Matterport

Matterport LLC

Company type	Subsidiary
Industry	3D spatial mapping, real estate software
Founded	2011 (2011)
Founder	Matthew Bell, David Gausebeck, Michael Beebe
Headquarters	Sunnyvale, California , United States
Key people	R.J. Pittman (CEO)
Products	3D cameras, digital twin software, SaaS platforms for real estate
Parent	CoStar Group

Matterport LLC is a U.S.-based firm specializing in 3D spatial mapping, with its main office located in Sunnyvale, California. It operates as a subsidiary of CoStar Group. Established in 2011 as a private startup, Matterport transitioned to a public company via a special-purpose acquisition company on the Nasdaq in 2021, before being acquired by CoStar in 2025. The company is currently led by CEO R.J. Pittman.

The company designs cameras that capture indoor 3D spatial information and generate digital twin models. Its commercial approach includes offering software-as-a-service (SaaS) products aimed at the real estate and property management industries, which has strengthened its position through innovative solutions. Matterport has earned recognition within the industry, receiving awards for its SaaS platforms designed specifically for real estate professionals.

2011–2013: Startup inception

Matterport was created in 2011 by Matthew Bell, David Gausebeck, and Michael Beebe following the development of a prototype 3D room scanning camera utilizing PrimeSense technology. Early in 2012, the startup was accepted into Y Combinator to support its project incubation. By April 2012, the company asserted that its camera could scan three-dimensional objects at speeds "20 times faster" and costs "18 times lower" than existing alternatives, targeting sectors such as real estate and gaming. That year, it raised $1.6 million in seed capital and secured $4 million from 39 investors by March 2013 to initiate a Series A funding round.

In July 2013, Matterport revealed plans to launch its first commercial camera. Bill Brown assumed the CEO role in November 2013, providing strategic guidance to scale the enterprise.

2014–2018: Initial expansion

On March 13, 2014, Matterport introduced its debut camera model, the 'Pro 3D.' By June of the same year, it had won Realogy’s FWD Innovation Summit among startups focused on real estate. The company raised $16 million through Series B funding to broaden its 3D mapping capabilities onto mobile platforms.

In June 2015, Matterport obtained $30 million during Series C funding to diversify beyond hardware by improving software solutions for virtual reality image stitching. The firm accelerated its efforts to develop mobile content capture and extended its developer ecosystem across both web and mobile applications, emphasizing consumer market growth.

On December 3, 2018, R.J. Pittman—previously Chief Product Officer at eBay—was appointed CEO, while Bill Brown transitioned to an advisory role on the board. This leadership shift aligned with Matterport’s strategic evolution and expansion of international operations.

2019–2021: Pandemic impact and public listing via SPAC

In April 2020, during the COVID-19 crisis, Matterport reduced its workforce by roughly one-third, laying off about 90 employees.

On February 8, 2021, Matterport announced intentions to become publicly traded through a $2.9 billion merger with Gores Holdings VI, a special-purpose acquisition company (SPAC). The transaction was finalized on July 23, 2021, enabling Matterport to begin trading on Nasdaq under the ticker symbol MTTR and raising $640 million to further develop its digital twin technology.

Concurrently, former CEO Bill Brown initiated legal action against Matterport concerning restrictions on SPAC-related share trading. On January 10, 2022, the court ruled in Brown’s favor.

2022–present: Post-merger phase and acquisition by CoStar

On January 5, 2022, Matterport expanded its technological portfolio by acquiring Enview, a company specializing in AI-driven 3D spatial data, for $37 million. Later that year, in July, it further broadened its real estate marketing capabilities through the purchase of VHT Studios, a leading photography agency focused on home listings; the financial details of this deal were not disclosed.

Facing financial challenges, Matterport underwent organizational restructuring in July 2023, which included reducing its workforce by 170 employees—approximately 30% of its staff—to manage expenses. By September 2023, the company was involved in litigation initiated by investors accusing it of insider self-dealing.

On April 22, 2024, Matterport revealed it would be acquired by CoStar Group via a transaction involving cash and stock valued near $1.6 billion. This strategic move was intended to enhance CoStar’s capabilities in immersive 3D digital twins and AI-enhanced real estate solutions. The acquisition reached completion on February 28, 2025, representing a pivotal advancement in Matterport’s growth trajectory and international presence.

Cameras

Matterport introduced its inaugural camera model, the 'Pro 3D', on March 13, 2014, designed primarily for contractors, architects, and real estate professionals. This launch was accompanied by a subscription-based cloud platform and an online content viewer.

The 'Pro2' camera followed in June 2017, offering improved image resolution and geotagging features. A cost-effective variant named 'Pro2 Lite' was released in February 2018. In August 2022, the company unveiled the 'Pro3' camera equipped with a LiDAR sensor, enhancing its hardware lineup.

Real estate and digital twin services

In 2016, Matterport introduced a feature enabling automatic floor plan creation from captured images, thereby enriching its real estate service suite.

January 2019 saw the debut of 'Cloud 3.0', a subscription platform powered by Matterport’s AI-based Cortex software. This service aimed to democratize access to 3D mapping technology by supporting integration with third-party 360-degree cameras such as Insta360 and Ricoh Theta.

Collaborations

Matterport forged several partnerships starting in 2014, including collaboration with Google on Project Tango, an augmented reality initiative, and teaming up with Redfin to develop immersive 3D walkthroughs for property listings.

In July 2021, Matterport partnered with Facebook AI Research to launch the Habitat-Matterport 3D Dataset (HM3D), which consists of 1000 digital replicas of actual environments intended for research in embodied artificial intelligence.

Additionally, Matterport allied with Amazon Web Services to provide detailed 3D models and data analytics for AWS IoT TwinMaker—Amazon’s digital twin service—thereby enhancing its digital twin technology offerings.