The funding provides more evidence that three-dimensional virtual home tours that allow homebuyers to explore photo-realistic spaces from multiple vantage points are on the verge of exploding in real estate.
The new tech allows brokerages, agents and property managers to give homebuyers a virtual window into a home that strides beyond photographs and video without them having to drop their iPad, let alone stand up.
Matterport and Floored, providers of 3-D virtual tour technology, have won Realogy’s FWD pitch competition the last two years.
In April, Seattle-based brokerage Surefield launched with a model based solely on providing 3-D virtual tours to home sellers.
3-D virtual tour technology is blossoming in real estate thanks to increased computing power; better, cheaper cameras; and rising consumer demand.
“The rise of 3-D is happening faster than we expected,” Matterport CEO Bill Brown told Inman News.
Brown says Matterport’s new funding will allow the firm to do three things:
- Continue pioneering 3-D, which Brown calls “a new form of media.”
- Build out its new real estate product, 3-D Showcase, that allows 3-D tours to be viewable within Web pages.
- Continue working with partners like Google to pioneer the hardware and software to bring 3-D technology to consumer devices.
Matterport says it’s close to transforming the cost of recreating a space in 3-D from tens of thousands of dollars to tens of dollars.
Matterport built its own digital camera that captures depth information along with the color and brightness information associated with a typical two-dimensional photo.
Each pixel Matterport captures has four dimensions, Brown said. “It gives you picture-perfect views from multiple vantage points.” Pixels in a typical 2-D photo have three dimensions, he said. The additional one in Matterport’s 3-D models covers depth.
“We compare each of the frames we shoot and figure out where they are in relation to each other,” Brown said. By doing that, the firm creates an immersive model that allows users to navigate through, giving them the feeling that they’re actually in the space.
See Matterport’s new 3-D Showcase product in action on the website of Ralph Marasco, an agent with Omaha, Nebraska-based CBS Home. The tour on Marasco’s site was developed by tech vendor Capture Storm using Matterport’s cameras and software.
Matterport sells both its 3-D cameras and its software-as-a-service platform to turn its images into 3-D models. Cameras go for $4,500 apiece, and the platform goes for between $49 per month and $149 per month depending on a client’s needs.
“Long term, we’re not a hardware company,” Brown said.
“We see the most value in building out computer vision software. We made our first camera because there was not one out there that would capture what our software called for,” he added.