Confronting the CEO of Matterport [My Next 3x Stock]. [Episode 15]

hey everyone me kevin here wow i was

bullish on

ghvi the spac merger with

matterport before what you're about to

watch which is an interview with the ceo

of matterport i knew that matterport had

some crazy use cases that i couldn't

have even predicted

some of which we talk about in this

video but there's a bigger bomb that

dropped during this

that made me really really excited about

the future for matapor

especially how pretty much anybody is

going to be able to integrate matterport

data in the future

in ways that well you'll just have to

find out about during this video

enjoy this interview with ceo of

matterport oh and uh two things if you

want to

play with matterport while you're

watching this there is an app on the

iphone

app store you could download and try i

think they're releasing a beta for

android

maybe a beta is already out i'm not

exactly sure yet for android you want to

check that out

at the same time you could also get two

free stocks with weeble when you deposit

100 with weeble link down below or go to

mckevin.com weeble and of course get up

to 250

with block fi by going to metcalfon.com

bf

to buy your cryptocurrency so you're the

ceo

of matterport i'm so excited to have you

on this channel first of all thank you

so much for being here

tell us a little bit about how y'all are

planning to

revolutionize uh you know housing or or

properties and 3d scanning i know we're

not

we know you are going public through

ghvi that's must be confirmed i know

we're not going to comment on that

but i want to hear about matterport sure

i mean you know

uh it's the most exciting time for the

company without

question and you know transaction aside

we're

we're the company that is turning

buildings into data

and what does that mean we create a

three-dimensional

digital twin of any building of any kind

across all sorts of industries and all

building types from

hospitals to hotels to high-rises

homes airbnbs you name it

we've really built a platform for scale

and especially over the last couple of

years what we've really honed in on is

making matterport universally valuable

you know across the built world

and why right because i like going after

big markets

and this is the biggest one that i've

played in

and you know coming from a lot of big

tech companies myself i can tell you

um the built world is extraordinary i

mean it's a 230 trillion dollar asset

class

it's the largest asset class in the

world there's four billion buildings out

there to go matterport

uh what a great place for us to set our

sights on right

i mean i think it's so amazing that even

just solely looking at the real estate

industry

i mean covet has obviously made

matterport like a necessity

but even before kovitt redfin was using

y'all

exclusively i think they still are

absolutely which is amazing

uh on top of that the more i think about

matterport the more i think

my gosh in the future you could probably

just have artificial intelligence

read the data from these scans and

handle insurance claims and maybe we

could just we don't need field adjusters

anymore

architects contractors can use this can

you tell me a little bit about these

innovative use cases that maybe we're

not seeing yet but like what that

potential is

sure and you know in certain markets

they're we're putting them in practice

today i mean the way we

think about this digital twin it's it's

the new

system of record for this asset right

lots of things we own cars etc

you know have a vin number attached to a

complete system of record and

maintenance and everything you know for

the car you own but why is it that there

isn't something like this

that exists for your home the closest

thing we have is an appraisal

and i think you know we can all agree

that appraisals are hit and miss

um and it is by no means you know a

precision

uh record of everything that's going on

inside a

you know a property and so when we bring

matterport in

it's not just about um a great

visual tour of the property that's

that's just a piece of it remember what

our technology does right it's capturing

upwards of 3 million to 5 million 3d

data points

you know in a matter of minutes and

those data points

reconstruct the entire uh building and

property as well as the contents right

and it's all of course

you know dimensionally accurate

volumetrically accurate but it's also

photorealistic imagery

as well right so a lot of sophisticated

stuff happening in a quick scan

but then we have everything right so i

have the dimensions and sizes of

every room but i also have record of all

the contents

everything that's in the property as

well as the condition of it because we

can see it in

134 megapixel 4k hdr

imagery so you can get you know really

up close

and personal with with your asset and

that's

you know you can do these these capture

the matterport

in like i said in an average home in

less than an hour

and it's it's something that you know is

i think a very

valuable uh companion to anybody

you know who's who's got a property

so uh you know these the matterport

scans you used to back in i think 2016

when i bought my matterport pro 2. uh

they were like four grand back then

i think they're a little less now uh you

had a big

sales team and now it seems like a lot

of the potential future

could be going towards really software

as a service

because now you know we've got lidar on

the new phones

we've got a matterport beta app where we

don't even necessarily need a camera

now don't get me wrong i'm still using

the pro too because that thing is

freaking amazing

but i think we're going to get to this

stage and i think you all see that where

it's all going to be done with a phone

in the future what's your take on that

transition like how important is this

product to your business

versus just software it's it's it's

really important and it's it's

fundamental to our strategy going

forward where you know i mentioned at

the beginning of matterport is really a

platform company

platform business and and indeed our our

principal

source of revenue is the sas software as

a service

um no longer solely dependent on the

sale of the matterport pro 2 camera

you know to keep the business going and

and why

why did we move to this platform well

for for two reasons as mentioned in the

beginning

there's a massive amount of property out

there to go matterport

and we're not gonna do it sort of one

pro two camera at a time

we wanna make sure that you know there's

a way in some sense to democratize

matterport democratize that 3d capture

get it in the hands of

everybody and let let the you know

uh the industry professionals and even

the homeowners have a choice

uh and have some flexibility and

affordability you know to this

technology to get started

but there will always be a place a

big place for the pro 2 camera let me

tell you um

you know and even through covet even

through the launch

of matterport for iphone you know we

sold more

matterport pro 2 cameras last year than

we did in any other year in the history

of the company

wow it's fantastic um and it's it's

designed

you know with maximum precision and

accuracy it's great for really large

spaces we have a lot of enterprise

customers

that are shooting 100 to 400 000

square foot facilities and you're not

going to

do that too conveniently with a

smartphone in your hand right i mean the

long range power of the matterport pro 2

camera allows you to

still get in and get out of even those

really large spaces

um pretty efficiently that's neat so i

mean

i know you've got packages now where you

can take this data

and move it into like an autocad it's

been a little

clunky lately what i've been doing with

some of my architects is i've actually

as a property owner and investor i've

been scanning properties

i'll buy the 2d floor plan we'll measure

one of the walls on the 2d and then

we'll just recreate it all in autocad

are there plans for maybe an easier

transition

well i mean today you can use matterport

once you

scan a property we have it as an add-on

you can click a button in

24 to 48 hours you can get 2d floor

plans of the entire space

and it's not very expensive and what

we're working on

is automating that as well because

you'll notice that there is sort of a

floor plan

view and layout uh when you're browsing

your matterport space and showcase you

can go to 3d dollhouse view you can go

to 2d

and it's in that 2d is getting very

close

to a true 2d floor plan and so we're

working

with the same you know data science and

technology that creates

you know the matterport spaces that that

you know today

um to do the same thing for floor plans

as well

it's only a matter of time got it got it

what can you do with with all of this

data that's being collected i mean

ultimately i love it i i could give it

to my architect an insurance agent

or an insurance you know claims adjuster

you know us as humans we can look at it

do you think there's a chance that

appraisers are going to be put out of

business by matterport

uh that a who sorry oh that appraisers

might be put out of business

well you know what i love quite honestly

is for

um matterport to

you know supercharge appraisers um

why not put the smartphone in their

hands and instead of using you know

taking iphone photos and writing a few

notes and pulling out a

tape measure why not um go in and matter

port the space

or i guess the customer could probably

matterport the space like hey you want

an appraisal

instead of 600 we'll charge you 300 just

go around with your phone and matterport

it really quick

send it to this this you know person who

might be sitting in idaho

from you know appraising a house in

california and they're just using the

matter for skins

is that a potential future yeah there's

no question there's no question and

that's part of that democratization of

this right

and trying to get a version of

matterport that works

right down into a smartphone where

there's no

expensive hardware you know required to

get you started

and could we then be pushing that you

know right out to the homeowner

absolutely right and um uh again you

know depending on the nature of the

space the size and the complexity of it

um

you know certain capture technology is

going to be good for some spaces and for

the larger ones you still might go to a

professional but

uh but absolutely for you know the large

volume of property out there this is

this is right where we're headed

how dependent is your technology on

lidar is is that like the main way of

doing this and

do you think there's any connection

between what you're doing in

like autonomous driving do you have your

thoughts on that

yeah so we actually launched matterport

for iphone

uh back in may of 2020

and at that point it was not uh attached

to

the lidar sensor in the iphone 12 it

hadn't even been

announced yet and the way that we're

able to do that

is all powered by data so you know

there's a method to our madness in the

first now almost 10 years of

matterport's existence where we've

scanned

millions of buildings and spaces in 150

countries around the world

and we use that spatial data from those

captures

to train our ai engine we call it cortex

which is doing all of the 3d

reconstruction so

you know that's not happening on the

camera um

that's something that happens in the

cloud that's being done in a very

automated fashion to get that beautiful

3d model

and that's using you know predictive

technology predictive geometry

um predicting you know length width and

height of

uh spaces from the data that we capture

when you're in the building doing the

scan

and we can now predict 3d geometry just

using flat photos from your iphone so

forget about the lidar sensor

you can fill in the gaps now with very

very impressive accuracy

uh and and that's going to allow us to

unlock

literally billions of smartphones that

are out there today

with no lidar in them and still give you

great results

so elon musk calls lidar a crutch is

lidar a crutch can you do this with

vision technology

you can right i mean as mentioned like

we're we're doing it today

we'll be doing it on android um it's

already in the play store in beta

um smartphone capture itself is coming a

little bit later but we're fully

supporting

all of the efforts that we've been you

know building to date on the

on the apple platform and ios is coming

to android

you know for the rest of the world

that's you know uh on the android

platform

that's a huge huge opportunity for us

and not all of those devices have lidar

as well

what i can tell you about it though is

for what we do

it is helpful and it's helpful because

it can provide

confirmatory information about distance

and geometry

of physical spaces that's that's really

you know what it's good for

what elon musk is talking about is well

you know lighter gives you a point cloud

so if you've seen

ever if you've ever seen a point cloud

either comes from a matterport or from

a lidar camera you know it's a very

pixelated

you know kind of uh computer generated

dot matrix view

it's not photography right and so i

wouldn't be able to tell you

uh what type of refrigerator you have in

your kitchen or whether it's a clawfoot

tub or not

just from a point cloud but with

matterport what's so unique is

um we are always getting depth data

as well as that photorealism at the same

time so we always have you know

what you know what elon's referring to

is

you know real rgb imagery because that's

where you can apply computer vision to

truth like confidently recognize

things in a scene right so recognizing

furniture or objects or light fixtures

in a building

so when you're training your ai you're

not

training them on dots you're training

them on

the jpegs or or the images really oh

that's right i mean

i can go into any matterport model now

it with

our automated software and it can

automatically label every room in a

house

how does it do this it's doing that

because we've trained it

on every kitchen living room bedroom

garage

uh you know uh you name a dining room

we we know what are the defining uh you

know

aspects visually of those sorts of rooms

and so uh and once you do that millions

and millions of times over

you have just you know an incredible uh

data set

from which to you know train the ai to

do some pretty impressive things

and i can not only label all the rooms

but then

we can also go back into you know homes

that we've matter ported five years ago

and tell you how many south facing

windows

does that particular house have and

what's the square footage or surface

area

of those windows to solid walls and why

would you care about that well

one if you wanted to be able to quickly

get a measurement to put new window

coverings in place or simply do

export all of that data into an energy

efficiency calculator you can figure out

how to reduce your energy bill

yeah because you have to ordinarily you

you pay experts to come tell you this is

how much window exposure you have or

this so that

a lot of this you're saying could be

automated i mean the amount of data you

could get on a house

it could be absolutely incredible with

these you can probably automate

good well i was going to say because

we've got where those windows are

positioned

and then how high is the ceiling and how

tall is that window and is it a pitched

roof

all of these things have you know

implications on the thermal load of your

property

and we have all of that data to tap into

i mean i imagine almost in in at some

point in the future

there could in theory be such strength

in this data that you could almost do

home inspection non-destructive home

inspections you know you're not opening

up walls or whatever

but you could probably do home

inspections to some degree where it's

like

you got four smoke detectors you got two

carbon monoxide detectors oh looks like

there's some

you know uh you know i don't know mildew

over there

or whatever i imagine you could train

your ai to just identify anything

that's right you can and and we do that

for

specific customers who have a large

fleet of buildings that could be

industrial companies or even you know

big retailers

and you can train it on a very specific

piece of equipment

and then have it go in and look at a

thousand different locations that have

been matterported to verify does it have

this piece of equipment you know

installed in that facility or not and

you can you can quickly you know imagine

the efficiency gains that you're going

to get

out of being able to do that sort of

remote

digital interrogation of properties

versus you know having to send people

and boots on the ground to you know go

in get access to the space during

business hours or whenever and go

through that process

and then see if you forgot something or

you wanted to you know measure something

you got to go back in again

you know a second third time all of that

goes goes away once you have the digital

twin

you know i'll tell you your service has

made me extremely lazy

now when i do renovations i i scan it

or actually i used to do all my own

scans as of the last three months i

don't do my own scans anymore i

i loaned someone my matterport pro and

then you're gonna do it very good

and so now when i have renovations going

on since i'm mostly in the studio here

uh i could go okay here's the before

here's what it looks like with drywall

up here it is painted and then i'm

sitting here with my scan

up and on lowes.com okay i need this

many lights this many ceiling fans this

many outlets i mean even for property

management purposes i've had

tenants call us and they're like oh the

power's out on this circuit

we look at the matterport while the

house is empty and we're like ah there's

actually a gfci

at the corner of this bedroom that just

saved us 80 bucks for an electrician

going out to figure that out you know

that's insane right i mean you know but

i was gonna just add to that that um you

know

let's not also forget that when you have

all of your own

building geometry um redecorating

redesigning does that artwork going to

fit on the wall

we now have through our api we have a

whole you know software development kit

that allows you to do things like bring

in three-dimensional furniture objects

into your space so you can do space

planning we have

commercial clients that are doing this

for the new world trade center buildings

um where they've scanned all of the

stories up the high-rise and the raw

you know empty floor plates that are now

just being designed out

um right into the matterport space um

everything from offices to conference

rooms to furniture layouts and

and truly artwork on the walls and stuff

it's really cool to see

wow no that that really is how do i get

is that

is that under true plan or matter power

pack it's uh

predominantly through matter pack that's

you know if you if you get a matter pack

you're downloading your point cloud and

your panos and then you

have access to modifying those in

all sorts of ways and i'll give you a

couple of examples

um vehicle showrooms right and of course

and even you know during covet it's

it's is particularly interesting where

people aren't really going out into a

lot of physical retail stores and

shopping for stuff they're kind of you

know moving

more online and staying online and so

the showrooms are even

you know matterporting their locations

but they'll

swap in and out vehicles and you can do

it both with

actual vehicles but you can also do

super high resolution

cg computer generated versions of teslas

and ferraris and things and just dropped

them into the showroom for a virtual

tour

wow oh that's really incredible yeah

scan the space drop in whatever you want

kind of thing

that's incredible so i mean the future

here it really it's almost i mean ai's

is in some sense

exciting but then on the other sense

it's also like scary there are a lot of

agents today that i hear and and

personally

i think it's ridiculous but i hear

agents like oh

3d scans no we we don't do that that

that compromises safety or whatever

because now people know the floor plan

what do you say when you hear stuff like

that well

first of all you know it's

understandable when with technology like

this that's fairly disruptive

it's transforming an industry you know

for people that are first introduced to

it you can't know

entirely what the downstream implement

implications are going to be right

i mean i used to hear things like um we

don't want to do a

a a matterport virtual tour because

that's going to keep people from coming

physically to the house

and i need them to show up at the

property i need to get their business

card

and find out if they don't like this

house i've got three more down the

street like i'm going to lose

you know the the rhythm and flow of of

my business and how i network and do all

this stuff

and not an unreasonable hypothesis

but you know now you know matador being

in this for 10 years

couldn't be further from the truth the

in fact the opposite happens

what the first thing that happens is

engagement in online property searching

goes up 300 percent if you have a

matterport

digital twin attached to your online

listing like that's

crazy in its own right 300 well then

what it does is it gets more people

interested in the properties and turns

up

more people at the open house is because

it's just greater engagement and a

greater

aha moment where you're not you know

kind of put off or

limited by just a subset of photography

of the space

and you know when it comes to privacy

and security and those sorts of things

well you always have the

ability to leave one room out or

you know uh close the doors in the

closets where you keep the values you

don't want to be you know matterporting

those parts

that's fine um and people have kind of

you know grown to accept that and get

very

comfortable with it because you know the

the outcome of it is so powerful house

is so faster and for a higher price

so why wouldn't you right at the end of

the day if that's one of your objectives

that's a good point what do you think

about uh i mean is this something

or or have you all already been working

with the insurance industry on this

uh can you speak to that sure you know

the

it's a fast-growing category for

matterport uh and has been for the past

few years

and there's a couple of areas one is

actually in the

um claims and restoration category so

similar to using matterport to document

a construction progress from

you know framing to sheetrock and finish

work

matterport is now being used essentially

as

the claims adjuster so now the

the head office adjusters don't have to

go down to the

burned out or flooded out building or

even if there was theft or

you know damage of some kind they'll go

down

capture the entire situation and then

allow

um all of the adjusters from across the

country and specialists

for building forensics experts etc

whatever is needed depending on

the nature of the situation can all

access it you know with a click

versus again like putting them all on

planes and you know dealing with it in a

manual fashion and again you have

precision measurements and things

and uh and the restoration teams will

use it to document the

process so claims get um you know

resolved much faster and also with

greater precision so there's

the insurance companies are wasting a

lot less money

in the claims payouts because they have

a precision assessment of the work

that's needed to be done where these

other versions of appraisals if you will

um were not you know so high fidelity

and and it causes a lot of churn and

it takes a lot more time the other side

of it as you could easily imagine

is well if i've got this digital twin

isn't this a an easier way for an

underwriter to give me a more precise

quote and maybe a better price on my

homeowners

insurance policy because i do have

a system of record of the house the

geometry of everything about it the

backyard the

you know the basement as well as all the

contents right because you're always

doing contents insurance as well and

trying to cover some amount of your

personal belongings this is absolutely

you know the way in in a matter of

minutes once again

you got something that you know an

appraisal in the traditional sense would

never provide

that's i mean that's actually to me you

could potentially

unlock and i know you're getting started

with like with this on claims

but what you just described is this

potential future where

in theory rather than filling out an

insurance application where they're like

would you have

granite or stone counters like stone

slash quartz do you have

carpet or wood right rather than that it

could literally just be a

enter your matterport link and instantly

matter report could probably provide

data to the insurer about

it looks like we have a self-closing

hinge on the garage door it looks like

we've got the fires and smokes

this is where we have the fire

sprinklers uh you know we've got gas

appliances first electric appliances

whatever it could probably identify a

whole host of safety hazards

it and then probably kind of do what

tesla's doing with insurance

where tesla's ensuring basically

their autonomous or their ai is really

what they're ensuring with the

self-driving

but you guys are providing that to

insurance companies how much would this

blow up your business

if if you if everyone who needed to get

home in an owner's insurance needed to

do a matterport scan

yeah i mean uh it if

the the the view we have on this is you

know kind of twofold there's there's the

digitization

of the build world which is what you've

seen with us creating the digital twin

right that's that's a really you know

powerful

we think multi-billion dollar business

in its own right then this the second

part of our strategy and and you know

key part of our platform

is the datification of the built world

right and

and that is just what you're talking

about here unlocking

um a stream of data that can come out of

these

you know digital twins out of these

scans

that can feed industries from you know

the furniture industry and space

planning and architecture

to insurance and even mortgages right

same

same thing like they're all based on

some assessment of the asset

and that assessment whether it's an

appraisal and an appraisal plus a few

other things

is woefully insufficient right if we've

seen you know

mortgage industries collapse and take

the entire economy down with it

oftentimes that's because the properties

that are trading hands through

you know securities and mortgage-backed

securities you know investors

um is the the assessed you know

description of that property isn't worth

the piece of paper it's written on right

and that's how we saw a lot of those

employees could this

you know be rectified you know with a

uh some ground truth data or a system of

record with much greater

you know granularity to it and we think

we think the answer is yes

how long until we see appraisers

using matterport or or having you know

people do their own skins or whatever

when do we see that go mainstream yeah i

mean it's happening now we have

yeah it's it's and it's great to see

where in some ways it's a bit of a

grassroots effort

where people anyone of course can just

come to matterport and start grabbing

you know digital twins of anything for

whatever industry

and that's always you know exciting to

watch just how

much pull there is for this technology

into the industry

but then you know specifically around uh

our efforts in the vertical in the

category of you know insurance

appraising mortgages and things of that

nature

you'll see more of that coming from

matterport

this year next year like we're in the

middle of it now

and um uh it's

it's it's one of these things where one

the technology has to i think be

again universally applicable meaning

that

it has to work consistently across you

know virtually any type of property if

if it's going to be something that

gets generally accepted or becomes a

standard right and that's why

again i i always emphasize the

importance of

us adopting a platform strategy to make

sure that that

that actually can happen right because

um you don't want matterport to get it

wrong

right or to be inconsistent in you know

the kind of data that it's providing

you know to such a valuable set of

industries insurance and underwriting

and the like so

um plenty of work is being done on our

side to make sure that we can

you know have uh not only great

technology and great accuracy but also

great governance

around this as well now

what what's next then i mean let's say

you know if you had an extra billion

dollars let's say is it

advertising to get into these industries

to really get all states to say for

example we need matterport on everything

uh or is it a new camera

uh is it improving the ai what's where's

the

biggest next thing yeah um

there's always room and we will always i

think matterport's established it's

its leading position in this in this

market in this industry

um because of our relentless commitment

to innovation

and continuing to lead the category and

we've got some

super exciting stuff coming later this

year

uh and next year as well like there's

just there's a lot of stuff in the

pipeline um from an r

d perspective um but what we're really

you know to be quite honest i think um

we've achieved a

um a level of momentum in the global

market that

is and we've we've matured the platform

to a place where it

is a replicatable value proposition

so you know where am i putting the

resources in the business right now

is scaling you know and getting in front

of more customers

in more countries and in more markets

as you know efficiently as humanly

possible

there's a lot of value for matterport to

deliver in the world

with what we have today right right so i

agree with you i'm not being held up by

some missing pieces of technology or in

need of another you know kind of

sensor breakthrough i don't even need

lidar on on smartphones

um to just run like the wind right right

now what we need to do

is just continue to scale delivering

matterport in our go to market

in the most efficient way possible so

that people you know can get their

hands on it and just start using the

product

um without effort that makes sense

yeah that's a scaling i think i agree

with you and then going to international

too i mean that's incredible there's

like you said there's so much

opportunity out there i guess i have

this this vision of in the future

uh i you know i could just maybe uh

take a i don't know let's say this this

coffee cup is is a camera and i could

just

open the door walk through it and and in

two minutes it's done everything and it

edits me out how far away are we from

that like am i dreaming how far away

because right now i gotta

set the tripod and move and it's awesome

yeah but like how far am i away from

that dream

so the you know the part of this that

was so important for us to

open up we call it our capture ubiquity

strategy which

what does that mean means it's pro 2 and

you know a host of third-party capture

technology

um bring your own hardware if you will

right

it's inclusive of our own product which

we've talked about is

is really really important to our our

continued long-term success

but um by opening our our minds this way

you also open up the optionality you

just described you know so

uh we're using 360 cameras today right

in the middle there's the high end

cameras like the leica blk the lighter

camera

there's 360s there's of course pro 2

360s and now smartphone but let's

remember like what are security cameras

right there they're everywhere right and

many of them are

our 360 or 180 uh spherical lenses

stuff we already use to create

matterport models

and um why couldn't you imagine that

fixed cameras in properties couldn't

turn into real-time

you know 3d updates where you're doing

matterport updates

you know by the minute by the hour you

know etc of course

of course it's just imagery we can take

any flat

file you know image and if we have

enough of them

with enough coverage you know sort of

eyes on

uh the space from enough angles we can

recreate the

the 3d digital twit and so that's

absolutely amazing

we're very much you know thinking about

this because

um there are many um customers

again maybe not so much in residential

real estate but in

commercial or retail etc where um or

manufacturing

where the spaces and the internals of

the space

production lines equipment etc changes

on a monthly

or weekly basis and facilities

management means something different to

them

and if we could provide a digital

version

of that facility's management capability

again

the the amount of efficiency that it

would bring

plus the accuracy and precision that's

missing from that

you know manual process today already uh

is huge right and so um we think

well we not only think like we're doing

it today in those you know specific

instances

but does it does it find its way into

the smart home at some point

without question wow wow there's a whole

other industry

what about zillow so zillow

they don't let us integrate matterport i

cheat i put a link on my zillow photos

and i link to my matterport like i put a

short link

but i'm sure i'm violating some rules by

doing that and zillow if you're watching

just change the system don't ban me

but why what what is are they just are

they trying to take the data

what's zillow doing well um

first of all one thing that zillow does

support today and i see it moving in a

really positive direction

they do support in the mls listing it

there's a field for virtual tour

and so if you have a url a web link

which you know

is what you'd have it once you have a

completed matterport space

they are honoring and publishing and

incorporating that into the zillow

listing

and in some cases we're seeing it

actually get you know positioned pretty

prominently

uh in in there alongside even their own

because i think you know

what zillow's been uh trying to do is is

figure out the ecosystem

they have their own um virtual tour

offering where you can use

a smartphone and a 360 camera to capture

some imagery and give you a bit of a

look around

tour um which isn't bad it's a good it's

a good uh you know starter

experience for those that want to get

familiar with the virtual tour but it's

not matterport and

um and there's a lot of people that come

to us and say how do we get matterport

on zillow like and

they go to zillow and and say how to you

know zillow how do you let matt report

on

and um you know there's i'll

what i can tell you is i think there's a

um

a good meeting of the minds on this and

you know zillow is a really important

platform to the

overall real estate ecosystem here

certainly in the u.s

and i think it's it's uh would be

valuable for

all of our respective customers and

realtors and the like

um to crack the code on you know

maybe opening that that aperture up a

little bit more uh to partners like

matterport so

um you know nothing to report as yet but

i think we're moving in the right

direction and and just in case uh just

so you know i

i had you down here and i just moved you

up here in case you're wondering like

why my eyes are up here now

cause i know sometimes on zoom that's

like where are you looking so uh okay so

i mean this makes sense uh

is it possible though that is is zillow

like could zillow benefit from

having like being able to gather their

own data is is this going to be

something that's very profitable in

itself like

like you if you make uh you know i don't

know what your average cost

per thing is i get my bill and it pays

automatically but let's say it's like

ten dollars per space hosted

uh you know is it more profitable to get

that ten dollars or the data

yeah so here's what i know

um and what what brought me to

matterport

um alongside my tech career i've been

doing

real estate projects since i was

13. whether i liked it or not my parents

you know threw me into the mix of like

fixing up the old house that we would

buy it's a perfect fixer-upper

and get to work um i ended up actually

you know

falling in love with that whole process

and uh i've done

a number of design build projects over

the last 25 years

and and i love actually looking at how

technology can intersect

with this category in this industry and

and i've seen it start to you know

modestly transform real estate and

um you can look at companies like

open door as a good example of you know

where is this all going

right and they're trying to move to more

of an e-commerce type model

and it's perfectly reasonable um

to imagine a future where you know

digitization

doesn't come to just the digital twin

and what we do but also

into the transaction right because look

how e-commerce

has made it so much more efficient for

us to shop the retail world

um now online there's there's a version

of this

um that i think will will hit great

scale at some

point in time there it's an

inevitability i don't think it's a

replacement for the

the real estate industry as we know it i

think it changes everybody's roles

and they will become these you know kind

of digital nomads

in the space and there's there's an

important there's important role for

everybody to play in that

and so data no question is

you know what everybody wants and it's

not just an open door or a zillow

i can tell you like keller williams

compass

all of these you know modern agencies

are looking to get an advantage in the

game

that is a data-driven advantage right

what can i know about my properties that

i have listed and sold before

and then maybe re-listed again what's

happened to the property

you know can we start putting some data

intelligence behind

you know this flurry of of transaction

data

of course we can right and i think you

could start to find some you know

really interesting insights in your very

own portfolio

ah okay so so definitely definitely some

interest or or some competitiveness

in in going for that data do you think

there's a there's a risk that

redfin might do that too i mean what if

redfin says here use our redfin app and

do a scan with our stuff instead of

matterport

i think look our our view on it has been

that that possibility has existed for 10

years

and you know and matterport's only you

know gotten bigger and you know

a greater scale and our view has been to

be an open ecosystem

where um if somebody wants to do that

that's great but let's

let's also remember that um redfin gets

access to that data if they want to

create

data insights from matterport uh digital

twins that they've captured

go for it that's part of our open

platform right

we're not the only ones that are going

to be doing data mining out of

you know your spatial data for your

property in fact what we're going to

be offering later this year is a

third-party marketplace you can think of

it almost like the an app store

where you'll be able to get these little

add-ons that can do all kinds of things

to

enhance the space that you have or do

some kind of energy analysis

maybe even give you a quote for home

security system

just by being able to automatically kind

of move through your space and you just

hit a button and say yes i want to opt

in

to any of these you know kind of

third-party services let them

you know tour my home either

algorithmically or

manually and then just give me a quote a

bid a proposal on

you know any one of these different

things jeez i mean

that's a that's brilliant if you open up

an app store for this

in theory a homeowner who has a scan of

their property could download the

the paint quote app and and it

automatically says

hey this is how many square feet of

walls we have uh nobody's walking around

with a measuring stick

years it spits it out for you you can

give it to a painter

maybe it even says hey based on your zip

code this is how much

like anybody can develop an app

basically off your data is what you're

saying in this

matterport app store exactly and then

you know who wants to have you know 10

different

you know paint contractors coming to

your house scheduling

you know time to walk through give you a

bid you don't have to anymore

you move it all to the cloud to the

internet and you can have a hundred

you know uh contractors get you know

come in and

uh measure it all up size it all up

through your digital twin and then

you just have you know 100 competitive

bids and you can just choose

you know the one you and suddenly you

know everything scales

and you create an efficient market um

and that's what this is about is to try

to help

you know create some efficiency in the

overall ecosystem

of properties when uh when can i

expect to be able to use or do more

scans

outside i'm gonna pull one up here i

usually have to do my scans

uh pretty late in the day or early in

the morning

uh pull this up here let's see uh and

that's because you know it seems like

the more

sunlight oh i think i may mess up the uh

i'll just ask the question

before trying to show this uh it seems

like basically your data

it gets lost if there's too much sun

when when can we expect that to change

and then we could scan outside

and get those exterior data points as

well yeah so

what's happening there and this is this

is primarily one of the

you know tricks with the pro 2 camera

because our depth sensors that are on

board it's not lidar

um it's a structured light sensor and so

it's a beam of light that shoots out and

back and basically allows us to you know

determine based on the speed of the

return

um how far away a wall is or a surface

that you're pointing at and if there's

sunlight or

glare it's going to throw the beam off

right so that's what's happening

now lidar uses a laser that doesn't

you get impacted by uh sunlight and

glare in the same way

and so if you're using that's why you

know especially for large

you know like a hotel project but

commercial building um

we see all our customers using

uh the leica blk right because it's it's

impervious to that limitation

you can kind of you know shoot any time

of the day so that's one thing oh so i

could take the leica

likely you'll have i could take the like

far better consistency outside now

what's the other device that

happens to have a lidar sensor on it

there you go right the iphone 12. so

this this will help in shooting

outdoor in a mini version of like a blk

wow i'm going to try that after this

i'm going to take you up on that wow

here's the challenge i'll give you just

a tip on it and

also it's it's why you know um

why the iphone isn't going to replace

the blk tomorrow and big commercial

projects and it's not even going to

necessarily give

the pro 2 a lot of run for the money and

that is focal length

so um not unlike the

the face scanner that does face id that

has a very short range

where it's a 3d map of your facial

contour it's good for about a foot maybe

two

and um the lidar sensor out the back of

the iphone 12 is better but

not much better you might be getting

closer to

10 feet uh something like that maybe

you could get to 15 if the conditions

are you know are right

um but mileage varies a bit as and it's

a new new sensor new

new technology for apple um we've been

working closely with them on this

and um you know we've got a great

solution as a beta product and if you

download the capture app for matterport

and you have this device you should try

it because

it's it just adds a level of finesse

um to the to the mesh and the 3d model

that's

you know for a handheld device is pretty

spectacular and so if you're going

outside you just can't be too far away

from the structure or the lidar isn't

going to be giving you the benefit so if

you're like 25 feet away

shooting back in the building not as

much but if you're you know if you're

within 10 feet

you can get pretty good results i

recommend it

so you had mentioned earlier the goal is

to sort of

democratize this this real property data

are you ever going to stop us from being

able to buy gamestop

i don't know

because vlad over at robin hood i had

interviewed him on the channel and and

one of the things he talks about is

democratizing

finance and stocks uh but uh more more

realistic question here

is there a future of uh of investing in

bitcoin at matterport

like elon musk has done um

you know it's it's the short answer is

most likely not for a while and and why

is that well

um i think we're still trying to

get comfortable and confident with what

are the what what is the true

virtue and advantage of uh crypto

and let's just go with bitcoin for the

moment that seems to be the

the hot flavor of the quarter

um and you know is it really

you know impervious to fluctuations in

the economy

and in inflation and some say yes and

then we

we see you know as recently as the last

few weeks like maybe not

um and so uh

i love all of our friends out there in

the

in the industry in the category

experimenting and making some

meaningful you know bets but ones that

they can afford

uh to figure it out for us like i'm all

for jack dorsey making his investments

on the square frontier i'm all for

elon musk and everybody you know

experimenting and even the investment

banking category like let's

let's see but you know for matterport

uh you know we're one degree of

separation maybe two

away from the financial markets where

that needs to be

you know immediately on the radar

there's 101 ideas sure within my own

company people

with concepts of how we could you know

take crypto and and do something very

interesting for the built world but

i'd say it's still early days for us we

got so many other fish to fry and just

building a fantastic experience for our

customers that you know

our hands are pretty full gotcha that

absolutely makes sense

okay very interesting so uh big thing

now

is is scaling are you having issues with

matterport adoption in other countries

or are you seeing the same thing that

you're seeing here in the united states

where

once people start using it they go oh

wow yeah i got to keep doing this

um yeah what i so

yes we're in a hundred and we've

matterported buildings in 150 countries

now and growing like that's

doubled in less than two years um

so the uh the international

sort of connection to the value

proposition is without

question there it is universal um it has

i think that sort of walk up

aha you know moment to it um the

the challenge is a little bit different

just in that you know that's a pretty

distributed

challenge for us right with with so much

um

global uh acceptance and adoption is

now just getting organized about how we

meaningfully go after

these regions so you know we've set up a

headquarters

in singapore which is where our asia

pacific operations

you know is centered with a fantastic

team that's small but growing um we've

got a more mature group

out of london which has been

headquarters for all of europe and

middle east

um and in all those cases for us in in

part of why we're

you know um excited about 2021 here

is um you know to really put some scale

resources to work to just

expand um and speed up that go to market

in those you know key growth areas for

us because

you know in in just china and india

alone

they represent two of the most dense

building stock

countries in the world with billions of

buildings to be matterported

um and that's just two countries and

there's some

surprising opportunities all across

these regions that have just yet to be

uh i think fully uh tackled that

we want to get after absolutely question

from the chat

any uh thoughts on virtual reality but

obviously

you're creating these spaces we can put

in virtual furniture and that

i want to put on a mask and i want to go

walk through you know will smith's house

and

and play call of duty walking around

this house you know what when how long

are we

away from that ten years five years it's

there today

you can find matterport spaces in oculus

you can go on facebook they're a partner

of ours

we've done museums around the world you

can drop on a headset

and literally walk through they've been

richly matter tagged with videos and

information

um it's actually quite a quite a popular

category

in the last year or so has been the

adoption of matterport

in museums because most of them have you

know shut uh in the last year and we're

creating a virtual alternative that some

are saying is even better

and so we've supported you know vr

integration for a while and to your

point

it matterport already is essentially a

virtual reality so

the headset is just a different version

of a screen if you will and yes it's

more immersive it's really cool

um no doubt about it and so as again as

a platform company for us it's just

saying

let's make sure we support that medium

as well right so if you create a space

you should be able to you know put a

headset on and go

got it wow that's incredible uh you know

i i know

um and we're not gonna touch on the the

spac

process and that you know once once

you're public uh

any any like what what happens if

somebody comes around a big company

comes around and says hey

we'd love to buy you out is that an end

game for matterport or is right now just

the focus scaling

um well you know it's it's sometimes

more likely that something like that

happens before you go public to

you know before it your your position in

the market changes as

as ours is um but at the same time it

also raises your profile right so other

companies will will pay attention and

and maybe something like that occurs but

um

the reason we are are doing this

transaction and going the route of a

public company

is to scale uh 100 and

um and we've got a phenomenal plan

to do this and um

while there are you know any great

company if it's a great company maybe it

does become an acquisition target

for us we're going out and partnering

with all of the best

companies in technology best companies

in real estate

uh and creating i think what i think is

a

really long term durable ecosystem

uh that's been the strategy to be

totally transparent

and um and i think that's that's going

to lead to us building the next big

platform in tech

wow wow i i don't i don't i keep seeing

this question in the comments people are

asking about crime scenes

have you sold these to police

departments it

i it is a use case for sure

for sure wow i mean i mean

it's actually a really good question

because i mean i think about it like

you can't really go back to a crime

scene after like they take all their

photographs

they probably have thousands of

photographs you know the far the mid

the close photo with all the triangles

and stuff they put around

but then at some point the crime scene

gets cleaned up and you're gone you can

never revisit the crime scene again

yeah i mean the theory here you can just

put on an oculus or whatever

virtual reality tech in the future and

you're at the kind of scene again

yeah exactly you can literally be there

and you can be there maybe even moments

after

you know it occurred and it's also um

been used for um crime scene reenactment

so you've seen this before where you

know uh same kind of thing

somebody will go in with some tape

measures and things to us and they'll

try to recreate it in

cads have this sort of low-fi 3d

re-enactment of

you know here's the bedroom here's the

living room here's where the person

entered and the sort of forensic files

or uh you could you could do it

with matterport uh and it'd be the

actual

space right um and so that has

that's happening yes that's incredible

yeah i'm just thinking like

forensic files you get these like funky

graphical

geometries and then just these lines

bullet went this way

but you could actually put that into a

space yeah

yeah and especially you know you can

zoom up and you can get the the

dollhouse view and that bird's eye view

so you could see

the flow of you know the property and

how how potentially

rooms were um uh adjacent to one another

in a join

so that whatever however you're trying

to explain your case of

how something you know actually happened

you you can do it with accuracy

i have uh yeah somewhere i had a tenant

reach out to me once and they're like

hey kevin there's a

there's a leak on the uh on the kitchen

ceiling

and so i pulled up my matterport scan on

it and

just to purposefully go to dollhouse and

i zoomed in to where the point of the

leak was

and i'll pull it up if i can if i can

find it i just have so many of these

scans

oh i have it oh my gosh you got to see

this but i'll just pull it off really

quickly because it's

too funny but uh yeah so let's go into

it here really quick

so this is my this is one of my first

matterport scans

ever and this was a renovation that we

did

and the tenant complained that there was

actually a leak

uh let's see here uh oops sorry uh wrong

that's actually showing the wrong screen

here let's uh that's jim cramer

hold on i gotta find it where's my

computer uh

there we go that's much better okay

perfect

uh okay let me make sure okay you could

see that

well right yep let me make sure yes okay

we're good

okay cool sorry so uh this

basically up here is where a leak was

and so what we did is we just came in

here in dollhouse viewed

like you're talking about here zoomed in

uh

oh i'm zooming into the screen here but

anyway we zoomed in

sorry i'm resetting my uh setup here

yeah there we go

zoomed in to where this was and in the

dollhouse we realized that it was

literally right under the toilet

where this leak was probably coming from

and it was it just ended up being the

wax ring i mean just

the use cases it's just like specific

things like that it's just

crazy that we could solve these things

yeah and um you know

uh and soon you also being able to add

things like an annotation to that model

so

if you did do that repair wouldn't it be

great to know like i replaced

the o-ring or the seal in that toilet in

that bathroom on this date right so

similarly to having your your service

records on your vehicle right which is

all

nicely organized for you and attached to

your vin number and with your dealership

it doesn't exist for houses but wouldn't

it be great you know if you had that and

you you knew visually

which one it was versus just having a

receipt in a drawer for

you know i i fixed a toilet well which

one

yeah and in theory then that could in

the future just be synced up to your

insurer

as well and oh wow this person's

actually improving the property over

time which

i know uh you've got companies like have

you heard of uh

is it who is it who's doing lemonade

lemonade insurance yeah

yeah all everything's just ai based have

you talked to them

yep yeah okay that that me

is really interesting because they're

trying to do ai claims

they're trying to do ai quotes basically

for people or everything's chat based

you guys would be a match made in heaven

yep

yep i mean they're doing really cool

stuff as you probably have seen they do

insurance for pets

super innovative like you know kind of

uh

pushing the um and it's all data driven

right and

so is matterport and and yeah we're

we're

we have um you know

probably 10 of the largest insurance

companies in the u.s our

partners and customers of matterports

today

and we're working on you know what i

really want to see is us

pushing towards those value propositions

for the consumer the homeowner the

renter

um you know all the way out to like you

know

lower uh uh insurance policy fees and

things like that right

faster claims all that stuff so uh it's

it's uh it's all in motion

that's that is so exciting i mean just i

just think about like even just the

amount of

insurance fraud that exists and how many

how much

money matterport scans would save the

insurance industry like i think of it as

a real estate broker investor but

it's it's it's a it's a problem that has

you know

challenged that industry for gosh over a

century

um it's it's a hard one you know but not

so hard

uh when you have an unmistakable system

of record like matterport that you can

refer to as your source of truth um

it's it's really really powerful and you

know

and it's a it's a low-cost low um

uh footprint you know piece of data to

store an archive for the life of a

building

like yeah that's it's negligible

against the value of the building so um

you know we we're excited about it right

um that's why when we started

matterport for iphone we we're saying to

everybody

one space one building one house one

you know vacation rental for free like

scan it

and go like let's get let's get a

billion buildings you know

up on matterport on the free tier why

not it's

you know with a with a smartphone and

especially if you happen to have lidar

like it is a high performance

you know uh freebie probably of

the best i've seen and uh and the power

is

is not just in you know the scan and

being able to walk through but again all

these different things we were talking

about that we're going to open

up in that ecosystem and the marketplace

and

using it as a property management you

know system for you that's visual

easy to understand um it's the best way

to maintain your property

yeah here's a good question somebody's

asking about maybe even like potential

for

for failure prediction uh you know hey

this

looks like there's a leak forming here

maybe the ceiling fan looks like it

could be falling down soon or something

like that just

little alerts like that is that

something that is far out

it it's not far out at all it's it's all

right here

it's because it's available data and not

only

you know failure predictions but stuff

that's out of code

right that's falling out of compliance

like you know that stairway

has no railing like or you know uh

the plug sockets are on the are too low

to the ground

like they need to be at least whatever

12 inches or or 60 whatever it might be

in your

city or you know town state's

jurisdiction

so many things like that right on the

inspection side of the house

um that when you for example

remember when you're buying a house or

selling a house especially when you're

buying

there's not only the appraisal but then

you usually like pay a contractor to

come in

and you know go tell you as their you

know is the foundation

cracked or are these pipes going to

explode or what have you

the matterport model can see a lot of

things too right

um that you can have a lot of people

look at and inspect and measure

without having to even set foot in the

property

now i know this might be a little step

out of

your wheelhouse and i touched on a

little earlier it's just something that

comes up so much and you've

you are clearly so knowledgeable about

lidar and this vision

i i gotta ask elon's thing is

no lidar just cameras only we touched on

this earlier but

every other automaker is gotta have

lidar gotta have a lot of air gotta have

lidar

i know you say it's possible with these

3d scans to do this with just the camera

attack which kind of reiterates the elon

argument

do you do you think there's is elon

going to hit a wall at some point with

the self-driving and again i know it's a

little out of your wheelhouse but

i got to ask because you you're so

experienced on this vision stuff

yeah so the reason that um there's

so many companies embracing lidar is

um the the speed at which

it has to see and respond right

so different from matterport where our

scans are just a moment in time but it's

asynchronous

right you're driving a car down the road

in real time and you're going 70

and stuff's coming at you and and so you

know can it all be

seen with an rgb you know camera lens or

a video camera

and processed and interpreted and can

the distance be triangulated with enough

accuracy

in time you know it's a course correct

don't know like you know it it's it's a

work in progress

i have a tesla i have since 2012. and

wow and i was one of the beta customers

for the first model s rollout and then

you know i'm i'm in my model 3 with full

self driving

and you know it's it's a hair raising

beta

put it that way like when you're driving

up and down in silicon valley on highway

101 like

it's not for the faint of heart i'll

i'll tell you that but you've got

was that you you got in on the beta oh

yeah

oh man i gotta come up there now come on

man i want the beta

it's it's it's um it like i said

it i'm i'm a believer that like you know

with enough data you can get there and

he's built

you know a data network like we have you

know instead of it being

you know tens of thousands of people out

there scanning

properties it's tens of thousands now

hundreds of thousands or maybe over a

mil maybe

probably about thinking of those that

have you know enough

uh data from the vehicles coming but you

know hundreds of thousands of data

points

you know to train their engine on and so

um

they're doing it in in a little bit

different way

than some of these other guys who are um

uh you know strictly basing it on sensor

technology

and and i think look i think both ways

are

are reasonable but the use case being a

little different from matterport in that

you have to be able to

process respond and learn in real time

is a whole different ball game

got it got it i i see a comment did you

used to work at apple and ebay

i did yes and google

how was that and google wow you've been

all around

um you know great

great um i'll i'll share one you know a

couple of anecdotes

i i think anybody who's you know

pursuing a career not even just

in tech but you could be an accountant a

lawyer

finance person everybody should

do a tour of duty working at such an

amazing purpose driven company like ebay

i mean creating

economic empowerment for 190 countries

around the world like

i mean it was a gift and a privilege to

be there i was the first chief product

officer

at ebay in an effort to really restore

product and innovation-led

uh thesis for uh what was a 20 year old

company at that time

um it was a really exciting time to be

at ebay and one of the things i loved

about it by the way i thought was so

fascinating is

there's a whole real estate category in

ebay that not a lot of people

pay attention to but you can go buy you

know wonderful piece of land in arizona

like five acres

for a pretty good price like um right on

ebay

um and of course now modular homes and

you know

shipping container homes and all kinds

of interesting things are popping in

that category

um and uh you know i i feel like it's

it's helping to nudge

you know a little more of that

digitization of the whole property

industry

in the right direction uh and at apple

it was a great experience too in all

these cases i i went in to try to be

uh to do something fairly disruptive and

entrepreneurial but in these sort of

larger established

companies and uh and i was at apple

during steve's last

you know kind of run and uh which was

just an extraordinary time to

via the company and um first product

that i

brought to life in the world of of

ecommerce first sort of

like all online launch was the ipad one

um why in the world does uh

do we all need a giant iphone this thing

like you know people made fun of the

name

the tablets had failed a hundred times

over from dell and every other company

like this is this is apple losing its

way and then

of course it went on to become like one

of the most successful products in the

company's history and

all of the trends and the

naysayers and

and i i saw inside that company just

incredible

stamina and durability to ignore public

opinion and like

just continue to stay focused on

bringing great products to market

regardless of what the spectators

you know would say because the noise

could get pretty loud

um and i give that company such enormous

props for even today like just

continuing to do amazing things

that i mean that is that's really

incredible and i'm sure that's helped

you a lot

at matterport because i mean in any kind

of business you start you get those

naysayers i i it's still one of the

reasons i love your company so much is

because

so many people still don't see the value

like the the opportunity to grow

it like into the spaces is unreal

yeah and you know and we hear that too i

mean it's

it's 2021 we've been through coveted and

sheltered in place and

you know we 10xed our customer base

last year and um uh

and yet there's plenty of people who

just say like you know

virtu i don't you know i don't

understand that there's really any value

beyond a good old-fashioned open house

and great photography

you know on the website and you know

i don't they don't argue with them i

actually take the feedback as a learning

instrument to say okay well what do we

need to do to position

matterport more squarely you know to

drive the answer to that you know proof

point right through the

living room window so to speak right um

and it's

it's always um informative that way and

one of the big things i've

taken away especially from uh

all three of them google apple and ebay

these are extraordinary

customer-centric companies um relentless

at putting the customer at the center of

everything they do

and um and i'm really bringing that to

matterport and it's a work in progress

but

it's it's a big deal we've hired some

phenomenal

uh just hired an incredible woman into

our head of customer

running a huge global customer operation

for us

and that's not just customer support

that's that's kind of redefining how we

will position ourselves

you know with the the very constituency

that

that's brought gotten us this far right

and

you're going to see some really really

great things i hope but i'll check in

with you you can tell me but

um you know we're we're really investing

uh big time and bringing a ton of better

um more conscientious

uh support but also more value

proposition that we just want to

stuff into the matterport offering that

you're already a part of

um and not in a commercial upsell kind

of way but just

you know we've got so many great

customers that have been with us for a

decade now

um and we just want to keep pouring

value into the platform and the

you know the system you're already using

and that's where like all those data

unlocks you're going to see just a ton

of stuff

um come out that um hopefully the

reaction will be that

you know how i've always used matterport

it's been great but you know

um now that i have these new features i

don't know how i could have ever lived

without them in the past

wow it now er what about like churnwiser

are you getting a lot of new competition

or or is this kind of just like a tesla

verse

who's next well

um we look we we we do have an advantage

of being first mover

but also for scalar um and so i think

the

the volume of spaces we matter port you

know

in a given day or even a given hour

sometimes is bigger than

a lot of these other companies combined

i mean it's it's just not even in the in

the same zip code but i don't say that

um you know uh arrogantly that's not so

much the point it's just

we do have scale it doesn't mean that

you can't have a phenomenal newcomer

that's you know got a breakthrough

technology doing something different

and maybe better than matterport uh and

and in fact you know what we're trying

to do here is create greater

adoption and acceptance of this this you

know market as a whole

and so we were a small company once i've

done plenty of startup companies before

those big ones that that i spent time at

and um and i have great respect for the

entrepreneurs

in that regard and what we've done in

fact in many cases is instead of

looking to any of them to figure out how

to you know bury them or

you know just outrun them or outgun them

we try to create some interesting

collaboration opportunities where we can

bring some of these innovators right on

top of our rails

and do some things you know with the

matterport space and start there

right i'll give you one simple example

there's a cool company

called all seated and it's a

it's a startup company that does virtual

digital

event planning and uh and it's it's a

fantastic

um business and what do they do that you

pick a hotel or a banquet facility or

something we might want a wedding

and then you would go into the process

of laying it all out

how many people will it fit does it have

the right you know size dance floor

whatever

right down to like silverware and you

know place settings on the tables it can

all be done digitally

and um you know that could be a business

on its own that

is you know tasked with having to go

create the digital twins of all of those

event spaces around the world just to

get started

right or you can partner with matterport

where we have

25 000 event spaces uh

already in the library who would love to

have your

value-added space planning tool on top

it's only going to drive more business

you know to that venue

right and wow and so our minds are much

more towards

how can we create a one plus one equals

five here with some other

like-minded companies that are trying to

do cool stuff

in and around virtualization of property

that's fascinating because i mean

uh before covid i i would do events for

real estate

i would never really know what i was

going to get

if i went to vegas let's say and i had

to hit up

10 or 20 different venues for a quote

i'd get a paper quote maybe one picture

of a potential room or whatever

but in theory you're saying i could

almost just reverse

this and in the future just search based

on the 3d tours i like the most

yeah yeah by the way

uh my new favorite uh pin board on

pinterest

is my matterport board and um

and who knew but one of the coolest

places to go

discover amazing matterport 3d

you know digital twins of extraordinary

properties and historic landmarks around

the world is on pinterest

and once you get going and pinterest as

you know they have all they'll suggest

more like this

and if you like this kind of stuff

they'll show you more

and there are i mean hundreds of

thousands

of matterport spaces out there um

that's just fun to consume fun to go

explore

and and in many cases it's a good source

if you you know want to put your

headset on and really go immersive with

them uh that's where you'll find a ton

so a little extra uh tip there but it's

it's really

interesting more so than trying to

search for them or discover them on

google

which you can find you know a matterport

of just about anything

this is one where the browse experience

just unfolds a really interesting

you know portfolio i noticed like

peloton

they will steadicam video a path for

let's say a biker or whatever and play

that back to you as if now you're riding

through a space

is there a potential connection here

between uh

you know virtualized fitness so to speak

or being able to immerse yourself into

that museum while you're working out or

something like that

that's interesting idea um uh

short answer is yes right and as a

platform business what we hope to be

able to do is

you know create the flexibility of how

and where you deploy this content

uh into all sorts of use cases without

again like having to do any special

coding or anything because remember you

can

view a matterport space on any device of

any kind

phone tablet with no special hardware or

software really

um and so why not right

it's the the possibilities of you know

where you could bring these

these virtual experiences to our um

are fascinating and we've done um you

know some of the

most interesting pharaohs tombs in egypt

uh matterported um

uh various pieces of the eiffel tower

uh i mean literally like the the list of

historic

landmarks and old you know ancient

buildings and structures and things

matterport there's a whole category of

what i described as building archaeology

where they don't want to see what

happened to the notre dame cathedral

you know happen again where you lose a

treasured piece of history

with no digital system of record either

to recreate it or to

you know um you know at least be able to

archive what it once was

and so the matterports are super

easy and and precision way to do it for

you know again very very low cost

relative to the value of some of these

special

places yeah oh gosh it's so easy i mean

i i i think it was like five years ago

first time i started talking about

matterport photographers like

no i i don't want to be a button pusher

i you know

i want to take 10 minutes to set up each

shot and i'm thinking myself

what you want to make yourself have more

work why

like where it makes it so easy i can

pull the stills right out of there why

would i do that i mean

not not to not to like you know slam

photographers there's obviously there

there's so many cases where photography

is so important but i mean for selling

real estate golly i mean just

it's so incredible what you can do with

your technology any final thoughts that

you have

well you know um uh one related to that

that's interesting i think

the role is going to evolve of the

realtor you know like as we talked about

like things move online

transactions go digital i think i think

it evolves it doesn't go away

i think the photographer role evolves as

well um

and you're gonna move into what do you

do after you capture it right all of the

digital enhancements and the layers of

value

you can add to the space is is a really

really um

powerful and there are i can tell you a

lot of enterprise customers who will pay

you know to have these extensive

customization layers you know put on top

just like google maps has all of these

different layers right for

shopping or entertainment or you know

coffee shops whatever

um you the same can be said for this

kind of spatial data as well well and

you know we

did a um a house in san francisco

really extraordinary um housing

development project took ten years

to build this house it was on two

historic lots in the city right at the

bottom of the curvy street uh lumbar

street

and um at the end of the day we when we

scanned it we we did it with everything

we used the laca

we used our pro 2 we used 360 cameras

and it's when we actually

announced smartphone capture but we also

did it at three different times of the

day because it was an extraordinary view

property so we did

basically a sunrise uh daytime and then

a sunset

and actually did a fourth uh for the the

master suite of a night view

and so um that's where where a little

bit of photography and creativity comes

into play

where if you shoot the place four times

at four different times of the day you

can

get something that you don't get if

you're physically at the open house like

unless you're gonna wait there you know

for 12 hours to see what the sunset

looks like on this property or

see what the sunrise looks like or what

dusk is like and

then you want to catch it in every room

right out every view yeah

we captured this and it was just it blew

people's minds it's very simple

thing to do there's no special you know

so it's just a different you know sweet

point

that was done at a different time of the

day so they're all

in the model and you just could be

standing in one you click to the one

next to it it goes

a little darker and then you click the

one next to that and it's totally dark

out

and it's a very simple thing but like

when buildings become

data like this the ability to manipulate

the experience

in ways that you know just kind of go

beyond the standard it's just right

there like the right

at your fingertips and you know i i hope

that

more people continue to take matterport

as a platform and try to hack

and invent and you know push the

envelope with a medium because there's

so much potential for this far beyond

even what we're doing

the honestly the the app store that

just that mentioned right there in my

opinion is so

game changing because really what you're

doing is you're

letting the world decide well what do we

want to do with this data

and then you're letting them do it and

then you're letting them probably sell

that app or whatever and

and and then boom everybody is happy to

do it yes

yeah yes yes

oh my gosh wow well this is this is

so incredible uh wow i have to say first

of all a huge thank you for coming on me

you've been so insightful

and i'm even i was even asking about

things so i'm not even related to

matterport you've got

great insights i i have to really thank

you for that gosh uh

you know any any uh last things you want

to share with the audience uh

first of all again thank you so much ceo

of matterport this is this has been a

blast

uh you know what should people do do

they reach out to you do they reach out

to go to mad report and buy a camera

download the app how do you how do we

want to say goodbye

yeah first of all kevin thank you for

having me this is

awesome and thank you for being such a

long time awesome proponent of

matterport

you know helping us again get to where

we're going we got

we got a lot more to do we're just

getting started in many ways i'm super

excited and

i mean for sure if you've got an iphone

and again

soon a little bit later this year uh on

android but if you got an iphone like go

try it just download the app it's free

you can go scan a space um and you can

do you can do your house you can do your

apartment in

20 minutes um and tell us what you think

like if it's

not working for you or it's hard to get

started or it's just crap or it's

awesome

share it with us there's all kinds of

feedback in the app you can hit a button

and it comes

straight to us i read all the feedback

that i can

i love getting you know uh customer

input that's how we that's how we get

better

um but i think the coolest thing is just

grabbing it and giving it a try because

it's

in in a way do you remember you know a

while ago i don't know how many years

ago when

apple and google and others and you know

turned on the panorama where you just go

like this

across the room you take a nice long

pano photo

well it's only a little bit more of

a gesture with your phone where you go

all the way around

and if you can do that one twirl you can

you can

you have what it takes um to capture a

matterport space uh there's there's not

much more of a learning curve to it

which is

why i encourage everybody you know to

give it a try because you can

you can even scan and get a 3d moment

like with your friends it's not it

doesn't have to be about selling real

estate or

renting or doing anything you can

actually just be like the three or four

of your family members hanging out in

the living room and you want that shot

in 3d like it's

it's pretty cool um my kids are in more

3d matterport models than they probably

care to admit but

we we do all kinds of fun experimenting

because i'm constantly you know

shooting spaces that is so fun

okay folks well go check out matterport

on the app store

uh super super cool thank you so very

much again for your time

we'll have to catch up again in the

future i uh wish you a very successful

uh spac merger here i know those could

be daunting and

emotional roller coasters so best wishes

there

i i know it's gonna raise capital and

it's gonna help you guys scale

i i'm excited to be along for the ride

awesome kevin great to have you along

and look forward to catching up with you

again uh

in the future happy to come back

definitely thank you so much we'll see

you next time

all right take care

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you