Mare Island, CA, November 20, 2020 / PRNewswire / -Factory_OS today with Series B funding from technology and financial giants Autodesk Inc., Citi, Facebook, Google, Morgan Stanley, and Round Leaders 5,500 Announced that it has raised $ 10,000. Lafayette Square. This investment will help Factory_OS accelerate growth, further integrate digital technology, and build apartments using safer, more sustainable, cheaper and more efficient construction processes. I will.
Based on the belief that homes should be built like cars, Factory_OS takes an integrated, industrialized, technology-enabled approach to remove barriers throughout the housing development process. Based in the San Francisco Bay region, the company has an active R & D program that incorporates design, technology, construction and workforce innovations to pursue its vision of changing the way homes are built. .. Factory_OS is committed to providing high quality, technology-enabled and cost-effective apartments that are more environmentally friendly, create new living wage jobs and benefit the broader community.
Building on Success: Factory_OS Saves 20% to 40% on Apartment Houses
With a three-year history, the company has already proven the concept of high-quality off-site factory construction and rapid on-site installation in the Bay Area, the most expensive housing market in the United States.
Factory_OS has built nearly 1,000 units so far. This includes supportive and affordable student housing and market-priced housing. Factory_OS not only reduces production costs by 20% to 40%, but can also build 100-unit apartments in less than 10 days, providing housing more than 40% faster than traditional construction. The partnership with Autodesk will enable further integration of design, technology and construction processes, and the company plans to reduce costs by 50% over the next year. The cost savings double the amount of homes Factory_OS can create with the same investment.
Andrew Anagnost, CEO of Autodesk, said: “Our two-way collaboration not only helps improve our products, but also helps us build more homes faster, cheaper and more sustainable. Factory_OS is construction. A 350,000-square-foot laboratory that can continuously prove its innovation.
Creating a framework for system changes: technology and beyond
The capital injection will allow Factory_OS to enhance manufacturing at the second Male Island facility. Invest in robots and other advanced technology initiatives at both facilities. Expanded to Los Angeles. We will open a Housing Innovation Center to model technological and design advances and promote the adoption of housing innovation in the industry as a partner in research and educational activities.
Working with an established production ecosystem to fully promote efficiency, quality and fairness is at the core of the Factory_OS approach. Rick Holliday, CEO of Factory_OS, said: “By restarting the production of apartments from start to finish, we help construction architects, engineers, general contractors and trade union workers do it faster and more efficiently.“ We go beyond construction. We aim to impact housing costs, so we also work with policy and financial stakeholders to create a comprehensive framework that everyone can benefit from. “
Jeremy Johnson, co-head of City Community Capital, said: “Innovation in this sector is essential as housing instability is exacerbating in the pandemic.” By changing the way housing is built, Factory_OS will bring apartments to the areas where we live and work. We believe we can deliver more efficiently and at lower cost. We are proud to be part of this effort and look forward to building a home. It is more affordable for our community. “
Workforce Expansion: Factory_OS Offers Living Wages, Lifeline Jobs
Factory_OS believes that an employee approach is essential to achieving that vision. Through a partnership with the Northern California Carpentry Regional Council, Factory_OS employs 500 union workers to earn competitive wages and benefits. Through a unique training program using a union and redefined construction process, Factory_OS has expanded the depleted construction workforce, diversified gender and race, and made it accessible to a wide range of employees.
“As the first partner of Factory_OS, we are pleased to share the benefits of these companies’ financial and technology expertise,” said Bob Alvarado, Secretary-General of the Northern California Carpentry Regional Council. “We are proud to adopt technology and work with Factory_OS to increase the workforce, increase skills and productivity, and create new middle class jobs with living wages and benefits.”
Investing in Impact: Making Apartment Houses Affordable and Sustainable
Factory_OS investors are strongly motivated by the enormous potential impact of the company.
“Facebook builds and supports the community,” said John Tenans, Facebook’s vice president of global facilities and real estate. “Investing in Factory_OSan innovator building technology to reduce housing construction costs is part of a broader corporate initiative to fund scalable and affordable solutions that help mitigate the California housing crisis. . “
Damien Dwin, CEO and founder of Lafayette Square Holding, called Factory_OS the first investment in an impact-driven asset management platform to be “meaningful and exciting.”
“Our strategic partnership is a great first step towards radically changing the housing business,” he said. “From design and development to financing and construction, resident services and employment, looking at the industry from 360 degrees is the key to creating a sustainable model that enhances our community.”
About Factory_OS Factory_OS takes a system-based approach to fix affordable housing shortages. It begins with an off-site construction and on-site installation process that delivers higher quality, lower cost, and faster completion than traditional construction. Through a partnership with the Housing Innovation Center, Factory_OS is reinventing all aspects of housing development, including policy and financing, with the goal of improving efficiency while improving environmental performance and livability. Factory_OS puts social equality at the heart of its business model, with the basic belief that the home is the foundation of personal and family well-being. In addition to building affordable homes, the company has created jobs for living wage unions and is actively a second chance worker.
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