Icon has raised $200 million in a Series D round led by Baillie Gifford and BlackRock, taking total funding to $700 million and valuing the 3D homebuilder at $1.4 billion.
01Summary
- 01Austin-based Icon said its $200 million Series D financing was co-led by Baillie Gifford and funds managed by BlackRock.
- 02The latest round lifts Icon's total funding to $700 million and its valuation to $1.4 billion.
- 03Icon's Titan multi-storey robotic 3D construction system launched commercially in March and can cut build time by six weeks and costs by 40%, according to the company.
- 04The company says the new money will help scale Titan, develop new technologies and expand in Texas, Florida and Washington, D.C., and into other U.S. markets.
- 05Icon said it is on pace for four times revenue growth this year and sees a possible IPO in the future.
02Why it matters
The funding shows major institutional investors are backing 3D-printed housing as builders face higher costs and a housing shortage. It could help speed up new-home construction and widen the use of robotic building systems in the U.S.
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