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NexTech AR CEO Evan Gappelberg touts his company's bona fides as Snap, others pour money into augmented reality

Snap recently acquired AI Factory — the company that helped develop its recent Cameos feature — in a quiet $166 million deal

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'Nextech was up over 400% in 2019 and remains the only ‘pure play’ investment for 2020,' Gappelberg said

NexTech AR Solutions Corp (CSE:NTAR) (OTCMKTS:NEXCF) CEO Evan Gappelberg has a message for investors watching major tech players pump money into augmented reality: We’re the only pure play AR company on the block. 

Snap Inc (NYSE:SNAP) acquired AI Factory — the company that helped develop its recent Cameos feature — in a quiet $166 million deal, according to reports from WeRSM and others.

AI Factory co-founder Victor Shaburov actually worked as Snap’s director of engineering from 2015 to 2018, the report noted, and he joined the company when a previous venture of his, Looksery Inc, was also bought by Snap.

READ: Zacks ups NexTech AR Solutions price target to US$1.70 after preliminary financials indicate record quarter

Gappelberg sees those acquisitions, as well as other big names like Google beefing up its augmented reality platform ARCore or Facebook Inc (NASDAQ:FB) looking to utilize Spark AR in advertising. But his company is a strong AR player in its own right. 

“While AR/ VR funding and acquisitions are accelerating with SNAP, GOOG, FB, AAPL, MSFT leading the charge by plowing billions into the space, Nextech was up over 400% in 2019,” Gappelberg told Proactive in an email. “[NexTech] remains the only ‘pure play’ investment for 2020."

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: Nextech AR Solutions Corp.

Price: 2.11 CAD

CSE:NTAR
Market: CSE
Market Cap: $132.73 m
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