VCI Global to buy 51% stake in a SPV for CAD12.1M

VCI Global Limited announced that it is acquiring a 51% stake in a special purpose vehicle SPV for CAD12.1M. This investment is made in connection with the transfer by Nextech3D.AI Corporation or Nextech3D.AI, of the following assets into the said SPV, namely:Nextech3D.AI’s proprietary artificial intelligence AI 3D modeling platform which comes with the technology, patents, know-how, proprietary information, and other intellectual property associated with the various e-commerce applications in connection with Nextech3D.AI’s 3D modelling business; and 3D modeling contracts currently owned by Nextech3D.AI associated with its 3D modeling business.Nextech3D.AI’s 3D modeling through its proprietary AI has received tremendous demand, and to date it has delivered over 50,000 3D models, and counting, to its customers in various e-commerce industries. This ‘over 50,000’ 3D models translated to a phenomenal two-fold increase from its end 2022’s total of 21,202 3D models delivered. The surge in demand for its 3D modeling services, in no small part, contributed to Nextech3D.AI’s 97% revenue growth, year on year, for the first nine months of 2023. Some of Nextech3D.AI’s prominent clients include Amazon, Procter & Gamble, Kohls, Kmart, William Wood Mirrors and Dyson, just to name a few. “We are ecstatic with the synergy and potential this acquisition will provide to say the least as this is a game changer for VCI Global. There will literally be infinite contents globally which need to go ‘3D’. That can only mean massive markets for us to capitalize on,” said Dato’ Victor Hoo, Group Executive Chairman and Chief Executive Officer of VCI Global.