With lumber prices soaring and demand for housing nearing all-time highs, there’s a growing need for affordable housing that can be built quickly and sustainably.
Enter Mighty Buildings, an Oakland-based construction technology company that recently raised $40 million in Series B funding for its 3D-printed housing operation. The company’s product line includes accessory dwelling units (ADUs), single-family homes and over-the-garage units with pricing from $186,750.
Financing was co-led by venture capital firms Khosla Ventures and Zeno Ventures, along with returning investors Bold Capital Partners, Giant Ventures, Core Innovation Capital and Foundamental. They were joined by a number of new investors such as ArcTern Ventures, Modern Venture Partners and Polyvalent Capital.
Mighty Buildings’ six move-in ready models are manufactured in an Oakland production facility using 3D-printing, robotics and automation, and then delivered to their final destination. The smaller units, dubbed ‘Mighty Mods,’ come fully assembled, while the ‘Mighty House Kits’ require on-site installation.
The company developed a thermoset composite material called Light Stone Material (LSM), which solidifies when it comes into contact with UV light. The product is inexpensive, lightweight, water and fire-resistant, and energy-efficient — a greener alternative to carbon dioxide-emitting steel and concrete production.
“Mighty Buildings can 3D print structures 2x as quickly with 95% less labor hours and 10x less waste than conventional construction,” explains a press release regarding the Series B funding announcement.
While the company launched out of stealth mode in August 2020, it was formed in 2017 by co-founders Slava Solonoitsyn, Dmitry Starodubtsev, Alexey Dubov and Sam Ruben. Mighty Buildings has raised a total of $70 million in two rounds of funding and will use some of that capital to expand their team, bring the kit system to market, and introduce a new fiber-reinforced material for multi-story residences. They’ve also recently partnered with California-based builders to ramp up the number of 3D-printed homes they can produce.
“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,” said Slava Solonitsyn, CEO and co-founder at Mighty Buildings.
California’s progressive ADU laws, aimed at increasing the stock of affordable housing, have spurred a ‘backyard building boom.’ Homeowners are able to make use of their extra space by constructing ADUs to generate rental income or accommodate an adult child or aging parent.
