New investment to accelerate Matterport’s expansion into the insurance industry
SUNNYVALE, CA – May 1, 2018 – Immersive media technology company Matterport today announced that State Auto Labs Fund, managed by Rev1 Ventures, has joined its growing list of strategic investors. The investment is the first such investment by State Auto Labs Fund since announcing the launch of a corporate venture fund last September to support innovations in the insurance industry.
Matterport has built the world’s most advanced platform for quickly and easily creating, understanding, and distributing 3D models of real-world spaces. The company also has the world’s largest library of 3D space data, consisting of almost one million 3D models of real-world spaces, fueling its use of deep learning to create the next generation of AI-based computer vision technologies for the digital reconstruction and detailed understanding of spaces.
With this investment, State Auto Labs joins Lux Capital, DCM Ventures, Qualcomm Ventures, Ericsson Ventures, AMD Ventures, AME Cloud Ventures, CBRE, Felicis Ventures, GIC, Crate and Barrel founder Gordon Segal, iGlobe Partners, Navitas Ventures, News Corp, and Sound Ventures as investors in Matterport.
Matterport’s solution provides customers a means to quickly and inexpensively digitally capture, document, visualize, and collaborate around properties in 3D on web, mobile and in VR. Together with the Matterport Cloud, the end-to-end system automates the creation of state-of-the-art 3D models, high-quality 4K 2D photography, floorplans, and other key assets to enable complete documentation of a property’s features, dimensions, conditions, and contents at any point in time.
The use of Matterport’s revolutionary technology has expanded rapidly throughout a number of key industry verticals, including insurance, with an increasing number of property owners and claims professionals turning to 3D immersive media to more thoroughly document the condition of assets. Matterport creates a virtual model of a space that can dramatically increase the comprehensiveness of documentation, providing a level of dimensionality and detail that matters when it comes to insurance claims. These immersive 3D models freeze a property in time by recording structures and objects as they are both before and after damage occurs.
The strategic investment by State Auto Labs will go toward accelerating Matterport’s expansion in the insurance industry, further extending its leadership position in 3D and VR business solutions while building out its global infrastructure.
“We’re thrilled to partner with State Auto Labs to expand the reach of our industry-leading 3D reality capture platform within the insurance industry,” said Bill Brown, Matterport CEO. “State Auto is clearly at the forefront of bringing increased efficiency and transparency to the insurance industry, and we are proud to be aligned with this mission. In a relatively short amount of time, Matterport has positioned itself as an invaluable solution for insurance professionals and property owners by providing a more transparent, dimensionally precise means of documenting residential and commercial properties. Our technology can significantly aid in protecting a person’s most valuable assets, and this strategic investment will enable us to accelerate our growth in this important sector.”
“Matterport has the opportunity to revolutionize how property risks are underwritten and claims are handled in the insurance industry,” said Kim Garland, Senior Vice President of Commercial Lines for State Auto and Managing Director of State Auto Labs. “We are delighted to work with Matterport as they extend their revolutionary technology to the insurance vertical, and are honored that they are the first investment of the State Auto Labs Fund.”
Matterport serves customers across multiple industries, including residential real estate, multifamily, commercial real estate, vacation rentals, hotels, business listings, architecture, engineering, construction, insurance, and facilities management. To date, over 900,000 spaces have been captured, generating more than 300 million views globally. The company also has a network of 3,000+ service providers across 80 countries. Matterport is headquartered in Sunnyvale, California with additional offices in San Francisco, Chicago, and its EMEA headquarters is in London.
Headquartered in Sunnyvale, CA, Matterport is creating a True3D™ image of the physical world with its innovative, end-to-end platform for capturing, experiencing, and modifying digital copies of every real-world places on web, mobile devices, and VR headsets. The company uses its proprietary machine-vision and deep learning platforms to fuel ongoing product innovation. Matterport’s Cameras and Cloud Services make it quick and easy to turn real-world places into immersive virtual experiences. Matterport customers have produced over 900,000 3D spaces across 80 countries; these spaces have been visited nearly 300 million times. More information about Matterport is available at www.matterport.com. To hire a dedicated Matterport Service Partner, click here.
About State Auto Labs
State Auto Labs brings together investment and insurance expertise to grow innovations that are reinventing the insurance industry. In collaboration with Rev1 Ventures, State Auto Labs connects startups with capital, technologists and insurance industry experts. Our objective is to identify, become early adopters of and invest in transformative technologies and solutions. The $25 million State Auto Labs Fund invests in the most promising of these solutions across sensors and wearable technologies, machine learning and artificial intelligence, emerging insurance distribution channels, and technologies that improve the operational efficiencies of insurance carriers. For more information visit www.StateAutoLabs.com.