Nextech AR acquires UK-based ARway for $1.25M
This acquisition provides Nextech with a spatial mapping platform critical to building the Metaverse.
Nextech AR Solutions Corp. has signed an agreement to acquire UK-based spatial computing company ARway in an all-stock transaction worth $1.25 million. As part of the transaction, Nextech plans to add the key founders Baran Korkmaz and Nikhil Sawlani to its team.
This acquisition provides Nextech with a spatial mapping platform critical to building the Metaverse—the term used to define collective virtual shared space.
By using AI to recognize surroundings for location mapping, ARway provides users with an Augmented Reality Software Kit (SDK) to frame the digital world in a few minutes.
Global tech giants Facebook, Apple, Microsoft and Snapchat have all identified the Metaverse as the future of the internet and computing itself. The acquisition positions Nextech as a first mover in what they’re calling a ‘mini-metaverse.’
“We think that the mini-metaverse business use case is here to stay, and the implications for future growth are significant,” said Nextech AR CEO Evan Gappelberg.
Nextech's planned mini-metaverse offering will be available to brands and companies that want to create mini-metaverses based on a geolocation like museums, corporate headquarters, theme parks, sports stadiums, University Campuses and more.
The company plans to scan spaces with ARway’s technology and drop in AR experiences that are triggered based on geolocation, making it an immersive Metaverse experience. “Nextech's mini-metaverse offering will enable people to experience the multiverse as it increasingly becomes a normal part of everyday life,” added Gappelberg.
ARway has been creating persistent location experiences such as indoor navigation, guided tours and treasure hunts with a No-code platform and has developed an ecosystem with over 1000+ developers, having created 3D maps in over 60 countries, with customers such as British Telecom, Bosch and The City of London.
ARway’s mission has been to unify human-machine understanding by connecting the digital and physical world to empower people to connect and share in deeper, more meaningful ways. “This vision is now becoming a reality with our new family at Nextech,” said Baran Korkmaz, CEO and co-founder of ARway.
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