ICON Lays Off 25% of Staff - 3D Printed Home Builder

ICON Technologies Announces Workforce Reduction

ICON Technologies Inc., a company specializing in 3D-printed home construction, is implementing a reduction in force affecting 114 employees. This information was disclosed via a WARN letter submitted to the Texas Workforce Commission.

Company Statement on Restructuring

A company representative verified the news with TechCrunch, stating that ICON recently made the challenging decision to realign its team structure. This adjustment aims to concentrate resources on core priorities and foster investment in areas with the greatest potential for growth.

ICON's Origins and Initial Breakthrough

Founded in late 2017, ICON first gained prominence during the SXSW festival in March 2018. The company unveiled the first 3D-printed home permitted for construction within the United States at that time.

The initial structure, measuring 350 square feet, required approximately 48 hours to print, operating at 25% of maximum printing speed.

Funding and Valuation

Throughout its history, Austin-based ICON has secured over $450 million in funding from various investors. These include Tiger Global Management, Norwest Venture Partners, and 8VC, among others.

During its last funding round in February 2022 – a $185 million extension to a Series B round – ICON’s valuation was estimated to be nearing $2 billion.

Impact of Layoffs on Workforce Size

The exact number of employees remaining with ICON following the layoffs, scheduled for March 8, remains undisclosed. Reports from the Austin Business Journal indicated a previous workforce of around 400 employees.

Therefore, the reduction of 114 positions represents a workforce decrease exceeding 25%. A company spokesperson clarified that ICON employed “less than 400” individuals prior to this restructuring.

Previous Projects and Social Impact

Prior to this restructuring, ICON had successfully delivered over two dozen 3D-printed homes and structures across the United States and Mexico.

A significant portion – over half – of these homes were constructed for individuals experiencing homelessness or living in conditions of chronic poverty.

Notable projects include collaborations with New Story in Mexico (2020) and Mobile Loaves & Fishes in Austin, Texas, to provide housing for the chronically homeless.

Entry into the Mainstream Housing Market

In early 2021, ICON entered the mainstream housing market with the first 3D-printed homes offered for sale in the U.S., developed in partnership with 3Strands in Austin, Texas.

Strategic Partnership with Lennar

Further expanding its reach, ICON announced a partnership with Lennar, a major national homebuilder, in October 2021. Lennar also invested in ICON through its venture capital arm, LENx.

Future Focus: Phoenix Line of 3D Printers

According to a statement provided to TechCrunch, ICON’s current priority is accelerating the development of its Phoenix line of multi-story 3D printers.

The company intends to make this robotic technology accessible to builders, enabling wider adoption of 3D printing in construction.

Continued Project Development

“While our mission remains to develop these intelligent machines to build humanity’s future, we will continue to design and build a selection of key projects across residential, hospitality, social/affordable and those within the Department of Defense with a more streamlined team,” the spokesperson added.