Matterport, Inc. (“Matterport”) (Nasdaq: MTTR), the primary spatial data company revolutionizing the digital transformation of the built environment, has officially completed the acquisition of Enview, Inc. (“Enview”), a pioneering company specializing in scalable artificial intelligence (AI) for 3D spatial data.
On January 5, 2022, Matterport acquired the entirety of Enview’s outstanding equity interests in exchange for a total consideration of 1.59 million shares of Matterport’s Class A common stock, valued at $0.0001 per share (“Common Stock”), and a cash payment of $35.5 million. The shares of Common Stock issued in the transaction will be subject to a lock-up period that will expire 180 days after the transaction’s closing. Enview’s 3D AI platform has been successfully deployed on a national scale, addressing critical challenges such as safeguarding critical infrastructure for Fortune 500 energy companies, automating property analytics for insurance and disaster recovery applications, and facilitating logistics and mobility solutions for national security clients. This acquisition of Enview’s technology and team will significantly accelerate the development of Matterport’s next-generation spatial data analytics platform, which aims to optimize the operations and management of physical spaces while providing valuable insights and building intelligence.
RJ Pittman, Chairman and CEO of Matterport, stated, “For over a decade, Matterport has been at the forefront of digitally transforming the built environment. We convert buildings into data, and in the coming years, our focus will be on unlocking the potential of that data for our global customer base. Enview’s advanced spatial data analysis technology perfectly aligns with this strategy and seamlessly complements the Matterport platform. Together, we can deliver groundbreaking building analysis and data insights to our customers, including automated building inspections, AI-powered space planning, and property utilization analysis, thereby driving operational efficiencies in a fully digital environment.”
Enview, founded in San Francisco in 2015, has developed an AI-driven automation platform that offers a highly adaptable framework for effectively solving complex 3D challenges within a digital twin ecosystem. The core technology developed by Enview combines specialized AI algorithms for 3D applications with an enterprise platform that enables the automation of intricate workflows for large-scale datasets. Enview’s technology encompasses a range of 3D spatial operations, including object recognition, feature extraction, feature-based change detection, 2D and 3D measurement, and attribution. The company’s Explore product aims to democratize and automate the previously manual task of extracting insights from complex, sensor-fused 2D and 3D data.
Enview’s AI platform is currently being utilized by both public and private sector organizations to create virtual representations of the physical world and extract valuable insights, ultimately enhancing the protection of people and critical infrastructure and bolstering national security efforts. Notably, Enview has received a Phase III Small Business Innovation Research award from the Commander of the U.S. Pacific Air Forces, as well as a Phase II award from the U.S. Army Rapid Capabilities and Critical Technologies Office, for their AI-enabled 3D modeling of installations and integration of indoor/outdoor digital twins for mission planning and facility management.
San Gunawardana, Co-Founder and CEO of Enview, expressed enthusiasm about the merger, stating, “Matterport is the clear frontrunner in the vast market for digitizing the world’s built spaces. Joining forces with Matterport presents a unique opportunity to combine our leading 3D AI technology with Matterport’s extensive spatial data, providing customers worldwide with unprecedented levels of data-driven insights. We couldn’t have asked for a better company to partner with as we expand our work and develop a world-class analytics platform that adds value to all of the world’s four billion buildings.”