Total amount raised
$507.5 Millions
Latest funding date
2/1/2025
Location
ICON has successfully raised significant capital through multiple funding rounds, including a recent Series C round. The company specializes in construction technology, leveraging 3D robotics, software, and advanced materials to revolutionize the industry.
Keep reading to explore the intricacies of ICON's fundraising journey and the investors backing this innovative platform.
What Is ICON?
ICON, founded in 2017 by Jason Ballard, is a construction technology company based in Austin, Texas. The company leverages 3D robotics, software, and advanced materials to innovate in the construction industry.
With a team of 251-500 employees, ICON focuses on developing intelligent machines to build the future of humanity. Their key products include multi-story robotic construction systems, digital home design catalogs, and low-carbon concrete materials.
ICON's mission is to revolutionize the construction industry by creating advanced technologies that enable faster, more efficient, and sustainable building practices.
How Much Funding Has ICON Raised?
- Seed Round
- Amount Raised: $9M
- Date: October 2018
- Lead Investors: Oakhouse Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their 3D printing technology for construction.
- Series A
- Amount Raised: $35M
- Date: August 2020
- Lead Investors: Moderne Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their 3D printing capabilities and scale operations.
- Grant
- Amount Raised: Not disclosed
- Date: October 2020
- Lead Investors: NASA
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support research and development for space construction technologies.
- Venture Round
- Amount Raised: $15.5M
- Date: January 2021
- Lead Investors: Not disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their 3D printing technology and expand their market reach.
- Series B
- Amount Raised: $207M
- Date: August 2021
- Lead Investors: Norwest Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale production and enhance their technology for larger projects.
- Series B Extension
- Amount Raised: $185M
- Date: February 2022
- Lead Investors: Tiger Global Management
- Valuation at Round: Approaching $2 billion
- Motivation Behind the Round: To continue scaling operations and support new project developments.
- Series C
- Amount Raised: $56M
- Date: February 2025
- Lead Investors: Norwest Venture Partners, Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop their line of multi-story 3D printers and expand into new sectors.
Total Amount Raised: $507.5M. Current Valuation: Approaching $2 billion.
Key Investors
- Norwest Venture Partners
- Details: Norwest Venture Partners is a global, multi-stage investment firm that has been investing in companies for over 60 years. They have a strong track record of helping companies scale and achieve significant growth.
- Investment Focus Areas: Consumer, enterprise, healthcare.
- Notable Investments: Uber, Spotify, Casper.
- Tiger Global Management
- Details: Tiger Global Management is an investment firm that focuses on public and private companies in the global internet, software, consumer, and financial technology industries. They have a reputation for backing high-growth companies.
- Investment Focus Areas: Technology, internet, consumer.
- Notable Investments: Facebook, LinkedIn, Stripe.
- CAZ Investments
- Details: CAZ Investments is a firm that specializes in alternative investments, including private equity and real estate. They aim to provide unique investment opportunities to their clients.
- Investment Focus Areas: Alternative investments, private equity, real estate.
- Notable Investments: Not publicly disclosed.
- LENX
- Details: LENX is the venture capital arm of Lennar Corporation, one of the largest homebuilders in the United States. They focus on investing in innovative technologies that can transform the homebuilding industry.
- Investment Focus Areas: Innovation, technology, homebuilding.
- Notable Investments: Not publicly disclosed.
- Moderne Ventures
- Details: Moderne Ventures is a venture capital firm that invests in technology companies within real estate, finance, insurance, and home services. They provide strategic support to help companies grow and succeed.
- Investment Focus Areas: Real estate, finance, insurance, home services.
- Notable Investments: Not publicly disclosed.
What's Next for ICON?
ICON's future looks promising with the development of their multi-story 3D printers, known as the Phoenix line. This innovation opens doors to various sectors, including residential, hospitality, and social housing. The company also aims to continue its work with the Department of Defense, showcasing the versatility and potential of their technology.
With a recent $56 million Series C funding round and plans for an additional $75 million, ICON is well-positioned for future growth. However, challenges such as recent layoffs and the need to realign priorities indicate that the company must navigate operational hurdles to maintain its trajectory. The competitive landscape in 3D printing and construction technology will also test ICON's resilience and adaptability.
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