Matterport has successfully raised $104 million over seven funding rounds, showcasing its ability to attract significant investment. The platform offers innovative 3D capture technology that digitizes and indexes the built world, providing valuable tools for various industries.
Keep reading to explore the intricacies of Matterport's fundraising journey and the investors backing this cutting-edge platform.
What Is Matterport?
Matterport, founded by Matt Bell and David Gausebeck, is a leading spatial data company that digitizes and indexes the built world. Established in 2011, the company is headquartered in Sunnyvale, California, with additional locations in Chicago, San Francisco, and London.
Specializing in 3D capture technology, Matterport creates immersive digital twins of physical spaces, aiding industries like real estate, construction, and facilities management. Their platform allows users to capture, share, and collaborate on 3D representations of spaces.
With a workforce of 201-500 employees, Matterport continues to innovate and expand its offerings, providing valuable tools for planning, marketing, and operations across various sectors.
How Much Funding Has Matterport Raised?
- Series A
- Amount Raised: $5,600,000
- Date: March 2013
- Lead Investors: Lux Capital
- Motivation Behind the Round: To scale production to meet market demand.
- Series A-1
- Amount Raised: $2,800,000
- Date: September 2013
- Lead Investors: Gordon Segal, Blake Krikorian
- Motivation Behind the Round: To accelerate the development of Matterport's platform for creating cloud-based 3D models of interior spaces.
- Series B
- Amount Raised: $16,000,000
- Date: July 2014
- Motivation Behind the Round: To expand Matterport's market reach and enhance its 3D capture technology.
- Series C
- Amount Raised: $30,000,000
- Date: June 2015
- Lead Investors: Qualcomm, Singapore’s GIC
- Motivation Behind the Round: To expand Matterport's virtual reality and augmented reality content creation platform and target new markets beyond real estate.
- Series D
- Amount Raised: $48,000,000
- Date: March 2019
- Motivation Behind the Round: To expand its platform, grow its database of 3D images, and enhance AI capabilities to convert 2D images into 3D.
- IPO
- Date: July 2021
- Motivation Behind the Round: To provide liquidity for investors and raise capital for further expansion.
Matterport has raised a total of $104,000,000 in funding. The most recent valuation is approximately $325 million (~estimated).
Key Investors
- Y Combinator
- Details: Y Combinator is a renowned startup accelerator that provides seed funding, advice, and connections to early-stage startups. It has been instrumental in the growth of numerous successful companies.
- Investment Focus Areas: Software, hardware, biotech, consumer internet.
- Notable Investments: Airbnb, Dropbox, Stripe.
- Lux Capital
- Details: Lux Capital is a venture capital firm that invests in emerging science and technology ventures. They focus on companies that are pushing the boundaries of innovation.
- Investment Focus Areas: Healthcare, energy, advanced materials.
- Notable Investments: Auris Health, Zoox, Kallyope.
- DCM Ventures
- Details: DCM Ventures is a global venture capital firm investing in early-stage technology companies. They have a strong presence in the U.S., China, and Japan.
- Investment Focus Areas: Mobile, consumer internet, software.
- Notable Investments: Bill.com, SoFi, Lime.
- Qualcomm Ventures
- Details: Qualcomm Ventures is the investment arm of Qualcomm Incorporated, focusing on early to late-stage investments in technology companies. They aim to foster innovation in the tech industry.
- Investment Focus Areas: Mobile, AI, IoT, automotive, enterprise.
- Notable Investments: Zoom, Waze, Fitbit.
- Felicis Ventures
- Details: Felicis Ventures is a venture capital firm focusing on early-stage investments in technology and life sciences. They are known for their diverse portfolio and hands-on approach.
- Investment Focus Areas: Technology, life sciences, consumer internet.
- Notable Investments: Shopify, Fitbit, Plaid.
What's Next for Matterport?
Matterport's future is brimming with opportunities, particularly in expanding its 3D imaging technology into diverse sectors like real estate, design, and insurance. Leveraging AI to convert 2D images into 3D, the company aims to build a vast database of 100 million 3D images, positioning itself as a key player in the market. Partnerships with tech giants like Google and Intel further enhance its growth potential.
Future fundraising appears promising, with the recent $48 million round setting the stage for larger growth rounds. However, challenges such as competition from other 3D imaging startups and the need for continuous innovation in AI algorithms could pose hurdles. Scaling the database while maintaining quality and ensuring compatibility across various devices will also be critical.
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