NEXCF: NexTech Buys Threedy to Automate the AR Modeling Processes
On May 14, 2021, NexTech (OTC:NEXCF) signed a binding letter of intent to buy Threedy.ai for US$9.5 million in stock. At $2.00 per share, that would add 4.75 million shares to the outstanding. Threedy, founded in 2018, builds AI technologies for 3D model creation of physical products from simple 2D photos at scale. This technology can take 2D photos of symmetrical objects and using AI recognizes the object and transforms it into PLY file format. The process is automated and can be self serve, transforming a previously labor intensive process into a scalable solution. Its clients include: Walmart, Wayfair, Kohl’s, Pier 1 Imports, K-mart Australia, and Lighting Plus New Zealand. The transaction could close by the end of this quarter. The two founders of Threedy will be joining NexTech’s staff. NexTech plans to have this platform become the self-service AR platform for all its AR solutions including e-commerce, AR advertising, Genie in the Bottle Holograms, and AR Portals. It will replace NexTech’s current labor-intensive methodology, increasing operating savings.