Matterport, Inc. (MTTR) is the world’s leading platform for the digitization and datafication of buildings and structured spaces, asserts Adam Johnson, a leading growth stock expert and editor of Bullseye Brief.

The company’s innovative software and unique 3D capture technology enable immersive virtual exploration, unlocking engineering/design improvements, operational efficiencies and property value realization.

Matterport’s potential use-cases span every industry where real estate is an essential component. Retailers can manage multiple store locations remotely. Brokers can provide virtual open houses for hundreds of visitors simultaneously. Property developers can monitor construction with greater detail. Insurance companies can more precisely document claims and assessments.

Having already digitized 10B square feet of space across multiple industries, Matterport has significant first mover advantage over the rest of the market. This technology involves melding multiple photos into a seamless whole.

This is where the company’s unique Cortex-branded software comes into play. Driven by artificial intelligence which effectively fills in the blanks, Matterport’s solution reflects 10 years of R&D and 71 patents. With over 20B sq. ft. of interior space captured to date, Matterport’s database is the largest of its kind, leading the next closest competitor by 100 to 1.

Matterport was founded in 2011 and just went public in July, following a $2.5B debt-free SPAC transaction which provided significant institutional backing and $630M in cash. Revenues are are track to double this year to $110M, and customers include 130 of the largest 1,000 companies in the US — Amazon (AMZN) among them.

Matterport currently has over 400k subscribers across 150 countries, including leading real estate development firms Brookfield Properties and Cushman & Wakefield.

Facebook (FB) is also a noted customer, in part because the company is a testing ground for Facebook’s 3D immersive Oculus headset. This is a marquee win, and I credit CEO RJ Pittman.

He previously served as Chief Product Office at Ebay and as CEO of a graphical interface company called Groxis, which was key to promoting Amazon, Google and Yahoo in the early days. I think his credibility has been key to winning Silicon Vally’s support. One day, his connections might even attract a buyer for Matterport.

Matterport is a transformational business with enormous potential. There are 4B buildings in the world according to the company, and fewer than 1% of them have been digitized. Property manager Savills World Research argues that  this represents a $240B addressable market, compared to current annual revenues of $122M.

Overall, I like owning Matterport in the low teens, where it has effectively built a base since May. This appears to be a solid area of support for the stock.

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