Saudi Aramco’s venture capital arm Wa’ed Ventures has led a $52 million funding round for US-based pre-fabricated and climate-resilient 3D-printed homes company Mighty Buildings.

The funding will be used to establish manufacturing operations in Saudi Arabia and the UAE, two of the world’s largest and fastest-growing construction markets. It will also accelerate the development and scale production of new homes for the US market, the California-headquartered company said in a statement on Tuesday.

The new round included nearly 20 investors, such as US venture firm BOLD Capital Partners, existing investor Khosla Ventures and South Korea’s sustainability-focused fund KB-Badgers. 

New investors contributed more than half of the funds raised.

“Our investment in the company reflects our belief that innovative materials, as those used in Mighty Buildings’ proprietary 3D-printing, will be a major driver for scalability and sustainability of homebuilding in the Gulf region,” said Fahad Alidi, Managing Director at Wa’ed Ventures.

Established in 201, Mighty Buildings has delivered over 50 units to date, reflecting the company’s progress in developing scalable housing technology.  

“It (new funding) will accelerate our growth by funding the international expansion to one of the most exciting homebuilding regions in the world,” said Mighty Buildings’ CFO Rene Griemens.

The company’s factory-based 3D printing manufacturing process speeds construction by three to four times, completing a home in less than one week with drastically less water and near zero waste. 

(Editing by Seban Scaria seban.scaria@lseg.com)