Matterport, Inc. (NASDAQ: MTTR) has been awarded a contract with In-Q-Tel, which will allow it to enter the US government market. After the news, MTTR shares grew 7.97% to $16.12 on August 30. The company’s market capitalization was $3.87 billion.
According to Matterport, it has signed an agreement with In-Q-Tel, an organization dedicated to securing the company’s cooperation with the US intelligence community, which includes relevant federal agencies and departments of the Department of Defense.
Under the agreement, Matterport will develop a cloud-based solution for government customers. Matterport offers technologies for creating geographic information systems (GIS) for numerous purposes, as well as for modeling complex spaces.
For example, with the help of Matterport developments, you can get an accurate model of an infrastructure facility to design and operate the security systems within. Matterport can also create 3D replica models of buildings, ship compartments, tunnel systems, etc. for use in simulations for training and planning.
Matterport will develop a proposal to deliver the AWS GovCloud government cloud in a way that enables more users to connect to the services they need. Matterport’s developments have reached an appropriate level of data protection and credibility to allow the company to begin work on creating a service capable of participating in government tenders. Consequently, Matterport became the subject of interest from investors who follow the IT industry.