2011–2013: Founding as a startup Matterport was founded as a private startup in 2011 by Matthew Bell, David Gausebeck (known for
Gausebeck–Levchin test used in
CAPTCHA technology) and Michael Beebe. The company was established after Bell and Gausebeck developed a prototype camera for capturing 3D images inside a room using the
PrimeSense camera-on-a-chip, and later recruited Beebe for his expertise in
3D modeling and
medical device design. In that year, the company secured US$1.6 million in
seed funding. Subsequently, by March 2013, Matterport raised another US$4 million from 39 investors to initiate a
Series A round of financing. In July 2013, Matterport announced plans to release its first camera to the public. In November 2013, Bill Brown became the CEO of the company.
2014–2018: Early growth Matterport launched their first camera named 'Pro 3D' on March 13, 2014. In June 2014, Matterport competed against 14 other early-stage real estate startups in
Realogy's FWD Innovation Summit, a real estate technology competition, and emerged as the winner. Subsequently, the company raised US$16 million in a
Series B funding round, in part to bring its 3D mapping technology to
mobile devices. In June 2015, Matterport raised US$30 million in a
Series C funding round with the goal of
diversifying from its camera products and enhancing its software for stitching images together in
virtual reality. The company began scaling operations and shifted its focus to the consumer by accelerating the development of content-capturing capabilities on mobile devices and expanding its developer platform across its web and mobile apps. On December 3, 2018, Matterport appointed R.J. Pittman, who was previously the
Chief Product Officer at
eBay, as its CEO. On February 8, 2021, Matterport announced its intention to go public by merging with Gores Holdings VI, a
special-purpose acquisition company (SPAC), in a US$2.9 billion deal. The merger and deal were completed on July 23, 2021, and Matterport began publicly trading on the
Nasdaq as MTTR. Around the same time in July 2021, Bill Brown, the former CEO, sued Matterport over a bylaw regarding the SPAC merger acquisition that prevented him from trading shares of the new company following the merger. The court later ruled in favor of Brown on January 10, 2022.
2022–onwards: Post-merger and acquisition by CoStar On January 5, 2022, Matterport completed the acquisition of Enview, a company that specializes in artificial intelligence for 3D spatial data, for a total of US$37 million. Subsequently, in July 2022, Matterport acquired VHT Studios, a real estate marketing agency, for an undisclosed amount. In July 2023, Matterport announced a
restructuring of the company, which resulted in the layoff of 170 employees (equivalent to 30% of its workforce) as a cost-cutting measure. In September 2023, Matterport was sued by investors for "allegedly allowing self-dealing by insiders". On April 22, 2024, it was announced that Matterport would be acquired by the
CoStar Group for a cash and
stock deal valued at approximately US$1.6 billion. The acquisition was completed on February 28, 2025. == Products ==