That is a big number.
BlackRock and Baillie Gifford co-led a $200M Series D funding round for Icon. The round values Icon at $1.4B.
Icon is an Austin-based company specializing in 3D-printed real estate. The new funding follows Icon's reveal of Titan, a multistory, robotic 3D construction system that launched commercially in March. Icon's previous models could only build single-story structures.
Icon says Titan can cut the average time to build a home by six weeks and reduce the number of workers needed. The homebuilding industry faces mounting costs from rising interest rates, land prices, labor and materials, according to CNBC. U.S. housing supply is short by up to 4.7 million homes, according to a July report from Zillow.
Icon plans to use the funding to scale Titan and expand its footprint in Texas, Florida and Washington, D.C., and to bring the technology to new markets. Icon has built 260 homes and other structures so far this year, Time Magazine reported.