Mighty Buildings Raises $40 Million In Series B Funding Following Massive Consumer Demand Since Launching Out Of Stealth In August 2020
Led by Khosla Ventures, the round includes Zeno Ventures as well as several notable International and Silicon Valley tech investors
OAKLAND, Calif., Feb. 9, 2021 /PRNewswire/ -- Mighty Buildings, a construction tech company revolutionizing the construction industry by creating homes that are beautiful, sustainable, and affordable using 3D-printing, robotics, and automation, today announced a $40 million Series B funding round. The round was led by Khosla Ventures and co-led by Zeno Ventures, with participation from returning investors Bold Capital Partners, Giant Ventures, Core Innovation Capital, and Foundamental. Mighty Buildings also added several new investors including ArcTern Ventures, Abies Ventures, Modern Venture Partners, MicroVentures, One Way Ventures, Polyvalent Capital and others. Mighty Buildings was also included in Y Combinator's Top companies list as a result of the round. To-date, Mighty Buildings has raised more than $70 million from investors.
"Since our launch last year, we've seen massive demand and more than a tenfold increase in bookings for our accessory dwelling units (ADUs) product line, with B2B contracts secured for our single family housing (SFH) product line with forward-thinking developers," said Slava Solonitsyn, CEO and Co-Founder at Mighty Buildings. "Despite launching in the midst of a pandemic, we are racing to fulfill the demand and orders for 2021 at our Mighty Factory in Oakland, California."
Launched out stealth mode just 5 months ago, the company has already seen an increase in demand for this innovative new way of building. Since launch, Mighty Buildings has successfully produced, delivered, and installed numerous accessory dwelling units (ADUs) and are now taking orders for Mighty Houses - their newest product line. The Mighty House line is available for pre-order as both an ADU and SFH. These units utilize a 3D-printed exterior panelized shell.
This year, Mighty Buildings will be introducing their Mighty Kit System and a new fiber-reinforced material for multi-story projects to the market. The company's innovative approach to housing construction includes 3D-printing, robotics, and a proprietary thermoset composite material they invented called Light Stone Material (LSM). Mighty Buildings aims to unlock productivity in construction by combining 3D-printing and prefab, making construction more sustainable, efficient, and affordable compared to traditional construction.
"Given the rapid growth and emerging opportunity around sustainability and climate tech, we're pleased to support Mighty Buildings in realizing their vision," said Ryno Blignaut, Operating Partner at Khosla Ventures. "We're enthusiastic about the ways 3D-printing, robotics, and automation can be applied to the creation of beautiful, affordable, and sustainable net-zero energy homes."
Mighty Buildings also obtained the first UL certification for a 3D printed building component, the first UL Evaluation Report of a 3D-printed wall construction, and is the first company/product certified under the new UL 3401 standard for 3D printing in construction. Mighty Buildings is also the first company to receive approval under California's Factory Built Housing program for a residential unit incorporating 3D-printing for its current hybrid product.
With this new round of funding, Mighty Buildings plans to accelerate growth and expand their team. The company will continue to scale their production capacity with increased automation, and build out their B2B platform for developers with sustainability as a core focus, to meet the demand from forward-looking developers. Ultimately, the company's vision is to provide production-as-a-service, with builders and architects designing their own structures and then developers using Mighty Factories to produce them at scale.
About Mighty Buildings Mighty Buildings is a construction technology company that is dedicated to reimagining the building industry, from the factory to the foundation. By applying state-of-the-art automation and innovative new technologies, Mighty Buildings can 3D print structures 2x as quickly with 95% less labor hours and 10x less waste than conventional construction. Mighty Buildings works with compliance and regulatory agencies to develop future-forward materials that are tested to the most rigorous standards with nearly zero waste production methods. Mighty Buildings projects range from pre-designed ADUs for homeowners to residential developments using their Mighty Kit System for the nation's largest homebuilders. Mighty Buildings is committed to making beautiful, affordable, and sustainable homes a reality for more people. For more information, visit www.mightybuildings.com.
SOURCE Mighty Buildings
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