- New ML & Computer Vision Reduces CAD file size by 95%
- Toggle3D to be preferred standard in the $160 Billion Global GGI Application Software market
- Toggle3D.ai all-in-one platform for CAD – web 3D design
TORONTO, ON / ACCESSWIRE / March 2, 2023 / Nextech AR Solutions Corp. (“Nextech” or the “Company”) (OTCQX:NEXCF)(CSE:NTAR) (FSE:EP2), an Augmented Reality (AR), Artificial Intelligence (AI) and 3D model supplier for Amazon and other major e-commerce retailers and brands is pleased to announce the launch of new machine learning (ML) and computer vision technology for the Toggle3D platform. These features will open up opportunities for developers looking for an efficient way to create complex virtual experiences with minimal effort or cost constraints. Toggle3D enables the conversion, texturing, customizing and sharing of the highest quality 3D models at scale, using CAD files and is able to convert CAD to a GLB and reduce file size by 95%, creating an industry-leading solution for the $160 billion CGI market.
Example of Toggle3D.ai ML and Computer Vision in reducing file size:
- Sample standard CAD files size 625 MB
- Using the Toggle3D engine, the resulting GLB file size was reduced to 83.3MB or an 86% reduction.
- The new optimization algorithm removes 131 of the total 215 parts in the CAD file, to create a GLB file with size 31.6MB with no difference in the final visual look of the model 95% reduction in file size compared to native CAD mesh creation.
These powerful ML and computer vision tools simplify and speed up production pipelines for web and XR developers who need high-fidelity 3D models, but who often have limited resources available due to large file sizes or hardware limitations. CAD files are often very large, and as the source of truth for manufacturing, they contain exact details of all parts, including the smallest, internal components that are not visible in the end product to users. When CAD files are converted to 3D meshes, all these internal parts will also get converted, resulting in excessively large meshes without adding any visual value. These new machine learning (ML) and computer vision tools will reliably detect, and optionally remove components that are not visible once a CAD file is converted to mesh.
Today’s technology advancements further position Toggle3D to be the preferred standard in the 3D modeling industry and in the $160 Billion Global GGI Application Software market as an all-in-one platform for CAD – web 3D design.
Evan Gappelberg, CEO of Nextech AR commented, “We are very excited about this development as it marks yet another technological milestone leveraging AI, ML and computer vision while bridging the gap between engineering CAD files and artistry of 3D modeling. We believe these features will enable developers around the world to unlock more possibilities when creating 3D models from CAD files. These new features are aiming to increase the subscriptions on the Toggle3D platform and contribute to our SaaS revenue generation. He continues “we are continuing to move forward with our spin-out IPO of Toggle3D.ai and I’m happy to report that we have secured the trading symbol: TGGL. We believe that TGGL will begin trading on the CSE in Q2, 2023 although no assurances can be given.”
Technical Importance
The Toggle3D algorithms are built on machine learning and can detect components of a CAD file that are not visible when it is converted into a mesh model. This allows users to reduce the size of their meshes without sacrificing quality or accuracy. Additionally, each component in the model will be given a “visibility-score” ranging from 0.0 to 1.0 which can help optimize mesh densities by allocating polygons based on visibility levels.
Click here to view example of a medium sized CAD file, a partial model of a TM MX 125 motorcycle.
A conversion of this file to an OBJ mesh, using the built in mesh tools in CAD software (in this case FreeCAD) resulted in a file that is more than 625MB in size. Using the current Toggle3D engine, the resulting GLB file size was 83.3MB (86% reduction). The new optimization algorithm removes 131 of the total 215 parts in the CAD file, to create a GLB file with size 31.6MB with no difference in final visual look of the model (95% reduction compared to native CAD mesh creation).
The picture below shows the internal parts detected by Toggle3D’s algorithm.
Spin-Out
On February 2, 2023 Nextech AR 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”).
About Toggle3D
Toggle3D is an AR enhanced standalone web application which enables product designers, 3D artists, marketing professionals and eCommerce site owners to create, customize and publish high-quality 3D models and experiences without any technical or 3D design knowledge required. The Company believes that Toggle3D is the first platform of its kind, and this break-through SaaS product is a potential game changer for the manufacturing and design industry, as it provides a viable solution to convert large CAD files into lightweight 3D models at affordable prices and at scale. According to BIS Research, the CAD market, quantified by the amount spent on the creation of CAD files, is projected to reach $11 Billion dollars by 2023. Learn more: https://toggle3d.com/
Top Three Competitive Advantages of Toggle 3D Versus 3D Legacy Software
NO Learning Curve:
What makes Toggle3D different from the legacy 3D design software is its ease-of-use and democratization of 3D design. The goal is for anyone with no prior technical or 3D design experience to be able to hop into the platform and create a high-quality 3D visual in minutes. This is unlike legacy 3D modeling systems, that require months to truly feel comfortable with. Users would first be required to learn and understand the industry lingo, learn what the tools do and then learn how to use them in the legacy software. Meanwhile, we have streamlined this process in Toggle3D by “humanizing” 3D design terminology, creating templates to guide creation and simplifying the tools using machine learning to transfer the complexity out of the user experience into the backend platform, and instead allow more room for creativity.
Web-based:
Toggle3D is a web-based design studio which means the user can access everything on the browser and start designing instantly. No desktop downloads involved, no updates to keep track of, and no system requirements to worry about. All the templates are organized into project panels that a user can access anywhere and seamlessly navigate between. This is different from how legacy software was built back in the day with the software package being broken out into multiple desktop apps that would require the user to understand system compatibility, download, sync, and learn independently.
Collaboration:
Toggle3D will allow advanced, in-app collaboration. These new sets of features will allow multiple users to work at the same time and on the same project resulting in quick feedback and decision making cross-department, and team. These tools will allow businesses to adopt 3D organization-wide and unlock the power of group iteration. Users could set up workflows, permissions, and version history to keep up with real-time design changes. These advanced collaboration cycles are harder to set up in desktop apps and may sometimes slow down or isolate the design workflow.
To learn more, please follow us on Twitter, YouTube, Instagram, LinkedIn, and Facebook, or visit our website: https://www.Nextechar.com.
For further information, please contact:
Investor Relations Contact
Lindsay Betts
investor.relations@Nextechar.com
866-ARITIZE (274-8493) Ext 7201
Nextech AR Solutions Corp.
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)
About Nextech AR
Nextech AR Solutions (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2) is a diversified augmented reality, AI technology company that leverages proprietary artificial intelligence (AI) to create 3D experiences for the metaverse. Its main businesses are creating 3D WebAR photorealistic models for the Prime Ecommerce Marketplace as well as many other online retailers. The Company develops or acquires what it believes are disruptive technologies and once commercialized, spins them out as stand-alone public Companies issuing a stock dividend to shareholders while retaining a significant ownership stake in the public spin-out.
On October 26, 2022 Nextech AR spun out its spatial computing platform, “ARway” as a stand alone public Company. Nextech AR retained a control ownership in ARway Corp. with 13 million shares, or a 50% stake, and distributed 4 million shares to Nextech AR Shareholders. ARway is currently listed on the Canadian Securities Exchange (CSE:ARWY), in USA on the (OTC: ARWYF) and Internationally on the Frankfurt Stock Exchange (FSE: E65). ARway Corp. is disrupting the augmented reality wayfinding market with a no-code, no beacon spatial computing platform enabled by visual marker tracking.
On December 14, 2022 Nextech AR announced its second spinout of Toggle3D, an AI-powered 3D design studio to compete with Adobe. Toggle3D is expected to be public in the first half of 2023.
To learn more about ARway, visit https://www.arway.ai/
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: Nextech AR Solutions Corp.
