Matterport, a specialist in 3D building modeling, announced its initial public offering on the Nasdaq on July 23, 2021. This listing is the result of a merger agreement concluded in February 2021 with Gores Holdings VI, a special purpose acquisition company (SPAC) sponsored by a subsidiary of The Gores Group.
At the end of this stock market transaction, “the new set will be valued at $ 2.91 billion and will give around $ 640 million in cash to the company for its development“, James Morris-Manuel, Head of Europe at Matterport, told The Digital Factory. Founded ten years ago, Matterport specializes in the creation and capture of 3D environments. Its solutions are widely used in the real estate sector, in particular for digital visits.
20 billion spaces to scan
Since its inception, the company has scanned 5 million spaces, which is less than 1% of the built world and the equivalent of 1.5 billion square meters – 5 times the size of all properties in New York. This is a very large market that Matterport intends to seize.
“There are 4 billion buildings to scan, 20 billion potential spaces, which represents 230,000 billion dollars in value“, reveals James Morris-Manuel.”That’s more than three times the estimated value of all global stocks combined“, he explains. The company prides itself for the moment of a cruising speed of 250,000 additional goods loaded on its platform every month.
The pandemic, a boon?
Since the global Covid-19 pandemic, the importance of digitization and 3D visualization has been exacerbated, particularly in real estate. Through its digital twins, Matterport has allowed sales to continue despite social distancing and containment measures. “We had feedback on a townhouse in New York and a cottage in Aspen that sold for millions of dollars, without customers having to come and visit the properties. Everything was done through 3D modeling“Says Matterport. Generally speaking, “properties using Matterport will sell up to 12 days faster“, assures James Morris-Manuel.
The pandemic thus created a sense of urgency and boosted the use of Matterport, “creating new uses of technology.“While Matterport’s activity is mainly focused on residential real estate (up to 50% worldwide and 53% in France),”many other players call on us such as insurance, tourism, engineering, architecture, etc.“, says the company. The technology was also called upon to illustrate the points of disinfection and again the zones of social distancing before the return to the office and the school.”We want to focus on buildings, but the reality is that anything physical can be captured, we’ve seen people use Matterport to capture yachts, cars, tunnels and the like. “, reveals the responsible for Europe.
Internationalization and use of AI
With this IPO, Matterport is taking a new step in its history and wishes to expand further internationally and multiply the use of its solution to capture a space and model it in 3D in just a few hours. The company has 330,000 subscribers in over 150 countries and has just opened a new office in Singapore. Its solution is widely used in North America and Europe. “We have also seen clear growth in the Middle East, Israel and South Africa.“, adds James Morris-Manuel.
Matterport also wishes to invest in its technology and in particular in its artificial intelligence Cortex in order to enable “object recognition and automatic sizing using artificial intelligence and machine learning“, projects the company. Matterport also plans to diversify its toolbox to allow developers and suppliers to customize their spatial data as needed.”For real estate agencies, for example, this will involve adding points of interest, an audio tour, a virtual staging of a space, …“, explains James Morris-Manuel.
Next step: shine in retail
To achieve these goals, Matterport relies on its many current and future partners. Recently, the company has developed, with the teams of Facebook AI Research, a set of 1000 digital twins of indoor spaces dedicated to the training of artificial intelligence models. The ultimate goal is to “design a robot that can navigate properly in different spaces and help open the front door, take groceries and put them in the fridge for example“, reveals James Morris-Manuel.
For Matterport, “the digitization of the building is here to stay and it is developing rapidly. We can imagine a world where each asset has a digital twin within 15 yearss “. The company subsequently plans to use its know-how for the benefit of new sectors. In France, the company has seen new needs emerge in the field of retail such as”the ability to put products on a shelf in a store and take guided tours of the brands by allowing customers to browse, select a product and buy it directly in the digital twin“, explains James Morris-Manuel. The company plans to do so many contracts to come in France. Case to be continued.