Imaging company Matterport has raised $48 million in a new round of funding, which it plans to spend beefing up its service offerings.
The cash — which came from a group of existing investors including Lux Capital, DCM and Qualcomm Ventures — will go toward expanding Matterport‘s subscription services that convert 2D images into interactive three dimensional models. A company spokesperson told Inman Tuesday that image conversion is “a huge growth area” and the service is “a central focus” of the company’s recent investment.
The new funding comes about a month after Matterport announced it was slashing prices for its subscription service and opening its platform to consumer cameras. The announcement was a major pivot, which company CEO RJ Pittman said was meant to create a “starter experience” and help Matterport eventually map 100 million spaces.
Matterport’s 3D images have been used in real estate for years and provide both an aerial “dollhouse” view of a property as well as a Google Street View-esque interior experience. The spokesperson said Tuesday that so far, Matterport’s tools have been used to capture about 1.6 million spaces in 3D.
However, prior to the January pivot, capturing those spaces required using cameras that cost thousands of dollars as well as paying a minimum of $50 per month for a subscription.
Now, Matterport’s lowest tier subscription is free and the consumer grade cameras run about $400.
The new round of funding should help the company continue expanding this new post-pivot strategy. Matterport’s spokesperson also said the money will be used to fund the company’s geographic expansion as well as its push further into industries such as real estate, travel and insurance.
“This investment reflects the strong, enthusiastic support for scaling this business the right way, and getting to 100 [million] spaces and beyond,” Pittman added to Inman Tuesday in an emailed statement.