Matterport, the US-based 3D modelling technology provider that counts corporates CBRE, Ericsson, AMD, News Corp, PTC and Qualcomm as investors, agreed on Monday to a reverse merger.
The company is joining forces with Gores Holdings VI, a special purpose acquisition company that floated on the Nasdaq Capital Market in a $300m initial public offering in December 2020, and the transaction will value the combined company at $2.9bn.
The deal will be backed by a $295m financing from investors including financial services and investment group Fidelity, Tiger Global Management, Senator Investment Group, Dragoneer Investment Group, Darlington Partners, Untitled Investments, Miller Value Partners, Lux Capital and funds and accounts managed by BlackRock.
Matterport is the developer of a software platform that uses spatial computing technology to capture the dimensions of any enclosed space and create a 3D model that can be shared with others or used as the basis for activities such as home renovations or rental advertising.
The transaction comes after the company closed $52.4m in funding from unnamed investors in July 2020, according to a regulatory filing, just over a year after internet-of-things software provider PTC invested an undisclosed sum through a strategic partnership agreement.
Mobile chipmaker Qualcomm’s corporate venturing unit, Qualcomm Ventures, joined DCM and Lux Capital to provide $48m in funding for Matterport in March 2019 at a reported $373m post-money valuation.
The company had received an undisclosed amount from State Auto Labs Fund, the joint venture between insurer State Auto and venture capital firm Rev1 Ventures, in 2018, following a $5m investment by communications technology provider Ericsson’s investment arm, Ericsson Ventures, the previous year.
Real estate developer CBRE Group and media group News Corp had joined Luminari Capital and Sound Ventures to provide an undisclosed amount for Matterport in a 2016 round that followed a $30m series C round in 2015 that was led by Qualcomm Ventures and backed by GIC.
DCM led the company’s $16m series B round in 2014, investing with AMD Ventures, chipmaker AMD’s corporate VC unit, as well as Qualcomm Ventures, AME Cloud Ventures, Lux Capital, Felicis Ventures, Greylock Partners, Navitas Capital, Rothenberg Ventures and various individuals.
Matterport had previously closed an $8.4m series A round in 2013 featuring Qualcomm Ventures, Lux Capital, Felicis Ventures, Greylock, Red Swan Ventures and various angel investors to take its overall funding to $10m.
