Matterport, a real estate 3D and virtual reality imaging developer, has secured an investment from newly launched InsurTech vehicle, State Auto Labs Fund.
California-based Matterport builds 3D models of real-world spaces and AI-based computer vision technology to support digital reconstruction and understanding of space. Its technology helps customers to digitally capture, document and visualise spaces such as building sites and houses in 3D on the web, mobile or VR.
Its services are used for residential real estate, multifamily, commercial real estate, vacation rentals, hotels, business listings, architecture, engineering, construction, insurance, and facilities management.
The insurance industry can use the technology to simplify and accelerate the documentation and claims process. Its 3D modelling system helps to create a better document on the condition of assets, as well as can capturing structures and objects before and after they are damaged.
This investment will be used to accelerate Matterport’s expansion within the insurance industry, as well as boosting its position in the 3D and VR imaging space.
Matterport CEO Bill Brown said, “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.”
The company’s previous backers include 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.
Last year, State Auto Labs Fund launched a $25m investment fund to support InsurTech and FinTech companies. The vehicle, which is in collaboration with Rev 1 Ventures, invests in companies with data-driven innovations that improve analytics and decision making.
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