Another real estate tech company has secured financial support to enhance its technology stack.
Sunnyvale, California-based Matterport, a company that offers realistic 3D and VR experiences to commercial and residential real estate brokerages, received $5M in funding from venture capitalist Ericsson Ventures, the company announced Tuesday.
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Matterport was founded in 2011 by former Google researcher Matt Bell and his business partner Dave Gauseback. Since its inception, including the recent $5M investment, the company has raised a total of $66M, TechCrunch reports. Current investors include international commercial brokerage and services firm CBRE, Qualcomm Ventures, DCM Ventures and a handful of preeminent real estate and media firms.
The latest capital injection will be used to speed the development of Matterport's capture technology by focusing on gathering insights from the 3D scans the technology business already has on hand. The company uses learning-based artificial intelligence development to help them gain a better understanding of the spaces being scanned, in addition to improving the quality of the 3D images.
According to the report, Matterport has the largest database of 3D environments thanks in large part to its loyal fan base that has uploaded more than half a million scans of public and private spaces. These scans are all viewable in VR format as well. The virtual reality and augmented reality market is expected to exceed $25B in non-entertainment applications alone by 2025, according to Goldman Sachs.
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