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Tuesday, May 21, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

AI and Autonomy

Nextech3D.AI gets six figure contract for 3D artificial intelligence models

The company is also presently working with Amazon and other e-commerce retailers including Kohls

Nextech3D.AI gets a six figure contract with for 3D artificial intelligence models in May
Image via Nextech3D.AI.

Nextech3D.AI (OTCQX: NEXCF) (CSE: NTAR) (FSE: EP2) received an order for over 1,000 3D artificial intelligence (AI) models and over 4000 3D AI digital photos in May, both of which represent a contract value in the mid-six figures.

The company announced on Friday that it believes it can break through into profitability in 2024 through scaling revenue with 80 per cent profit margins while operating expenses decrease due to its investment in its patented AI.

The company is also presently working with Amazon (NASDAQ: AMZN) and other e-commerce retailers including Kohl’s. Nextech3D.ia also offers integration with eCommerce platforms like Shopify (TSX: SHOP), BigCommerce and WooCommerce, which rolled out 3D and augmented reality and set the standard for Web 3.0.

“This enterprise customer has recognized the significant ROI of 3D models in e-commerce and is now accelerating its purchasing of 3D models,” said Nexttech3D.ai CEO Evan Gappelberg.

“Shopify has reported up to a 93 per cent increase in CTR, a 250 per cent increase in conversions, and a 40 per cent reduction in returns by implementing 3D/AR models on their eCommerce websites.”

Today, both large and small companies are showing a growing interest in not only 3D AI models but also in 3D AI digital renders, which we are now offering alongside its models to enhance their value, according to Gappelberg.

The e-commerce landscape is evolving rapidly as consumers demand more interactive and engaging shopping experiences. AI and 3D modelling technologies are meeting these demands by providing dynamic, immersive, and personalized shopping journeys.

Example of the company’s new AI Rendering of a 3D Chair & Ottoman in 4K. Image via NexGen3D.ai.

Read more: Microsoft creates generative AI bot tailored for American intel agencies

Read more: Liberty Defense Holdings provides security for major Canadian airport

Major brands are adopting 3D models for shopping

The transformation from 2D to 3D modelling in e-commerce is led by AI. It also represents a significant multi-decade shift. Major brands and companies, including Amazon, are adopting 3D models and augmented reality (AR) shopping.

As a leader in this shift, Amazon is transitioning all its product images from traditional 2D to 3D models, establishing a new standard in online retail. Nextech3D.ai supplies Amazon with tens of thousands of 3D models per month, contributing to this transformative movement in e-commerce.

Amazon Prep has documented several significant benefits from using 3D and AR models.

Since 2018, there has been an eightfold increase in customers viewing products in AR on Amazon. In 2022, enabling AR Virtual Try-On for shoes and eyewear, or View in 3D on product listings, doubled the average purchase conversion rates.

Additionally, a 2022 survey involving over 2,000 Amazon customers revealed that 94 per cent would use the Virtual Try-On feature again. The feature View in Your Room has also shown to boost sales by an average of 9 per cent when enabled on a product listing. Beyond these immediate enhancements, 3D from Nextech3D.AI content offers extended benefits. It allows for the reuse of 3D assets beyond just the detail page, providing cost savings on product photography by using 3D renders instead of traditional photos.

Furthermore, these 3D assets facilitate the quick creation of lifestyle images or other brand marketing content without the need for studio setups. Moreover, 3D content creators can leverage these assets to produce animations, videos, and interactive or animated infographics, enhancing the overall marketing strategy.

Read more: Verses AI onboards chief product officer in push for AI product Genius

Read more: Verses AI raises CAD$10M in private placement and leans into AI product, Genius

Nextech3D.AI introduces new AI-powered search engine

In Q1 2024, Nextech3D.AI launched a proprietary AI-powered 3-D model search engine, significantly enhancing its production capabilities. Using Nvidia’s GPUs, this search engine quickly scans Nextech’s extensive internal library of over 200,000 3-D models, identifying close matches to input images and boosting production by 40 per cent. This development underscores Nextech’s commitment to innovation and its position as a leader in supplying 3-D models for e-commerce and augmented reality.

Gappelberg also highlighted the engine’s impact, noting a substantial increase in productivity that promises to enhance the company’s profitability in 2024. Developed by Nextech’s in-house team, the AI tool shows the company’s technical expertise and ongoing efforts to patent new technologies.

Nextech’s AI mesh search tool features advanced algorithms for quick and precise searches, an intuitive user interface for ease of use, and a comprehensive mesh database to support a wide range of industries, streamlining the workflow for 3-D artists and increasing overall productivity.

This initiative is part of a broader trend of significant AI investments, with companies like Meta Labs (NASDAQ: META), OpenAI, and Microsoft Corporation (NASDAQ: MSFT) rapidly expanding their AI GPU acquisitions to advance their respective technologies and capabilities.

Even more junior companies like VERSES AI Inc. (CBOE: VERS) (OTCQB: VRSSF) are showing the strength of the technology. Verses makes the case for a more natural path, grounded in physics and a deep understanding of biological intelligence. This approach follows first principles guided by the wisdom and genius of nature.

 

Verses AI is a sponsor of Mugglehead news coverage

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