Mighty Buildings Raises $40 Million In Series B Funding
Oakland: 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, Core Innovation Capital, and Fundamental. Mighty Buildings also added several new investors including ArcTern Ventures, Abies Ventures, Modern Venture Partners, Giant Ventures, 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 its launch, Mighty Buildings has successfully produced, delivered, and installed numerous accessory dwelling units (ADUs) and is 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 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 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 its team. The company will continue to scale its production capacity with increased automation, and build out its 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.
