According to CNBC, Austin-based Icon said it raised $200 million in a Series D financing co-led by Baillie Gifford and funds managed by BlackRock, bringing total funding to $700 million and valuing the company at $1.4 billion. Icon said the money will be used to scale its Titan multi-story robotic 3D construction system, advance new technologies, and expand beyond Texas, Florida and Washington, D.C. into other U.S. markets.

The company said Titan, which launched commercially in March of this year, can build multi-story structures, cut average homebuilding time by six weeks, reduce labor needs and lower overall costs by 40%. Icon also said it is now selling the technology to other builders with special financing from Wells Fargo, and that demand has been about 10 times higher than it forecast for next year. Co-founder and CEO Jason Ballard said the company is on pace for four times revenue growth this year and could at least double that next year based on its current pipeline, while also seeing a potential IPO in the future. Icon said it has worked with the U.S. military and NASA and has received more than $370 million in government contracts for Project Olympus, which is aimed at developing construction systems for the moon.