Construction 3D printing company Mighty Buildings has announced that it raised $52 million in funding.
Wa’ed Ventures, the innovation-focused venture capital fund supported by Saudi Aramco, and BOLD Capital Partners, a U.S. venture firm specializing in disruption and transformation, co-led the funding round. Alongside them, nearly 20 investors, including Khosla Ventures, an existing backer, and KB-Badgers, a South Korean fund centered on advanced manufacturing, automation, and sustainability, participated. Notably, more than half of the raised funds came from new investors.
“This recent funding underlines Mighty Buildings’ leadership in the modular homebuilding market. It will accelerate our growth by funding the international expansion to one of the most exciting homebuilding regions in the world. We are thrilled about the support from such esteemed investors for our mission: solving the housing and climate crises by transforming the way the world builds homes,” said Mighty Buildings’ CFO Rene Griemens.
Funding to transform the construction of new homes
The funds will be allocated to hasten development and expand the production of new homes in the U.S., meeting the rising demand for new homes. Simultaneously, they will be utilized to establish manufacturing facilities in Saudi Arabia and the United Arab Emirates (UAE), both recognized as two of the world’s largest and fastest-growing construction markets. This move to establish operations in the Gulf region aligns with Mighty Buildings’ overarching strategy, aiming to enhance global housing construction. It serves a dual purpose by addressing critical issues like global housing shortage, sustainability, and climate resilience.
“The team at Mighty Buildings have reaffirmed our confidence in the incredible and diverse potential for innovation lying within the construction tech industry. Our investment in the company reflects our belief that innovative materials, as those used in Mighty Buildings’ proprietary 3D-printing, will be a major driver for scalability and sustainability of homebuilding in the Gulf Region,” said Fahad Alidi, Managing Director at Wa’ed Ventures.
Mighty Buildings, following the launch of its advanced Monterrey, Mexico facility in 2022, maintains its dedication to transforming home construction. The company employs its patented factory-based 3D printing process, accelerating construction by 3-4 times, completing a home’s envelope (exterior structure) within a week, while substantially reducing water usage and waste. Leveraging the patented Lumus material, five times stronger than concrete, Mighty Buildings’ technology creates climate-resilient homes capable of withstanding severe weather, including hurricanes and earthquakes.
Mighty Buildings is meeting the surging demand for sustainable, prefab housing, delivering over 50 units, signifying progress in scalable housing tech. Its mission streamlines home construction, making it cost-effective, faster, and eco-friendly, advancing climate-resilient solutions.
Notable strides in construction 3D printing
Construction company Larsen & Toubro (L&T) and the Indian Institute of Technology Madras (IIT Madras) developed India’s first 3D-printed post office in Bengaluru’s Cambridge Layout. It was completed in 43 days, two days ahead of schedule, showcasing the potential of 3D concrete printing. Robotic intervention and pre-embedded designs significantly reduced construction time from the usual 6-8 months to a mere 43 days. Additionally, the 3D printing method incurred a cost of Rs 23 lakh ($27,840), marking a 30-40% reduction in expenses compared to conventional construction, as per George Abraham, Head of Operations (south and east) at L&T.
Hyderabad’s Apsuja Infratech collaborated with Mumbai’s Simpliforge Creations to build the world’s first 3D printed temple as part of Apsuja Infratech’s Siddipet project. Spanning 3,800 square feet and standing 30 feet tall, this intricate structure deviates from traditional construction timelines, with an expected completion period of 2-3 months. Simpliforge’s CEO, Dhruv Gandhi, highlights the project’s ability to manage architectural and aesthetic needs while addressing structural and 3D printing requirements, including cantilever angles of 51° and 32°, in-situ printing, and temple design principles.
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Featured image shows Mighty Buildings’ first 3D printed net-zero energy home. Photo via Mighty Buildings.