D.R. Horton invested in a construction tech company that claims to be able to 3D-print homes in under 24 hours.
Construction tech company ICON and its Y-Combinator-backed nonprofit partner New Story, claim to have put up the first 3D-printed home in the U.S. in Austin.
This feat and ICON’s 3D printing technology are turning heads, helping the company raise $9 million in its seed funding round.
“It’s our mission at ICON to re-imagine the approach to homebuilding and construction and make affordable, dignified housing available to everyone throughout the world,” ICON Co-Founder and CEO Jason Ballard said in a statement.
“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 that the homebuilding industry needs a complete paradigm shift,” Ballard added.
(Courtesy of ICON)
With the rising price of home construction putting major constraints on inventory and affordability, the housing industry is desperately searching for solutions to rein in costs and solve the dearth of labor slowing down construction.
D.R. Horton’s involvement in the seed round for this company is a big flashing sign that changes– drastic, fundamental changes – could be coming to home construction sooner than later.
ICON is currently in the process of expanding its team and developing the second generation of its proprietary 3D printing technology. It will use its funds to improve its robotics, software and homebuilding process.