3D Printing Industry was on hand to witness the announcement of a substantial seed funding drive successfully achieved by a Texas-based construction technologies company, ICON. This is “said to be one of the largest seed rounds for Texas startups in 2018.”
Apparently, ICON has been able to raise $9 million from Oakhouse Partners (an early stage venture capital firm based in California), “D.R. Horton, Emaar, Capital Factory, CAZ Investments, Cielo Property Group, Engage Ventures, MicroVentures, Saturn Five, Shadow Ventures, Trust Ventures, Verbena Road Holdings, and Vulcan Capital.”
Why are all these venture capitalists so excited to invest in ICON? Well, the company plans “to reinvent the construction of affordable homes with the use of ‘3D printers, robotics, and advanced materials.’” In fact, earlier this year, ICON “and its non-profit partner New Story created the first permitted, 3D printed home in Austin, Texas using its Vulcan 3D printer, at a cost of less than $4000…as a result of this 350 sq. ft. house, which took approximately 48 hours [to 3D print], construction [of this 3D printed abode] became a proof of concept for investors.”
As Co-Founder and CEO of ICON Jason Ballard explains: “we’re in the middle of a global housing crisis and making old approaches a little better is not solving the problem. We couldn’t be happier with the team of global investors who are supporting ICON in our belief the homebuilding industry needs a complete paradigm shift.”
With these new funds, ICON will “now…further the homebuilding process through the expansion of its team with several technical roles in robotics, software engineering, and advanced materials.”
Oakhouse Partners Managing Partner Jason Portnoy adds: “what the ICON team has accomplished in such a short period of time is not only a transformational breakthrough in homebuilding, it is an inspiration for the entire world to think outside the box about how humanity will confront the global housing crisis.”
ICON is already hard at work on the second generation of its Vulcan 3D printer. It will be unveiled sometime in 2019.
Image and Quotes Courtesy of 3D Printing Industry