Diamond Age raises $50 million to lay the groundwork for the future of robot-built homes – TechCrunch
On the heels of its $8 million fundraising just a few months ago, Diamond Age is back for a top-up, with $50 million in Series A funding to continue its mission of returning accession. to more affordable homeownership by using 3D printing and robotic technologies to make building homes significantly cheaper – a welcome change in a world where there is a shortage of 7 million homes in the US real estate market.
The company describes itself as a “complete robotics startup”, creating a suite of tools designed to replace more than half of the manual labor associated with building a new home. The side effect of adding a slice of robotics to the mix is that houses that used to take nine months to build can now be instanced in about a month. The company has now developed 26 robotic tools at arm’s length, in addition to a 3D printing system capable of printing concrete for exterior, interior and roof structures.
The funding round was led by Prime Movers Lab, which focuses on science-driven innovations. In particular, the investor is excited about startups that are reinventing energy, transportation, infrastructure, manufacturing, human augmentation, and agtech. Seed investors Alpaca VC, Dolby Family Ventures, Timber Grove Ventures and Gaingels have all invested above their pro rata and are joined by Signia Venture Partners. Perhaps most promising for the company’s founders, 20% of the turn was made up of home builders and property developers; it’s always a good sign when potential customers invest in startups.
Since its previous fundraiser, Diamond Age has significantly improved its technology, printing and building a 2,000 square foot one-story home. Undoubtedly impressing investors and adding fuel to the valuation fire, the company delivered its first system-scale release, along with a full-scale 3-bedroom, 2-bathroom home. bath in 11 months – 4 months ahead of schedule. This led to the company’s first contract with a national homebuilder, whose founders were tight-lipped for now – but expect that announcement to come soon too.
“Affordable housing impacts people globally. As the average age of first-time home buyers has risen from their mid-20s to their mid-30s, there is an increased demand for more rental properties, forcing the entire hierarchy of renters into a bigger market. competitive for ‘quality’ housing,” said Jack Oslan. , co-founder and CEO of Diamond Age. “Helping the next generation of buyers get to their first home faster helps the entire housing ecosystem.”
Diamond Age will use the funding to continue to evolve its robotics platform and execute its first commercial home building contract. The company has already doubled in size and plans to add more engineering and manufacturing talent. This will help Diamond Age partner with home builders and developers to turn home building into an on-demand product and give buyers more options when designing their home.
“Diamond Age’s Factory in the Field system brings automation to the construction site to address the massive labor shortage in the homebuilding industry,” said Suzanne Fletcher, General Partner of Prime Movers. Lab. “Jack and his team hit key milestones ahead of schedule and are transforming the way production houses are built, so it’s been easy for Prime Movers Lab to lead the company’s Series A.”