A decade of breakthrough technological innovations has led to global adoption across industries, hyper growth, and a planned public market debut in 2021SUNNYVALE, Calif., June 21, 2021 — (PRNewswire) — Matterport, Inc., the leading spatial data company driving the digital transformation of the built world which has entered into a definitive agreement to enter into a business combination with Gores Holdings VI (NASDAQ: GHVI, GHVIU, and GHVIW), today celebrates a decade of breakthrough innovations and industry-firsts that are fundamentally improving the way people understand and interact with the physical world.
Founded in 2011, Matterport defined the spatial data category for the built world and has since made it its mission to make every physical space more valuable and accessible. To achieve this ambitious goal, Matterport solved unique computer vision and data science problems to provide fully automated 3D reconstruction with precision and scale. Highlights from the past decade of innovation include:
- New sensor technology controlled in entirely new ways to capture robust and previously unattainable spatial data from any building or space quickly and reliably with the Matterport Pro1 and Pro2 3D cameras.
- Breakthroughs in artificial intelligence and deep learning to systematically understand all of this new data and automatically produce the world's first dimensionally accurate, photorealistic 3D digital twin of any building or space with Matterport's Cortex AI.
- Extraordinary advancements in data science to sort, organize, and unlock powerful new building insights from what is now the largest spatial data library on the planet.
"We've often said that Matterport is a once-in-a-decade company, and I think we've proven as we celebrate ten years of Matterport with our customers and partners in over 150 countries. Our extraordinary history of innovation has paved a completely new way for customers to access, understand, and utilize the places in which we live, work, learn, and play," said RJ Pittman, CEO of Matterport. "Put simply, we turn buildings into data. And our spatial data technology platform turns that data into valuable and actionable insights that help our customers manage their spaces across every stage of the building lifecycle from design and construction, to operations and marketing, to remodeling and restoration."
Matterport found early success with the residential and commercial real estate markets with long-time customers like Redfin and CoStar and for years has steadily expanded its market reach globally across new enterprise verticals including architecture, engineering and construction; retail; industrial; insurance and restoration; travel and hospitality; facilities management and more. Use cases exploded as the company made 3D capture more accessible with support of popular 360 cameras, iPhones and iPads, as well as the launch of Matterport Capture Services™. The first-of-its-kind online platform makes it simple and cost-effective for enterprises, small businesses and individuals to digitize spaces by scheduling a vetted, trusted and highly-trained Matterport Capture Technician in just a few clicks.
"When we think about PropTech having a permanent, transformative impact on the commercial real estate industry, our goal is to incorporate the most effective technologies in the marketplace," said Oliver Skagerlind, Global Head of Client and Business Solutions at Cushman & Wakefield. "Matterport is critical to our technology ecosystem because it helps us provide our brokers, market managers, and operations professionals with the technology, resources, and data they need to serve clients better. Our partnership perfectly showcases our technology strategy, which is to deliver innovative tools that generate deep insights and create genuine value."
The built world is the largest asset class in the world worth an estimated $230 trillion, more than three times the estimated value of all global equities combined. It also represents the largest undisrupted market with less than 1% digitized. With the help of artificial intelligence, machine learning and deep learning technologies, Matterport sees additional growth opportunities as the company continues to unlock powerful spatial data-driven property insights and analytics. This increases the total addressable market for the digitization and datafication of the built world to more than $1 trillion.
With 64 patents, Matterport has earned a first mover, first scaler advantage with unique innovations in 3D capture, immersive virtual experiences, and AI-based understanding of spaces and objects. Its customer base has grown to over 330,000 subscribers in more than 150 countries as of Q1 2021. More than five million spaces have been digitized with the Matterport platform, comprising more than 15 billion square feet of physical space of all types including the Performing Arts Centre in Houston, Texas, Pharaoh Ramesses VI Tomb in Egypt, Rosa Parks Bus in Detroit and a yacht in British Columbia, Canada. The company also reported record first quarter results including a 108% year over year increase in revenue and 531% year over year increase in subscribers.
Earlier this year, Matterport announced its intention to go public via a proposed business combination with Gores Holdings VI, a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC. Upon closing of the proposed transaction, the combined company intends to remain listed on NASDAQ under the ticker symbol "MTTR."
This important transaction will help Matterport accelerate international expansion; drive enterprise growth across industry verticals; increase its research and development investments to speed its rate of innovation; and expand its partner and developer ecosystem. Earlier this month, the company announced that more than 50 partners have joined its Platform Partner Program to create apps, add-ons, customizations and management tools on its spatial data platform.
To celebrate its anniversary, the company launched the "Ten Days of Matterport" campaign, offering once-in-a-decade discounts through June 26,2021. Customers can save $1,000 on the industry's best-in-class 3D camera, the Matterport Pro2. Regularly $3,395, the Pro2 can be purchased for $2,395 during this time on Matterport.com, Amazon.com, or eTailers websites, Adorama and B&H. With the Pro2 in hand, new customers can get 50% off an annual Professional plan. Matterport is also unveiling daily exclusive offers on its social channels through June 26 including gift cards, account credits, merchandise, and free schematic floor plans.
In addition, Matterport will run an exclusive promotion during Amazon Prime Days June 21 and 22, bundling a portable hard case with the $2,395 purchase of Pro2 during a 48 hour period.
Matterport is leading the digital transformation of the built world. Our groundbreaking spatial computing platform turns buildings into data making every space more valuable and accessible. Millions of buildings in more than 150 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at matterport.com and browse a gallery of digital twins.
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Matterport Media Contact:
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Soohwan Kim, CFA
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