NexTech AR Solutions Corp (CSE:NTAR) (OTCMKTS:NEXCF) CEO Evan Gappelberg has a message for investors watching major tech players pump money into augmented reality: We’re the only pure play AR company on the block.
Snap Inc (NYSE:SNAP) acquired AI Factory — the company that helped develop its recent Cameos feature — in a quiet $166 million deal, according to reports from WeRSM and others.
AI Factory co-founder Victor Shaburov actually worked as Snap’s director of engineering from 2015 to 2018, the report noted, and he joined the company when a previous venture of his, Looksery Inc, was also bought by Snap.
READ: Zacks ups NexTech AR Solutions price target to US$1.70 after preliminary financials indicate record quarter
Gappelberg sees those acquisitions, as well as other big names like Google beefing up its augmented reality platform ARCore or Facebook Inc (NASDAQ:FB) looking to utilize Spark AR in advertising. But his company is a strong AR player in its own right.
“While AR/ VR funding and acquisitions are accelerating with SNAP, GOOG, FB, AAPL, MSFT leading the charge by plowing billions into the space, Nextech was up over 400% in 2019,” Gappelberg told Proactive in an email. “[NexTech] remains the only ‘pure play’ investment for 2020."
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