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NexTech AR Solutions adds virtual reality to its arsenal with VRitize division

The so-called "v-commerce" arm will rely on many of the same digital assets created using its augmented reality technology

Person with beard using VR headset
The VRitize platform will include an app for both iOS and Android and be compatible with most VR headsets, including Facebook's Oculus

NexTech AR Solutions Corp (CSE:NTAR) (OTCMKTS:NEXCF), the augmented reality company, announced Wednesday that it’s gearing up to launch a virtual reality division called VRitize. 

The new division will work hand-in-hand with its ARitize counterpart, utilizing many of the same 3D assets created for augmented reality, now as part of an immersive “v-commerce” experience that takes place in-store. 

Combined, the VR/AR combo will help NexTech achieve its revenue goal of $20 million in 2020, the company said. 

READ: NexTech AR brings its augmented reality technology to the mining sector

“By adding VR to our product mix we are positioning NexTech as the industry leader set to dominate both the AR and VR industry for retail,” CEO Evan Gappelberg said in statement. “We are super excited to be able to leverage our growing 3D/AR library of assets and technical capabilities into virtual reality which compliments our AR technology stack and represents another multi-billion dollar vertical for NexTech.”

The VRitize platform will include an app for both iOS and Android, the company said, and be compatible with most VR headsets, including Facebook Inc’s (NASDAQ:FB) Oculus. 

For Gappelberg, this technology marks another seismic shift in retail.

“New AR/VR technologies are starting to transform the multi-trillion dollar retail industry, just like Wamnamaker changed the game when he opened the first department store in 1876, then Sears with its massive catalog, next came the internet and Amazon which revolutionized retail with e-commerce,” Gappelberg said. 

“Now we are entering a 4th transformational wave where AR/VR and 3D content creation are becoming essential to merchandising products both online and in brick and mortar stores. NexTech sits right at the forefront of this massive opportunity and tidal wave of innovation which is going to completely change the way we shop over the next few years."

The New York- and Toronto-based company’s augmented reality offerings include AR for e-commerce, AR in Chat, its ARitize App and AR University for education and training.

Shares of NexTech jumped almost 10% to C$3.10 on the CSE and 11% to US$2.38 on OTC Markets on Wednesday.

—Updated to include stock movement—

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com 

Follow him on Twitter @andrew_kessel

Quick facts: Nextech AR Solutions Corp.

Price: 5.38 CAD

CSE:NTAR
Market: CSE
Market Cap: $371.53 m
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