Matterport Announces Investment in Digitization Tech Company SIMLAB to Accelerate Building Design, Construction and Management
Matterport, Inc. (NASDAQ: MTTR) announced a strategic partnership with SIMLAB, focusing on digitizing buildings throughout design and construction phases. This investment aims to enhance product offerings that integrate Matterport's digital twins with Building Information Modeling (BIM) and smart home IoT technologies. The collaboration will streamline AEC processes, enabling remote inspections and multi-user support, reducing travel costs by 50%. The partnership is set to accelerate innovation in spatial computing for the global construction industry, impacting project management and execution timelines.
- Partnership with SIMLAB enhances Matterport's digital offerings in AEC industry.
- Investment aims to accelerate innovation and product development.
- Reduces travel costs by 50% through remote inspections and collaboration tools.
- None.
SUNNYVALE, Calif. and GLIWICE, Poland, July 29, 2021 /PRNewswire/ -- Matterport, Inc. (NASDAQ: MTTR), the leading spatial data company driving the digital transformation of the built world, today announced its strategic partnership and investment in SIMLAB, a technology company that specializes in the digitization of buildings throughout the design and construction phases and the development of software toolkits to help architecture, engineering, and construction (AEC) teams communicate more efficiently and effectively at every project stage. Using the Matterport platform, the company creates products and features that integrate Matterport digital twins with Building Information Modeling (BIM) and smart home IoT technologies. The partnership is intended to fuel the development of new integrations and innovative products to meet the needs of AEC customers.
"Our partnership with SIMLAB further cements Matterport as the spatial data platform of choice for the AEC industry," said RJ Pittman, Chief Executive Officer and Chairman of Matterport. "As a publicly-traded company we intend to further accelerate our growth by continuing to pursue strategic investments in partners like SIMLAB. Additionally, this is a clear example of our rapidly expanding developer ecosystem that aims to deliver best in-class industry solutions through a robust library of third-party add-ons and integrations from some of the most innovative companies spanning many important industries across the built world. Together with SIMLAB, we're excited to accelerate innovation and bring new tools to the industry worldwide."
"The Matterport platform is a game-changer for the global construction industry by making it easy to digitize buildings at any stage of development," said Marek Kozlak, founder and CEO of SIMLAB. "Matterport has opened up their spatial data platform to enable companies like SIMLAB to extend the power of the digital twin with new tools that automate construction documentation and project workflows. Matterport's investment will accelerate our technology development and growth plans. We are excited to collaborate on the future of spatial computing and the built world for our customers all over the world."
Matterport enables customers to capture a space with any supported camera, including the iPhone. Once captured, Matterport automatically creates a dimensionally accurate, photorealistic digital twin. With SIMLAB Stages, project stakeholders gain access to new functionality to more precisely track and view progress at all stages of construction from foundations to framing to mechanical-electrical-plumbing (MEP) to sheetrock and finishes. Inspections at construction sites can be done remotely and teams can collaborate with multi-user support, eliminating costly and time-consuming travel to job sites and speeding project execution timelines.
Watch how SIMLAB Stages works here.
Nohara Holdings, one of Japan's most respected construction resource specialists, and Misawa, one of the country's top construction companies, used SIMLAB Stages and Matterport digital twins on a recent project to build model houses. Travel time to the sites was cut by 50 percent, netting considerable cost savings. Another joint project is a large-scale hospital modernization in Tokyo that involves capturing digital twins for each floor every month. Project team members integrate data from sensors within the hospital into the Matterport digital twins to get real-time daily updates on the project site without needing to take more captures. With a construction management platform like SIMLAB Stages, digital twins can be overlaid with BIM and engineering data to let hospital leadership view specific points before, during, and after the renovation without traveling to the site.
Learn more about the groundbreaking technology SIMLAB develops for factories, hospitals, hotels and residential buildings here.
About SIMLAB
SIMLAB is a technology company focused on facility digitalization. We develop software apps for home and building owners, to be used by operators and occupants of offices, factories, hospitals, hotels, and multi-family residential buildings.
SIMLAB apps turn personal living spaces and working environments into multimedia digital command centers, accessible by computer, tablet, and smartphone, empowering users with interactive and intelligent digital twins of their structures, leveraging a combination of 3D models of the facility, real-time data from sensors, and user-defined asset information.
SIMLAB apps allow a way to track changes in a structure, supervise any construction, maintenance, or renovation progress as well as monitor facility aging, providing an easy and intuitive digital solution for the full life cycle of the building. https://simlab.pl/
About Matterport
Matterport, Inc. (NASDAQ: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial data platform turns buildings into data to make spaces more valuable and accessible. Millions of buildings in more than 150 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at matterport.com and browse a gallery of digital twins.
@2021 All rights reserved. Matterport is a registered trademark of Matterport, Inc., and Matterport Capture Services is a trademark of Matterport, Inc. All other marks are the property of their respective owners.
Media Contact:
Naomi Little
Global Communications Manager
press@matterport.com
+44 203 874 6664
Investor Contact:
Soohwan Kim, CFA
VP, Investor Relations
ir@matterport.com
Forward-Looking Statements
This document contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the benefits of the business combination, the services offered by Matterport, Inc. ("Matterport") and the markets in which Matterport operates, business strategies, debt levels, industry environment, potential growth opportunities, the effects of regulations and Matterport's projected future results. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "forecast," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions (including the negative versions of such words or expressions).
Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including the expected benefits of Matterport's partnership with SIMLAB, Matterport's ability to implement business plans, forecasts, and other expectations in the industry in which Matterport competes, and identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in documents filed by Matterport from time to time with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Matterport assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Matterport does not give any assurance that it will achieve its expectations.
View original content to download multimedia:https://www.prnewswire.com/news-releases/matterport-announces-investment-in-digitization-tech-company-simlab-to-accelerate-building-design-construction-and-management-301344625.html
SOURCE Matterport, Inc.
FAQ
What is the significance of Matterport's investment in SIMLAB?
How will Matterport's partnership with SIMLAB impact the construction industry?
What technologies are involved in Matterport's collaboration with SIMLAB?
When was Matterport's partnership with SIMLAB announced?
What is the stock symbol for Matterport?
