Nextech3D.AI (formally “Nextech AR Solutions Corp” or the “Company”) (OTCQX: NEXCF) (CSE: NTAR) (FSE: EP2), a Generative AI-Powered 3D model supplier for Amazon, P&G, Kohls and other major e-commerce retailers is pleased to announce its AI-powered SaaS CAD to 3D Design Platform, Toggle3D.ai has crossed over 1000 sign-ups on the platform. Toggle3D.ai enables the conversion, texturing, customizing and sharing of the highest quality 3D models at scale, using CAD files. Since the Beta launch, the platform has attracted a variety of users such as designers, developers, 3D artists, entrepreneurs and creators, reaching over 1000 users on the platform within two months which is a +963% change since the start of the year. The rapid adoption of this technology positions Toggle3D.ai to become an industry leader in the estimated $160 Billion Global GGI Application Software market.
Nextech3D.ai CEO Evan Gappelberg commented, “We are thrilled to see that Toggle3D has surpassed over 1000 sign-ups with 30% weekly growth and 963% growth in the past 60-days, while still in BETA! This is a testament to the hard work of our team and the value that the platform provides to its users. With a first mover advantage and ongoing AI enhancements, we see Toggle3D.ai as setting the standard as the all-in-one platform for CAD-3D model conversion.” He continued, “We are also on track for the spin-out IPO of Toggle3D, which we expect to be completed in approximately the next 60 days with the trading symbol being: TGGL. We firmly believe that Toggle3D is commercially ready to disrupt the Global CAD and Global CGI markets and once spun-out, we believe that it will create additional value for Nextech shareholders, just as the ARway spin-out did.”
In late January, Toggle3D officially launched the Beta Version of its web-based design studio for converting, texturing, customizing and sharing web-friendly 3D models. With its focus on CAD files, but also accepting other 3D formats, the Toggle3D platform converts heavy manufacturing files into lightweight 3D models for the web. After the conversion, users are provided easy-to-use point-and-click texturing tools to add materials to their models, change colors and add variations.
Since the Beta launch, the platform has attracted a variety of users such as designers, developers, 3D artists, entrepreneurs and creators, reaching over 1000 users on the platform within two months. This is a +963% change since the start of the year. Toggle3D is closely in touch with these users, generating active early adopter involvement in feedback, discovery of new use cases and suggestions for new features. As more users are signing up and trying out the platform, Toggle3D is accumulating valuable information regarding users behavior on the platform to speed up development, reinforce product-market fit and double down on critical pain points.
The plans are priced at $29/mo on a per-user level meaning that multiple users in the same team will pay for each person on the team to have an account in Toggle3D, reinforcing the SaaS recurring revenue business model. The users on the platform today are both free users and pro users trying out the platform with strong signals for early growth in conversions as the product prepares to end Beta and launch the product in Q2 2023.
In February, Nextech3D.ai announced the details of its IPO spin-out of Toggle3D. The Company has determined to pursue a direct spinout of its generative AI-powered Toggle3D platform through a wholly-owned subsidiary of the Company (“Subco”). The transaction is currently anticipated to proceed by way of plan of arrangement (the “Arrangement”) pursuant to which the Toggle3D platform and associated assets will be spun out into a new Subco, but will be subject to final tax and legal structuring considerations.
The Arrangement, if completed, is anticipated to result in, among other things, (i) Nextech retaining approximately 65% of the issued and outstanding shares of Subco (“Subco Shares”) upon completion of the transaction, (ii) approximately 20% of the Subco Shares being distributed directly to Nextech shareholders on a pro rata basis; and (iii) approximately 15% of the Subco Shares being distributed to certain service providers of Nextech in consideration of past services, as calculated prior to completion of the Private Placement following which the above percentages will be adjusted on a pro rata basis. In connection with the Arrangement, Nextech intends to seek a direct listing of the Subco Shares on the Canadian Securities Exchange (“CSE”).
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