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When Icon printed its first home in 2018, co-founder Jason Ballard knew that 3D printing had the potential to revolutionize the way we make homes, defense, and space.
Less than four years later, the Austin-based construction startup has already built more than two dozen homes and buildings using 3D printing technology, is now working with NASA to develop habitats on the Moon and eventually Mars, and has barracks for the Texas Military printed department.
“I don’t think we’ve got all three in three and a half years, but we knew they were a real opportunity for the technology,” Ballard said. “It’s really the speed and speed at which we get ready from the first prototype of the machine in the first demonstration house to hundreds of homes with serious builders and serious architects in one of America’s largest cities like Austin.”
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The startup is now preparing for its next growth chapter. On Tuesday, Icon announced that it had raised $ 207 million in funding to quickly grow its team and capabilities.
The investors in the financing round include 8VC, BIG-Bjarke Ingels Group, BOND, Citi Crosstimbers, Ensemble, Fifth Wall, LENx, Moderne Ventures and Oakhouse Partners. The most recent funding builds on $ 35 million the company raised in August 2020, along with $ 9 million in seed funding in 2018.
Founded in response to the global real estate crisis, Icon unveiled its first 3D-printed structure in 2018, a 350-square-foot house in East Austin that was built in 47 hours of total printing time at a cost of around $ 10,000.
The company originally considered a range of building material options – from shipping containers to architectural mushrooms – before moving on to 3D printing for its versatility and reach. Ballard said the technology is faster, cheaper, and offers a wider range of options than traditional designs.
The company uses its own Vulcan printer technology to build projects and has worked with a number of nonprofit partners to build homes. It has also worked with the US Department of Defense and NASA.
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His projects include dozens of homes in the US and Mexico, military barracks, a simulated habitat designed to mimic life on Mars. Its hardware is to go into space within the next few years as part of NASA’s Artemis program.
Icon also recently completed a 3D printed house development in East Austin.
Ballard said the company is currently “de-demanded” as hundreds of builders contact with inquiries for thousands of homes. Some of the funding will go into stand-up manufacturing so the company can significantly scale its Volcan printers to keep up with demand.
The company currently has four Volcan printers, each of which can print one home a day. With the new funding, Icon could scale to a further dozen printers by the end of the year and add more over the next year at that pace, Ballard said.
The company’s existing printers are already booked out for the next few years, he said. The new printers will be Icon’s third generation of construction technology and the third printer iteration. They are capable of 3D printing houses and buildings up to 3,000 square feet, according to the company.
Ballard said Icon plans to grow its team significantly, adding new employees in a variety of areas including manufacturing, tech, engineering and field service. Icon currently employs around 100 people, a number that has doubled this year. Ballard said he anticipates the company will continue to double over the next year and the following year.
“We are trying to win an elite and diverse team of scientists, engineers and architects. Humanity will benefit tremendously if we find a better way to build and actually overcome the housing crisis, ”Ballard said.
Ballard attributes the company’s success to dozens of technical and scientific breakthroughs.
“Innovation is always managed chaos or you are not innovating,” Ballard said. “If you know what’s going to happen, you’re not innovative.”
Ballard said Icon’s collaboration with NASA helped accelerate the company’s development process and focus more on autonomy without human operators.
“The civilization figuring out how to build a lunar base will be the same civilization figuring out how to solve homelessness. They fit together because they will contain fresh, innovative and groundbreaking thinking, ”Ballard called.
Icon’s $ 207 million funding round is one of the largest this year for companies in the Austin area. The capital raised by companies is important to Austin’s economy as it often results in hiring people, expanding facilities, and accelerating product development. Some other local funding rounds of more than $ 100 million this year include:
- In April, Arrive Logistics raised $ 300 million in equity to expand its freight brokerage business and hire 1,000 people.
- In May, Workrise, which operates an online platform for the oil, gas, and energy industries and previously called RigUp, raised $ 300 million to expand its reach.
- In July, Elevate Brands, an e-commerce company that buys companies that sell products on Amazon, raised $ 250 million to fuel its growth and add more third-party sellers to its portfolio.
- Austin-based real estate startup Homeward raised $ 135 million in equity and $ 235 million in debt financing in May to help grow its business, meet demand, and expand into new markets.
- In June, Outdoorsy, an online platform that enables people who own RVs, RVs, RVs, and trailers to rent their vehicles, raised $ 120 million to increase its platform and reach.
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