The innovative construction tech business ICON has raised a record-breaking $207 million in its Series B financing round.
Norwest Venture Partners headed the round that took place on 24th August. Others participated in the event, including Ensemble, Bjarke Ingels Group, Moderne Ventures, Fifth Wall, and many more. With this round of funding, ICON has successfully raised a whole of $266 million in equity. However, the company kept its valuation a secret.
Established in 2017, ICON debuted with its first 3D-printed house in the United States at SXSW conferences in March of the following year.
The 350-square-foot home needed nearly two days to print. ICON picked concrete as the medium as it considers the most robust material on earth. Since that day, the company claims to have delivered over two dozen 3D-printed residences and buildings around the United States and Mexico. Over half of the residences were for the homeless or people living in extreme poverty. ICON has worked with a non-profit organization, New Story, to provide 3D-printed houses in the previous year. In Texas, the firm has finished a set of homes for severely homeless people with the collaboration of NPO Mobile Loaves & Fishes.
This year, the business stepped into the conventional housing industry for a development firm and a non-profit, 3Strands, in Texas. In this project, ICON claimed they were the first 3D-printed residences for sale in the country. Half of the houses have already been sold. And, on 31st August, the last two pads will go for sale.
ICON will use its new funds to build more 3D printed homes and to have an enduring social influence on housing issues. In addition, rapid scaling and boosting its research & development for space-based tech developments is also the motive of the fund utilization. As per the co-founder, Ballard, they anticipate providing thousands of residences every year within the coming 5 years.
Northwest's managing partner Jeff Crowe will enter the 3D printing company's panel as part of the investment. According to him, ICON's technology will substantially affect the housing crisis in the United States and worldwide.
Recently ICON introduced Vulcan construction technology.
This new generation system helps to build durable and energy-efficient houses with more architectural options. Ballard states that it can also print 3D print houses and projects up to 3,000 sq ft and is 1.5 times larger and two times speedier than its prior Vulcan 3-d printing.
Ballard also mentioned that ICON's upcoming goals include delivering social, disaster aid, and more normal housing. He reveals that ICON will also work on building construction tools to make homes on the moon and, ultimately, Mars in collaboration with NASA. The three companies, NASA, ICON & BIG, have unveiled their project Mars Dune Alpha. ICON has already completed printing the walls and currently working on the roof. On the other hand, NASA has started accepting applications for spacecraft expeditions to reside in the ICON's first replicated Martian house (3D printed), which will launch next fall.
ICON has experienced exceptional financial development, with sales increasing by 400 percent almost every year since its foundation.
It has also tripled its workforce in the last year, with over 100 people.
Within the following year, it plans to double in scale.