Mighty Buildings Secures $22M for 3D-Printed Homes | Sustainable Construction

Mighty Buildings Secures $22 Million Funding Extension

Mighty Buildings, a company headquartered in Oakland, California, is advancing its mission to revolutionize home construction through 3D printing, robotics, and automation. They have recently obtained a $22 million extension to their Series B funding round.

Increased Investment and Total Funding

This additional capital supplements a $40 million funding announcement made earlier in the year. Consequently, the company’s total funding since its establishment in 2017 now reaches $100 million.

Commitment to Sustainable and Affordable Housing

Mighty Buildings has articulated a core objective: to deliver homes that are both aesthetically pleasing, environmentally sustainable, and financially accessible.

Efficiency Gains Through 3D Printing

The company asserts that its 3D printing techniques enable construction to occur twice as rapidly, require 95% fewer labor hours, and generate ten times less waste compared to traditional building methods. As an illustration, they state the ability to 3D print a 350-square-foot studio apartment within a single 24-hour period.

Allocation of New Capital

Company executives indicate that the newly acquired funds will be directed towards enhancing supply chain operations and accelerating research and development schedules.

Furthermore, the investment will support the company’s pursuit of achieving Net-Zero carbon neutrality by 2028 – a goal that is 22 years ahead of the broader construction industry’s timeline.

Progress in Accessory Dwelling Units

Since its inception, Mighty Buildings has successfully manufactured and installed several accessory dwelling units (ADUs).

Expansion into Multistory Construction

Sam Ruben, co-founder and chief sustainability officer of Mighty Buildings, explained that the new funding will also facilitate the initiation of development for the startup’s multistory construction capabilities.

Initial efforts in this area will likely concentrate on single-family homes and townhouses ranging from two to three stories, with future expansion planned for low-rise apartment buildings.

Ruben anticipates having at least a prototype multistory offering available by late 2022 or early 2023.

Advancing Sustainability Goals

“This funding will allow us to develop our next-generation material, bringing us closer to carbon neutrality by 2028,” Ruben stated. “It also provides opportunities to refine our existing designs, minimizing the environmental impact of foundations and other non-printed components.”

Strategic Initiatives for Carbon Neutrality

Specifically, Mighty Buildings intends to expedite its carbon neutrality roadmap by establishing “high-throughput, sustainable” micro-factories.

They also plan to forge strategic partnerships within the supply chain, accelerate research into innovative technologies, and develop new composite materials derived from recycled or bio-based resources.

Micro-Factory Production Capacity

According to the company, these micro-factories will be capable of producing between 200 and 300 homes annually in areas experiencing housing shortages.

Mighty Buildings plans to create residential developments utilizing its panelized “Mighty Kit System.”

Sales Growth and Revenue

Ruben reported that Mighty Buildings has experienced consistent quarter-over-quarter sales growth, achieving a record of over $7 million in total contracted revenue during the second quarter.

New Fiber-Reinforced Printing Material

The company is also optimistic about its new fiber-reinforced printing material, which is currently undergoing testing with certification expected later this year.

Mighty Buildings claims this new formula demonstrates “over 50% improvement” in embodied carbon compared to its original material, while maintaining a strength profile comparable to reinforced concrete, but with more than four times less weight.

Investors in the Funding Round

The funding extension was supported by a diverse group of both new and existing investors, including ArcTern Ventures, Core Innovation Capital, Decacorn Capital, Gaingels, Khosla Ventures, Klaff Realty, MicroVentures, Modern Venture Partners, Polyvalent Capital, Vibrato Capital, and others.