Robotic construction technology startup Diamond Age has dug up $50 million in a Series A funding round led by Prime Movers Lab and Alpaca VC to scale its home construction business and produce 250 homes per year by 2023.
Founded in 2018, Diamond Age has partnered with Century Communities, the nation’s ninth-largest homebuilder, to build affordable homes in Phoenix with plans to eventually stage a national expansion.
Aiming to solve the housing affordability crisis, Diamond Age is able bring more entry-level, single-family homes to market faster by using 3D printing to construct homes in just 30 days as opposed to the traditional 7-month build time for most typical single-family homes.
Rather than build custom homes, Diamond Age employs a unique business model by partnering with production builders like Lennar, KB Home, and D.R. Horton, America's largest homebuilder, to produce standard 3-bedroom homes.
The homebuilders themselves supply Diamond Age with the architectural drawings, floor plans, and elevations to help guide the homebuilding process. Once the process is complete, Diamond Age takes a 45-55% cut of the final sales price, which is typically anywhere between $250,000 and $300,000.
While the build process is unconventional, the final product looks and feels like a home built with traditional methods. While the U.S. remains short by a few million homes, Diamond Age is betting they can help bridge the gap by partnering with the nation's largest homebuilders and without ever having to swing a hammer.
“If we aren’t building 200,000-plus homes a year, we’re never going to solve this problem,” Jack Oslan, CEO, Diamond Age.
CEO Take: Similar to other technology-forward homebuilders we've previously featured on Funding Fridays including Homebound and Veev, Diamond Age is on a mission to address the current housing supply crisis by using innovation and technology to build homes much faster than contemporary construction methods.
We're always inspired by other proptech companies using data and technology to help solve real-world problems like Diamond Age. Congratulations to the team over at Diamond Age on your recent Series A funding round and nationwide expansion plans!
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