ICON, which builds homes using 3D printing, has closed on $56 million in Series C funding co-led by Norwest Venture Partners and Tiger Global, the company has confirmed to TechCrunch exclusively.
The raise represents a first close for the Austin-based ICON, according to a spokesperson. Existing backers CAZ Investments, LENX, Moderne Ventures, Oakhouse Partners and Overmatch Ventures also participated in the round. Additional funding of “up to $75 million” is planned, according to the spokesperson.
ICON declined to reveal its new valuation or comment on if the valuation was up, down, or flat. The new capital infusion brings the startup’s total raised to over $500 million. At the time of its last raise in February of 2022 — a $185 million extension of a Series B round — ICON’s valuation was said to be “approaching $2 billion.”
Former presidential candidate and Congressman Will Hurd, who has previously invested in ICON, has also joined the company’s board of directors.
Founded in late 2017, ICON launched during SXSW in March 2018 with the first permitted 3D-printed home in the U.S. That 350-square-foot house took about 48 hours (at 25% speed) to print.
ICON plans to use its new capital mostly to “fuel the development of” Phoenix, its line of multi-story 3D printers so that it can “begin putting the robotic technology into the hands of builders.” The new robotic printer, the spokesperson said, allows for multi-story construction using a new low-carbon building material.
However, the company is still building homes itself. ICON still plans to “design and build a selection of key projects across residential, hospitality, social/affordable housing, and those within the Department of Defense,” the spokesperson said.
Over the years, ICON says it has 3D-printed nearly 200 homes and structures in the U.S. and Mexico “across social/affordable, market-rate residential, disaster relief housing, barracks and other structures for the U.S. Army, NASA and DoD.” Some of those structures include single-family homes for the homeless.
In January, the company confirmed that it was letting go of 114 employees. At the time, the company said it had “recently made a difficult decision to re-align” its team and team size “to focus on our highest priorities and continue to invest in our best growth opportunities.” Presently, it has about 200 employees.
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