ICON Raises $207M to Expand 3D-Printed Home Construction

ICON Secures $207 Million to Advance 3D-Printed Construction

Austin, Texas-based ICON is pioneering the use of 3D printing robotics to construct single-family homes for individuals experiencing homelessness. The company is also collaborating with NASA to develop construction methodologies for lunar and Martian habitats.

Recently, ICON completed construction of what is considered the largest 3D-printed structure in North America – a barracks facility for the Texas Military Department.

Company Milestones and Funding

ICON has announced a substantial $207 million Series B funding round, adding to its already impressive $266 million in total equity raised.

This latest investment was spearheaded by Norwest Venture Partners, with participation from a diverse group of investors including 8VC, Bjarke Ingels Group (BIG), BOND, Citi Crosstimbers, Ensemble, Fifth Wall, LENx, Moderne Ventures, and Oakhouse Partners.

Founded in late 2017, ICON gained initial recognition during SXSW in March 2018 with the unveiling of the first permitted 3D-printed home in the United States.

Innovative Construction Technology

The initial 350-square-foot home was printed in approximately 48 hours at 25% printing speed. ICON strategically selected concrete as the primary material due to its inherent durability and resilience.

To date, the startup reports having successfully delivered over two dozen 3D-printed homes and structures throughout the U.S. and Mexico.

A significant portion – over half – of these structures have been dedicated to providing housing for the homeless or individuals living in chronic poverty.

Expanding into the Mainstream Housing Market

In early 2021, ICON ventured into the mainstream housing sector, introducing what were proclaimed to be the first 3D-printed homes for sale in the U.S., developed in partnership with 3Strands in Austin, Texas.

Currently, two of the four homes have purchase agreements in place, with the remaining two scheduled to become available on August 31st.

ICON recently introduced its “next generation” Vulcan construction system and the Exploration Series of homes, with “House Zero” specifically designed and optimized for 3D printing.

Vulcan Technology and Future Capabilities

ICON’s proprietary Vulcan technology facilitates the creation of “resilient, energy-efficient” homes more rapidly than traditional construction methods, while minimizing waste and maximizing design flexibility.

The updated Vulcan system boasts the capacity to 3D print structures up to 3,000 square feet, representing a 1.5x increase in size and a 2x improvement in speed compared to its predecessor.

The company’s long-term objectives encompass the delivery of social, disaster relief, and mainstream housing, alongside continued development of construction systems for lunar and Martian infrastructure in collaboration with NASA.

NASA Partnerships and Martian Habitat Simulation

ICON is currently engaged in two ongoing projects with NASA. The Mars Dune Alpha project, a collaboration between NASA, ICON, and BIG, has seen ICON complete the printing of the wall system and is now progressing with the roof construction.

NASA is actively recruiting participants for crewed missions to inhabit the first simulated Martian habitat 3D printed by ICON, with missions slated to begin next fall.

Demand and Growth

According to CEO Jason Ballard, the most notable development since the $35 million Series A round last August has been a “radical increase in demand for 3D-printed homes and structures.”

Ballard emphasized that addressing the housing shortage requires increasing supply, reducing costs, accelerating construction timelines, enhancing resilience, and promoting sustainability – all without compromising quality or aesthetics.

He believes that construction-scale 3D printing uniquely possesses the potential to achieve all these objectives.

ICON has experienced substantial financial growth, with approximately 400% revenue growth annually since its inception. The company has also tripled its workforce in the past year, now employing over 100 individuals, and anticipates further expansion in the coming year.

Future Outlook and Investment Perspective

The Series B funds will be allocated to expanding 3D-printed home construction, accelerating scaling efforts, investing in research and development, advancing space-based technologies, and creating a positive societal impact on housing challenges.

ICON is actively upgrading its manufacturing capabilities to meet the growing demand for 3D-printed homes.

Norwest Venture Partners Managing Partner Jeff Crowe, who will join ICON’s board, expressed his firm’s conviction that ICON’s technology will significantly address the housing shortage in the U.S. and globally.

Crowe highlighted the difficulty of integrating advanced robotics, materials science, and software to create a reliable 3D printing construction technology, and lauded ICON for successfully achieving this feat.

He believes ICON has all the necessary components to become a “breakout, generational success.”