VR Scanning Company Matterport Gets New Investment

Matterport moves into the insurance sector thanks to funding injection from State Auto Labs.

With usage of virtual reality (VR) in areas such as architecture and real estate undergoing growth, demand for services such as those provided by Matterport is high. In order to continue to meet this demand, Matterport has secured new investment from State Auto Labs.

Matterport has created a platform for creating accurate 3D models of real-world spaces, which can be viewed in VR for a variety of applications, including design, architecture and real estate. The new investment from State Auto Labs will enable Matterport to expand into the Insurance area.

A number of industries now utilise the technology created by Matterport. The company is now in a position to expand its reach into the insurance sector. A number of property owners and insurance professionals re turning to 3D immersive media to document and asses the condition of assets.

The advantage of Matterport’s system is that is can create an accurate model of a 3D real-world space that can provide a more complete, detailed and comprehensive level of documentation that would be possible using 2D photographs or drawings.

“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, Commercial Lines & 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.”

Further news on developments within the VR sector will be reported on here at VRFocus.

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