Texas-based building 3D printing firm ICON has secured $56 million in Collection C funding, following a layoff announcement final month.
Co-led by Norwest Enterprise Companions and Tiger International Administration, this funding spherical marked the primary shut with an extra $75 million in funding anticipated. Current traders, together with CAZ Investments, LENX, Fashionable Ventures, Oakhouse Companions, and Overmatch Ventures, additionally participated.
Having beforehand invested within the firm, Will Hurd, a former Congressman and Presidential candidate, has joined ICON’s board of administrators. Whereas ICON has not disclosed its present valuation or whether or not it has modified since earlier rounds, the corporate has now raised greater than $500 million in complete funding based on TechCrunch.
A big portion of the brand new capital is being allotted towards Phoenix, ICON’s line of multi-story 3D printers, with plans to make the expertise accessible to builders. The corporate has additionally developed a brand new low-carbon constructing materials designed to be used in multi-story building.
Even because it strikes towards equipping builders with its expertise, the Texas-based agency isn’t stepping away from direct building. The corporate nonetheless plans to tackle choose initiatives throughout residential, hospitality, and reasonably priced housing, in addition to work with the U.S. Division of Protection (DoD).
ICON’s building 3D printing efforts
Over time, ICON reportedly held funding rounds to advance its building 3D printing efforts. Again in 2022, the building firm raised $185 million, extending its $207 million Collection B funding spherical from the earlier yr.
Led by Tiger International, this funding got here from current backers and pushed ICON’s complete funding to $461 million, with its valuation reportedly nearing $2 billion. Whereas ICON didn’t touch upon the increase, its earlier funding rounds targeted on scaling operations, rising its crew, and advancing analysis and improvement (R&D) in building 3D printing.
In 2018, the corporate pulled in its first funding spherical valuing $9 million to assemble sustainable 3D printed homes around the globe. One of many latest ICON’s housing initiatives embody eight single-family houses in Wimberley Springs, 40 miles south of Austin, Texas.
Designed utilizing ICON’s AlphaBeta and TexNext collections, these houses vary from 2,800 to 4,000 sq. ft. with 4 to 5 bedrooms. Constructed with excessive thermal efficiency concrete and low-carbon supplies, they meet EnergyStar requirements and supply enhanced power effectivity. Geared up with good thermostats, video doorbells, and sturdy 3D printed partitions, these houses can be found for pre-sale, beginning within the higher $800,000s.
In December 2022, ICON landed a $57.2 million NASA contract beneath Part III of the SBIR program to push ahead Mission Olympus, a plan to construct lunar buildings utilizing 3D printing and lunar regolith. The mission concerned testing the system in house and learning lunar supplies to fine-tune building strategies. As a part of NASA’s Artemis Program, the aim was to put the groundwork for a sustainable human presence on the Moon.
Funding in building continues
Because the potential of building 3D printing is being realized, many corporations have began investing within the expertise. Final yr, Amazon’s Local weather Pledge Fund joined Holcim and British Worldwide Funding (BII) in a Collection A-1 funding spherical for 14Trees, an organization targeted on 3D printing for building.
Though the quantity stays unknown, the funding is alleged to help the deployment of superior 3D printers, software program, and sustainable supplies to develop low-carbon knowledge facilities, large-scale buildings, and utilities throughout Europe and the U.S.
Two years in the past, Mighty Buildings raised $52 million in funding to speed up its enlargement into fastest-growing building markets, Saudi Arabia and the UAE. As well as, the corporate additionally sought to scale U.S. manufacturing to fulfill rising demand for sustainable housing.
This spherical was co-led by Wa’ed Ventures, backed by Saudi Aramco, and BOLD Capital Companions, with practically 20 traders, together with Khosla Ventures and South Korea’s KB-Badgers, taking part.
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Featured picture reveals garden space of ICON’s 3D printed houses. Picture by way of ICON.
