Matterport Accelerates Past Five Million Spaces Under Management
Customers are rapidly bringing buildings and spaces online to access, manage, and utilize them more effectively than ever before.
SUNNYVALE, Calif., May 10, 2021 /CNW/ -- Matterport, Inc., the leading spatial data company driving the digital transformation of the built world, today announced that hundreds of thousands of customers around the world have brought five million buildings and spaces online with its market leading platform to more effectively access, manage and utilize them. Over 15 billion square feet of space, more than five times the number of buildings in New York City, have been transformed into Matterport digital twins -- everything from homes, offices, schools, factories, retail stores, hotels, apartments, vacation properties, museums, galleries, yachts and even aircraft. Digital engagement has been rapidly increasing with more than 2 billion views of digital twins served from all over the world. The number of Matterport digital twins has more than doubled since May 2020, fueled by a string of innovations and more accessible solutions for everyone, including the freely available Matterport for iPhone.
Matterport makes it easy for anyone to quickly capture a physical space and turn it into an accurate and immersive digital twin, unlocking a powerful new way for businesses and other users to manage their spaces, virtually collaborate with colleagues, and engage with customers without going onsite.
"Matterport digital twins are compelling and facilitate conversations among stakeholders across regions," says Patrick McGrath, CIO at Savills. "Even when everyone is local, Matterport reduces the time it takes to understand a property - from multiple days and site visits to a couple of hours on a call." McGrath adds that these benefits won't end with the pandemic, and Savills will continue to use Matterport in multiple ways to serve their lients. "Frankly, in today's environment, I don't see how an advisor can have an effective conversation about real estate without Matterport."
"Matterport is fundamentally changing our understanding of the buildings and spaces in which we live, work, and play, by turning them into data. Digitizing a space unlocks new ways to engage, access, manage, and use it even when it's on the other side of the world from us," said RJ Pittman, CEO of Matterport. "Real estate, in all its forms, is the largest asset class in the world, with an estimated value of over $230 trillion yet still remains largely offline. Today's milestone reflects the enormous scale advantage that we have worked hard to achieve over the past decade. Digitizing the built world with our velocity and precision takes unprecedented science and data to accomplish successfully. Driven by our big innovations still to come and the sheer magnitude of the offline world, we are just scratching the surface of arguably the biggest opportunity of the next decade."
With over two billion virtual views of Matterport digital twins and tens of millions of digital measurements taken to date, adoption of the company's digital twins continues to proliferate across the globe. Homeowners can confirm whether new furniture will fit before making a purchase, and planners can collaborate online to arrange spaces for a safe return to schools and workspaces. Travel time and expenses are reduced and convenience is increased with Matterport's powerful tools for viewing, measuring, customizing, space planning and collaborating -- all accessible online from any device anywhere in the world.
Last week, the Matterport Capture app was made available to billions of Android customers in 175 countries, dramatically expanding Matterport's market reach. Now, an additional 85% of the global smartphone installed base can connect their devices to the Matterport Pro2 camera and a variety of 360 cameras from Ricoh and Insta360. In addition, the company announced that it has expanded the capabilities of Matterport Capture Services™, an online services platform that delivers a convenient turnkey solution for enterprises that need to digitize tens of thousands of real estate assets globally, simultaneously and with speed. All of these innovations accelerate Matterport's rapid global expansion and further establishes the company as the ubiquitous provider of 3D capture solutions.
In February 2021, Matterport announced that it has entered into a definitive agreement to enter into a business combination with Gores Holdings VI (NASDAQ: GHVI, GHVIU, and GHVIW), a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, that will result in Matterport becoming a publicly listed company. Upon closing of the proposed business combination, the combined company will be named "Matterport, Inc." and intends to remain listed on NASDAQ under the ticker symbol "MTTR."
@2021 All rights reserved. Matterport is a registered trademark of Matterport, Inc., and Matterport Capture Services is a trademark of Matterport, Inc. All other marks are the property of their respective owners.
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Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) the risk that the proposed business combination may not be completed in a timely manner or at all, which may adversely affect the price of Gores' securities; (ii) the risk that the proposed business combination may not be completed by Gores' business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Gores; (iii) the failure to satisfy the conditions to the consummation of the proposed business combination, including the approval of the proposed business combination by Gores' stockholders, the satisfaction of the minimum trust account amount following redemptions by Gores' public stockholders and the receipt of certain governmental and regulatory approvals; (iv) the effect of the announcement or pendency of the proposed business combination on Matterport's business relationships, performance, and business generally; (v) risks that the proposed business combination disrupts current plans of Matterport and potential difficulties in Matterport employee retention as a result of the proposed business combination; (vi) the outcome of any legal proceedings that may be instituted against Gores or Matterport related to the agreement and plan of merger or the proposed business combination; (vii) the ability to maintain the listing of Gores' securities on the NASDAQ; (viii) the price of Gores' securities, including volatility resulting from changes in the competitive and highly regulated industries in which Matterport plans to operate, variations in performance across competitors, changes in laws and regulations affecting Matterport's business and changes in the combined capital structure; and (ix) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed business combination, and identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in Gores final proxy statement/information statement/prospectus contained in the registration statement on Form S-4, including those under "Risk Factors" therein, and other documents filed by Gores from time to time with the U.S. Securities and Exchange Commission (the "SEC"). These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Gores and Matterport assume no obligation and, except as required by law, do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Gores nor Matterport gives any assurance that either Gores or Matterport will achieve its expectations.
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