3D virtual reality firm Matterport lays off a third of staff
VC-backed company, which has raised $155M to date, attributed the move to fallout from the coronavirus
Even with real estate agents now relying on virtual showings, the 3D video company Matterport has cut one-third of its staff.
The Sunnyvale, Calif.-based company has slashed 90 jobs, according to the Silicon Valley Business Journal, attributing the layoffs to fallout from the coronavirus pandemic.
Founded in 2011, Matterport has raised a total of $155 million from investors, according to PitchBook. The company, which initially sold 3D cameras, has since expanded its services to capturing 360-degree images for brokerage clients, including Keller Williams, RE/MAX, Sotheby’s International Realty and Engel & Völkers.
It had been growing year-over-year under CEO RJ Pittman, former chief product officer at eBay.
As of last year, Matterport had a library of more than 1.6 million 3D models that agents use as a way to conduct virtual tours of properties. [SVBJ] — E.B. Solomont