Spinning a new idea or invention from an existing one is common in business, perhaps especially in the tech sector. But it is making the tool or concept better, different, or somehow as solid as the existing tool, that separates the good from the just OK new offering. That might be why the Procores and other tech leaders tend to rule their niches.
And when it comes to 3D imaging in the property technology niche, Matterport has long dominated, with few contenders. But that changed recently when GeoCV’s 3D imaging system took on the industry leader.
The challenge led to a lawsuit between the industry leader and the upstart, and the case is still in litigation.
In the meantime, GeoCV has continued to win fans, as the 5-year-old startup has been doing since its inception. It has been recognized for its excellence at various trade shows. At the Realcomm technology, real estate and facility conference in June 2018, GeoCV was honored as the Best Tech Innovation.
GeoCv’s Virtual Open House provides a 3D virtual tour of existing spaces. But part of what separates this tool from others is its open architecture, which enables users to own and edit content, self-host and white-label. The startup’s leaders say their tech can monetize the lifecycle of brick and mortar—from construction to interior design, and from virtual shopping to insurance and moving.
Adopters of the GeoCV tool include Compass, Keller Williams, Macklowe Properties, Meridian Capital, Denihan Hospitality, Douglas Elliman, and Rudin Management. But when can a potential user of GeoCV’s Virtual Open House begin to use the tool, in a construction project, for example?
“As soon as the walls are up,” says Jonathan Klein, managing director of GeoCV. “But say you want to own and edit your own data, to monetize your own data? The first step is to own the data and the second step is to monetize that data.”
The open data concept of GeoCV could be viewed as following a growing tech industry trend of open source environments. It also could be considered disruptive.
“We started out as a service provider. We recently launched our software and hardware as a subscription model,” Klein says of GeoCV. “Our approach to data—you can own and edit your data—gives you much more control. And its much different from Matterport.”
The company’s bread and butter is, as might have been guessed from the aforementioned client list, in selling real estate. The Virtual Open is intuitive, easy to use and powerful in its impact on the user.
“By virtue of the user understanding the entire layout immediately, a real estate agent can eliminate a lot of travel time. Now, they can communicate with their entire network without having to go show the property,” Klein says.