Nextech AR Solutions to acquire AI company, Threedy.ai, for $9.5M

May 18, 2021 7:50 AM ETNexTech AR Solutions Corp. (NEXCF)By: Khyathi Dalal, SA News Editor5 Comments
  • Nextech AR Solutions (OTCQB:NEXCF) signed a binding letter of intent with Silicon Valley-based AI company Threedy.ai for acquiring all its outstanding shares for $9.5M
  • The company is building AI technologies for the 3D model creation of physical products at scale for clients like Walmart, Wayfair, Kohl’s Pier 1 Imports, K-mart Australia, Lighting Plus New Zealand, and many more.
  • With Threedy's proprietary AI and computer vision innovations, the production of 3D models can be scaled to 1,000s of 3D models per week.
  • The company's acquisitions strategy is focused on creating net new revenue opportunities that scale with the rapid global adoption of AR, and Threedy suits to capitalize on the same through its 3D content creation industry solution.
  • Transaction closure expected to take 30 days; Nima Sarshar (co-founder and CEO of Threedy) and Max Hwang (co-founder & CTO of Threedy) will provide executive services to Threedy and Nextech.

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