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FundingNewsTechCrunch

TechCrunch: Matterport raises $48M to ramp up its 3D imaging platform8854

WGAN
Founder
DanSmigrod private msg quote post Address this user
Hi All,

TechCrunch (5 March 2019) Matterport raises $48M to ramp up its 3D imaging platform

"Matterport had raised just under $63 million prior to this and had been valued at around $207 million, according to PitchBook estimates."

"Matterport is further using this technology to grow its wider database of images. It already has racked up 1.6 million 3D images and millions of 2D images, and at its current growth rate, the aim is to expand its library to 100 million in the coming years, positioning it as a Getty for 3D enclosed images."

"These, in turn, will be used in two ways: to feed Matterport’s machine learning to train it to create better and faster 3D images; and to become part of a wider library, accessible to other businesses by way of a set of APIs."

'“We are a data company,” [CEO RJ] Pittman told me when I met him for coffee last month."

Source: TechCrunch

Your thoughts?

Best,

Dan

P.S. Thank you to a WGAN Member for alerting me to this article.
Post 1 IP   flag post
Kumar private msg quote post Address this user
"..... accessible to other businesses ...... "

"we are a data company"

--
Client PAYS MSP/MP to make use of their content for MI and other exploration?
Yet no sign of change in subscription charges?
Post 2 IP   flag post
WGAN
Founder
DanSmigrod private msg quote post Address this user
Quote:
Originally Posted by @Kumar
Client PAYS MSP/MP to make use of their content for MI and other exploration?


Yes. Great topic for a big discussion. MSPs pay for the privilege of creating content that will (apparently) be monetized by Matterport without (apparently) compensating MSPs.

Imagine paying Getty for the privilege of submitting our photos and then Getty licenses the photos without compensation photographers.

Matterport will claim that we own the copyright, BUT they own the right to create derivative content to monetize without compensating the photographers.

Hence, "we are a data company."

Dan

P.S. Inman (6 March 2019) Matterport raises $48 million to expand service offerings
Post 3 IP   flag post
NC3D private msg quote post Address this user
I hate to say it, but the brilliance in their business model is commendable.

1. Create a physical product that produces decent profit margins
2. Create a subscription service that generates consistent cash flow
3. Recruit a plethora of "minions" that PAY THEM for getting what they want

Essentially, making a profit while achieving their end goal of creating a massive library of highly valuable data.
Post 4 IP   flag post
Kumar private msg quote post Address this user
Quote:
Originally Posted by DanSmigrod
Quote:
Originally Posted by @Kumar
Client PAYS MSP/MP to make use of their content for MI and other exploration?


Yes. Great topic for a big discussion. MSPs pay for the privilege of creating content that will (apparently) be monetized by Matterport without (apparently) compensating MSPs.

.....
Hence, "we are a data company."



Client has every right to screw the MSP - I am sure most/no MSP would ever impose (dare?) MP terms and condition in the service agreement.
Post 5 IP   flag post
Kumar private msg quote post Address this user
Quote:
Originally Posted by NC3D
I hate to say it, but the brilliance in their business model is commendable.

1. Create a physical product that produces decent profit margins
2. Create a subscription service that generates consistent cash flow
3. Recruit a plethora of "minions" that PAY THEM for getting what they want

Essentially, making a profit while achieving their end goal of creating a massive library of highly valuable data.


It is brilliant in it's form NOW - but was it the same when MSP system was built? I don't know and I don't think so. Having bought the camera and built business model around it, MSP has no choice but live with it.

I am curious to know if any MSP impose/discloses ALL the terms and conditions of MP?
Post 6 IP   flag post
Shakoure private msg quote post Address this user
@Kumar ...One line in the report reads, "The new funding comes about a month after Matterport announced it was slashing prices for its subscription service and opening its platform to consumer cameras..." and that the "lowest tier subscription is free." Slashing by how much is probably still in the pipeline.
Post 7 IP   flag post
Kumar private msg quote post Address this user
@Shakoure, where/whatis the FREE subscription option?
Post 8 IP   flag post
WGAN
Founder
DanSmigrod private msg quote post Address this user



Hi All,

I posted this comment to the TechCrunch article.

Dan
Post 9 IP   flag post
WGAN
Founder
DanSmigrod private msg quote post Address this user
Worth repeating ...

Quote:
Originally Posted by @NC3D
I hate to say it, but the brilliance in their business model is commendable.

1. Create a physical product that produces decent profit margins
2. Create a subscription service that generates consistent cash flow
3. Recruit a plethora of "minions" that PAY THEM for getting what they want

Essentially, making a profit while achieving their end goal of creating a massive library of highly valuable data.
Post 10 IP   flag post
NC3D private msg quote post Address this user
That makes a lot of sense Dan. In addition, considering the fact that we are providing Matterport with their end product (Data) that has a perceived value, I think they should at least provide free processing and hosting for us.
Post 11 IP   flag post
Expertise private msg quote post Address this user
How valuable are interior home tours when properties change hands every few years? And get remodeled or re-decorated even more often...

Not sure I see much long term value in a tour showing "the way 1567 Bluebird Street looked in June 2017".
Post 12 IP   flag post
WGAN
Founder
DanSmigrod private msg quote post Address this user
@Expertise

Here are some use cases for the data that Matterport collects and that can used without further compensation to Matterport Service Providers:

1. Mortgage Loan (in lieu of Property Appraiser – interior SQ FT
2. 2D Schematic Floor Plan – web portals license floor plan to serve up with listings
3. Semantic Understanding of the Space – appliances, floor coverings (manufacturers will be interested)
4. Insurance underwriting
5. Insurance claim

Best,

Dan
Post 13 IP   flag post
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