Since the start of the year, we’ve been providing coverage on an industry leader across innovation, expansion and product development. In fact, this company’s advancements have been so rapid that we’ve decided to publish a roundup that will update you on recent events, while summarizing everything this firm has accomplished over 2023 alone. So join us today as we break down the year to date breakthroughs and accomplishments of our partner, Nextech3D.ai.
Toggle3D.ai
As you may have heard, Toggle3D.ai is Nextech’s revolutionary design studio that has been making waves in the world of 3D modeling. The platform allows professional designers and individuals alike to create bold, defined, and crisp 3D models from scratch as well as from the upload of a 2D photo. This unique approach to 3D modeling sets Toggle3D apart from other design studios, making it a popular choice for a growing number of users. Notably, Toggle3D has achieved remarkable success in an extremely short amount of time. The platform crossed the 1000 subscriber mark only two months after launching its original beta- rapid growth that can be attributed to the platform's innovative approach to 3D modeling and the value it provides to its users. In fact, over the past sixty days, Nextech has seen 30% weekly growth, which indicates a strong demand for the platform and suggests that it will continue to grow in popularity in the future. This growth is particularly noteworthy as the company is preparing to launch an IPO in the next quarter, with Nextech retaining 65% of the company, 20% being distributed to existing shareholders of Nextech, and 15% towards existing service providers. In short, Toggle3D is an exciting addition to the world of 3D modeling and is poised to continue disrupting the industry in the years to come. Its rapid growth and innovative approach to design make it a company to watch, and its IPO is likely to attract significant attention from investors and industry insiders alike.
Patents
While we covered Nextech’s groundbreaking patent filings within one of our previous editions, the company has been hard at work throughout the last quarter, and has successfully filed for even more patents that cover the company’s varied and unique processes which we’ll be adding to, and summarizing below. The first new filing covers Nextech’s internal process for converting 2D photos to 3D models under the name “Fixed-point diffusion for robust 2D to 3D conversion and other applications”. This process is a unique and innovative approach to converting 2D images to 3D models that will exponentially expedite, and provide increased ease to what was once a tiresome and tedious conversion. In January, the company was also able to update one of their revolutionary patents filed last November for the generation of 3D models by part, to include the company’s proprietary AI based model designs. With these two patents, Nextech has been able to patent each step in the creation of complex modeling from concept to production. These patents highlight Nextech's continued efforts to innovate and protect their intellectual property -by filing for these patents, they are able to establish a stronger foothold in the industry and potentially gain a competitive advantage over other firms. The patents discussed specifically relate to the company's 2D to 3D conversion process and their proprietary AI-based model designs, which are both important components in the creation of complex models.
Event Management Innovation
Earlier this month, Nextech launched an updated mobile app that utilizes MapD and ARway to enhance the tradeshow and event management experience for all parties involved. The app offers a range of features that are designed to make the tradeshow and event experience more engaging and efficient. For attendees, the app provides AR wayfinding and guidance, making it easier to navigate the event and find what they are looking for. The app also allows individuals to pull up 3D product models from presenters, which can be an effective way to showcase products and services to potential customers. For presenting companies, the app provides a way to display products and services without the need to bring physical inventory to the event, which can be a significant cost savings and allow for increased simultaneous interaction. Finally, for hosts, the app provides a series of detailed analytics that utilize the attendants location and scanning activities to provide attendance and engagement insights in real-time. This information can be invaluable for event planners who are looking to optimize the event experience and make data-driven decisions about future endeavors. In short, the app is an innovative solution that has the potential to transform the tradeshow and event management industry in collaboration with Nextech’s suite of products.
Corporate Development
Nextech AR Solutions' decision to change their name to Nextech3D.ai represents a shift in the company's focus towards 3D modeling and artificial intelligence, while still staying true to their roots. The new name reflects the company's commitment to developing cutting-edge technologies that leverage 3D modeling and AI to enhance the way people interact with the world around them. This move also aligns with the company's recent patent filings, which cover their proprietary processes for creating complex 3D models, as well as their current search for an in-house Chief AI Officer. By rebranding to Nextech3D.ai, the company is signaling their intent to become a leader in the field of 3D modeling and AI, and positioning themselves for long-term growth and success in these ever expanding markets. As the use of 3D modeling and AI becomes more prevalent in industries ranging from architecture to e-commerce, Nextech3D.ai is well-positioned to capitalize on this trend and provide innovative solutions that drive value for their customers. Overall, the name change reflects Nextech3D.ai's forward-looking approach to innovation and technology, and sets the stage for continued growth and success in the years to come.
Partner Expansion
Nextech has been making strides in expanding their dynamic client base across both AR and AI applications. Their impressive client roster includes industry leaders such as Proctor and Gamble, Kohls, Amazon, Hammer, Dyson, and a recently signed S&P 500 Top 10 Retailer, which demonstrates the wide-ranging use cases for Nextech's revolutionary technology in the market. This growth in clients has led Nextech's management to believe that the record demand they are currently experiencing quarter after quarter will continue into Q1 2023. As the megatrend of modernizing the way products are displayed to the world continues, Nextech has positioned themselves perfectly to capitalize on this trend with their expansive model library and experience in the field. Last week, Nextech announced that they have broken into the roughly $2T Asian e-commerce market with an enterprise deal for thousands of product SKUs, a market that is expected to grow at a CAGR of 11.9% between now and 2027. Overall, Nextech's growth in both North American and Asian markets, coupled with their diverse and impressive client base, positions them as a leader in the field of AR and AI technology with strong potential for continued growth and success.
The Future
In terms of what the future holds for the company, we’ll be drawing on excerpts from our interview with CEO Evan Gappelberg. To begin, Nextech sees Toggle3D evolving into the workhorse platform of Nextech’s multilayered product ecosystem, that will be the driver behind the conversion of 2D to 3D. Thankfully for investors, Nextech’s management is acutely aware of how fast new technologies can spring up, and has been prioritizing iterative innovation to stay at the front of the pack. At a valuation like this, where Nextech’s share price sees them trading at a 90% discount to their pandemic high, despite the extensive innovation and growth they’ve experienced since then, this stock is ripe for investors looking to get in on the AI trends of tomorrow, today. Nextech3D.AI (CSE:NTAR, OTC:NEXCF, or FSE:EP2).