform as a standalone SaaS service externally, opening up another potential revenue stream.
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As part of the new upgrade, AI-fueled chat features will be integrated into the existing virtual experience platform to let attendees and organizers seamlessly navigate between event programming and chat venues. The technology allows participants to easily start sending direct messages by searching for fellow attendees by readily-identifiable data like name or company, while event organizers can set up networking rooms within an existing event or create moderated Q&A sessions, letting speakers communicate directly with large audiences.
Both the augmented reality (AR) and AI functionalities will be available through the streaming interface, according to NexTech, allowing for virtual and hybrid event experiences. The new chat features are fully scalable and encoded with secure privacy restrictions. In addition, the features will be available as a standalone product that can be easily embedded in other internal and external products.
“Standardized, embedded chat features will take the networking features in our Virtual Experience Platform and ARoom solutions to the next level, at a time when more industries, companies and groups are looking to host immersive virtual events and experiences,” said Mark Pace, CTO, Virtual Experience Platform at NexTech AR in a statement Monday. “Previous versions of chat were external embeds, resulting in a suboptimal experience for our users. This first-class chat integration makes it easy and natural for attendees to connect with one another, network and recreate some of the most engaging in-person experiences within a fully virtual or hybrid event environment.”
First of many technology upgrades
NexTech CEO Evan Gappelberg told shareholders that the launch of the AI-driven chat features are the first of many technology upgrades planned for the virtual experience platform and ARoom live streaming platforms in the coming months.
“We are experiencing rapidly growing demand globally for our products and platforms and are working overtime to deploy these innovative tools to co-create some truly incredible events with our growing list of blue-chip clients in 2021 and beyond,” Gappelberg told investors.
The Vancouver-based company works with some of the world’s most highly recognized companies like Amazon, Viacom, Bell Canada and TEDx to stage virtual events.
Also on Monday, the firm said it had entered into an agreement with financial technology company SRAX for an initial term of 12 months, pursuant to which NexTech will work with the SRAX platform to track shareholders' behaviors and trends, manage investor outreach, track warrant conversion, manage quarterly earnings calls and hold investor conferences.
In consideration for SRAX’s services, NexTech has agreed to issue SRAX 200,000 common shares at a price of C$6.61 per share. The issuance of the shares to SRAX is subject to approval of the NEO Exchange and the common shares are subject to a six-month lockup period.
Contact Angela at angela@proactiveinvestors.com
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