ICON Applied sciences Inc., which builds houses utilizing 3D printing, is shedding 114 folks, in accordance with a WARN letter filed with the Texas Workforce Fee.
A spokesperson for the corporate confirmed the information to TechCrunch, offering an announcement that ICON had “just lately made a tough choice to re-align” its group and group dimension “to give attention to our highest priorities and proceed to put money into our greatest progress 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.
Through the years, Austin-based ICON has raised over $450 million in funding from traders akin to Tiger World Administration, Norwest Enterprise Companions, 8VC, and others. On the time of its final increase in February of 2022 — a $185 million extension of a Sequence B spherical — ICON’s valuation was mentioned to be “approaching $2 billion.”
It’s unknown simply what number of staff ICON could have after the layoffs happen, which in accordance with the letter, will happen on March 8. The Austin Enterprise Journal reported that ICON had about 400 staff “finally rely,” so a layoff of 114 folks can be greater than 25% of its workforce. A spokesperson for the corporate mentioned solely that ICON had “lower than 400 staff” previous to this workforce discount.
On the time of its final increase, the startup mentioned it had delivered greater than two dozen 3D-printed houses and constructions throughout the U.S. and Mexico. Greater than half of these houses have been constructed for the homeless or these in persistent poverty. For instance, in 2020, ICON delivered 3D-printed houses in Mexico with nonprofit associate New Story. It additionally accomplished a sequence of houses serving the chronically homeless in Austin, Texas, with nonprofit Cellular Loaves & Fishes.
The startup broke into the mainstream housing market in early 2021 with what it mentioned have been the first 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 its enterprise arm, LENx.
An ICON spokesperson on Thursday instructed TechCrunch the corporate’s precedence now could be to speed up the event of Phoenix, its line of multi-story 3D printers “and start placing the robotic expertise into the arms of builders.”
“Whereas our mission stays to develop these clever machines to construct humanity’s future, we’ll proceed to design and construct a number of key initiatives throughout residential, hospitality, social/inexpensive and people inside the Division of Protection with a extra streamlined group,” the spokesperson added.
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