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Matterport

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Matterport Inc. is an American 3D spatial mapping company that is currently headquartered in Sunnyvale, California. The company was founded in 2011 as a private startup[3] and subsequently merged with a special-purpose acquisition company in 2021 to commence public trading on the Nasdaq.[4] The current CEO is R.J. Pittman.[5]

Matterport Inc.
Company typePublic
ISINUS5770961002
Industry
Founded2011; 13 years ago (2011)
Founders
  • Matthew Bell
  • David Gausebeck
  • Mike Beebe
Headquarters
Sunnyvale, California
,
United States
Number of locations
  • 6 offices
Area served
Worldwide
Key people
  • R.J. Pittman (CEO)
  • James D. Fay (CFO)
  • David Gausebeck (CSO)
Revenue
  • Increase US$158 million (2023)
  • US$136 million (2022)
  • Increase US$70 million (2023)
  • US$52 million (2022)
  • Decrease −US$199 million (2023)
  • −US$111 million (2022)
Total assets
  • Decrease US$577 million (2023)
  • US$640 million (2022)
Total equity
  • Decrease US$529 million (2023)
  • US$584 million (2022)
Number of employees
  • Decrease 438 (2023)
  • 590 (2022)
Websitematterport.com
Footnotes / references
[1][2]

Matterport produces cameras used to capture images for 3D mapping of indoor spaces and the creation of digital twins. The company also provides various software as a service for real estate and property management.[6][7]

On April 22, 2024, it was announced that Matterport would be acquired by the CoStar Group for a cash and stock deal valued at approximately US$1.6 billion.[8][9]

History

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2011–2013: Founding as a startup

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Matterport was founded as a private startup in 2011 by Matthew Bell, David Gausebeck (known for Gausebeck–Levchin test used in CAPTCHA technology) and Michael Beebe. The company was established after Bell and Gausebeck developed a prototype camera for capturing 3D images inside a room using the PrimeSense camera-on-a-chip, and later recruited Beebe for his expertise in 3D modeling and medical device design.[3] In early 2012, the company joined the startup accelerator Y Combinator to incubate their project.

In April 2012, Matterport claimed that its prototype camera could scan 3D objects "20 times faster" and "18 times cheaper" than their competitors, and initiated collaborations with real estate and video game developers.[10] In that year, the company secured US$1.6 million in seed funding. Subsequently, by March 2013, Matterport raised another US$4 million from 39 investors to initiate a Series A round of financing.[11][12]

In July 2013, Matterport announced plans to release its first camera to the public.[13] In November 2013, Bill Brown became the CEO of the company.[14][15]

2014–2018: Early growth

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Matterport launched their first camera named 'Pro 3D' on March 13, 2014.[16][17] In June 2014, Matterport competed against 14 other early-stage real estate startups in Realogy's FWD Innovation Summit, a real estate technology competition, and emerged as the winner.[18] Subsequently, the company raised US$16 million in a Series B funding round, in part to bring its 3D mapping technology to mobile devices.[19]

In June 2015, Matterport raised US$30 million in a Series C funding round with the goal of diversifying from its camera products and enhancing its software for stitching images together in virtual reality.[20] The company began scaling operations and shifted its focus to the consumer by accelerating the development of content-capturing capabilities on mobile devices and expanding its developer platform across its web and mobile apps.[21]

On December 3, 2018, Matterport appointed R.J. Pittman, who was previously the Chief Product Officer at eBay, as its CEO.[5] Bill Brown, the former CEO, remained on the company board as an advisor.

2019–2021: COVID-19 and SPAC merger

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In April 2020, due to the COVID-19 pandemic, Matterport laid off 90 of its employees or roughly one-third of its workforce.[22]

On February 8, 2021, Matterport announced its intention to go public by merging with Gores Holdings VI, a special-purpose acquisition company (SPAC), in a US$2.9 billion deal.[23][24] The merger and deal were completed on July 23, 2021, and Matterport began publicly trading on the Nasdaq as MTTR.[25][4]

Around the same time in July 2021, Bill Brown, the former CEO, sued Matterport over a bylaw regarding the SPAC merger acquisition that prevented him from trading shares of the new company following the merger.[14][26][27] The court later ruled in favor of Brown on January 10, 2022.[28]

2022–onwards: Post-merger, acquisitions and restructuring

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On January 5, 2022, Matterport completed the acquisition of Enview, a company that specializes in artificial intelligence for 3D spatial data, for a total of US$37 million.[29][30] Subsequently, in July 2022, Matterport acquired VHT Studios, a real estate marketing agency, for an undisclosed amount.[31]

In July 2023, Matterport announced a restructuring of the company, which resulted in the layoff of 170 employees (equivalent to 30% of its workforce) as a cost-cutting measure.[32]

In September 2023, Matterport was sued by investors for "allegedly allowing self-dealing by insiders".[33]

Products

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Cameras

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A Matterport Pro 2 Camera

On March 13, 2014, Matterport launched their first camera named 'Pro 3D', targeting contractors, real estate companies and architects, alongside a subscription-based cloud service and a web-based content player.[16][17]

In June 2017, Matterport launched their second camera, named 'Pro2', as an upgraded version of their first camera, featuring improved resolution and geotagging capabilities.[34][35] The company subsequently launched a cheaper version of the camera named 'Pro2 Lite' in February 2018.[36][37]

In August 2022, Matterport launched a third camera named 'Pro3' as an upgrade to the 'Pro 2' camera, which features a LiDAR sensor.[38]

Real estate & digital twin services

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In 2016, Matterport developed a tool to generate floor plans from their camera images.[39][40]

In January 2019, Matterport introduced a subscription-based platform called 'Cloud 3.0', which was supported by its image-processing artificial intelligence software known as Cortex.[41][42] The platform aimed to lower the cost of entry into the 3D mapping technology space by enabling its software to be compatible with 360-degree cameras from other companies such as Insta360 and Ricoh (specifically Ricoh Theta).

Collaborations

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In 2014, Matterport collaborated with other companies such as Google on Project Tango, an augmented reality platform,[43] and with Redfin to create a 3D walkthrough feature for real estate listings.[44]

In July 2021, Matterport announced a collaboration with Facebook AI Research and released the Habitat-Matterport 3D Dataset (HM3D),[45] a collection of 1000 digital twins generated from real-world environments that was intended for use in academic research such as in embodied artificial intelligence.[46][47][48]

Matterport also partnered with Amazon Web Services to provide 3D models and data analytics to the AWS IoT TwinMaker, a digital twin implementation service by Amazon.[49][50][51]

References

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  1. ^ "Matterport, Inc. 2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 27, 2024.
  2. ^ "Matterport, Inc. 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 28, 2023.
  3. ^ a b Roush, Wade (May 16, 2013). "Matterport Isn't Playing Games with Kinect-Style 3D Camera". Xconomy. Archived from the original on December 6, 2022. Retrieved April 10, 2022.
  4. ^ a b "Matterport Closes SPAC Merger, Raises $640M to Advance Digital Twins". Robotics 24/7. July 22, 2021. Retrieved June 4, 2022.
  5. ^ a b "Matterport Hires RJ Pittman as Chief Executive Officer". Matterport. Retrieved June 4, 2022.
  6. ^ Andrei, Andreea (August 22, 2023). "2023 SaaS Awards Winners | Cloud Computing & SaaS Awards". Retrieved February 24, 2024.
  7. ^ "Matterport Wins Best SaaS Product for Real Estate & Property Management". Matterport. Retrieved February 24, 2024.
  8. ^ "Matterport, the Global Leader in 3D Digital Twins, to be Acquired by CoStar Group". Matterport. April 22, 2024. Retrieved April 22, 2024.
  9. ^ "CoStar Group to Acquire Matterport, the Global Leader in Immersive 3D Digital Twins and Artificial Intelligence for the Real Estate Industry That Makes Properties Intuitive and Interactive Online". CoStar Group Investor Relations. April 22, 2024. Retrieved April 22, 2024.
  10. ^ Holloway, James (April 11, 2012). "Matterport scans 3D objects and spaces "20 times faster" than competitors". New Atlas. Retrieved February 24, 2024.
  11. ^ FinSMEs (March 7, 2013). "Matterport Raises $5.6M Series A Financing". FinSMEs. Retrieved February 24, 2024.
  12. ^ Schubarth, Cromwell (February 1, 2013). "3D scanning startup Matterport raises nearly $4M". Silicon Valley Business Journal. Retrieved April 10, 2022.
  13. ^ Stockton, Nick (July 24, 2013). "Interior Mapping Camera Will Make a 3-D Model of Your Home". Wired. ISSN 1059-1028. Retrieved February 24, 2024.
  14. ^ a b "Brown v. Matterport, Inc., C. A. 2021-0595-LWW | Casetext Search + Citator". casetext.com. Retrieved June 4, 2022.
  15. ^ "Bill Brown: 'Building a great team is the first priority'". Inman. Retrieved February 24, 2024.
  16. ^ a b Group, Troy Wolverton | Bay Area News (March 12, 2014). "Startup Matterport launches new 3-D modeling system". The Mercury News. Retrieved February 24, 2024. {{cite web}}: |last= has generic name (help)
  17. ^ a b "Matterport breathes life into fully immersive 3D models". CNET. Retrieved February 24, 2024.
  18. ^ Hagey, Paul (June 17, 2014). "Matterport's 3-D virtual tours wow judges of Realogy FWD startup competition". Inman. Retrieved February 24, 2024.
  19. ^ "Matterport raises $16M to accelerate 3-D virtual tour technology". Inman. July 7, 2014. Retrieved February 24, 2024.
  20. ^ Constine, Josh (June 25, 2015). "Matterport Captures $30M To Scan Rooms Into Virtual Reality". TechCrunch. Retrieved February 24, 2024.
  21. ^ FinSMEs (June 26, 2015). "Matterport Raises $30M in Series C Financing". FinSMEs. Retrieved February 25, 2024.
  22. ^ Schubarth, Cromwell (March 2, 2024). "Opendoor, Carta, Matterport cut hundreds of jobs as COVID's startup toll grows". Silicon Valley Business Journal. Retrieved March 3, 2024.
  23. ^ Tse, Crystal (February 8, 2021). "Matterport to Go Public Via Alec Gores SPAC in $2.9 Billion Deal". Bloomberg.com. Retrieved March 2, 2024.
  24. ^ Kleimann, James (February 9, 2021). "Matterport to go public via SPAC in $3B deal". HousingWire. Retrieved February 24, 2024.
  25. ^ Fink, Charlie (July 7, 2021). "Matterport SPAC Merger Imminent". Forbes. Retrieved June 4, 2022.
  26. ^ "Ex-Matterport CEO Sues Over Stock Trading Restrictions - Law360". www.law360.com. Retrieved June 4, 2022.
  27. ^ "Matterport, Headed for De-SPAC, Sued by Ex-CEO Over Stock Lockup". news.bloomberglaw.com. Retrieved February 24, 2024.
  28. ^ "Delaware Court Of Chancery Finds Transfer Restrictions On Stock Issued In Connection With A De-SPAC Merger Inapplicable To A Legacy Operating Company Stockholder Based On The Language Of The Relevant Bylaw". JD Supra. Retrieved June 4, 2022.
  29. ^ Ben-Hutta, Gabriella (January 7, 2022). "Matterport completes acquisition of Enview". Coverager - Insurance news and insights. Retrieved March 3, 2024.
  30. ^ Sirois, Alex (January 12, 2022). "Matterport Just Became Much More Interesting Due to Enview". finance.yahoo.com. Retrieved June 4, 2022.
  31. ^ Rodkin, Dennis (July 11, 2022). "VHT Studios, a pioneer in home-listing photos, sold to California firm". Crain's Chicago Business. Retrieved February 24, 2024.
  32. ^ Council, Stephen (July 12, 2023). "Unprofitable Bay Area tech firm lays off 170 workers". SFGATE. Retrieved February 24, 2024.
  33. ^ "Matterport Sued for Allegedly Allowing Self-Dealing by Insiders". news.bloomberglaw.com. Retrieved February 24, 2024.
  34. ^ Matney, Lucas (May 31, 2017). "Matterport launches Pro2 camera optimized for 2D and 3D imagery". TechCrunch. Retrieved February 24, 2024.
  35. ^ Rubenstone, Jeff (June 13, 2017). "Updated 3D Scanner Aims to Expand Use of Point Clouds". www.enr.com. Retrieved March 2, 2024.
  36. ^ Admin (February 16, 2018). "NEWS: Matterport introduces lower-cost 3D camera". AEC Magazine. Retrieved February 24, 2024.
  37. ^ Meyer, Jeff (February 16, 2018). "Matterport launches Pro2 Lite budget 3D camera". Camera Jabber. Retrieved February 24, 2024.
  38. ^ Corke, Greg (August 31, 2022). "Matterport increases focus on AEC with Pro3 Camera". AEC Magazine. Retrieved February 24, 2024.
  39. ^ Poland, Ty (July 10, 2016). "Matterport: The New Age of Real Estate?". Fstoppers. Retrieved February 24, 2024.
  40. ^ Feeney, Caroline (April 20, 2016). "Agents can now generate traditional floor plans from their 3-D Matterport spaces". Inman. Retrieved March 2, 2024.
  41. ^ "Matterport's Latest Cloud Platform Opens 3D Technology for Widespread Adoption". Engineering.com. Retrieved February 24, 2024.
  42. ^ "Matterport Cortex gets quick 3D from 360° photos using AI and computer vision". www.geoweeknews.com. February 13, 2019. Retrieved March 2, 2024.
  43. ^ Welch, Chris (February 21, 2014). "This is what a room looks like through the eyes of Google's Project Tango". The Verge. Retrieved February 25, 2024.
  44. ^ Frank, Blair Hanley (August 21, 2014). "Redfin launches new 3D Walkthrough to help buyers explore houses on the market". Retrieved February 24, 2024.
  45. ^ Ramakrishnan, Santhosh K.; Gokaslan, Aaron; Wijmans, Erik; Maksymets, Oleksandr; Clegg, Alex; Turner, John; Undersander, Eric; Galuba, Wojciech; Westbury, Andrew; Chang, Angel X.; Savva, Manolis (September 16, 2021). "Habitat-Matterport 3D Dataset (HM3D): 1000 Large-scale 3D Environments for Embodied AI". arXiv:2109.08238 [cs.CV].
  46. ^ "Matterport and Facebook AI Research Collaborate to Release the World's Largest Dataset of 3D Spaces for Academic Research". Matterport. Retrieved June 4, 2022.
  47. ^ Coldewey, Devin (June 30, 2021). "Facebook and Matterport collaborate on realistic virtual training environments for AI". TechCrunch. Retrieved June 4, 2022.
  48. ^ Lauter, Carla (August 30, 2021). "Matterport's library of 3D scans tapped by Facebook for embodied AI research". Geo Week News. Retrieved June 4, 2022.
  49. ^ "AWS Announces General Availability of AWS IoT TwinMaker | Amazon.com, Inc. - Press Room". Amazon Press Release. April 21, 2022. Retrieved June 4, 2022.
  50. ^ Schramm, Brittany. "Matterport becomes an Amazon Web Services (AWS) Partner". Matterport. Retrieved June 4, 2022.
  51. ^ Lydon, Bill (January 26, 2022). "AWS IoT TwinMaker Simplifies Digital Twin Implementations". automation.com. Retrieved June 4, 2022.
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