What Is Mighty Buildings?
This construction business startup was launched in 2020 by co-founders Alexey Dubov, Dmitry Starodubtsev, Sam Ruben, and Slava Solonitsyn. Together, the entrepreneurs wanted to use technology to disrupt the construction industry, creating homes by using 3D printing technology that is “beautiful, affordable, and sustainable,” explained the company on its website.
Construction waste makes up almost one-third of the material that’s dumped into landfills. Furthermore, the cost of building a house is not affordable for every American. According to the most recent statistics from a 2017 Construction Cost survey by the National Association of Home Builders, the average price for constructing a new 2,776 square-foot home is $427,893. Meanwhile, Mighty Buildings’ homes start at $186,750. This startup claims that its technology — including “state-of-the-art” automation — allows the business to create structures using 3D printing twice as quickly as conventional construction, with 95% fewer labor hours and 10-times less waste.
The company said in an announcement that since its launch last year, Mighty Buildings has seen an over tenfold increase in bookings for its accessory dwelling units (ADUs). Meanwhile, there has also been an influx in B2B contracts for family housing secured by the startup.
Money and Investors
The construction company has raised a total of $70 million in support of its 3D printing technology, according to Crunchbase. The startup first pulled in $10 million in a venture round led by Khosla Ventures in April 2018. Then in August 2019, another fundraising round — this time a Series A, also led by Khosla Ventures — added $20 million to its haul.
Finally, and most recently, the company raised $40 million in the Series B round in February of this year to expand its business and technology capacities. This round of funding was led by Khosla Ventures, Bold Capital Partners, Core Innovation Capital, One Way Ventures, ArcTern Ventures, among other investors.
With this new money, the 3D-printing, home-building startup wants to accelerate its business growth and expand its team. The company also wants to bolster its B2B platform for developers, with a goal of creating the technology to allow architects and builders to design their own buildings that the startup will then build. This year, the company also hopes to broaden the appeal of its business by launching multi-story projects, which will be possible using the 3D printing, automation, and robotics technology owned by the company.
All in all, Mighty Houses definitely has an eye-catching business plan and the technology to back it up. The company obtained the first UL global safety certification for a 3D printed building component. With big plans to focus on its B2B building platform and expand its product offerings using its forward-thinking 3D printing, robotics, and automation, the business clearly has the foundation it needs to grow.
About the Author
Jemima is a journalist who enjoys reporting on business, particularly small business and entrepreneurship.