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2023 Annual revenue growth of + 56%
2023 Annual revenue of $5 million
Nextech3D.ai Reports Fiscal Year 2023 and Fourth Quarter 2023 Audited Financial Results
Nextech3D.ai (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a patented 2D-3D Generative AI-Powered 3D model supplier (Patent #11,948,248) for Amazon, Miele, P&G, Kohls, Wesfarmers Group "Bunnings" and other major e-commerce retailers reports its Fiscal Year 2023 and Fourth Quarter 2023 Financial Results the year ended December 31, 2023
Please join Evan Gappelberg, Chief Executive Officer and Andrew Chan, Chief Financial Officer today after the close where Nextech3D.ai will host a conference call to discuss these financial results.
Evan Gappelberg - CEO Commentary:
Preliminary Annual 2023 Financial Highlights
2023 Annual revenue growth of + 56%
2023 Annual revenue of $5 million compared to $3.2 million in 2022
70,000 3D models created to date
2024 Outlook
New demand for 3D models expected to gain momentum throughout the year driven by large enterprise customers
2023-Cost cutting measures and pivot to India to reduce the company's burn in 2024 by as much as 75%
Q1 2024 Gross Profit margins estimated to be 50-55%
Q2 2024 Gross margin estimated to be 80%
Q2 Improved margins puts India 3D modeling business as a stand alone business unit projected to go cash flow positive
New 3D photography and AI driven product launches expected to drive additional revenue and growth in 2024
Multiple patents already issued in 2024 with additional patent issuances expected
Company is Launching Several Enhanced AI 3D Productivity Tools in Q2, Q3 2024
Nextech3D.ai Corporation
Statement of Financial Position
December 31, 2023
| 31-Dec-23 | 31-Dec-22 | |||||||
ASSETS | ||||||||
Current | ||||||||
Cash & cash equivalents | 907,847 | 3,777,117 | ||||||
Receivables | 357,398 | 744,331 | ||||||
Contract asset | 51,320 | 589,015 | ||||||
Finance lease receivable on sublease CP | 199,933 | - | ||||||
Prepaid expenses | 294,471 | 310,906 | ||||||
Inventory | - | 45,289 | ||||||
Non current assets held for sale | - | 501,188 | ||||||
Total current assets | 1,810,969 | 5,967,846 | ||||||
Equipment | 325,633 | 278,463 | ||||||
Deferred consideration | 206,850 | - | ||||||
Right of use asset | - | 829,278 | ||||||
Finance lease receivable on sublease | 642,983 | - | ||||||
Intangible assets | - | 3,313,741 | ||||||
Goodwill | - | 6,746,378 | ||||||
Total assets | 2,986,435 | 17,135,706 | ||||||
LIABILITIES | ||||||||
Current | ||||||||
Accounts payable and accrued liabilities | 3,531,460 | 2,641,918 | ||||||
Deferred revenue | 342,192 | 437,746 | ||||||
Lease liability | 143,722 | 222,250 | ||||||
Liabilities associated with assets held for sale | - | 92,532 | ||||||
Total current liabilities | 4,017,374 | 3,394,446 | ||||||
Lease liability - non current | 469,624 | 582,586 | ||||||
Deferred tax liabilities | - | 29,974 | ||||||
Total liabilities | 4,486,998 | 4,007,006 | ||||||
Shareholders' Equity | ||||||||
Share capital | 91,909,495 | 83,271,707 | ||||||
Reserves | 14,166,972 | 12,754,706 | ||||||
Accumulated Other Comprehensive Income | 678,143 | 827,101 | ||||||
Shareholder's equity attributable to Nextech shareholders | (112,211,223 | ) | (85,898,862 | ) | ||||
Total common shareholders' equity | (5,456,613 | ) | 10,954,652 | |||||
Non controlling interest | 3,956,050 | 2,174,048 | ||||||
Total equity | (1,500,563 | ) | 13,128,700 | |||||
Total liabilities and shareholders' equity | 2,986,435 | 17,135,706 | ||||||
Nextech3D.ai Corporation
Statement of Loss and Comprehensive Loss
December 31, 2023
| YTD | ||||||||||||||
| 31-Dec-23 | 31-Dec-22 | |||||||||||||
| $ | $ | |||||||||||||
Revenue | 5,033,202 | 3,224,791 | ||||||||||||
Cost of sales | (3,586,162 | ) | (1,593,076 | ) | ||||||||||
Gross profit | 1,447,040 | 1,631,715 | ||||||||||||
Operating expenses: | ||||||||||||||
Sales and marketing | 4,546,502 | 5,013,367 | ||||||||||||
General and administrative | 9,362,610 | 13,377,575 | ||||||||||||
Research and development | 3,249,799 | 3,892,208 | ||||||||||||
Stock based compensation | 1,775,695 | 1,715,690 | ||||||||||||
Amortization | 2,105,689 | 2,655,652 | ||||||||||||
Right of use amortization | 55,728 | 76,905 | ||||||||||||
Depreciation | 87,824 | 122,930 | ||||||||||||
Operating profit (loss) | (19,736,807 | ) | (25,222,612 | ) | ||||||||||
Other income (expense): | ||||||||||||||
Gain on sublease recognition | 120,626 | - | ||||||||||||
Loss on asset disposal | (85,679 | ) | - | |||||||||||
Gain on liability | - | 381,019 | ||||||||||||
Impairment of intangible assets and goodwill | (7,575,263 | ) | (476,113 | ) | ||||||||||
Foreign exchange gain (loss) | (14,393 | ) | 1,345,593 | |||||||||||
Profit (Loss) before income taxes | (27,291,516 | ) | (23,972,113 | ) | ||||||||||
Current income tax expense | - | (34,937 | ) | |||||||||||
Deferred income tax recovery | 29,974 | 672,148 | ||||||||||||
Net income (loss) from continuing operations | (27,261,542 | ) | (23,334,902 | ) | ||||||||||
Income (loss) from discontinued operations | (452,814 | ) | (4,043,424 | ) | ||||||||||
Net loss | (27,714,356 | ) | (27,378,326 | ) | ||||||||||
Other comprehensive income (loss) | ||||||||||||||
Exchange differences on translating foreign operations, continuing operations | (148,958 | ) | (432,845 | ) | ||||||||||
Comprehensive income (loss) | (27,863,314 | ) | (27,811,171 | ) | ||||||||||
Net loss from C/O attributed to: | ||||||||||||||
Parent | (25,109,547 | ) | (22,896,701 | ) | ||||||||||
Non controlling interest - PL | (2,151,995 | ) | (438,201 | ) | ||||||||||
Net loss from D/O attributed to: | ||||||||||||||
Parent | (452,814 | ) | (4,043,424 | ) | ||||||||||
Non controlling interest - PL | - | - | ||||||||||||
Comprehensive loss attributed to: | ||||||||||||||
Parent | (25,711,319 | ) | (27,372,970 | ) | ||||||||||
Non controlling interest | (2,151,995 | ) | (438,201 | ) | ||||||||||
Loss per share from C/O - basic and diluted | (0.22 | ) | (0.24 | ) | ||||||||||
Loss per share from D/O - basic and diluted | (0.00 | ) | (0.04 | ) | ||||||||||
| Weighted average number of common shares outstanding | ||||||||||||||
Basic and diluted | 114,085,494 | 100,201,691 | ||||||||||||
Nextech3D.ai Corporation
Statement of Cash Flow
December 31, 2023
| YTD | ||||||||
| 31-Dec-23 | 31-Dec-22 | |||||||
Operating activities: | ||||||||
Net loss | (27,714,356 | ) | (27,378,326 | ) | ||||
Adjustment for: | ||||||||
Interest income from sublease | (39,903 | ) | - | |||||
Interest expense from lease | 30,217 | 28,668 | ||||||
Stock based compensation | 1,775,695 | 1,715,690 | ||||||
Amortization of intangible assets | 2,105,689 | 2,655,652 | ||||||
Amortization of ROU | 55,728 | 261,101 | ||||||
Depreciation of property and equipment | 87,824 | 143,567 | ||||||
Gain on sublease recognition | (120,626 | ) | - | |||||
Loss on asset disposal | 85,679 | - | ||||||
Gain on short-term investment | - | (381,019 | ) | |||||
Impairment of intangible assets & goodwill | 7,759,360 | 3,178,426 | ||||||
Expenses paid by shares | 648,891 | 1,917,837 | ||||||
Loss on PET disposal | 173,534 | - | ||||||
Income tax expense (recovery) | - | - | ||||||
Changes in non-cash working capital balances | ||||||||
Receivables | 386,933 | 269,873 | ||||||
Contract asset | 537,695 | (202,813 | ) | |||||
Prepaid expenses | 16,435 | 408,743 | ||||||
Inventory | 45,289 | 2,954,342 | ||||||
Accounts payable and accrued liabilities | 917,814 | (24,574 | ) | |||||
Deferred revenue | (95,554 | ) | (171,255 | ) | ||||
Deferred tax liability | - | (673,290 | ) | |||||
Total operating cash flow | (13,343,656 | ) | (15,297,378 | ) | ||||
Cashflows from investing activities | ||||||||
Purchase of equipment | (227,250 | ) | (101,784 | ) | ||||
Payments received from sublease | 66,554 | - | ||||||
Net cash provided by (used in) investing activities, continuing operations | (160,696 | ) | (101,784 | ) | ||||
Cashflows from financing activities | ||||||||
NTAR - Net proceeds from private placements | 5,726,654 | 8,890,349 | ||||||
NTAR - Proceeds from Employee Pay Program | 2,269,704 | 2,496,628 | ||||||
Proceeds from securities issuances to NCI | 2,813,107 | 1,657,354 | ||||||
Repayment of loan | - | (90,896 | ) | |||||
Payments of lease liability | (203,762 | ) | (388,804 | ) | ||||
Net cash provided by (used in) financing activities, continuing operations | 10,605,703 | 12,564,631 | ||||||
Effects of foreign exchange on cash | 29,379 | (616,272 | ) | |||||
Change in cash during the period | (2,898,649 | ) | (2,834,531 | ) | ||||
Cash, beginning of period | 3,777,117 | 7,237,296 | ||||||
Cash, end of period, continuing operations | 907,847 | 3,786,493 | ||||||
Cash, end of period, continuing operations | 907,847 | 3,777,117 | ||||||
Cash, end of period, discontinuing operations | - | 9,376 | ||||||
Taxes paid | - | 27,005 | ||||||
Interest paid | 30,217 | 30,910 | ||||||
Cash interest received | 121,122 | 108,390 | ||||||
Conference Call Details:
Title: Nextech3D.ai Full Year 2023 and Q4 2023 Financial Results
Call Date: Monday, April 29, 2024
Time: 05:00 PM (GMT-04:00) Eastern Time (US and Canada)
Participant Details:
North America Toll-Free: (888) 330-2024
North America Toll: (646) 960-0187
International Toll: +1(646) 960-0187
Conference ID: 7778367
Webcast Attendee URL: https://events.q4inc.com/attendee/810085104
For those unable to join the live event, a recording of the presentation will be posted on the Company's investor relations website.
Sign up for Investor News and Info -Click Here
For further information, please contact:
Investor Relations Contact
Julia Viola
investor.relations@nextechar.com
Nextech3D.ai
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)
About Nextech3D.ai
Nextech3D.ai or the "Company," (OTCQX:NEXCF)(CSE:NTAR)(FSE:1SS), is a versatile augmented reality and AI technology company that utilizes its proprietary artificial intelligence (AI) to craft immersive 3D experiences at scale for E-COMMERCE. The Company's primary focus lies in creating high-quality 3D WebAR photorealistic models for Amazon and various other online retailers with patented 2D-3D technology. Nextech3D.ai has adopted a unique approach to creating shareholder value beyond its operating business of creating 3D models.
The Company also develops or acquires disruptive AI-technologies, which are subsequently spun out to shareholders as standalone public companies. This spin-out strategy allows Nextech3D.ai to issue stock dividends to its shareholders while maintaining significant ownership in the public spin-out, without dilution to the parent company Nextech3D.ai.
Notably, Nextech3D.ai successfully spun out "ARway," (OTCQB:ARWYF)(CSE:ARWY)(FSE:E65) its spatial computing platform, as a standalone public company on October 26, 2022. The Company retains a 49% stake with 13 million shares in ARway Corp. while distributing 4 million shares to Nextech shareholders.
Similarly, Nextech3D.ai accomplished its second spin-out launching Toggle3D.ai, (OTCQB:TGGLF)(CSE:TGGL)(FSE:Q0C) an AI-powered 3D design studio aimed at competing with Adobe. The Company retains a 44% stake with 13 million shares in Toggle3D.ai Corp.
To learn more, please follow us on Twitter, YouTube, Instagram, LinkedIn, and Facebook, or visit our website: https://www.Nextechar.com.
Forward-looking Statements
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Nextech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE: Nextech3D.ai
View the original press release on accesswire.com
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Nextech3D.ai is Participating In The Supplier Network of GlassDollar, Which Extends Nextech3D.ai Reach to Large Corporations, Such As Siemens, LG, BSH, Infineon
Nextech3D.ai (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a leading provider of patented 2D-3D Generative AI-powered 3D modeling technologies to major e-commerce brands like Amazon, Miele, P&G, Kohls, and Wesfarmers Group's "Bunnings", has announced a collaboration with GlassDollar. This collaboration highlights the demand for Nextech3D.ai's innovative solutions from large corporations-including CAD to 3D texturing, 3D photo rendering, data analytics, generative AI, spatial computing, and 3D cloud hosting. Through this collaboration Nextech3D.ai is participating in the supplier network of GlassDollar, which extends Nextech3D.ai reach to large Corporations, such as Siemens, LG, BSH, Infineon and more
Nextech3D.ai, along with its subsidiaries Toggle3D.ai and ARway.ai, is excited to be invited to bring its advanced technologies to this collaboration. This collaboration serves to both enhance GlassDollars product offerings to meet the specific needs of GlassDollar's clients while establishing potential new relationships and revenue streams for Nextech3D.ai.
Evan Gappelberg, CEO of Nextech3D.ai, stated, "Working with GlassDollar provides a seamless avenue for innovative tech startups like Nextech3D.ai, Toggle3D.ai and ARway.ai to engage with large enterprises, in a frictionless environment. He continues "GlassDollar's ability to pair our solution directly with large corporations that are looking for the same solution is a breath of fresh air. They have done the hard work of finding a potential customer but they don't stop there…they continue to foster the business relationship by setting up follow up calls and making further introductions all while being professional, diligent and proactive through the entire process. We are thrilled about this collaboration and look forward to fostering a long-lasting relationship.``
After markets close on Monday, April 29, 2024 the company will release its audited full year and fourth quarter 2023 financial results
In February, the Company released the preliminary unaudited results showing strong annual revenue growth of +56% to $5 million compared to $3.2 million in 2022. Annual gross profit margin for 2024 is estimated at 30% with the Company's pivot to India in Q4, 2023. Thank you to all of our customers, employees, suppliers, shareholders and supporters who helped us achieve a great 2023.
Subsequently, Nextech will host a conference call to discuss the full year and fourth quarter 2023 results Monday, April 29, 2024 at 5:00 PM Eastern Time.
Please join Evan Gappelberg, Chief Executive Officer, and Andrew Chan, Chief Financial Officer, to discuss these financial and operating results as well as a 2024 business outlook- cost cutting -and cash flow followed by a question and answer period.
Preliminary Annual 2023 Financial Highlights
2023 Annual revenue growth of 56%
2023 Annual revenue of $5 million compared to $3.2 million in 2022
70,000 3D models created 12/32/2023.
Conference Call Details:
Title: Nextech3D.ai Full Year 2023 and Q4 2023 Financial Results
Call Date: Monday, April 29, 2024
Time: 05:00 PM (GMT-04:00) Eastern Time (US and Canada)
Participant Details:
North America Toll-Free: (888) 330-2024
North America Toll: (646) 960-0187
International Toll: +1(646) 960-0187
Conference ID: 7778367
Webcast Attendee URL: https://events.q4inc.com/attendee/810085104
For those unable to join the live event, a recording of the presentation will be posted on the Company's Investor Relations website.
Recent News
Nextech3D.ai Releasing New 3D GPT-AI For Toggle3D.ai The "All-IN-ONE 3D Platform"
Nextech3D.ai Issued Pivotal AI Patent from USPTO for Generating 3D Models from 2D Images
Nextech3D.ai Receives Notice From USPTO To Be Granted Pivotal AI Patent for Generating 3D Models from 2D images
Sign up for Investor News and Info - Click Here
For further information, please contact:
Investor Relations Contact
Julia Viola
investor.relations@nextechar.com
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)
About Nextech3D.ai
Nextech3D.ai or the "Company," (OTCQX:NEXCF)(CSE:NTAR)(FSE:1SS), is a versatile augmented reality and AI technology company that utilizes its proprietary artificial intelligence (AI) to craft immersive 3D experiences at scale for E-COMMERCE. The Company's primary focus lies in creating high-quality 3D WebAR photorealistic models for Amazon and various other online retailers with patented 2D-3D technology. Nextech3D.ai has adopted a unique approach to creating shareholder value beyond its operating business of creating 3D models.
The Company also develops or acquires disruptive AI-technologies, which are subsequently spun out to shareholders as standalone public companies. This spin-out strategy allows Nextech3D.ai to issue stock dividends to its shareholders while maintaining significant ownership in the public spin-out, without dilution to the parent company Nextech3D.ai.
Notably, Nextech3D.ai successfully spun out "ARway," (OTCQB:ARWYF)(CSE:ARWY)(FSE:E65) its spatial computing platform, as a standalone public company on October 26, 2022. The Company retains a 49% stake with 13 million shares in ARway Corp. while distributing 4 million shares to Nextech shareholders.
Similarly, Nextech3D.ai accomplished its second spin-out launching Toggle3D.ai, (OTCQB:TGGLF)(CSE:TGGL)(FSE:Q0C) an AI-powered 3D design studio aimed at competing with Adobe. The Company retains a 44% stake with 13 million shares in Toggle3D.ai Corp.
Forward-looking Statements
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Nextech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE:Nextech3D.ai
View the original press release on accesswire.com
News Provided by ACCESSWIRE via QuoteMedia
Nextech3D.ai Selects AWS as its Primary Cloud Provider to Drive Innovation in the 3D Modeling For Ecommerce Industry With Cutting Edge AI
Leading 3D Modeling Supplier uses AWS's generative AI and machine learning capabilities to accelerate its technology
Nextech3D.ai (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a patented 2D-3D Generative AI-Powered 3D model supplier for Amazon, Miele, P&G, Kohls, Wesfarmers Group "Bunnings" and other major e-commerce retailers has selected Amazon Web Services (AWS), an Amazon.com company (NASDAQ:AMZN), as its cloud provider for its 3D modeling hosting services and AI service provider. Nextech3D.ai will also host its dozens of AI Machine learning applications to the world's leading cloud. Using Amazon Bedrock, a service that makes multiple foundation models available via an API, Nextech3D.ai can build experimental generative AI applications to improve productivity across all business lines, including customer service, finance, human resources, and sales. The AI factory allows the company to efficiently use analytics and ML to develop and deploy churn prediction and next best-offer systems to drive customer engagement
Nextech3D.ai will use AWS technologies, including data analytics, generative artificial intelligence (generative AI), and ML, to inform data-driven business decisions, tailor offerings to new markets, and develop new services to meet evolving customer needs across the e-commerce and 3D cloud industries. Nextech3D.ai operating companies Toggle3D.ai and ARway.ai will also leverage AWS's security features, like identity and access management (IAM) and encryption, to deliver the highest levels of security and privacy across its platforms.
Hareesh Achi, Head of Tech Ops, comments, "AWS has been a key collaborator in our 3D digital journey, accelerating our time to market for new services, enabling us to better serve our ecommerce customers across the globe," "Customers expect effortless 3D downloads visualizations load times and transactions, and by tapping into AWS's generative AI and machine learning capabilities, we can deliver on the needs of customers rapidly, securely, and more cost effectively. The cloud gives us the agility to build new business models that will differentiate Nextech3D,ai now and into the future. We look forward to expanding our collaboration with AWS further."
Recent News
Nextech3D.ai Announces Formation of AI Incubator and AI Acquisition & Development Division With Potential 2024 IPO Spin Out
Nextech3D.ai Establishes New Business Unit Led by Former META Executive, Targeting Jewelry Industry with GPT AI CAD-3D Models, Blockchain Technology, and NFTs
Nextech3D.ai Expands AI Tech Team and Doubles Office Space As Demand Increases For GPT AI Platform and 3D Model Production In Hyderabad, India
Nextech3D.ai Launches Next Era of GPT AI 3D Solutions Led by Former Microsoft Executive
Nextech3D.ai Lands $1.8 Million 3D Modeling Deal with NASDAQ 100 Technology Company
Nextech3D.ai Reports $5 Million in 2023 Revenue, Growth Up +56% Preliminary Unaudited Results
Sign up for Investor News and Info - Click Here
About Nextech3D.ai
Nextech3D.ai or the "Company," (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), is a versatile augmented reality and AI technology Company that utilizes its proprietary artificial intelligence (AI) to craft immersive 3D experiences at scale for E-COMMERCE. The Company's primary focus lies in creating high-quality 3D WebAR photorealistic models for Amazon and various other online retailers. Nextech3D.ai has adopted a unique approach to creating shareholder value beyond its operating business of creating 3D models.
The Company also develops or acquires disruptive AI-technologies, which are subsequently spun out to shareholders as standalone public companies. This spin-out strategy allows Nextech3D.ai to issue stock dividends to its shareholders while maintaining significant ownership in the public spin-out, without dilution to the parent Company Nextech3D.ai.
Notably, Nextech3D.ai successfully spun out "ARway," (OTCQB:ARWYF)(CSE:ARWY)(FSE:E65) its spatial computing platform, as a standalone public Company on October 26, 2022. The Company retains a 49% stake with 13 million shares in ARway Corp. while distributing 4 million shares to Nextech shareholders.
Similarly, Nextech3D.ai accomplished its second spin-out launching Toggle3D.ai, (OTCQB:TGGLF)(CSE:TGGL)(FSE:Q0C) an AI-powered 3D design studio aimed at competing with Adobe. The Company retains a 44% stake with 13 million shares in Toggle3D.ai Corp.
To learn more, please follow us on Twitter,YouTube,Instagram,LinkedIn, andFacebook, or visit our website:https://www.Nextechar.com.
For further information, please contact:
Investor Relations Contact
Julia Viola
investor.relations@nextechar.com
Nextech3D.ai
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)
Forward-looking Statements
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Nextech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE:Nextech3D.ai
View the original press release on accesswire.com
News Provided by ACCESSWIRE IA via QuoteMedia
Nextech3D.ai Receives Notice From USPTO to be Granted Patent for CAD 3D Model Part Assembly & Segmentation
Company Expanding its Portfolio of AI Patents for 3D Modeling and CAD
Nextech3D.ai (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a patented 2D-3D Generative AI-Powered 3D model supplier for Amazon, Miele, P&G, Kohls, Wesfarmers Group "Bunnings" (Australia's largest listed company) and other major e-commerce retailers is excited to announce that U.S. Patent and Trademark Office (USPTO) has informed of their decision to issue a patent for its technology to assemble and segment parts for 3D CAD files so that each 3D part can be textured individually. This technology is currently having success and being used on the Toggle3D.ai Platform. This is another patent which the Company believes is pivotal to Nextech3D.ai's artificial intelligence technology stack as it builds a moat around its 3D model making for ecommerce business with industry expertise and intellectual property; which includes its GPT AI powered 3D model generation. This patent approval reinforces and validates Nextech3D.ai's commitment to increasing shareholder value by investing in 3D-AI & GPT patents and solutions
USPTO has sent a letter to the company stating that the patent will be issued. Web reference for the patent APPLICATION NO.: 17/707,917
TITLE: THREE-DIMENSIONAL (3D) MODEL ASSEMBLY
Previous Patents Issued and Approved:
April 2024: THREE-DIMENSIONAL (3D) MODEL GENERATION FROM TWO-DIMENSIONAL (2D) IMAGES
In December 2023, Nextech3D.ai announced the grant of a patent by USPTO for 3D model generation from Computer Aided Design (CAD) data.
Link to the patent online at USPTO site: patent # 11823328
See a list below of the Patent Portfolio across Nextech3D.ai's group of companies:
| Company | Patent | Date Filed | Status / Issued |
| NEXTECH | THREE-DIMENSIONAL (3D) MODEL GENERATION FROM TWO-DIMENSIONAL (2D) IMAGES - covers core AI algorithms for creating 3D models automatically from 2D photos and is the core of Threedy tech | July 2022 | issued April 2, 2024 |
| NEXTECH | EFFICIENT CREATION OF 3D MODEL AND APPLICATION - covers the virtual assembly line concept that helps scale 3D content creation from 2D photos | March 2022 | Pending |
| NEXTECH | MATERIAL ESTIMATION FOR 3D MODELING AND APPLICATION - covers the AI/ML techniques for creating 3D textures and materials automatically from 2D reference photos | March 2022 | Pending |
| NEXTECH | AUTOMATICALLY EXTRACTING TILEABLE UNITS FROM IMAGES- describes a method for compressing large textures with regular patterns to significantly reduce the size of the texture files | March 2022 | Pending |
| NEXTECH | AUTOMATIC BACKGROUND REMOVAL FOR HUMAN TELEPRESENCE- covers the technologies built into our HoloX app to create holograms without requiring a green screen | May 2023 | Pending |
| NEXTECH | THREEDIMENSIONAL (3D) MODEL GENERATION FROM CAD DATA - covers core artificial intelligence algorithms for creating 3D models automatically from 2D photos | March 2022 | Issued |
| ARWAY | GENERATING 3D DIGITAL TWIN FROM PROPERTY FLOORPLAN IMAGES FOR NAVIGATION SYSTEMS - covers the framework for generating a virtual representation of a floorplan from floorplan images, in accordance with some embodiments. | March 2023 | Pending |
| ARWAY | DEVICE LOCALIZATION BASED ON TWO-DIMENSIONAL (2D) REFERENCE IMAGES - covers integration of visual markers, such as QR codes or other identifiable 2D objects in the physical environment, with an online map database. | June 2023 | Pending |
TOGGLE / NEXTECH | GENERATIVE AI FOR 3D MODEL CREATION FROM 2D PHOTOS USING STABLE DIFFUSION WITH DEFORMABLE TEMPLATE CONDITIONING - creating 3D models from 2D reference photos, either as a whole, or part-by-part by evolving differentiable, deformable templates to convert into 3D parts, conditioned on one or more reference photos of the part. | March 2023 | Provisional filed |
Recent News
Nextech3D.ai Announces Formation of AI Incubator and AI Acquisition & Development Division With Potential 2024 IPO Spin Out
Nextech3D.ai Establishes New Business Unit Led by Former META Executive, Targeting Jewelry Industry with GPT AI CAD-3D Models, Blockchain Technology, and NFTs
Nextech3D.ai Expands AI Tech Team and Doubles Office Space As Demand Increases For GPT AI Platform and 3D Model Production In Hyderabad, India
Nextech3D.ai Launches Next Era of GPT AI 3D Solutions Led by Former Microsoft Executive
Nextech3D.ai Lands $1.8 Million 3D Modeling Deal with NASDAQ 100 Technology Company
Nextech3D.ai Reports $5 Million in 2023 Revenue, Growth Up +56% Preliminary Unaudited Results
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About Nextech3D.ai
Nextech3D.ai or the "Company," (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), is a versatile augmented reality and AI technology Company that utilizes its proprietary artificial intelligence (AI) to craft immersive 3D experiences at scale for E-COMMERCE. The Company's primary focus lies in creating high-quality 3D WebAR photorealistic models for Amazon and various other online retailers. Nextech3D.ai has adopted a unique approach to creating shareholder value beyond its operating business of creating 3D models.
The Company also develops or acquires disruptive AI-technologies, which are subsequently spun out to shareholders as standalone public companies. This spin-out strategy allows Nextech3D.ai to issue stock dividends to its shareholders while maintaining significant ownership in the public spin-out, without dilution to the parent Company Nextech3D.ai.
Notably, Nextech3D.ai successfully spun out "ARway," (OTCQB:ARWYF)(CSE:ARWY)(FSE:E65) its spatial computing platform, as a standalone public Company on October 26, 2022. The Company retains a 49% stake with 13 million shares in ARway Corp. while distributing 4 million shares to Nextech shareholders.
Similarly, Nextech3D.ai accomplished its second spin-out launching Toggle3D.ai, (OTCQB:TGGLF)(CSE:TGGL)(FSE:Q0C ) an AI-powered 3D design studio aimed at competing with Adobe. The Company retains a 44% stake with 13 million shares in Toggle3D.ai Corp.
To learn more, please follow us onTwitter,YouTube,Instagram,LinkedIn, andFacebook, or visit our website:https://www.Nextechar.com.
For further information, please contact:
Investor Relations Contact
Julia Viola
investor.relations@nextechar.com
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)
Forward-looking Statements
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Nextech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE: Nextech3D.ai
View the original press release on accesswire.com
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Nextech3D.ai Expands Offering to Ecommerce Imagery: Unveils Cutting-Edge 3D Model-AI Photo Rendering Services, Transforming 2D Photos into Dynamic Product Visuals
New ecommerce expansion with AI 3D-Photography Tools
Nextech3D.ai (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a patented 2D-3D Generative AI-Powered 3D model supplier (Patent #11,948,248) for Amazon, Miele, P&G, Kohls, Wesfarmers Group ``Bunnings" (Australia's largest listed company) and other major e-commerce retailers is adding Digital Photography and dynamic product visuals as part of its 3D model offerings. Now every 3D model that Nextech3D.ai creates will have stunning 2K, 4K, or even 8K photos to go with it for its ecommerce customers. This AI tool is expected to drive significant revenue for the company as each product listed for sale on an ecommerce platform requires a minimum of six 2D photos for listing, this offering allows the company to capitalize on this demand for 2D high res images while simultaneously increases the value of its 3D modeling business as it represents the all-in-one solutions for ecommerce sellers that sell on Amazon, Shopify and other platforms. The company has already signed up 10 existing customers for its digital photography offering representing over 6000+digital photos and will be offering it both as part of a 3D model bundle as well as a stand alone product offering for people that already have a 3D model opening up the ecommerce imagery market to the company. The company's analysis shows that creating and rendering 3D models is more cost-effective than traditional product photography, especially for products that are expensive to produce or difficult to photograph in real life. Once a 3D model is created, it can be easily manipulated and rendered from different angles without the need for physical prototypes or multiple photoshoots
Evan Gappelberg, CEO of Nextech3D.ai, shares, "Having experienced the significant costs and time investments associated with traditional 2D product photography for ecommerce firsthand, I am thrilled to announce our innovative solution. Our new 3D to 2D digital photo studio leverages our proprietary AI algorithms to effortlessly generate high-quality 2K, 4K, and even 8K photos. This innovation isn't limited to ecommerce alone; it caters to industrial designers and anyone utilizing the Toggle platform for their 3D models. Furthermore, we're excited to introduce bundled packages of 3D models and photos for leading ecommerce platforms like Amazon, Ebay, Shopify, Pinterest, Walmart, Flipcart, and Target. Additionally, our flexible a la carte pricing extends our services to site owners who already possess a 3D model or CAD file."
With Nextech3D.ai's generative AI photo rendering users can effortlessly transform 3D models into ecomm-ready 2D images, regardless of their source or texture status. With the ability to generate up to 360 different angles, this technology offers unparalleled versatility. While currently offering static backgrounds, including white, black, or gradient options, the platform is poised to introduce lifestyle photography capabilities in the near future. These dynamic 2D images not only enhance ecommerce presentations but also serve as invaluable tools for prototyping and visualizing diverse textures, styles, and materials. This feature holds immense potential for industry designers across manufacturing sectors, empowering them to prototype designs for products spanning furniture, automotive, machinery, and beyond.
Here are some examples of AI rendered images from a 3D model:
The value proposition of using 3D models for ecommerce and ecommerce product photography lies in their ability to enhance the online shopping experience, streamline product visualization, and drive sales. Here are several key aspects of the value proposition:
Enhanced Product Visualization: 3D models offer a more immersive and detailed representation of products compared to traditional 2D images. Customers can interact with 3D models by rotating, zooming, and viewing them from different angles, allowing for a more comprehensive understanding of the product's design, features, and functionality.
Increased Engagement: Interactive 3D models capture the attention of online shoppers and encourage them to spend more time exploring products. This increased engagement can lead to higher click-through rates, longer session durations, and ultimately, a higher likelihood of conversion.
Reduced Return Rates: By providing customers with a more accurate representation of products through 3D models, ecommerce businesses can reduce the likelihood of returns due to mismatched expectations. Customers can better assess factors like size, color, and design before making a purchase, leading to more informed buying decisions and fewer disappointments upon receipt.
Customization and Personalization: 3D models enable ecommerce platforms to offer customization and personalization options to customers. For example, customers can configure products with different colors, materials, or design elements in real-time, allowing them to tailor products to their preferences before purchase.
Cost Savings: While creating high-quality 3D models initially requires investment, it can lead to cost savings in the long run. Once created, 3D models can be easily reused and repurposed for various marketing materials, product configurations, and virtual environments, eliminating the need for costly photoshoots and physical prototypes.
Adaptability to Emerging Technologies: 3D models are compatible with emerging technologies like augmented reality (AR) and virtual reality (VR), opening up new opportunities for immersive shopping experiences. By integrating 3D models with AR/VR applications, ecommerce businesses can allow customers to virtually try on products, visualize them in real-world settings, and make more confident purchase decisions.
Competitive Advantage: Embracing 3D models for ecommerce product photography can differentiate a brand from competitors and position it as innovative and forward-thinking. Providing customers with cutting-edge visualization tools and an engaging shopping experience can help attract new customers, retain existing ones, and build brand loyalty over time.
About Toggle3D.ai
Toggle3D.ai (CSE:TGGL) (OTC:TGGLF) is a innovative SaaS solution that utilizes generative AI to convert CAD files, apply stunning 4K texturing, and enable seamless publishing of superior 4K 3D models, serving various industries within the $160 billion CGI market. With its Augmented Reality-based rapid prototyping web app, Toggle3D empowers designers, artists, marketers, and eCommerce owners to effortlessly convert, texture, customize, and publish high-quality 3D models and experiences, regardless of technical or 3D design expertise.
Recent News
Nextech3D.ai Receives Notice From USPTO To Be Granted Pivotal AI Patent for Generating 3D Models from 2D images
Nextech3D.ai Announces Formation of AI Incubator and AI Acquisition & Development Division With Potential 2024 IPO Spin Out
Nextech3D.ai Establishes New Business Unit Led by Former META Executive, Targeting Jewelry Industry with GPT AI CAD-3D Models, Blockchain Technology, and NFTs
Nextech3D.ai Expands AI Tech Team and Doubles Office Space As Demand Increases For GPT AI Platform and 3D Model Production In Hyderabad, India
Nextech3D.ai Launches Next Era of GPT AI 3D Solutions Led by Former Microsoft Executive
Nextech3D.ai Lands $1.8 Million 3D Modeling Deal with NASDAQ 100 Technology Company
Sign up for Investor News and Info - Click Here
For further information, please contact:
Investor Relations Contact
Julia Viola
investor.relations@nextechar.com
Nextech3D.ai
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)
About Nextech3D.ai
Nextech3D.ai or the "Company," (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), is a versatile augmented reality and AI technology company that utilizes its proprietary artificial intelligence (AI) to craft immersive 3D experiences at scale for E-COMMERCE. The Company's primary focus lies in creating high-quality 3D WebAR photorealistic models for Amazon and various other online retailers with patented 2D-3D technology. Nextech3D.ai has adopted a unique approach to creating shareholder value beyond its operating business of creating 3D models.
The Company also develops or acquires disruptive AI-technologies, which are subsequently spun out to shareholders as standalone public companies. This spin-out strategy allows Nextech3D.ai to issue stock dividends to its shareholders while maintaining significant ownership in the public spin-out, without dilution to the parent company Nextech3D.ai.
Notably, Nextech3D.ai successfully spun out "ARway," (OTCQB: ARWYF | CSE: ARWY | FSE:E65 ) its spatial computing platform, as a standalone public company on October 26, 2022. The Company retains a 49% stake with 13 million shares in ARway Corp. while distributing 4 million shares to Nextech shareholders.
Similarly, Nextech3D.ai accomplished its second spin-out launching Toggle3D.ai, (OTCQB: TGGLF | CSE: TGGL | FSE: Q0C ) an AI-powered 3D design studio aimed at competing with Adobe. The Company retains a 44% stake with 13 million shares in Toggle3D.ai Corp.
To learn more, please follow us onTwitter,YouTube,Instagram,LinkedIn, andFacebook, or visit our website:https://www.Nextechar.com.
Forward-looking Statements
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Nextech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE:Nextech3D.ai
View the original press release on accesswire.com
News Provided by ACCESSWIRE via QuoteMedia
OpenText Secures Open Source Supply Chain with Latest Innovation
Solves open source intake challenges
OpenText™ (NASDAQ: OTEX), (TSX: OTEX), today announced an innovative solution to long-standing open source intake challenges. Developers spend a significant amount of time searching for open source libraries that comply with their company intake policies. OpenText Debricked Open Source Select is a unique start left solution to this age-old problem. It guides developers in selecting the right open source components—those that meet an organization's specific security, compliance and community health intake requirements—before a single line of code is written.
According to a 2024 Forrester Consulting study commissioned by OpenText, 66 percent of organizations struggle to find open source code that meets their organization's security policies. Open Source Select is unique in that it removes the guesswork by automating the management of open source discovery and intake based on a company's specific policies.
Software composition analysis tools examine open source already in use for risks and vulnerabilities. With its new automated intake policy system, Open Source Select starts at the true beginning—before open source libraries are selected and integrated into development code branches—pre-empting potential issues. Open Source Select's innovative policy overlay provides developers with visibility into what they can use, saving developers valuable time—sometimes weeks—by circumventing back-and-forth internal approval processes.
"A major source of friction between developers, compliance teams and security teams is developer selection of open source libraries. With our latest innovation, we are making the discovery and intake process much easier for all," said Muhi Majzoub, Chief Product Officer and EVP at OpenText. "With Open Source Select, we are filling an important gap in the DevOps lifecycle. In doing so we are increasing developer and policy review teams' productivity and improving security by eliminating workarounds."
Open Source Select is easy to deploy and requires no extra lift beyond a simple browser extension install. The browser extension is compatible with the free version; it can also complement any existing software composition analysis tool already in use. Developers currently using the free version can download Open Source Select by visiting Debricked Select Extension .
What to learn more? Visit Open Source Select to request a demo. Or stop by the OpenText booth (North Hall #4235) at RSAC in San Francisco May 6-9 .
About OpenText Cybersecurity
OpenText Cybersecurity provides comprehensive security solutions for companies and partners of all sizes. From prevention, detection and response to recovery, investigation and compliance, our unified/end-to-end platform helps customers build cyber resilience via a holistic security portfolio. Powered by actionable insights from our real-time and contextual threat intelligence, OpenText Cybersecurity customers benefit from high efficacy products, a compliant experience and simplified security to help manage business risk.
About OpenText
OpenText, The Information Company™, enables organizations to gain insight through market leading information management solutions, powered by OpenText Cloud Editions. For more information about OpenText (NASDAQ: OTEX, TSX: OTEX) visit opentext.com .
Connect with us:
OpenText CEO Mark Barrenechea's blog
Twitter | LinkedIn
Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies, and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Copyright © 2024 OpenText. All Rights Reserved. Trademarks owned by OpenText. One or more patents may cover this product(s). For more information, please visit https://www.opentext.com/patents . Third-party products mentioned are owned by the respective third-party and/or its affiliates.
View original content to download multimedia: https://www.prnewswire.com/news-releases/opentext-secures-open-source-supply-chain-with-latest-innovation-302129476.html
SOURCE Open Text Corporation
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Customers Expand Their Horizons with OpenText Cloud Editions 24.2
Company unveils its latest information management solutions, powered by AI and designed to catalyze business transformation through reimagining the way work is approached
OpenText™ (NASDAQ: OTEX), (TSX: OTEX), the information company, today announced Cloud Editions (CE) 24.2 at its OpenText World Europe conference April 15-18 . OpenText's innovations combine trusted information management solutions and data strategies with advanced artificial intelligence (AI) capabilities to make work smarter, safer, and simpler.
Titanium X is OpenText's strategic product roadmap to be delivered by CE 25.2. The three areas of innovation are:
- Business Clouds: Knowledge with security can be a competitive advantage for our customers in modern work and business fabrics. OpenText sets out to elevate everyone – from engineers to IT – with integrated and secure technology to drive meaningful simplification and efficiencies.
- Business AI: Data governance, compliance, and authentication are table-stakes today. OpenText is applying generative AI to power customers to get more out of their IP. With AI-assistants that run across large private data sets, the right people get the right information.
- Business Technology: Connected data is an imperative and prerequisite as workloads continue to shift to cloud. OpenText is focused on bringing customers enterprise-strength data platforms deployed anywhere in any way – private cloud, public cloud, or through APIs.
As AI continues to shape our world, trust and governance is essential for fostering confidence in AI technologies. With 80% of organizations already exploring or investing in generative AI , transparent and accountable AI technologies are imperative for the future of customer support and customer success. Built from OpenText's expertise in information management, the company's latest AI-enabled innovations are poised to meet this need, providing robust solutions to fuel innovation and growth.
"As organizations navigate their Cloud, Security and AI journeys, establishing trust in data integrity is paramount and at the center of what is required," said Muhi Majzoub, EVP and Chief Product Officer, OpenText. "With CE 24.2, we are delivering against our 90-day innovation cycles to bring advancements in our Business Clouds, Business AI, and Business Technology. OpenText solutions bring knowledge and empowerment, equipping our customers and partners with the tools and data insights needed to navigate these journeys effectively, regardless of the challenges they face."
Business Clouds
New offerings in OpenText Business Clouds 24.2 include:
- OpenText Experience Cloud – OpenText Core Journey is now available to help customers better strategize, design, and execute customer communications effectively at scale for onboarding, compliance, and retention experiences.
- OpenText Business Network Cloud – OpenText Trading Grid is now integrated with Oracle NetSuite and Microsoft Dynamics 365 to enable mid-sized enterprises to seamless manage connections across vendors.
- OpenText DevOps Cloud – OpenText Application Lifecycle Management is now integrated with SAP cloud to enable customers to speed up testing and accelerate SAP release cycles.
- OpenText IT Operations Cloud – OpenText OpsBridge has new open telemetry capabilities for application observability to drive better monitoring and real time insights across IT estate.
- OpenText Cybersecurity Cloud – OpenText Fortify has a refreshed user experience for developers to seamlessly perform code vulnerability checks and security measures. OpenText NetIQ and OpenText Magellan is now integrated for better identity intelligence management.
Business AI
New offerings in OpenText Aviator include:
- OpenText™ Content Aviator is an intelligent assistant that simplifies information retrieval with conversational search, content summaries, and translation features. Now integrated with OpenText Core Content, Extended ECM, and Documentum, it automates content and workspace analysis, boosting workflow efficiency and knowledge reuse without having to move the data.
- OpenText™ IT Operations Aviator , a private generative AI virtual assistant, is now integrated into OpenText™ SMAX. Formerly exclusive to ITSM users, this advanced service management solution now extends support to service desk agents. With an AI agent capable of summarizing incoming tickets and offering solutions, agents can resolve issues more efficiently to heighten user satisfaction, improve productivity, and mitigate staffing challenges.
- OpenText™ Operations Bridge with Aviator adds a private intelligent assistant, powered by generative AI, that empowers every troubleshooter with a simple guided search interface to find the relevant information and resolution steps quickly. By combining Aviator AI capabilities with Operations Bridge automation, organizations can deliver uninterrupted service and improve performance with less resources.
- OpenText™ DevOps Aviator now empowers developers and testers with a simple, embedded conversational search with an Ask-me-anything AI assistant. As end-to-end software quality assurance becomes mission critical for large banks, auto manufacturers, biotech firms, and more, customers can now much more easily gain insights and pursue functional and performance testing faster with OpenText ValueEdge.
- OpenText™ Experience Aviator is now available on OpenText Exstream and TeamSite, integrating generative AI to enhance web and customer communication experiences. This update empowers customer experience leaders to maximize customer lifetime value and auto-generate relevant personalized customer material at scale.
- OpenText™ Axcelerate™ with Aviator is a new comprehensive Axcelerate eDiscovery solution designed to streamline legal investigations and inform case strategy effectively. The latest introduces generative AI capabilities, empowering legal departments and law firms to identify and summarize crucial documents and concepts swiftly and accurately. This enhancement aims to expedite investigations and review processes, ensuring timely and informed decision-making.
Business Technology
New offerings in OpenText™ Aviator Platforms 24.2 include:
- OpenText™ Aviator Core Analytics Database is a new SaaS enterprise-level data lake house that merges the power of OpenText Vertica's advanced database with the flexibility of a multi-tenant platform. The new offering provides users with self-service insights, fostering better decision-making capabilities while lowering total cost of ownership and carbon footprint.
- OpenText™ Aviator Search now offers revolutionary capabilities in information extraction and enrichment across file formats, bolstered by advanced security features like generative AI and large language models. With CE 24.2, users can now access enhanced conversational functions, enabling seamless information retrieval. This update also empowers users to pinpoint answer origins and validate them across data sources, delivering heightened accuracy and efficiency.
- OpenText™ Aviator IoT introduces traceability, authentication, and an out-of-the-box data lake for IoT event data that enables users to track and manage all types of high value assets for their business. OpenText™ Aviator IoT offers end to end visibility designed to elevate data consistency and transparency while enhancing operations in supply chain and asset management.
- OpenText™ Aviator Thrust Studio introduces a real-time digital assistant designed to support developers throughout the application-building process. Now, developers can use an early access version of OpenText™ Aviator Thrust Studio within VS Code to assist in generating code that utilizes our Thrust APIs. This intelligent assistant streamlines development tasks, enhancing productivity and efficiency.
Availability
As a part of the quarterly OpenText Cloud Editions releases, customers benefit from new AI capabilities every 90-days. For more information on availability or to join a beta program for future innovations, contact OpenText .
Additional Resources:
- For further insights into the latest release, please visit our Chief Product Officer's blog post .
- Learn more about OpenText's AI strategy at opentext.ai.
- Watch the OpenText World Europe 2024 keynote live here.
About OpenText
OpenText, The Information Company™, enables organizations to gain insight through market leading information management solutions, powered by OpenText Cloud Editions. For more information about OpenText (NASDAQ: OTEX, TSX: OTEX) visit opentext.com
Connect with us:
OpenText CEO Mark Barrenechea's blog
Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Further, readers should note that we may announce information using our website, press releases, securities law filings, public conference calls, webcasts and the social media channels identified on the Investors section of our website ( https://investors.opentext.com ). Such social media channels may include the Company's or our CEO's blog, Twitter account or LinkedIn account. The information posted through such channels may be material. Accordingly, readers should monitor such channels in addition to our other forms of communication.
Copyright © 2024 OpenText. All Rights Reserved. Trademarks owned by OpenText. One or more patents may cover this product(s). For more information, please visit https://www.opentext.com/patents.
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SOURCE Open Text Corporation
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OpenText World Europe 2024 Takes Flight Debuting Latest AI Innovations to Elevate Human Potential
OpenText brings together customers, partners and industry luminaries to explore the transformative power of AI as the force multiplier for human potential
OpenText™ (NASDAQ: OTEX), (TSX: OTEX), the information company, today began its OpenText World Europe event taking place in three locations, London Munich and Paris April 15 18. OpenText is excited to bring together customers, partners, and industry luminaries to explore the transformative power of information management and artificial intelligence (AI) to elevate human potential.
On the first day of the conference, OpenText will announce its strategic Titanium X roadmap and the specifics of Cloud Editions (CE) 24.2. With its latest advancements in Business Clouds, Business AI, and Business Technology, OpenText is putting forth practical solutions ranging from AI-persona assistants for business operations to next generation search and IOT technologies. OpenText is innovating to combine trusted information management and data strategies with advanced AI capabilities.
In his keynote, CEO & CTO Mark J. Barrenechea will address how customers can be more creative and more productive with OpenText. "Throughout history, pivotal moments have propelled industries, societies, and cultures forward. AI is such a moment—a catalyst that will revolutionize the business landscape," said Barrenechea. "As we usher in the era of Business AI, we need to let the machines do the work, and raise human productivity and creativity. This is OpenText's focus with OpenText Aviator™."
Throughout his keynote and conversations with industry luminaries, Barrenechea will illustrate how technology can enable organizations to build for new ways to think and grow. Key take-aways include:
- Adopt an AI Mindset – Embrace the destination of frictionless decision making. Learn autonomic decisions to reimagine your business.
- Unlock Productivity – Ensure automation and AI are not separated. Automate the information and then prompt it with the right questions. Never waste anything.
- Data and Trust – Secure and govern the data. Be specific for the domains and compliance standards you solve for, so you can trust the outcomes of AI-driven decisions.
- Let the Machines Do the Work – Stive for error proof processing by removing human errors, humans overwhelmed by data, and humans using and creating software.
- Raise Human Potential – Empower people through a new mindset, new levels of productivity, and new trust in autonomous decisions. Simplify to raise creativity, efficiency, and imagination.
Following OpenText's CEO, Muhi Majzoub, OpenText EVP and Chief Product Officer, will discuss how cloud and AI converge in business transformation as all companies become software companies. He will dive into the OpenText Cloud roadmap and showcase how DevOps and supply chain traceability can now be taken to a new level.
"Not so long ago the DevOps movement was a revolutionary shift in the technology industry that delivered unprecedented competitive advantage to all kinds of organizations and has kept us agile and responsive in the highly competitive retail landscape," said Leon Van Niekerk , head of testing, PickNPay. "Now, AI is poised to revolutionize DevOps practices by introducing unprecedented levels of automation, efficiency, and intelligence into software development and operation. As an early user of OpenText DevOps Aviator, we're already seeing how the technology is not only going to automate and speed testing and development it will, more importantly, allow our staff to focus on high-value activities and innovation."
OpenText World is a hands-on learning ground to enable technologists to take the next of their information journey. The conference will provide a unique opportunity for attendees to dive deep into the world of modern work, business fabrics, developer, security, and infrastructure & application automation. OpenText's vision and strategy is to solve tomorrow's most complex problems with information management technology that serve as a catalyst for transformation and empowerment.
For those that are not able to attend the event in person, experience the excitement of OpenText World Europe online and watch the keynotes here.
About OpenText
OpenText, The Information Company™, enables organizations to gain insight through market leading information management solutions, powered by OpenText Cloud Editions. For more information about OpenText (NASDAQ: OTEX, TSX: OTEX) visit opentext.com
Connect with us:
OpenText CEO Mark Barrenechea's blog
Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Further, readers should note that we may announce information using our website, press releases, securities law filings, public conference calls, webcasts and the social media channels identified on the Investors section of our website ( https://investors.opentext.com ). Such social media channels may include the Company's or our CEO's blog, Twitter account or LinkedIn account. The information posted through such channels may be material. Accordingly, readers should monitor such channels in addition to our other forms of communication.
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