FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “VCI GLOBAL ACQUIRES PROPRIETARY ARTIFICIAL INTELLIGENCE 3D MODELING PLATFORM.”
“Buzz on the Street” Show: VCI Global Limited Acquires AI 3D Modeling Platform
VCI Global Limited (NASDAQ: VCIG) (“VCI Global“, or the “Company“) 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.
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 U.S.