At a glance
- The round brings Icon's total funding to $700 million at a $1.4 billion valuation, CNBC reported.
- Proceeds from the Series D will go toward scaling Icon's Titan system, expanding in Texas, Florida and Washington, D.C., and entering new markets, Bisnow reported.
- Icon says Titan can cut the average time to build a home by six weeks, reduce the number of workers needed and lower overall costs by 40%.
BlackRock and Baillie Gifford co-led a $200 million Series D for Icon, the Austin-based 3D-printing construction company, Bisnow reported, citing a release. The round brings Icon's total funding to $700 million at a $1.4 billion valuation, CNBC reported.
Proceeds from the Series D will go toward scaling Icon's Titan system, expanding in Texas, Florida and Washington, D.C., and entering new markets, Bisnow reported.
Icon says Titan can cut the average time to build a home by six weeks, reduce the number of workers needed and lower overall costs by 40%. Titan is a multistory robotic 3D construction system that launched commercially in March; Icon's earlier models could only produce single-story structures.
Rising interest rates, land prices, labor and materials are pressuring builders, CNBC reported. A July report from Zillow put the U.S. housing shortfall at up to 4.7 million homes.
Icon has built 260 homes and other structures so far this year, Time Magazine reported last month. The company has worked with the U.S. military and NASA, and Wells Fargo said in May it would issue mortgages for buyers of Icon's 3D-printed homes, The Real Deal reported.
Icon has used its printers on its own projects before, including a 100-home community 27 miles north of Austin developed with homebuilder Lennar. Ballard told CNBC the company is on pace to grow revenue fourfold this year and double that next year. He also said he has hopes for a potential future IPO.
| Item | Detail | Source |
|---|---|---|
| Round | $200M Series D, co-led by BlackRock and Baillie Gifford | Bisnow, citing a release |
| Valuation / total funding | $1.4B valuation; $700M raised to date | CNBC |
| Use of proceeds | Scale Titan; expand in Texas, Florida, Washington, D.C.; new markets | Bisnow |
| Build record | 260 homes and other structures this year | Time Magazine |
| Financing channel | Wells Fargo to issue mortgages on Icon's 3D-printed homes (May) | The Real Deal |
Reported by the Fundraising desk from Bisnow — Capital Markets, CNBC (via Bisnow), Time Magazine (via Bisnow) and The Real Deal (via Bisnow). Published . Corrections