Matterport

Matterport is a spatial data company that focuses on digitizing and indexing real-world spaces and structures. Its product offering enables users to create any space into an interactive 3D version, which can then be used to design, build, operate, promote, and better understand the space. Matterport’s offering has applications in a wide range of industries including real estate, 3D photography, retail, travel & hospitality, homeowners, insurance, construction, and facilities management. Matterport’s spatial data capturing solutions include an iOS and Android app that lets users capture spaces with their smartphones freehand or using its phone mount (“Matterport Axis”) and a selection of cameras with varying degrees of dimensional accuracy and image quality. The company also provides the option to directly hire technicians to capture spatial data.

The company also offers an AI platform (named Cortex) that transforms scanned data into interactive 3D models and blurs out any human faces. Users can then edit, add, modify, embed content, and annotate the spaces accordingly to create videos and guided tours and publish them to social media, email, websites, or Google Street View, VRBO, Realtor.com, and other platforms. The platform’s measurement mode also allows users to take accurate measurements within the 3D model. Furthermore, Matterport’s APIs and SDKs can be used to build custom apps and create new 3D experiences.

As of December 2022, the company had 590 employees across its 6 global offices and had a customer base of ~700,000 subscribers spanning 150+ countries. Matterport operates a subscription-based model for its platform, with a free-to-use version, two paid plans priced at USD 10 and 70 per month, and a custom enterprise plan.

The company’s strategic acquisitions include Enview (January 2022), a 3D spatial analytics company, for USD 37 million. The acquisition is expected to accelerate the development of Matterport’s spatial data analytics platform to optimize operations and management of physical spaces. Other acquisitions include Arraiy (July 2019), a startup that developed AI-based technologies to overlay digital content onto physically captured spaces in the film industry, and Virtual Walkthrough (July 2016), a UK-based startup that focused on virtual tours for commercial and residential properties.

Funding and financials

Matterport was listed on NASDAQ in July 2021 through a SPAC deal and raised USD 640 million in gross proceeds at a 2.9 billion valuation. In FY2023, revenue grew by 16% YoY to USD 157.7 million, although its net loss widened by 79% YoY to USD 199.1 million. The company forecasts revenue growth of 11% per annum from FY 2024-2026.