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Future prospects of Matterport? Should I buy Matterport Pre-IPO Shares?14016

Silvadro private msg quote post Address this user
Hello Everyone- I am really happy I found this forum.

I am a small-time investor who may have an opportunity to buy pre-IPO shares of Matterport from current employees. This would be via my 401K so I want to make sure I get it right.

I am high on the tech but after poking around this forum and others see that Matterport does have some customer service issues. Are you overall bullish on their potential or do you see other competitors on the horizon that may diminish their prospects?

Thanks for reading and taking the time to respond.
Post 1 IP   flag post
Los Angeles
Home3D private msg quote post Address this user
Welcome to the Forum. This is the best place to network with photographers and RE agents who believe in 3D/360° virtual tours. We have Dan Smigrod to thank for that.

Matterport is a leader in this field. However, ask anyone who has been using MP for several years and you'll almost universally find people who love the tech, hate the company. The C-suite people seem to be focused on how to squeeze more and more money from the people who were enthusiastic enough to be first-adopters 5 years ago.

The company used to call us (photographers/scanners) MSPs - Matterport Service Providers. More recently they took to calling us "scan technicians". It's illustrative of how the company wants us to be just Uber drivers for their tech. They've harvested data from our work to pitch their equipment to our customers, which has resulted in a class-action lawsuit, I understand. They want to drive our prices into the floor while charging us more and more for using the tech. One of MP's most revered engineers quit the company last year and told me it was motivated by disgust at how little the C-suite folks care about either us or their own engineering staff. Not good.

If you poll the entire "experienced" user base, I'll wager you'll find 90% of them are thirsting for a way to leave the tech behind, but just haven't quite yet found it. Apple's adoption of Lidar holds promise but hasn't filled the void yet, nor have other 360° providers yet matched Matterport's 3D accuracy, but we're all looking for it.

Here's a shortlist of Matterport complaints:
• No self-hosting
• No white-labelling
• Doesn't allow creators to enhance/retouch panos
• Doesn't allow aerial panos to be added to tours
• Slow to innovate new features
• many, many more

Virtually every other virtual tour platform is better on all the above.

Ask around. Matterport is solid tech. Customer service is slow. Innovation is slow. Prices are high and continue to rise, even for legacy users who helped build the company. Matterport is raising costs for legacy users again on 1/31.

Apple is successful because they have great tech and pretty legendary customer service. I should know as I switched to Mac in 1990. Matterport has great tech, but cares little about the customer, except to wring money from.

I hope others will weigh in.
Post 2 IP   flag post
lilnitsch private msg quote post Address this user
My understanding is that Matterport as a company has yet to turn a profit & are still working on borrowed VC money.

I believe Matterport is really going to have to step up their game in regards to pricing and service in the next year or two. While they have one of the best looking and operating tours on the Market currently. I am finding that with other 360 tour providers bringing the cost down Matterport is becoming a tougher sell especially with on going hosting fee's

I currently own 4 Pro Matterport Camera's 2 Pro2's and 2 Pro1's

There are some avenues Matterport could open to charge for additional services but, discussions I have had seem to fall on deaf ears and just isn't the direction they are looking to move in. Currently they just seem to be focused on the "Quick buck"
Post 3 IP   flag post
Club Member
briangreul private msg quote post Address this user
Matterport has not yet learned to create win-win opportunities for it's clients and customers that increase the value of the technology.

I think it's a horrible investment with a significant risk of loss.

Matterport poaches clients, contacts, and has an aggressive sales force that will pursue anyone who looks at a model or pays for one. They have invested significantly in a freemium model that devalues the technology.

They are beginning to fix structural issues with the software, but they are addicted to a high cost hosting model and captive garden business model that is extremely vulnerable to better funded competitors coming in.

There is also a huge risk that they will run out of VC money and be acquired or integrated into something else. They aren't worth enough as a company to be more than a speed bump to someone like Verisk who could easily leverage and monetize their IP.
Post 4 IP   flag post
lilnitsch private msg quote post Address this user

Current Matterport employee's selling would also be a bit of a "Red Flag" for me.
Post 5 IP   flag post
MeshImages private msg quote post Address this user
With lidar in iPhones and ipads there is a lot of competition on the horizon.

Matterport is playing the same game, but I don't see, that Matterport will play a major role in the mobile 3D scanning business. Matterports scan process on mobile devices and the scan quality are inferior to others. Furthermore Matterport does not offer on top 3D services like occipital (canvas app).

If there is another pro product, a Pro3 camera, Matterport may probably have a second chance. But to be honest, I think that every client of Matterport is actively seeking for alternatives and as soon as there is one, they will probably switch to other platforms.

And the fact, that Matterport is heading for an IPO is a very bad sign from my point of view. Obviously they cannot find anyone to buy the whole thing.
Post 6 IP   flag post
Los Angeles
Home3D private msg quote post Address this user
Yes, IPO's almost always mean that insiders foresee a decline in the value and want to cash-out, leaving less-informed buyers to lose their shirt instead of the current stockholders.
Post 7 IP   flag post
DaK private msg quote post Address this user
Everything said above ^^^^^! It’s all sadly true. Could have been a really great thing in the long run but the c-suite can’t seem to get out of its own way. And it just looks like it’s getting worse.... as every poster here has said, as soon as we can jump ship, we are all diving in.
Post 8 IP   flag post
pixelray private msg quote post Address this user
One long time commercial customer that MP aggressively went after and ultimately got really hurt me financially. I now get half of what I was getting to do their jobs. However, there is a flip side...I also get more jobs that I never would have got if I wasn't a MSP (or whatever they call me). I have been with MP since the beginning. First in CO offering it ..and as long as they send me the work, I'll remain happy. Obviously I'm very unhappy with their hosting plans...and felt completely betrayed when they stopped allowing transfers to old accounts...again, hurts me financially. But, I will say bc of MP, many more doors were opened...many more customers were obtained. It's a mixed bag. I hope they do something that encourages more people to buy in vs look for other outlets. And so far and in the last few years, they just seem to keep kicking themselves in the foot. It would be nice to wake up to good Matterport news one day vs what we have been getting the last few years. They need leadership that believes in growing the company's photographer base. That's the only way they succeed long term...that needs to be the focus. I wish I could be the CEO!
Post 9 IP   flag post
Axis360Media private msg quote post Address this user
I am the guy that filed one of the lawsuits that will prevent an IPO indefinitely. Those shares are worthless until Matterport addresses the issues my lawyers have addressed. Also keep in mind that the people posting here, including myself represent a class of initial investors Matterport has continually betrayed. If you think this company is a good investment you must be slightly crazy.
Post 10 IP   flag post
TimothyThomas private msg quote post Address this user
@MeshImages from what I have heard inferred on Matterport Shoptalks, when there is a Pro3 camera it will be a copy/competitor to the BLK360 or the Faro for bigger spaces (not an upgraded Pro2).

Matterport is pushing hard into the AEC/BIM market and Insurance/Restoration market... they see bigger dollar signs there instead of residential real estate (think expensive Trueplan files at 500.00-1000.00 each for Xactimate).

I think they may see the writing on the wall and not want to be involved in the race to the bottom in real estate photography pricing (no idea how those guys make a living now at those cheap prices).

As an investment... run away...
The first 360 company that can come up with a integrated clean inexpensive dollhouse view and be 99%+ accurate for true DWG floorplans will have everyone jumping ship from Matterport. Apple is always second adopter (they let everyone else mess up first), so the Lidar in the iPhones and iPads are a foot in that door... sure there will be something in the Apple app store before the end of the year from them or a 3rd party that will come darn close (hint, hint... any takers?).
Post 11 IP   flag post
Gerhard private msg quote post Address this user
Matterport will launch "Pro3" Q2 have this from a source iodide of Matterport, we know what discounts mean now from them,... pro 3 coming soon
Post 12 IP   flag post
lilnitsch private msg quote post Address this user

I have toured the Sunnyvale location and only time will tell on a Pro3 camera. I am not saying it will not happen, I am am just saying hardware isn't where their focus seems to be currently.

New hardware if/when it happens would likely be a partnership as to not have to service/repair said hardware.
Post 13 IP   flag post
MeshImages private msg quote post Address this user
@Gerhard @TimothyThomas I had a look in my email inbox and it seems to me that you are both right.

Looking at Matterports position in AEC I might be wrong with my first estimation in this post. Whenever you need precise measurements, Matterport will probably be the way to go.
Post 14 IP   flag post
Silvadro private msg quote post Address this user
Wow! Thank you all for the feedback. It was much more then I expected – you guys have a nice and active community here. What initially attracted me to Matterport is how cool the tech was/is and how frequently it showed up during a personal home search. I really didn’t see any other company or technology utilized in the residential market. As I did a bit more research, I saw that CBRE was an investor and that it had this massive market opportunity in Commercial Real Estate that has not yet been broached. That side of the opportunity still holds a lot of appeal for me and is really the driver for me on investment.

What I wasn’t prepared for is the depth of the dislike pretty much every user has of Matterport. It still feels like it could be lucrative based on the CRE opportunity but it is evident that you all will jump ship once a viable alternative comes along.

Is there ultimately, nothing proprietary about their software or solution? Have they gained share strictly on the basis of being first to market? I still think this is a massive space and opportunity, particularly in CRE, are there other companies that look promising?

If any of you are interested, obviously not in Matterport, I was considering the share buy from

Thank you all for your considered responses. I really appreciate it.
Post 15 IP   flag post
MeshImages private msg quote post Address this user
Originally Posted by Silvadro
Is there ultimately, nothing proprietary about their software or solution? Have they gained share strictly on the basis of being first to market? I still think this is a massive space and opportunity, particularly in CRE, are there other companies that look promising?

Probably yes. Matterport has this market share, because Matterport was first in the market. I see the proprietary benefits of Matterport in

- the fast and efficient creation process and in
- in-tour measurements and in
- relatively precise 3D scan data.

And I would love to build my business on Matterport, but with competition coming from Matterport itself and without any way out from the platfrom, it will always be second best in all other criteria than the ones mentioned above.

As long as Matterport users do not have full access to the assets, that they create with the Matterport system, they will look for alternatives. And there are alternatives. These alternatives are more difficult to learn and more time consuming in the making, but with

- much better images, that you own
- with better 3D navigation,
- all alternatives with affordable white label options [everyone hates(!)the excessive Matterport branding) and
- all alternatives with much more powerful showcase possiblities.

3D Vista is one example (still without the 3D dollhouse) and Krpano is another. Krpano has very strong support from many professionals in the worldwide community and is moving fast to become one of the Matterport challengers. Especially for longterm hosting. And for many industries, I think, krpano or 3D Vista are the way to go now. And community is king. You need the active and motivated users, otherwise you´re dead like the realplayer in music - from one day to the other. Dead, but the big business is still ahead.

And if I wanted to invest in a Pre-IPO company, I would rather choose an open 3D platform like Sketchfab or alike. Sketchfab is already huge and will see tremendous growth with 3D lidar apps on mobile phones. Apps like Scaniverse or Polycam or Sitescape or 3D Scanner App.
Post 16 IP   flag post
Club Member
briangreul private msg quote post Address this user
I don't see them taking on Leica. I do see Leica buying them. An IPO might be a cheap way to swap VC capital for other capital before the inevitable performance reality sets in... at which point they become a bargain for someone like Leica who wants the IP and customer base.

I keep hearing them chat about insurance. lol. Insurance is cost obsessed. Underwriting and disaster recovery are not going to pay day rate, much less pay what everyone doing scans dreams about making per square foot.

I'll say it again. Insurance is cost obsessed. It's all they think about and dream about. They constantly look for ways to reduce costs. They replaced licensed, trained adjusters who settle claims with unlicensed yo-yo's taking pictures on site. Most of the time a claim is the only time a homeowner meets someone from the insurance company other than the agent. Think about that. A customer for 20 years may only see one other face of the insurance company and they are so worried about costs that they swapped it out for some schmoe off the street with an iPhone to do facetime and snap some pictures of the damage.

Now, do you really think that they value a 3D scan so much in a loss? Maybe complex commercial where litigation is almost a certainty. But there the market is PA's not carriers. On underwriting it's about state documentation of the risk (insured asset).

Now, flipping over to Xactimate. I'm level 3 certified on Xactimate. That makes me a subject matter expert and one of only around 400 users worldwide out of tens of thousands who hold that certification. It's an estimating tool. The absolute last thing I want in Xactimate is precision measurements. The tool can't handle it. It's designed for a 12x12 room to be drawn and to quickly create an estimate of the repair costs. The last thing I want is a 11'11.378" wall a 12'1.125" wall etc. There is no such thing as a square house and the software just isn't equipped to deal with that. It's possible to use a Leica Disto with Xactimate Mobile to input measurements in the field. That's one of the issues that comes up. Xactimate thinks all walls are 4 or 6 inches thick. While this can be changed it's tedious to do so and outside the scope for insurance to get into the BIM/AEC space trying to model the typical building.

That's just my 2¢ on this.

Btw, I first learned about Matterport at a insurance conference 2 years ago. And I still think that Verisk could snap them up in a nanosecond. Verisk owns Xactware the software company that makes Xactimate. They also own ISO (insurance services organization) the folks who write the standardized policy language, among other things. Verisk is owned by the insurance companies as a mutual company.

The more you know the stranger the world is.
Post 17 IP   flag post
TimothyThomas private msg quote post Address this user
@briangreul So it sounds like Matterport wants to exchanged one low profit/high competition market (residential real estate) for another low profit/high competition market (insurance) just because they think they can charge 500.00-1000.00 for Trueplan files to Xactimate... ouch! Wonder how many of those Trueplan files they will really be able to sell? I agree with you, someone will buy them just for the IP and customer base. Maybe CBRE or CoStar (since CoStar is kicking sand in the face of Zillow).

@Silvadro yes there is still a huge opportunity in CRE for Matterport tours, that's how I'm making a living (not residential RE). And it's not with the biggies like CBRE or JLL, it's with the tier 2 CRE brokers that are young and hungry that are trying to look like the big guys. In my market the big guys haven't done Matterport yet so it sets the other smaller companies apart from them. Now if CBRE and JLL decide to start doing Matterport in this market that could hurt my business with tier 2, but increase it with tier 1. For now Matterport gives me what my clients are looking for (and their clients):

-Dollhouse view to see how everything flows together
-Plan view
-Smooth walking tour on all devices and VR headset (if you haven't seen it in a headset, do it ASAP)
-Measure in the tour
-Photos for marketing pulled from the tour
-DWG floorplan (I found a 3rd party that can do them for 15.00)
and I add a tag to a outside 360 drone pano to show off the neighborhood

If someone can do that they will get my business (add a little customer services & don't go after my clients)

But again as an investment pre IPO, run away... it will be a pump and dump for the insiders.
Post 18 IP   flag post
Silvadro private msg quote post Address this user
Well, I think you guys have convinced me to stay away. With CBRE as an investor and a partnership with JLL I do think, at least in the short term, Matterport is going to capture a lot of additional revenue from CRE. However, it does feel like for the long term that the operators and major brokerages will have a lot of options and may even come up with in-house solutions that combine different data sets along with the 3d visualization.
Post 19 IP   flag post
Atlanta, Georgia
DanSmigrod private msg quote post Address this user

Hi All,

Related to ...?

Bloomberg (5 February 2021) Matterport Is in Merger Talks With Gores SPAC

Your thoughts?

Post 20 IP   flag post
TimothyThomas private msg quote post Address this user
Looks like a fast way to get to an IPO and a money grab for those insiders.
Quick read on SPAC's:
Post 21 IP   flag post
TimothyThomas private msg quote post Address this user
CNBC (8 February 2021) Matterport CEO on going public through SPAC deal with Gores Group
Post 22 IP   flag post
Birmingham, Alabama
rko1 private msg quote post Address this user
bold text
We are always looking, are we happy with Matterport?
Depends on which day it is. We are an MSP, and on the capture team.
We have been shooting with Matterport for 5 years. Technology is like
grabbing a handful of sand, what you have in your hand at this minute
won't be there in the next, but a new handful is always available.

Do we make a living strictly on Matterport?
Yes and no, it is currently a substantial part of what we do.

We have 5 Matterport Pro 2s, and 2 Matterport Pro 1s.

We are an enterprise legacy customer. We work hard in promoting all or who we are
and what services we provide.

The very best thing that we have is each other, helping each other build their platforms, and that
is something we are working at, we began with HOME3D, helping and sharing. We are help to help and work with anyone..
Post 23 IP   flag post
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