Austin-based Icon is announcing a $200 million Series D financing co-led by Baillie Gifford and funds managed by BlackRock. That is a lot of money for a printer.
Icon's total funding reaches $700 million, and the company reports a $1.4 billion valuation. The funding comes after Icon launched the Titan multi-story robotic 3D construction system commercially in March of this year.
I read this as a bet on selling the printer, not just printing houses.
Icon previously used its printers on its own projects, and now it is selling the technology to other builders. The Titan reduces the average time to build a home by six weeks and lowers overall costs by 40 percent, according to Icon.
Icon co-founder and CEO Jason Ballard said the company was looking for investors who had helped physical companies move from early startup proof points to scale.
Icon has also been awarded more than $370 million in government contracts to advance Project Olympus, which is developing construction systems to build on the moon.
The traditional homebuilding industry is under stress from higher interest rates and higher costs for land, labor and materials.
What would it take for a traditional builder you know to buy a printer instead of hiring more crews?