State Auto invests in tech firm Matterport
State Auto has joined the investor roster at Matterport, a Silicon Valley-based tech firm that creates three dimensional (3D) images of building interiors.
The deal is the first by State Auto Labs Fund, an InsurTech fund managed by Rev1 Ventures that was launched in September last year.
Matterport uses artificial intelligence to understand building dimensions and map out the building contents. Matterport has already collected 3D images of over 950,000 properties, and said it has one of the largest data sets of building interiors.
Bill Schmidt, Matterport’s senior vice president for corporate and business development, told The Insurance Insider that the company’s camera and virtual reality software “captures reality quickly and accurately”.
Schimdt said that the technology had multiple applications for clients in the insurance industry, from risk mitigation and underwriting, through to claims.
Matterport said the strategic investment by State Auto Labs would help accelerate the company’s expansion into the insurance world.
Founded in 2010, has firm already raised around $66mn in venture capital funding. The size of the State Auto investment was not disclosed.
Existing investors in Matterport include Lux Capital, DCM Ventures, Qualcomm Ventures, Ericsson Ventures, AMD Ventures, AME Cloud Ventures, CBRE, Felicis Ventures, GIC, Crate and Barrel founder Gordon Segal, iGlobe Partners, Navitas Ventures, Rupert Murdoch’s News Corp. and Sound Ventures.
Kim Garland, managing director of State Auto Labs, said: “Matterport has the opportunity to revolutionise how property risks are underwritten and claims are handled in the insurance industry.”