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No. of Recommendations: 8
*Had wrong ticker, asked TMF to delete prev post

Matterport is a SPAC I have invested in. Years ago I read "Ready Player One" which since became a meh-quality movie, but basically had a great theme around a Virtual Reality future run by a company the equivalent of all the tech titans combined and social media networks combined. Anyway, I often thought Facebook bought Oculus because of some of these concepts, and in fact Oculus Founder was a fanboy of The Oasis concept found in the book. From 2016 article:
“One of the things I like about ‘Ready Player One’ is all of the depictions in the book are pretty feasible,” Mr. Luckey said. “None of it is crazy, far-out tech.”
Oculus gave out 3,000 copies of the book to attendees of an Oculus developer conference last year (2015). what does this have to do with Matterport? I always imagined Facebook would inject VR at a massive scale into their social network, with some of the key business cases being around real estate...being able to really see and understand a space in 3D, without actually being there. Matterport isn't necessarily VR, but go to this 90 second video to get the idea:

Here is the press release about the SPAC:
Founded in 2011, Matterport has defined the spatial data category for the built world with its market-leading platform that turns any physical space into an immersive 3D digital twin. The Company has created the largest spatial data library in the world, with more than 10 billion square feet of space and growing. Millions of buildings in more than 150 countries have been digitized, from homes, office spaces, museums and schools to factories, hospitals, and retail stores. Matterport monetizes its data primarily under a recurring revenue Software as a Service model and grew its subscriber base by more than 500% in 2020.

Investor Presentation
18x subscriber growth y/y in 2020
Why Matterport?
• Unrivaled spatial data and virtual model fidelity
• Global Scalability across North America, Europe, and Asia Pacific
• AI powered, future-proof platform capabilities
• Digitizes costly, slow, and inefficient site survey process
• Delivers measurement data accuracy within 20mm
• Open architecture enables frictionless integration with Talon’s proprietary
software suite (TalonView)

Current Use Cases
• Construction
• Equipment Design
& Installation
• Facilities
• As Built

They came up with a $1.2T TAM, basically because they probably thought Jeff Green at TTD was cool for always mentioned a $1T TAM. (my comment, duh)

82% subscription Gross Margin
Subscription rev segment will grow from 50%+ of total rev in 2020 to 86%+ in 2025
Gross Margin (all revenue segments) to be in 70%+ range by 2025, due to growing Sub segment.

Revenue projections
2020 86m
2021 123m
2022 202m
2023 323m
You get the idea...again, this is, like, hyper-growth. (projected)

20% Profit margin after COGS and S&M in CY20E
Prior Executive Experience:
Apple, eBay, Google, & Salesforce
CEO was previously SVP of Product at eBay, Head of WW E-Commerce Platform at Apple, and Advisor at FLOR

>$230T Global Real Estate Assets
20B Spaces Globally
<0.1% Digital Penetration (this means they are saying there is a lot of upside to go here)

March article/interview
A lot of museums are using Matterport to get online to help people have access to this artwork. And actually, I think for museums it’s very interesting, because it really democratises people’s access to art. So I can now visit an art gallery in any country I want – if it’s been Matterported. If I’m a school, and I want to take my school kids on an art trip, and I want to go to the Louvre in Paris, I can do it digitally now from the classroom. I don’t have to take everyone on a field trip to Paris. So I think it’s really democratised the public’s access to art, which is really great.

Article stating how schools leveraging Matterport for Reopening
Matterport virtual tours offer the means to help schools set up a plan and relay that information effectively. The technology lets schools create a virtual, 3D rendering of the entire campus. With this digital model in place, officials can get a fuller view of how students use the space, the changes that need to be made, and where to implement them. They can also share the model with anyone with the proper permissions, allowing schools to not just tell but show students what’s being done to keep them safe.

This trend starting pre-covid
For some not familiar with the company, the reported $2.9 billion equity value for Matterport may have come as a surprise for a niche 3D technology company. But Matterport has been growing steadily since their founding in 2011. What has been growing just as fast, however, is the public’s desire to be able to access more representative experiences of potential property purchases from their own homes. With Matterport tours ability to be embedded on real estate website listings directly, their presence is becoming more common, more useful, and ultimately more expected.
Before the pandemic, there was already a strong interest in 3D tours for the real estate market, with a report from Matterport in 2019 finding that 95% of home buyers are more likely to call a real estate agent if the listing has a 3D tour, and with 74% of agents reporting that they are able to win more listings when they include a 3D virtual listing.

Buzz about their phone apps:
Matterport opens the door to 3D scanning for use in all sorts of applications and sharing situations beyond this, too – and with more phones and tablets onboard with 3D-sensing scanners right out the gate, it’s only getting easier and more accurate.

TMF has had a few bullish articles:
But the use cases as the technology becomes more widespread are incredible. If you can measure spaces automatically, analyze and troubleshoot buildings with real-time data, and share spaces with anyone around the world with little more than a smartphone, there's incredible value to be unlocked. The possible impact on construction, real estate sales, furnishing spaces, and even building management is hard to project. And Matterport is just starting to tap into that opportunity.
Lots of software-as-a-service (SaaS) companies deliver impressive growth. But Matterport's track record of 18x subscriber growth over the last two years is especially impressive. The company's subscriber count skyrocketed more than 500% in 2020 alone. Matterport generated revenue of $85.9 million last year, an 87% year-over-year jump.
Matterport projects its revenue will increase by a compound annual growth rate of 59%, soaring close to $750 million by 2025. I don't see any kryptonite or Achille's heel on the horizon for the company. Once the merger with Matterport is finalized, Gore Holdings VI should be practically unstoppable.

This TMF article was pre-SPAC announcement

Matterport CEO on Youtube interview:

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