ICON, a leader in 3D printing of homes, raises $56 million in a funding round led by Norwest and Tiger Global.

ICON, a company dedicated to building homes using 3D printing, has secured $56 million in a Series C funding round co-led by Norwest Venture Partners and Tiger Global. This funding marks the firm's first close, according to a spokesperson. Several existing investors participated in this round, including CAZ Investments, LENX, Modern Ventures, Oakhouse Partners, and Overmatch Ventures. Additionally, there are plans for further funding of "up to $75 million."

The company has not disclosed its new valuation nor commented on whether this valuation has increased, decreased, or remained stable. With this new capital injection, the total amount raised by the startup exceeds $500 million. In the last funding round, held in February 2022, which raised $185 million as part of a Series B extension, it was indicated that ICON's valuation was approaching $2 billion.

Will Hurd, a former presidential candidate and congressman who has previously invested in ICON, has joined the company's board of directors. Founded in late 2017, ICON made its debut during SXSW in March 2018 with the first 3D printed house in the U.S., which has an area of 32 square meters and was built in approximately 48 hours at a speed of 25%.

ICON intends to use the new capital primarily to "drive the development" of Phoenix, its line of multi-story 3D printers, with the goal of "putting robotic technology in the hands of builders." The spokesperson added that this new robotic printer enables the construction of multi-story buildings using a new low-carbon construction material.

Despite these developments, the company continues to build homes on its own, with plans to "design and construct a selection of key projects in the areas of residential, hospitality, social/affordable housing, and those within the Department of Defense."

Over the years, ICON has 3D printed nearly 200 homes and structures in the U.S. and Mexico, covering areas such as social/affordable housing, market-rate residential, disaster housing, barracks, and other buildings for the U.S. Army, NASA, and the Department of Defense. Among these structures are single-family homes for the homeless. In January, the company confirmed that it laid off 114 employees, stating that it had made a difficult decision to "realign" its team and resize it towards its top priorities while continuing to invest in the best growth opportunities. Currently, ICON has approximately 200 employees.