UPDATE: Matterport Enters the Public Sector to Digitize U.S. Government Facilities, Infrastructure, and Strategic Initiatives

Rhea-AI Summary

Matterport, Inc. (Nasdaq: MTTR) has partnered with In-Q-Tel to develop a compliant Government Cloud (GovCloud) offering, targeting federal agencies such as the Department of Defense and FEMA. The partnership aims to enhance the adoption of Matterport's spatial data technology for applications across various government sectors, improving emergency response and infrastructure management. The company will utilize AWS GovCloud to ensure compliance with strict security standards, enabling federal agencies to digitize critical assets. This development opens up new use cases and strengthens Matterport’s position in the public sector.

Positive

• Partnership with In-Q-Tel enhances Matterport's potential in government applications.
• Development of a compliant GovCloud offering increases market accessibility for federal agencies.
• Utilization of AWS GovCloud ensures adherence to stringent cybersecurity regulations, improving platform security.
• Support for digitizing critical infrastructure may drive demand for Matterport's technology in national security.

Negative

• None.

New support for compliant government cloud advances security posture and accreditation that enables federal agencies, including the Intelligence and National Security Communities, to adopt and deploy Matterport’s technology across a variety of agency applications.

SUNNYVALE, Calif., Aug. 26, 2021 (GLOBE NEWSWIRE) -- Matterport, Inc. (Nasdaq: MTTR), the leading spatial data company driving the digital transformation of the built world, marks its expansion into the public sector with an agreement to develop a compliant Government Cloud (GovCloud) offering and strategic partnership with In-Q-Tel, Inc. Matterport sees potential for new use cases to across federal agencies, from the Department of Defense and the Intelligence Community to civilian agencies like the Federal Emergency Management Agency and the Department of Health and Human Services.

“Our partnership with In-Q-Tel demonstrates Matterport’s untapped potential and value through use by government agencies,” said RJ Pittman, Chairman and Chief Executive Officer of Matterport. “Our technology will enable the capture of hundreds of thousands of spaces, including critical infrastructure, which the U.S. government protects, manages and operates to keep our country running. Through this partnership, Matterport will enhance crucial services that federal agencies provide to citizens.”

Matterport allows anyone to quickly create accurate and immersive 3D digital twins of physical spaces to more effectively understand, analyze, manage and utilize buildings and spaces. Through the use of Matterport’s technology, federal agencies will be able to digitize and index government facilities, infrastructure and other assets such as airplanes, ships and submarines into a library of accurate and immersive Matterport 3D spaces that can be accessed anytime, anywhere for a myriad of situations. For example, in the event of an emergency, digital twins of buildings, roads, bridges, tunnels, water supplies or electrical grids can be instantly viewed and analyzed by authorized users to respond more efficiently, collaboratively, and more effectively.

“Matterport has developed world-class technology that we expect to be of great value to our national security partners,” said Managing Partner, George Hoyem at In-Q-Tel. “Access to 3D digital twins and the spatial data behind them can fuel a multitude of use cases such as emergency response, military training and historical preservation.”

As part of its multi-cloud strategy, Matterport plans to deploy its platform to Amazon Web Services (AWS) GovCloud (US) to address specific regulatory and compliance requirements, including conformity with heightened cybersecurity requirements. This move will enable U.S. government agencies that acquire and manage sensitive information to use the Matterport subscription platform and services.

“Working with In-Q-Tel has expedited development of our AWS GovCloud (US) offering, which can expand our ability to serve more customers. Working towards this level of regulatory compliance hardens the Matterport platform even further, elevating cloud security for federal and state governments, as well as financial services, utilities, healthcare, educational institutions and enterprises globally,” said Japjit Tulsi, Chief Technology Officer of Matterport.

AWS GovCloud (US) gives government customers and their partners the flexibility to architect secure cloud solutions that comply with compliance regimes including, but not limited to, the FedRAMP High baseline, the DOJ’s Criminal Justice Information Systems (CJIS) Security Policy, U.S. International Traffic in Arms Regulations (ITAR), Export Administration Regulations (EAR), Department of Defense (DoD) Cloud Computing Security Requirements Guide (SRG) for Impact Levels 2, 4 and 5, FIPS 140-2; IRS-1075. From Controlled Unclassified Information (CUI), Personally Identifiable Information (PII), sensitive patient medical records, and financial data to law enforcement data, export-controlled data and other forms of CUI, AWS GovCloud (US) Regions can help customers address compliance in the cloud.

About IQT
IQT is the non-profit organization that the national security community has relied upon for more than 20 years to anticipate their technology questions and needs and achieve solutions. The entirety of IQT – In-Q-Tel and IQT International, IQT Labs, B.Next, and now IQT Emerge – will always look ahead to power our government partners ahead of the technology curve. For more information visit www.iqt.org.

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 Matterport, Inc. All rights reserved. Matterport is a registered trademark and the Matterport logo 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 press release 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 In-Q-Tel, 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.

FAQ

What is the significance of Matterport's partnership with In-Q-Tel?

The partnership enhances Matterport's capabilities to serve federal agencies, potentially increasing adoption of its technology in national security and emergency management.

How will Matterport's GovCloud offering impact federal agencies?

The GovCloud offering will enable federal agencies to digitize critical assets, improving operational efficiency and emergency response capabilities.

What compliance standards does Matterport's AWS GovCloud address?

Matterport's AWS GovCloud complies with regulations including FedRAMP, CJIS, and DoD security requirements, ensuring security for sensitive government data.

What sectors can benefit from Matterport's technology?

Matterport's technology can benefit sectors including national security, healthcare, utilities, and educational institutions through enhanced spatial data management.

What is the stock symbol for Matterport?

The stock symbol for Matterport is MTTR.