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Nextech3D.ai announces company has terminated deal to sell stake in 3D Modeling business

Jan 29, 2024 2:47:13 PM

Nextech3D.ai CEO Evan Gappelberg joined Steve Darling from Proactive to share significant news regarding the company's decision to terminate its previously announced letter agreement with VCI Global Limited to sell up to a 51% interest in the company's artificial intelligence platform for 3D modeling and associated assets.

Gappelberg explained that the company made the decision to terminate the agreement because VCI Global Limited was unable to meet its conditions precedent within the mutually agreed timelines. As a result, Nextech3D.ai has no plans to sell its 3D modeling business. Instead, the company intends to continue building its AI technology stack to scale 3D modeling while retaining ownership, operation, and development of the business.

The company sees substantial growth potential through partnerships with Amazon and other large enterprise clients, which it believes will provide significant growth opportunities. This strategic decision allows Nextech3D.ai to maintain control over its AI technology and 3D modeling business, positioning it for continued growth and innovation in the industry.

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Written by Nextech3D.ai