Matterport Completes SOC 2 Milestone for Enterprise Customers

SUNNYVALE, Calif., May 31, 2022 (GLOBE NEWSWIRE) -- Matterport, Inc. (Nasdaq: MTTR), the leading spatial data company driving the digital transformation of the built world, today announced another important step in its commitment to protect and secure customer data. An audit conducted by an independent Certified Public Accountant (CPA) firm verified that Matterport's platform meets rigorous SOC 2 Type II standards for confidentiality, a key requirement for many of the company’s Fortune 1000 customers and other enterprise organizations evaluating the deployment of digital twins. 

Salt River Project (SRP), a not-for-profit public power utility and the largest electricity provider in the greater Phoenix metropolitan area serving approximately 1.1 million customers, uses Matterport to capture physical spaces and facilities to document as-builts to achieve efficiencies regarding industrial-grade operations and maintenance, and to reduce risk through digital capture of mandated compliance requirements. For example, SRP captures Matterport digital twins to conduct inspections, collaborate, and create a digital library for ongoing reference. Using Matterport digital twins, SRP also reduces the need to travel across an infrastructure spanning hundreds of miles.

“Information security is of the highest concern for the utility industry, and SOC 2 Type II attestation is a necessity for our organization as we look for the right partner in creating digital twins of our sites and utilizing spatial data to better serve our customers,” said Russell Genet, Hydro ICE Supervisor for the Salt River Project. “We would only consider partnering with an organization that takes our data integrity and security as seriously as we do, and I believe Matterport is showing that commitment with the completion of these audits.” 

Created by the American Institute of Certified Public Accountants (AICPA), SOC 2 is a reporting framework that sets benchmarks for managing customer data across five categories: security, availability, processing integrity, privacy and confidentiality. After completing its SOC 2 Type II audit for security, availability, and operational controls in 2021, Matterport has now successfully completed a SOC 2 Type II audit for confidentiality. 

“Collecting, securing, and properly managing customer data is core to Matterport’s business,” said Japjit Tulsi, Chief Technology Officer of Matterport. “The successful completion of the next phase of our SOC 2 Type II audit on confidentiality further demonstrates our commitment to ensuring controls are in place to protect and secure customer data.” 

Matterport’s market-leading spatial data platform transforms any physical space into a dimensionally accurate and photorealistic digital twin, providing customers with unparalleled data insights needed to manage spaces more effectively than ever before. Over 562,000 subscribers in 177 countries have captured more than 7.3 million spaces to better access, manage and understand them - from a single property to a global portfolio of buildings. The company is investing significant resources to help its customers securely scale and leverage digital twins as a collaboration tool with their clients and partners.

To learn more about Matterport’s products and services for enterprise organizations and to contact sales, visit matterport.com/enterprise.   

About Matterport
Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial data platform turns buildings into data to make nearly every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at Matterport.com and visit our Discover page to browse a collection of digital twins captured by our customers.

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Forward-Looking Statements
This document contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the benefits of the business combination, the services offered by Matterport, Inc. (“Matterport”) and the markets in which Matterport operates, business strategies, debt levels, industry environment, potential growth opportunities, the effects of regulations and Matterport’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “forecast,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions).

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including the expected benefits of completing the SOC2 Type II audit for confidentiality, Matterport’s ability to implement business plans, forecasts, and other expectations in the industry in which Matterport competes, and identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in documents filed by Matterport from time to time with the U.S. Securities and Exchange Commission (the “SEC”). These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.  Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Matterport assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Matterport does not give any assurance that it will achieve its expectations.