Thred Limited (ASX: THD) has shifted focus into a new technology and business model – Sweep, a consumer app, and Agent Reality, a white label solution for enterprise.
Sweep is a revolutionary new technology application for mobile that will lead the Augmented Reality innovation space, building on the technology platform created by Thred.
- Planned launch of Sweep, an engaging and immersive technology that will transform communications through virtual discovery.
- Ability to fast track the new Sweep technology to market, leveraging on existing investments in our platform and people.
- New business model and clear plan to deliver revenue in Q4 CY 2017, will underpin and drive shareholder value.
- Launch of Sweep to capitalise on the recent release of new Augmented Reality software by Apple and Google, opening up a multi-billion-dollar market.
Supporting the Sweep technology is a new business model which the Thred is implementing, following a review of its current operations, to optimise the effectiveness and market delivery of the new technology and brand.
Augmented Reality (AR) technologies are signalled to experience phenomenal growth particularly in the ecommerce and retail space, with the market expected to reach US$165 billion by 2024.
AR turns the surrounding environment into a digital interface by placing virtual objects in the real world, in real-time. Major technology players such as Apple and Google have led the technology trend with the recent launch of their new mobile devices and operating systems, that enable augmented reality applications, creating a multi-billion-dollar market.
Capitalising on this significant market opportunity, Sweep will utilise the features of the new generation of mobile software, to provide users with an AR experience that is coupled with geo- location features. The development of a mobile application of this nature, is significant and will deliver extensive market potential with everyday users’ and enterprises opportunities across a wide range of industries including retail, foodservice and mining.
The company anticipates a soft launch of Sweep next month, with revenues expected as early as Q4 CY 2017.
Geoff Marshall, Thred Managing Director said:
“We are very excited to unveil Sweep, which has the capacity to transform the way we communicate, integrating the latest in Augmented Reality and geo-location technologies within our Thred technology platform. Over the last few months the company has been diligently engaged in enhancing Thred’s core technology by recruiting a highly talented team, who have conceived and developed the new Sweep app.
We believe this is a unique technology application and are confident that we can bring this new opportunity to market quickly to capitalise on the launch of the new device based software from Apple and Google that enables the use of our technology. We look forward to updating the market in the coming weeks with more detail on our technology and our market strategy to deliver on this exciting opportunity”