EXCLUSIVE: Matterport CEO Explains How The Company Is Capitalizing On The Largest Asset Class In The World

Matterport is set to go public via special purpose acquisition company Gores Holdings VI Inc GHVI with an implied pro forma equity value of $2.9 billion. 

Matterport CEO RJ Pittman appeared on Benzinga's YouTube show "SPACs Attack" for an exclusive interview Tuesday. 

Matterport is a spatial data company that uses artificial intelligence to turn any physical space into an immersive 3D experience, Pittman told Benzinga.

Phase one of Matterport was about digitizing the built world, he said. Phase two is about figuring out what to do with the "treasure trove" of data the company has collected.

"This is where we think the real future of the digital transformation of the built world sits," Pittman said.

See the full interview here:

Key Highlights: 

• The Matterport platform allows users to use their own cameras to create digital "twins" of physical spaces.
• Recent earnings show how the company's platform is firing on all cylinders. Revenue up 108% to $26.9 million.
• 4 billion buildings exist in the world today creating a $230 trillion asset class.
• Once Matterport has the data on a physical space, it offers a wide range of efficiency solutions for that space.
• Matterport has a partnership with Facebook, Inc. FB. The Facebook research team was interested in the diversity of Matterport's data. Matterport is always looking to scale its partner ecosystem. 
• Digitizing spatial data allows property transactions to take place without traveling to view the properties in person. Digitizing spaces offer an accurate form of measurement and visualization. 

SPAC Notes: Matterport decided to go public via the SPAC route because of the partnership opportunity with Gores Holdings VI, Pittman said. 

The SPAC merger is set to be voted on later today. Pending shareholder approval, Matterport will be listed on the Nasdaq and trade under the ticker symbol “MTTR.”

Related Link: July SPAC Merger Vote Calendar: A Look At Upcoming Votes And Stocks To Watch

GHVI Price Action: Gores Holdings VI Inc has traded as high as $28 and as low as $10.45 since its IPO in December. 

At last check Friday, the stock was up 0.30% at $13.29.

Photo by Joshua Woroniecki from Pixabay.