Matterport is betting that every building on earth will eventually have a digital twin — a perfect 3D copy you can explore from your couch. They have scanned 40 billion square feet of space so far. COVID was the catalyst: suddenly every real estate agent needed virtual tours. The SPAC brought in $640 million and a $2.3 billion valuation. Then the stock dropped 80%. The technology is genuinely impressive — point a smartphone at a room and get a photorealistic 3D model. The question is whether enough people care to pay a monthly subscription for it. Matterport has the best 3D scanning tech in the world. They just need the world to decide it wants 3D scanning.
Founded
2011
HQ
Sunnyvale, California
Total Raised
$640 million
Founder
Matt Bell, Dave Gausebeck
Status
Public (Nasdaq: MTTR)
Website
matterport.comTHE ORIGIN STORY
Matt Bell and Dave Gausebeck met at the University of Waterloo and founded Matterport in 2011. They initially built specialized 3D cameras that could capture spaces with depth data.
The technology was ahead of its time — the vision was that every physical space would eventually have a digital twin. COVID accelerated adoption massively: real estate agents needed virtual tours when in-person showings were impossible.
Matterport went public via SPAC in 2021 at a $2.3 billion valuation.
WHAT THEY ACTUALLY DO
Matterport creates 3D digital twins of physical spaces. You walk through a building with a Matterport camera (or even a smartphone), and the software generates a photorealistic 3D model you can explore online.
Real estate agents use it for virtual tours. Architects use it for documentation.
Insurance companies use it for claims. The company has digitized over 40 billion square feet of space globally.
Revenue comes from SaaS subscriptions (hosting and processing 3D models), camera hardware sales, and enterprise licensing.
THE PRODUCTS
Matterport Capture (3D scanning app), Matterport Pro3 Camera (hardware), Matterport Cloud (hosting and processing), Matterport Digital Twin Platform, Matterport for iPhone (smartphone capture)
HOW THEY GREW
Shift from hardware to platform. Matterport added smartphone capture (no special camera needed), dramatically lowering the barrier to entry.
They also expanded beyond real estate into facilities management, insurance, construction, and hospitality. Partnerships with CoStar, Redfin, and Zillow embed Matterport scans into the largest real estate platforms.
THE HARD PART
Proving the total addressable market is as large as claimed. Matterport says there are 4 billion buildings that could be digitized, but most building owners do not yet see the value of a digital twin.
Hardware margins are thin. The SPAC stock declined over 80% from its peak.
The company needs to grow its SaaS subscriber base significantly to justify its valuation.
MONEY TRAIL
Series A
2013 · Led by
$6M raised
Series C
2017 · Led by
$48M raised
Series D
2019 · Led by
$48M raised
SPAC
2021 · Led by
$640.0B raised
WHO BACKED THEM
Qualcomm Ventures, Lux Capital, DCM Ventures, Draper Fisher Jurvetson
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