ICON, which builds properties utilizing 3D printing, has closed on $56 million in Series C funding co-led by Norwest Venture Partners and Tiger Global, the corporate has confirmed to TechCrunch solely.
The elevate represents a primary shut for the Austin-based ICON, in accordance with a spokesperson. Existing backers CAZ Investments, LENX, Moderne Ventures, Oakhouse Partners and Overmatch Ventures additionally participated within the spherical. Additional funding of “up to $75 million” is deliberate, in accordance with the spokesperson.
ICON declined to disclose its new valuation or touch upon if the valuation was up, down, or flat. The new capital infusion brings the startup’s complete raised to over $500 million. At the time of its final elevate in February of 2022 — a $185 million extension of a Series B spherical — ICON’s valuation was mentioned to be “approaching $2 billion.”
Former presidential candidate and Congressman Will Hurd, who has beforehand invested in ICON, has additionally joined the corporate’s board of administrators.
Founded in late 2017, ICON launched throughout SXSW in March 2018 with the primary permitted 3D-printed residence within the U.S. That 350-square-foot home took about 48 hours (at 25% velocity) to print.
ICON plans to make use of its new capital principally to “fuel the development of” Phoenix, its line of multi-story 3D printers in order that it could actually “begin putting the robotic technology into the hands of builders.” The new robotic printer, the spokesperson mentioned, permits for multi-story development utilizing a brand new low-carbon constructing materials.
However, the corporate remains to be constructing properties itself. ICON nonetheless plans to “design and build a selection of key projects across residential, hospitality, social/affordable housing, and those within the Department of Defense,” the spokesperson mentioned.
Over the years, ICON says it has 3D-printed almost 200 properties and constructions within the U.S. and Mexico “across social/affordable, market-rate residential, disaster relief housing, barracks and other structures for the U.S. Army, NASA and DoD.” Some of these constructions embrace single-family properties for the homeless.
In January, the corporate confirmed that it was letting go of 114 staff. At the time, the corporate mentioned it had “recently made a difficult decision to re-align” its workforce and workforce measurement “to focus on our highest priorities and continue to invest in our best growth opportunities.” Presently, it has about 200 staff.
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