Advancement for NexCompress Commercialization
VANCOUVER, British Columbia, March 8, 2023 (CISION) – (“NexOptic”) (TSX VENTURE: NXO) (OTCQB: NXOPF) (FSE: E3O1) announces a dual rollout strategy on the commercialization of Nexcompress.™ NexCompress is part of NexOptic’s ALIIS™ suite of artificial intelligence imaging solutions and enables significant bandwidth reduction when coupled with existing video compression technologies.
NexCompress is the latest offering added the Company’s patented and patent-pending artificial intelligence technologies, and as previously reported it reduces bandwidth and file size of videos by between 20% and 60%. NexOptic will be offering it to customers as either a cloud service or an on-premises solution. In this vein, the Company has shortlisted several hardware and cloud providers as part of its supplier selection process. Final selection is expected to be completed early in the 2nd quarter of this year. Updates for the NexCompress cloud and on-premise offerings will be provided as execution continues. After finalizing compute providers, the Company anticipates full commercial availability of NexCompress by no later than the 4th quarter of this year. A number of companies are currently evaluating NexCompress including cloud storage companies as well as streaming and video analytics providers.
Today’s lifestyles and business practices are increasingly reliant on cloud data centres. Shopping online, streaming movies, TV & videos, and gaming, require vast amounts of data to be stored and readily available on demand. A large cloud facility will use as much electricity as the average sized North American town. There are already over 8,000,000 data centres globally with no slowdown in sight.
As part its commercialization strategy, NexOptic is already onboarding a select group of interested companies onto NexOptic’s evaluation portal. This self-serve, private portal allows a multitude of potential customers to test NexCompress in real time with their own video data and is helping to accelerate the number of potential customers that can evaluate NexCompress while reducing load on NexOptic’s internal engineering resources. Initial feedback has been very positive.
Further to the Company’s January 6, 2023, news release, in-house evaluations and advancements to NexCompress efficiencies continue. Forthcoming announcements will provide additional specifics on bandwidth reduction, image quality as well as overall power savings and potential savings in a variety of different video input scenarios.
What You Need to Know About NexOptic
NexOptic is an innovative imaging AI company headquartered in Vancouver, Canada with operations in Seoul, South Korea, offering world-leading patented and patent pending AI solutions for imaging known as ALIIS™ (All Light Intelligent Imaging Solutions). NexOptic simultaneously influences the imaging and AI industries and is a Preferred Partner in the NVIDIA Partner Network, a member of the Arm® AI Partner Program, and a member of the Qualcomm® Platform Solutions Ecosystem. For more information, visit www.nexoptic.com
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