State Auto Labs Fund Invests in Matterport

Sunnyvale-based Matterport announced that State Auto Labs Fund, managed by Rev1 Ventures, has joined its growing list of strategic investors. The investment is the first such investment by State Auto Labs Fund since announcing the launch of a corporate venture fund last September to support innovations in the insurance industry.

Matterport, which has raised $66m since its inception in 2010, develops a platform to digitally capture, document, visualize and collaborate around properties in 3D on web, mobile and in VR. It targets customers across multiple industries, including residential real estate, multifamily, commercial real estate, vacation rentals, hotels, business listings, architecture, engineering, construction, insurance, and facilities management. Also, it has a library of 3D space data, consisting of almost one million 3D models of real-world spaces, fueling its use of deep learning to create the next generation of AI-based computer vision technologies for the digital reconstruction and detailed understanding of spaces.

The strategic investment by State Auto Labs will go toward accelerating Matterport’s expansion in the insurance industry, further extending its leadership position in 3D and VR business solutions while building out its global infrastructure.

“Matterport has the opportunity to revolutionize how property risks are underwritten and claims are handled in the insurance industry. We are delighted to work with Matterport as they extend their revolutionary technology to the insurance vertical, and are honored that they are the first investment of the State Auto Labs Fund” – Senior Vice President, Commercial Lines & Managing Director of State Auto Labs, Kim Garlan.