A US startup focused on net-zero homes is getting Aramco funds: Mighty Buildings— a US-based construction tech company focused on the delivery of carbon neutral homes — has raised USD 52 mn in a funding round co-led by Saudi oil giant Aramco’s Wa'ed Venturesand Bold Capital with participation by Khosla Ventures, TechCrunch reports.

Where the funds are going: The funds will pave the way for Mighty Buildings to expand in North America and the Middle East, specifically Saudi Arabia, CEO Scott Gebicke told TechCrunch in an interview. It will also back the startup’s launch of a next-generation modular homebuilding kit, he added.

Planning big against traditional building: Gebicke said his startup “competes against traditional building methodologies, such as stick-built single family homes in the US and concrete precast in the Middle East”. “We’re now working with some of the largest developers in the US and in the Middle East to build very large numbers of homes very quickly and scalably in order to address the global housing shortage,” he added.

Boosting up valuation: Sources in the know told the media outlet that the fresh funds, which values the startup at between USD 300 mn and USD 350 mn, brings total funds raised to USD 150 mn.

About Mighty Buildings: The US-based construction tech company aims to create homes using 3D printing, advanced materials and robotics automation, according to its website. It says its walls are made of 60% recycled and sustainably sourced materials and produced with 99% less waste.

About Wa’ed: Backed by Aramco, Wa’ed is a USD 500 mn venture capital seeking investments in tech-based startups under a goal to spread innovation globally, according to its website.

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