Oakland-based Mighty Buildings, which is on a quest to build homes using 3D printing, robotics and automation, has raised a $22 million extension to its Series B round of funding.
The additional capital builds upon a $40 million a raise the company announced earlier this year, bringing its total funding since its 2017 inception to $100 million.
Mighty Building’s self-proclaimed mission is to create “beautiful, sustainable and affordable” homes.
The company claims to be able to 3D print structures “two times as quickly with 95% less labor hours and 10-times less waste” than conventional construction. For example, it says it can 3D print a 350-square-foot studio apartment in just 24 hours.
Execs say the new capital will go toward making supply chain improvements and moving up research and development timelines. The money will also go toward helping it achieve a new goal of achieving Net-Zero carbon neutrality by 2028 – which it says is 22 years ahead of the construction industry overall.
“As a founding team, we have long been passionate about solving productivity for construction in a sustainable way,” said co-founder and CEO Slava Solonitsyn. “We have spent four years figuring out what it takes to achieve that. We believe that we have a master plan now that can work.”
Since its launch, the company has produced and installed a number of accessory dwelling units (ADUs).
Sam Ruben, co-founder and Chief Sustainability Officer of Mighty Buildings, (Read more...)