Texas-based construction 3D printing company ICON has secured $56 million in Series C funding, following a layoff announcement last month.
Co-led by Norwest Venture Partners and Tiger Global Management, this funding round marked the first close with an additional $75 million in funding expected. Existing investors, including CAZ Investments, LENX, Modern Ventures, Oakhouse Partners, and Overmatch Ventures, also participated.
Having previously invested in the company, Will Hurd, a former Congressman and Presidential candidate, has joined ICON’s board of directors. While ICON has not disclosed its current valuation or whether it has changed since previous rounds, the company has now raised more than $500 million in total funding according to TechCrunch.
A large portion of the new capital is being allocated toward Phoenix, ICON’s line of multi-story 3D printers, with plans to make the technology available to builders. The company has also developed a new low-carbon building material designed for use in multi-story construction.
Even as it moves toward equipping builders with its technology, the Texas-based firm isn’t stepping away from direct construction. The company still plans to take on select projects across residential, hospitality, and affordable housing, as well as work with the U.S. Department of Defense (DoD).
ICON’s construction 3D printing efforts
Over the years, ICON reportedly held funding rounds to advance its construction 3D printing efforts. Back in 2022, the construction company raised $185 million, extending its $207 million Series B funding round from the previous year.
Led by Tiger Global, this funding came from existing backers and pushed ICON’s total funding to $461 million, with its valuation reportedly nearing $2 billion. While ICON didn’t comment on the raise, its previous funding rounds focused on scaling operations, growing its team, and advancing research and development (R&D) in construction 3D printing.
In 2018, the company pulled in its first funding round valuing $9 million to construct sustainable 3D printed houses around the world. One of the recent ICON’s housing projects include eight single-family homes in Wimberley Springs, 40 miles south of Austin, Texas.
Designed using ICON’s AlphaBeta and TexNext collections, these homes range from 2,800 to 4,000 sq. ft. with four to five bedrooms. Built with high thermal performance concrete and low-carbon materials, they meet EnergyStar standards and offer enhanced energy efficiency. Equipped with smart thermostats, video doorbells, and durable 3D printed walls, these homes are available for pre-sale, starting in the upper $800,000s.
In December 2022, ICON landed a $57.2 million NASA contract under Phase III of the SBIR program to push forward Project Olympus, a plan to build lunar structures using 3D printing and lunar regolith. The project involved testing the system in space and studying lunar materials to fine-tune construction methods. As part of NASA’s Artemis Program, the goal was to lay the groundwork for a sustainable human presence on the Moon.
Investment in construction continues
As the potential of construction 3D printing is being realized, many companies have started investing in the technology. Last year, Amazon’s Climate Pledge Fund joined Holcim and British International Investment (BII) in a Series A-1 investment round for 14Trees, a company focused on 3D printing for construction.
Although the amount remains unknown, the investment is said to support the deployment of advanced 3D printers, software, and sustainable materials to develop low-carbon data centers, large-scale buildings, and utilities across Europe and the U.S.
Two years ago, Mighty Buildings raised $52 million in funding to accelerate its expansion into fastest-growing construction markets, Saudi Arabia and the UAE. In addition, the company also sought to scale U.S. production to meet rising demand for sustainable housing.
This round was co-led by Wa’ed Ventures, backed by Saudi Aramco, and BOLD Capital Partners, with nearly 20 investors, including Khosla Ventures and South Korea’s KB-Badgers, participating.
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Featured image shows lawn area of ICON’s 3D printed homes. Photo via ICON.
