Spatial data company Matterport, Inc (NASDAQ: MTTR) will begin trading on the Nasdaq under the "MTTR" ticker symbol on Friday following a special purpose acquisition company (SPAC) merger with Gores Holdings VI Inc (NASDAQ: GHVI).
Matterport has received $605 million in total cash. It includes $310 million from Gores Holdings VI, and $295 million in proceeds led by institutional investors, including Tiger Global Management, LLC, Senator Investment Group, Dragoneer Investment Group, Fidelity Management & Research Company LLC, funds and accounts managed by BlackRock, Miller Value Partners, Darlington Partners, Untitled Investments, and Lux Capital.
Matterport has evolved from a slow-growing maker of expensive 3D cameras to a subscription software company aiming to help create and manage digital versions of the world's physical spaces, Bloomberg reports.
The pandemic accelerated demand for Matterport's 3D renderings of physical spaces. It pushed the company to release its first-ever smartphone app, allowing users to create a digital twin of their property in minutes.
In an exclusive interview with Benzinga, Matterport's CEO explained how the company is capitalizing on the largest asset class in the world.
Price action: GHVI shares traded higher by 4.33% at $14.31 on the last check Thursday.
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