ICON Raises $56M to Revolutionize 3D Printed Homes

ICON Secures $56 Million in Series C Funding

ICON, a construction technology company specializing in 3D-printed homes, has successfully completed a $56 million Series C funding round. This financing was jointly led by Norwest Venture Partners and Tiger Global, as confirmed exclusively to TechCrunch.

Funding Details and Future Plans

This initial closing represents the first phase of funding for the Austin-based company. Existing investors, including CAZ Investments, LEN^X, Modern Ventures, Oakhouse Partners, and Overmatch Ventures, also contributed to this round.

According to a company spokesperson, ICON anticipates securing additional funding, potentially reaching “up to $75 million.” The total capital raised by the startup now exceeds $500 million.

Valuation and Board Changes

ICON has chosen not to disclose its current valuation, nor has it commented on whether it represents an increase, decrease, or stabilization compared to previous assessments. The company was previously valued as “approaching $2 billion” during a February 2022 Series B extension.

Will Hurd, a former Presidential candidate and Congressman, and a previous investor in ICON, has been appointed to the company’s board of directors.

Company History and Initial Breakthrough

Established in late 2017, ICON first gained recognition during SXSW in March 2018. They unveiled the first 3D-printed home permitted for construction in the United States.

The initial prototype, a 350-square-foot dwelling, required approximately 48 hours to print, operating at 25% of its maximum speed.

Focus on Robotic Technology and New Materials

The newly acquired capital will primarily be allocated to the advancement of Phoenix, ICON’s range of multi-story 3D printers. This development aims to make the robotic technology accessible to a wider range of builders.

The spokesperson indicated that this new generation of robotic printers enables multi-story construction utilizing a novel, low-carbon building material.

Continued Construction and Project Portfolio

Despite the focus on technology development, ICON will continue to directly undertake construction projects. The company intends to “design and build a selection of key projects” spanning residential, hospitality, affordable housing, and projects for the Department of Defense.

Impact and Recent Restructuring

To date, ICON reports having 3D-printed nearly 200 homes and structures across the U.S. and Mexico. These projects encompass social and affordable housing, market-rate residences, disaster relief shelters, barracks, and structures for NASA and the U.S. Army and DoD.

In January, ICON underwent a restructuring process, resulting in the reduction of 114 positions. The company stated this decision was made to prioritize key objectives and invest in promising growth opportunities. Currently, ICON employs approximately 200 individuals.

Contact Information

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