Shares spiked on the news. Recently the company's stock traded up 25% to C$1.67 a share in Canada and jumped 28% to US$1.28 a share in New York.
The company, a leader in the growing augmented reality industry, said the CaptureAR technology will add to the revenue-generating power of its ARitize AR e-commerce solution and soon-to-be-launched AR, 3D 360 advertising platform.
“CaptureAR is a pivotal new technology which we believe will accelerate the augmented reality global marketplace," said CEO Evan Gappelberg in a statement.
Read: NexTech AR Solutions' fiscal 1Q delivers record revenue, gross profit lifted by e-commerce division
“With CaptureAR our customers will achieve incredible time and money savings. What could take an experienced 3D modeler days of work to create a 3D version of a product, can now be done in a matter of minutes -- and with the same resolution and image fidelity as if the 3D model was designed from scratch, which is huge,” he said.
Gappelberg noted that CaptureAR also can save companies a significant amount of money by eliminating the need to invest in expensive production pipelines or purchase costly 3D scanning equipment.
“CaptureAR makes creating 3D objects easy, anyone can do it with 4K video capture from a cell phone combined with our tech platform, no special training or skills required, making this a major industry break-through,” he said.
One of the most significant barriers to the mass-market adoption of augmented reality has been capturing or creating, at scale, 3D AR objects that end-users can interact with.
NexTech said that before it developed CaptureAR to simplify 3D AR creation by capturing 3D AR products from 4K video on cell phone cameras, capturing or creating 3D AR objects has been a painfully time consuming and expensive process which has held AR back from mass adoption.
NexTech’s CaptureAR technology removes these barriers and enables the mass adoption and growth of augmented reality, the company said.
CaptureAR will now be included in NexTech’s ARitize augmented reality e-commerce solution, a platform that was specifically designed to turn online shoppers into buyers.
With CaptureAR and ARitize, NexTech customers can accelerate their product appeal, enhance shopper engagement, and increase shop-to-buy conversion while driving revenue growth, the company added.
Based in both New York and Toronto, NexTech is known for its proprietary e-commerce platform, ARitize, which enables retailers to transform two-dimensional images into true 3D AR experiences for consumers.
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