Canadian cleantech venture capital firm ArcTern Ventures said it invested in Oakland, California-based Mighty Buildings, a construction technology company. The investment was part of the company’s $40 million Series B financing. Other investors included Khosla Ventures, Bold Capital Partners and Zeno Ventures.
TORONTO, Feb. 10, 2021 /CNW/ – ArcTern Ventures, a leading climate tech fund with offices in Canada, the US and Norway, is pleased to announce an investment in Oakland-based Mighty Buildings as part of the company’s $40 million Series B round. Other investors in the round include Khosla Ventures, Bold Capital Partners, and Zeno Ventures.
Mighty Buildings is reimagining the construction industry through 3D printing of homes. With their advanced robotics and proprietary composite materials, Mighty Buildings is able to print an entire home offsite in around twenty-four to thirty-six hours. By applying state-of-the-art automation and innovative new technologies, Mighty Buildings can produce 3D printed structures two times as quickly and with ten times less waste than conventional construction. On a structural basis, their composite materials are stronger and more resilient than concrete.
ArcTern is focused on investing in breakthrough clean technology companies addressing climate change and sustainability. Its latest investment in Mighty Buildings was driven by the company’s unique technology and potential to eliminate waste from the construction process. The Mighty Buildings panelized technology printing system yields virtually zero waste and the byproduct waste is recycled into the production of new material.
“We chose ArcTern Ventures as our first specialized sustainability investor because we believe they can help us build the right sustainability playbook,” said Slava Solonitsyn, CEO & Co-Founder at Mighty Buildings. “The Planet needs over a billion homes in the next 15-20 years and we need to build them without exacerbating the climate crisis.”
“Mighty Buildings has the potential to disrupt the construction industry through its cutting-edge technology” said Mira Inbar, Associate Partner of ArcTern. “With that disruption will come enormous social and environmental benefits, including the ability to dramatically reduce waste, produce net zero homes more efficiently, and enable communities to rebuild faster after climate events. That’s really exciting, and why we invested.”
About ArcTern Ventures:
ArcTern Ventures is a venture capital firm obsessed with helping solve the climate crisis and rethinking sustainability. ArcTern, based in Toronto with offices in Oslo and San Francisco, invests globally in breakthrough technology companies solving climate change and sustainability – we call it #earthtech. The fund was founded on the premise that accelerating the transition to a carbon-neutral economy will disrupt all industries and present an unprecedented opportunity for outsized financial returns. Solving our planet’s biggest problems will lead to big rewards—for companies, their investors, and of course, Mother Earth.
About Mighty Buildings:
Mighty Buildings is a construction technology company based in Oakland, California that is innovating the construction industry by creating homes that are beautiful, affordable, and sustainable using 3D printing, robotics, and automation. The company’s 3D-printing technology allows them to produce modular houses and building components much faster than traditional construction. Mighty Buildings is backed by notable top-tier venture capital firms such Khosla Ventures, Y Combinator, SV Angel, CoreVC, and more.