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Sorry for acronyms!
Inertial Measurement Unit and Multiple Image Structure from Motion.

What these folks are doing is using your mobile device as an Xbox type kinect sensor, just not in real time. You get the same 3d point cloud data that can be explored with an appropriate viewer. When you see something interesting you can click on the point cloud and the relevant set of images are displayed (ala check number example.) That's what they mean by virtual theft and exploration. Its really a virtual environment.
Posted by Charles Bundy
Updated - 9th Oct