Diamond Age Raises $50 Million in Series A Funding to Advance Robotic Home Construction System and Market Entry
Diamond Age, a full-stack robotics startup that automates new home construction in order to make homeownership more affordable, has raised a $50 million Series A round led by Prime Movers Lab.
Signia Venture Partners joined seed investors Alpaca VC, Dolby Family Ventures, Timber Grove Ventures, and Gaingels in investing above their pro-rata. Furthermore, production home builders and land developers made up 20% of the round.
Diamond Age is developing a suite of 26 end-of-arm robotic tools that will offset 55 percent of the manual labor required to build a new home, reducing the construction cycle time from approximately 9 months to 30 days.
The company is also working on additive manufacturing tools that move along a gantry system, adding layers of concrete to “print” the house’s interior and exterior walls. These efficiencies have the potential to significantly reduce the nearly 7 million single-family home shortage that currently exists in the United States housing market.
Diamond Age has advanced its automation platform by scaling up the building envelope to enable a 2,000 square foot single-story home to be printed and finished with its robotic toolset using 3D printing and robotics technology.
In 11 months – 4 months ahead of schedule – Diamond Age delivered its first scaled version of its system as well as a full-scale 3-bed, 2-bath house. This resulted in the company’s first contract with a national homebuilder, which will be announced soon.
“People all over the world are affected by affordable housing. As the average age of first-time homebuyers rises from the mid-twenties to the mid-thirties, there is a greater demand for rental property, forcing the entire renter hierarchy into a more competitive market for “quality” housing. Helping the next generation of homebuyers get into their first home faster benefits the entire housing ecosystem “Diamond Age Co-Founder and CEO Jack Oslan stated
Diamond Age will use the funds to expand its robotics platform and complete its first commercial contract to build homes. The company’s size has already doubled, and it plans to hire more engineers and fabricators.
This will enable Diamond Age to collaborate with home builders and developers to transform the home building into an on-demand product, giving buyers more options when designing their homes.
“Diamond Age’s Factory in the Field™ system brings automation to the construction site to backfill the massive labor shortage in the home construction industry,” Prime Movers Lab General Partner Suzanne Fletcher explained.
“Jack and his team have hit key milestones ahead of schedule and are transforming the way production homes are constructed so it was an easy decision for Prime Movers Lab to lead the company’s Series A.”