ICON Technologies Inc., which builds houses utilizing 3D printing, is shedding 114 individuals, in response to a WARN letter filed with the Texas Workforce Commission.
A spokesperson for the corporate confirmed the information to TechCrunch, offering an announcement that ICON had “not too long ago made a tough choice to re-align” its crew and crew measurement “to give attention to our highest priorities and proceed to put money into our greatest development alternatives.”
ICON was based in late 2017 and launched throughout SXSW in March 2018 with the primary permitted 3D-printed residence within the U.S. That 350-square-foot home took about 48 hours (at 25% pace) to print.
Over the years, Austin-based ICON has raised over $450 million in funding from buyers similar to Tiger Global Management, Norwest Venture Partners, 8VC, and others. At the time of its final increase in February of 2022 – a $185 million extension of a Series B spherical — ICON’s valuation was stated to be “approaching $2 billion.”
It is unknown simply what number of workers ICON may have after the layoffs happen, which in response to the letter, will happen on March 8. The Austin Business Journal reported that ICON had about 400 workers “finally rely,” so a layoff of 114 individuals can be greater than 25% of its workforce. A spokesperson for the corporate stated solely that ICON had “lower than 400 workers” previous to this workforce discount.
At the time of its final increase, the startup stated it had delivered greater than two dozen 3D-printed houses and constructions throughout the U.S. and Mexico. More than half of these houses have been constructed for the homeless or these in power poverty. For instance, in 2020, ICON delivered 3D-printed houses in Mexico with nonprofit accomplice New Story. It additionally accomplished a sequence of houses serving the chronically homeless in Austin, Texas, with nonprofit Mobile Loaves & Fishes.
The startup broke into the mainstream housing market in early 2021 with what it stated have been the primary 3D-printed houses on the market within the U.S. for developer 3Strands in Austin, Texas.
Then, in October 2021, ICON introduced a partnership with Lennar, one of many nation’s largest homebuilders and an investor within the startup by means of its enterprise arm, LENx.
An ICON spokesperson on Thursday informed TechCrunch the corporate’s precedence now’s to speed up the event of Phoenix, its line of multi-story 3D printers “and start placing the robotic know-how into the arms of builders.”
“While our mission stays to develop these clever machines to construct humanity’s future, we are going to proceed to design and construct a choice of key initiatives throughout residential, hospitality, social/inexpensive and people throughout the Department of Defense with a extra streamlined crew,” the spokesperson added.
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