Real estate is the company’s primary target market. Retail, hospitality, and insurance companies are all important as well.
Matterport is frequently mentioned as a player in the development of the metaverse because of its ability to bridge the digital and physical worlds. In order to learn more about Matterport’s CEO RJ Pittman, The Hustle interviewed him.
Is there any way you can explain Matterport to someone who has never heard of it?
Matterport’s goal is to make every space in the world more valuable and usable through the use of digital technology. Digital twins—three-dimensional digital replicas of any physical space—can be created using our own camera technology for professionals and smartphones, as well as advanced software and artificial intelligence.
Anyone can view and collaborate on a digital twin from any location, at any time, virtually, in that space. It was a decade ago that real estate was the most viable application of our technology. Prospective tenants and buyers can get a better sense of a property’s layout and dimensions by viewing it from a distance.
Thousands of properties have been purchased without ever having seen them thanks to the advances in our technology. As our company has grown, the number of uses for our technology has increased significantly. Because of the precision of our technology, we can:
- Engineers and architects use Matterport for construction project planning and management.
- To keep track of their brick-and-mortar locations’ layouts and inventory, retailers turn to Matterport.
- When it comes to risk evaluation and claim processing, insurance companies rely on Matterport.
- We currently have more than 5 million digitally recorded spaces in our library, and this number is expected to grow significantly in the near future.
- 3D representation of a house (nice treadmill) Matterport has a great tutorial on how to use the Matterport camera.
Are you ready for the most significant trend in Matterport over the next five years?
The physical and digital worlds will continue to merge, and this is something we can count on. People want to be able to digitally travel to any part of the world they choose. In a broader sense, digital access to the real world is rapidly changing the game, particularly as Matterport unlocks the power of our spatial data warehouse, which contains billions of square feet of rich building data from all types of spaces in 175 different countries.
We can generate so much new value for the property manager and the property itself thanks to the insights and analysis we can generate from that data. This is why it’s so critical for the future of tomorrow’s digital-first world that we make every space more valuable and accessible.
This process has been greatly simplified, allowing anyone to create a high-fidelity digital twin of any physical space, using only the smartphone they carry around with them.
I’m aware that Matterport views the metaverse in a different way than some of its competitors. If Microsoft and Meta are right about the metaverse and the market opportunity they’re creating, what do you think of their definitions?
For more than a decade, Matterport has been turning the physical world into a digital model. To this day, we’re the world’s leading supplier of this product category. We, too, are excited about the possibilities of a digital-first world. Nobody knows yet what the metaverse will look like or who will be guiding its development.
There are many aspects of the metaverse that are still in the discovery and exploration stage at best, and this is just the beginning. Is important to avoid becoming a technology that is looking for a problem to solve.
Other tech companies’ announcements suggest a complementary approach to the digital-first universe that can integrate and utilise Matterport’s solution to create a digital version of any physical space today, accelerating the creation of digital universe.
When it comes to moving from the physical to the digital world, Matterport’s tools make it a lot easier to do so than ever before. Big tech companies are apparently trying to get into the metaverse through augmented reality (AR) or virtual worlds (VR) for gaming, entertainment, socialising, and meeting.
When it comes to capturing and connecting real-world spaces in the digital realm, Matterport is built for the purpose of creating scalable business value. We can’t wait to keep driving the revolution forward!
What is the one thing you would like a startup in any industry to focus on?
A long time ago, as a fledgling startup founder, my mission has been to demystify complex business processes and provide everyone with equal access to new services and opportunities by developing disruptive technologies.
During my travels, I learned that every time a market is disrupted by innovative companies and products, a whole new set of problems and digital complexities arise. The next generation of market innovators and disruptors must therefore concentrate on simplifying the future dramatically. Achieving the tipping point of adoption is a far more difficult task than it appears, as evidenced by the majority of new companies that fail.