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Augmented-reality developer NexTech AR Solutions raises nearly $1.6M in management-led round of financing

More than half of the money raised came from NexTech management, as CEO Evan Gappelberg invested $857,000
The company plans to use the proceeds to hire additional sales people, pursue M&A opportunities, and for general working capital purposes

NexTech AR Solutions Corp (CSE:NTAR) (OTCMKTS:NEXCF), which is developing augmented-reality technology, announced Friday it has raised nearly $1.6 million in a management-led round of financing. 

The Canadian company plans to use the net proceeds to hire additional sales people, pursue merger and acquisition opportunities, and for general working capital purposes.

More than half of the money raised came from NexTech management: CEO Evan Gappelberg invested $857,000, COO Reuben Tozman $30,000 and President Paul Duffy $7,000, according to a statement.

Members and employees of the Vancouver-based company’s advisory board were issued options that vest over three years at an exercise price of C$0.60.

Targets three verticals in AR industry

NexTech is currently pursuing three multi-billion dollar verticals in the AR industry — which all drive revenue from its omni-platform called “Aritize.”

Aritize For eCommerce: The company launched its technologically advanced webAR for e-commerce early in 2019 and has been rapidly signing up customers onto its SaaS platform, with notable customer wins like Walther Arms, Wright Brothers, Mr Steak, and Budweiser.

Aritize University: The app-based solution allows companies and educational establishments to leverage all of their existing 2D assets — YouTube videos, PDF documents, PowerPoint decks, images, etc. — and then overlay immersive 3D-AR experiences on top of that content for an interactive training experience that drives productivity.

AR Hollywood Studios: The studio has created a proprietary entertainment venue for which it is producing immersive content using AR as the primary display platform.

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