Nextech AR Solutions Corp. (CSE:NTAR, OTCQB:NEXCF) has announced that the spin-out of ARway (CSE:ARWY) Corp, a no-code spatial computing platform for real-world metaverse, was now complete.
ARway (CSE:ARWY) began trading on the Canadian Securities Exchange on October 26 under the ticker symbol 'ARWY'.
Nextech AR, which said ARway (CSE:ARWY) is the first pure-play spatial computing public company, plans to retain a stake of 13 million shares.
In a statement, the company said it will also distribute 4 million additional shares as a stock dividend to Nextech AR shareholders on a pro-rata basis.
The company said ARway (CSE:ARWY) is “disrupting the augmented reality wayfinding market with a no-code, no hardware, no BLE beacon, spatial computing platform enabled by visual marker tracking".
Nextech AR explained ARway (CSE:ARWY) can create precise and robust navigation without any on-site hardware installation and ongoing maintenance which represents a significant total addressable market (TAM) opportunity given the global indoor positioning and indoor navigation markets are expected to grow significantly.
Allied Market Research projected the markets would reach $44 billion by 2025, growing at a compound annual growth rate (CAGR) of 42% from 2018 to 2025.
While ARway is focusing revenue generation towards AR wayfinding, it is finding applications of its robust AR engine in additional markets that are opening up entirely new revenue opportunities, the company said.
For example only this week it was announced that ARway’s technology is now being used as part of the XR engine powering the music app: Encore.
This application of the ARway platform opens up a substantial new market; providing AR spatial activations for the music industry.
Contact the author at jeremy@proactiveinvestors.com