Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) said it has received a new artificial intelligence (AI) tool from Amazon, its largest customer, aimed at speeding up the Quality Assessment (QA) process for its 3D models.
The company's shares rose 21% to C$0.14 by midday in Toronto.
In a statement, Nextech said the integration of the tool into its production pipeline is set to revolutionize the QA procedure, boosting revenue and profits as it reduces assessment time by 50%, improves overall productivity by 35%, and cuts costs by an estimated 25%.
Historically, Nextech said quality assessors meticulously scrutinized 3D models manually, examining every detail, color, and texture to ensure consistency and precision. With the introduction of the AI-Quality Assessment Tool, it said the process is expedited through AI automation, significantly reducing the time required for a thorough quality check.
"We are gratified and thrilled that Amazon has given us access to this AI Quality Assessment Tool. I see this tool as a game-changer for our 3D model production for Amazon,” Nextech CEO Evan Gappelberg commented.
“This AI-powered technology will increase our productivity, allowing us to scale 3D model production, thus increasing the amount of revenue and profit we can generate. I believe this technology transfer was the last piece of the puzzle needed before they open Seller Central.”
Seller Central is a platform provided by Amazon that allows individuals and businesses to sell their products directly on the Amazon website.
With the recent pivot of its operations to Hyderabad India and the new AI Quality Assessment Tool, Nextech said it is positioning itself for enhanced profitability, reduced costs, and increased productivity for years to come in a rapidly evolving 3D modeling market for the $5.5 trillion e-commerce industry.
Nextech3D.AI is a versatile augmented reality (AR) and artificial intelligence (AI) technology company that utilizes its proprietary AI to craft immersive 3D experiences at scale for e-commerce.
It focuses on creating high-quality 3D WebAR photorealistic models for Amazon, P&G, Kohls and other major e-commerce retailers.
~Updated with share price movement~
Contact the author at stephen.gunnion@proactiveinvestors.com