AUSTIN, Texas. September 1, 2020 (Statesman.com) — Austin-based construction tech company Icon has raised $35 million to accelerate its growth. The funding round was led by Moderne Ventures. Other investors were CAZ Investments, CITI, Crosstimbers Ventures, Ironspring Ventures, Next Coast Ventures, Oakhouse Partners, Trust Ventures, Vulcan Capital and Wavemaker Partners, and international architecture firm BIG-Bjarke Ingels Group.
The funding will go toward scaling the Icon’s 3D printing technology out of the research and development stage, the company said. Icon makes 3D printing technology that is used to build houses. CEO Jason Ballard co-founded the company with the goal of reimagining the construction and homebuilding process by using technology to provide more affordable, resilient and sustainable homes. It printed its first house in 2018. To date the company has raised $44 million.
“I realized that we were going to have to have a fundamentally new approach to the way that we deliver shelter,” Ballard said. “The way we’ve been building out hasn’t changed much in the last the last thousand years at all. And what this enables is entirely new approaches, not just to the construction process but entirely new architecture, entirely new design and construction possibilities become real.”
Ballard explored a number of different building material options — from shipping containers to architectural fungus — before looking to 3D printing because of its versatility and range. “We need our housing to be so much more than it is today. We need to be more energy efficient, we need to be more sustainable, we need to be more resilient, we need it to be more affordable,” Ballard said.
“All the available options have very small incremental improvements, or are continuing to try the same thing over and over again, just with slightly the different flavors and expecting it to get dramatically better.” Ballard said 3D printing is faster, less expensive and has a wider range of options than traditional construction. The company’s Vulcan printer technology has been utilized to build a number of projects in the U.S and Mexico.
To this point, Icon has both built and operated its printers on behalf of clients. But Ballard said the company is transitioning to putting the technology directly into the hands of other companies. The goal is to let companies operate the printers without any assistance from Icon, he said. Icon is adding positions in robotics, off-planet construction, materials science, software engineering, architecture, building science and operations.
It recently expanded its team from 25 employees to nearly 50. The company has worked with a number of nonprofit partners to build housing and has worked with the U.S. Department of Defense and NASA. Icon recently finished a project with Community First Village, where it built six houses, three of which are already occupied. Constance Freedman, founder and managing partner of Moderne Ventures, and KhanTasinga, director at Palantir Technologies, will join Icon’s board of directors, the company said.
“I believe we will see an evolution of the entire homebuying value chain, especially when integrated with other technologies like digital transactions and augmented reality,” Freedman said in a written statement. “Consumers will be able to order, build, design and purchase a brand-new home in a matter of days — something that’s truly innovative and truly disruptive. We are excited to support Icon as it continues to change the world.”
