Mighty Buildings, a 3D-printing construction technology firm, has raised $52 million in funding co-led by Saudi Aramco's venture capital arm Wa'ed Ventures and by BOLD Capital Partners, a US-focused firm.
Existing investor Khosla Ventures and new investor KB-Badgers, a South Korean firm investing from its sustainability-focused fund, were among almost 20 investors in the round, Wa'ed Ventures said in a statement on Tuesday.
It further noted that the “funding is earmarked to accelerate development and scale production of new homes for the US market, where new home demand continues to increase, as well as to establish manufacturing operations in Saudi Arabia and the UAE, two of the largest and fastest growing construction markets in the world”.
“The addition of operations in the Gulf region aligns with Mighty Buildings' strategy to transform housing construction globally, while addressing sustainability, climate resilience and the global housing shortage,” it added.
Oakland, California-headquartered Mighty Buildings applies 3D-printing construction technology to make prefabricated, environmentally friendly and climate-resilient homes.
Using its patented Lumus material, which the company says is five times stronger than concrete, it creates structures that can resist events including hurricanes and earthquakes.
“This recent funding … will accelerate our growth by funding the international expansion to one of the most exciting homebuilding regions in the world,” said Rene Griemens, chief financial officer of Mighty Buildings.
Established in 2013, Wa'ed Ventures is a $500 million venture capital firm that promotes economic diversification and new business growth in Saudi Arabia by investing in high-growth tech start-ups across several sectors. It manages a portfolio of more than 60 start-ups.
Last month, Wa'ed Ventures led a Series A funding round of 100 million Saudi riyals ($26.6 million) for Riyadh-based technology start-up Rewaa.
In July, the venture capital firm invested in Tenderd, a start-up that specialises in artificial intelligence technology.
Saudi Arabia is aggressively promoting and developing its technology ecosystem, as a key pillar of its Vision 2030 economic programme to diversify its economy from oil.
Last month, Saudi Arabia’s Crown Prince Mohammed bin Salman launched a $200 million fund to invest in domestic and international high-tech companies as part of the economic diversification plan.
The fund is part of the new strategy of the King Abdullah University of Science and Technology.
In February, Saudi Arabia announced more than $9 billion investments in its technology sector at the Leap conference.