Spatial data company Matterport will start trading Friday on Nasdaq under the symbol “MTTR” after it completed its merger with special purpose acquisition company Gores Holdings VI (Nasdaq: GHVI).
Sunnyvale, California-based Matterport said Thursday it has secured approximately $605 million in total cash as a result of the combination, including $310 milion from Gores Holdings VI and $295 million in proceeds from a funding round led by institutional investors, including Tiger Global Management, Fidelity Management & Research Co., Senator Investment Group, Dragoneer Investment Group, funds and accounts managed by BlackRock, Lux Capital, Miller Value Partners, Darlington Partners and Untitled Investments.
RJ Pittman, CEO and chairman of the board of directors of Matterport, said going public will enable Matterport to strengthen its position as a spatial data company for the built world.
“We’re at the dawn of a new era for what’s possible when buildings become data. To capitalize on this extraordinary market opportunity, we plan to increase our investment in our customers’ success, scale innovation and R&D, and accelerate growth through our spatial data platform for the 20 billion spaces around the world,” Pittman added.
Matterport offers a spatial computing platform that allows users to create digital twins of physical spaces. The company now has over 330,000 subscribers across 150 countries with over 5 million spaces under management.
The merger’s completion comes after Matterport unveiled initiatives to help drive the creation of digital representations of physical spaces. These include the launch of the Matterport Capture app on the Google Play Store and a partnership with Facebook’s AI group to help train robots using 3D indoor scans.
Deutsche Bank Securities and Morgan Stanley & Co. served as financial advisers and joint lead placement agents to Gores Holdings VI. Moelis & Co. also acted as financial adviser and Weil, Gotshal & Manges served as legal counsel to Gores.
Credit Suisse Securities (USA) acted as financial and capital markets adviser to Matterport and served as joint lead placement agent on the private investment in public equity. Piper Sandler also acted as capital markets adviser to Matterport. Latham & Watkins and Orrick served as legal adviser and general corporate counsel, respectively, to the spatial data company in the transaction.