Austin-based construction startup ICON is ready to further expand its 3D printing after raising $207 million in Series B funding.
The company has raised $266 million in equity since it was founded in 2017. Norwest Venture Partners led the latest funding round, according to TechCrunch, with participation from other companies including 8VC, Fifth Wall, Moderne Ventures and Oakhouse Partners. The firm did not reveal a valuation.
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ICON launched in March 2018 with the first permitted 3D-printed home in the country, a 350-square-foot house that took 48 hours to build. The company has since delivered more than two dozen such homes in the United States and Mexico, with more than half for those experiencing homelessness or chronic poverty as the company tackles affordable housing.
Earlier this year, ICON partnered with developer 3Strands on four homes. Two are already in contract. The other two aren’t expected to hit the market until the end of the month.
ICON utilizes proprietary Vulcan technology to print its 3D homes. The company recently unveiled a new system capable of printing homes up to 3,000 square feet at two times faster than its previous printers.
The company also has several space-based projects in the works with NASA.
ICON raised $35 million in Series A last August and reported almost 400 percent revenue growth annually and a tripling of its team last year, with plans to double it again this year.
With the latest funding round, ICON will look to build more 3D-printed homes, as well as scale production, commit to research and development and invest more in potential space-related tech advancements.
[TechCrunch] — Holden Walter-Warner