ICON Technologies Inc., known for its 3D-printed homebuilding technology, is reducing its workforce by 25%. The Austin-based company confirmed the layoff of 114 employees in a statement following a WARN notice filed with the Texas Workforce Commission. The layoffs will take effect on March 8, leaving ICON with fewer than 400 employees.
Founded in late 2017, ICON launched publicly at SXSW in March 2018 with the first permitted 3D-printed home in the U.S., a 350-square-foot structure printed in just 48 hours. Since then, the company has raised over $450 million in funding from backers such as Tiger Global Management, Norwest Venture Partners, and Lennar’s venture arm, LENx. ICON was valued at nearly $2 billion during its last funding round in February 2022, when it raised $185 million in a Series B extension.
A spokesperson for ICON stated that the company is focusing on its “highest priorities” and “best growth opportunities.” One of its main goals is advancing the development of Phoenix, ICON’s line of multi-story 3D printers, aimed at enabling builders to use robotic technology for construction.
ICON’s achievements include building over two dozen 3D-printed homes and structures across the U.S. and Mexico. Notable projects include homes for the chronically homeless in Austin, Texas, in collaboration with nonprofit Mobile Loaves & Fishes, and affordable housing in Mexico with New Story. In 2021, the company broke into the mainstream housing market by creating the first 3D-printed homes for sale in the U.S. for developer 3Strands.
The company has also worked with Lennar, one of the country’s largest homebuilders, to scale 3D-printed home construction. ICON’s spokesperson indicated that while the company will continue designing and building key projects across sectors such as residential, hospitality, social housing, and the Department of Defense, it plans to do so with a leaner team.
Featured image courtesy of Rappler
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