Nextech 3D.ai (NTAR.C) has recently announced new partnerships and renewals for its 3-D modelling business, ARitize3D, boosting the company’s growth. The company’s innovative generative artificial intelligence technology allows for the creation of photorealistic 3-D digital replicas of real-world products. This has positioned Nextech as a leader in the global 3-D modelling market for e-commerce, catering to large enterprises in the colossal $5.5-trillion e-commerce market. The company has successfully delivered over 37,700 3-D models to customers across various e-commerce industries.
According to Nextech CEO, Evan Gappelberg, the company’s technology is transforming the e-commerce landscape by replacing 2-D images with immersive 3-D models. This shift is expected to decrease returns and increase conversions for e-commerce businesses, bringing a significant return on investment. The company is anticipating further growth, with Amazon alone accounting for 300 million products that could potentially transition to 3-D.
Nextech has secured deals with a diverse range of clients, including automotive parts manufacturer Transit Inc., mirror and lighting manufacturer William Wood Mirrors, and the handcrafted motorcycle helmet manufacturer Arai Helmet. Furthermore, the company has renewed contracts with existing customers such as Decor Metall and Armadillo Tough. The extensive client list signals a strong potential for future growth.
Since the start of its production in 2021, Nextech has progressively expanded its 3-D model production, manufacturing a total of 37,775 models by Q2 2023. In terms of leadership, the company has announced the appointment of Nidhi Kumra, a seasoned accounting and finance professional, to the board of directors and as the audit committee chair. Ms. Kumra brings a wealth of expertise from her diverse roles, including senior positions at KPMG, Labatt Breweries, and numerous start-ups. Her appointment follows the resignation of Jeff Dawley, who stepped down due to personal reasons but left on good terms with the company.
