ICON Raises $200 Million to Expand Multi-Story Robotic Construction
U.S.-based ICON has closed a $200 million Series D round co-led by Baillie Gifford and funds managed by BlackRock, to manufacture and deploy the 'Titan' robotic construction system.
US-based company ICON, headquartered in Austin, has closed a $200 million Series D funding round, co-led by Baillie Gifford and funds managed by BlackRock, according to a company statement.
The total raised by the company to date is estimated at nearly $700 million, making it one of the most funded companies in the construction technology sector, according to the statement reported by GlobeNewswire.
ICON intends to use the round's proceeds to manufacture and deploy its 'Titan' multi-story robotic construction system, as well as establish a new research and development facility in Austin.
CNBC reported that the valuation reached $1.4 billion. The funding comes at a time when the construction sector is seeking solutions to reduce labor costs and accelerate unit completion, making the technology a key point of competition among startups.
What Do These Terms Mean?
Series D Round: An advanced funding round that comes after Series A, B, and C, typically used to expand production and enter new markets prior to an IPO or exit.
Valuation: The estimated market value of a company based on what investors paid for a stake in it.
Robotic Construction: The use of robots and automated systems to build structures instead of relying entirely on manual labor.
Research and Development: Activities aimed at developing new products and technologies and improving existing ones.
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