3D Printing Pioneer ICON Secures $56 Million Series C Funding to Revolutionize Construction Industry
In a major development, ICON, a pioneering company in 3D printed houses, has completed a $56 million Series C financing round led by Norwest Venture Partners and Tiger Global, as exclusively reported by Techcrunch. This significant investment marks the first close of the Austin-based company, which has already secured over $500 million in total financing.
New Inroads in 3D Printing Technology
The new funding will be used to develop the Phoenix series of multi-layer 3D printers, designed to put robotics in the hands of manufacturers. This innovative technology enables the creation of a new carbon-free building material, allowing for the rapid construction of multi-story buildings. The company’s spokesman explained that the new printer allows for a significant reduction in construction time, with some structures taking as little as 48 hours to print.
Strategic Partnerships and Diversification
ICON’s latest funding round also saw the involvement of existing supporters CAZ Investments, Lenx, Modern Ventures, Oakhouse Partners, and Overmatch Ventures. Will Hurd, a former candidate and deputy for the US presidential election, has further strengthened the company’s board by joining as a director, bringing his expertise in innovation and entrepreneurship to the table.
Growth and Impact
Since its inception in 2017, ICON has made significant strides in the 3D printing industry, printing nearly 200 homes and buildings across the United States and Mexico. The company’s portfolio includes social/affordable housing, market-rate housing, post-disaster housing, military camps, and even residential homes for the homeless. These projects have received widespread recognition, with the company partnering with esteemed organizations like NASA and the US Department of Defense.
Recent Restructuring and Future Plans
In January, ICON announced a restructuring effort, which involved reducing its workforce by 114 employees to focus on its top priorities. This strategic decision was made to concentrate on high-growth opportunities and invest in the company’s most promising initiatives. Today, ICON employs around 200 people worldwide, poised to make a significant impact in the construction industry.
Conclusion
As ICON continues to pioneer the 3D printing frontier, its innovative approach is poised to revolutionize the construction industry. With its impressive $56 million Series C funding, the company is well-equipped to accelerate its growth and development, driving the widespread adoption of this cutting-edge technology. As we look to the future, ICON’s commitment to creating a more sustainable, efficient, and efficient construction process will undoubtedly inspire a new wave of innovation, leading to a brighter, more sustainable future for all.
