NexTech AR Solutions Inc said it was at the frontier of growth in the augmented reality (AR) space as the tech firm shifts to a self-service software-as-a-service (SaaS) business model, which will allow it to populate the world with 3D models and AR visualizations.
In a corporate update, CEO Evan Gappelberg outlined the next steps and recapped key achievements this year as the group heads into the fourth quarter and 2022, including the launch of its AR for e-commerce SaaS platform, which is expected in the next few weeks.
He also highlighted two key acquisitions it has made in 2021, firstly of ARway in a share deal, which it says provides the foundation to merge Nextech's AR solutions with the 'Metaverse' - the concept of the future of the internet.
READ: Nextech AR Solutions expands into the multi-billion-dollar CAD market with new technology converting designs into 3D models
Gappelberg also highlighted the company's acquisition of Threedy.ai in June of this year.
Because of Threedy, he said, the company's SaaS and self-service models were already available for 2D to 3D e-commerce sites and CAD to POLY for manufacturers and will become available across our entire solutions portfolio in the coming months.
"SaaS and self-service integration with our product line has enormous implications for the scalability of our product suite, and Nextech’s future revenue growth. With SaaS, Nextech will move away from managed solutions and toward monthly recurring revenue (MRR), business scalability, and low to no touch. This has already begun and we currently have over 30 accounts and growing contracts for $2 million in annual contracts representing about $150K in MRR across our platforms," noted the company boss.
Nextech also provided a timeline of the following SaaS platforms it is working on:
- Education Technology (Q4-2021)
- CAD to POLY (Q2-2022)
- Spatial Mapping/Metaverse (Q2-2022)
- holoX - Human Holograms (Q4-2021)
- Ad Network - 3D AR (Q1-2022)
- Virtual/Hybrid Events (Q4-2021)
- WebAR/Threedy.ai for ecommerce (Q4-2021)
Looking ahead at the AR industry, Gappelberg said the most "exciting thing happening today" was that all objects were being turned into 3D on the web with "no app required".
"The Web dial tone is everywhere. And anything that's ubiquitous gets interesting," he said.
He believes Nextech does not fit in with the other AR startups around, as they are all 'point solutions'.
"Where I see us fitting in is with the tech giants, who essentially own a market. Apple owns your phone, Google owns your search engine, Amazon owns your shopping, Facebook, SNAP or TikTok own your social media.
"As the owners of 3D model creation (and the models themselves), Nextech’s position at this table will become increasingly important to the development of an agnostic platform for edTech, ecommerce, and advertising, providing an ever growing revenue stream," he told investors.
Contact the author at giles@proactiveinvestors.com