VCI Global Acquires Proprietary Artificial Intelligence 3D Modeling Platform
19 December 2023 - 12:30AM
VCI Global Limited (NASDAQ: VCIG) ("
VCI Global",
or the "
Company") today announced that it is
acquiring a 51% stake in a special purpose vehicle
("
SPV") for CAD12.1 million. This investment is
made in connection with the transfer by Nextech3D.AI Corporation
("
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.
Over the years, there has been an exponential
increase in transforming 2D graphics into 3D, led by rising demand
for 3D animations across mobile applications and games. 2D graphics
generally lack the desired depth and are visually flat whilst 3D
graphics are able to address the shortfalls of 2D graphics. The
increasing demand is not only confined to mobile applications
related segments but to other industries as well such as
architecture and the vast medical field. 3D graphics provide users
with more realistic depth and provide users with a better
understanding of what is being shown.
3D models have already proven to be a sales
growth driver for e-commerce related businesses, unlike the static
2D models. Nevertheless, the 3D modeling market has yet to
experience full growth potential and vastly considered to be in its
infancy stage where the market is expected to grow exponentially.
Market analysts have projected the global 3D modeling market size
at between US$1.3 billion to US$1.4 billion in 2022 while more
importantly projected the market to grow by a compound average
growth rate of up to 20% until 2030.
"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.
About VCI Global Limited
VCI Global is a multi-disciplinary consulting
group with key advisory practices in the areas of business and
technology. The Company provides business and boardroom strategy
services, investor relation services, and technology consultancy
services. Its clients range from small-medium enterprises and
government-linked agencies to publicly traded companies across a
broad array of industries. VCI Global operates solely in Malaysia,
with clients predominantly from Malaysia, but also serves some
clients from China, Singapore, and the US.
For more information on the Company, please log
on to https://v-capital.co/.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains forward-looking
statements that are subject to various risks and uncertainties.
Such statements include statements regarding the Company's ability
to grow its business and other statements that are not historical
facts, including statements which may be accompanied by the words
"intends," "may," "will," "plans," "expects," "anticipates,"
"projects," "predicts," "estimates," "aims," "believes," "hopes,"
"potential" or similar words. Actual results could differ
materially from those described in these forward-looking statements
due to certain factors, including without limitation, the Company's
ability to achieve profitable operations, customer acceptance of
new products, the effects of the spread of Coronavirus (COVID-19)
and future measures taken by authorities in the countries wherein
the Company has supply chain partners, the demand for the Company's
products and the Company's customers' economic condition, the
impact of competitive products and pricing, successfully managing
and, general economic conditions and other risk factors detailed in
the Company's filings with the United States Securities and
Exchange Commission. The forward-looking statements contained in
this press release are made as of the date of this press release,
and the Company does not undertake any responsibility to update the
forward-looking statements in this release, except in accordance
with applicable law.
CONTACT INFORMATION:
Issued by Imej Jiwa Communications Sdn
Bhd on behalf of VCI Global LimitedFor media queries,
please contact:
Imej Jiwa Communications Sdn
BhdChris ChuahEmail: chris@imejjiwa.com
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