Building Affordable Apartments funded by Google, Autodesk
Vallejo’s Mare Island, Factory_OS keeps expanding it’s footprint and increasing workforce by 25%. Orders are flying in for thousands of modular apartments.
By June, the 5-year-old startup factory residential unit builder received $17 million from Silicon Valley-based Google and Autodesk, according to CEO and co-founder Rick Holliday. In an earlier round in mid-2019, the San Rafael-based design software maker and global bank Citi had contributed to a combined $22.7 million round of funding.
“We’ve gone from a brand new startup to functional and now from functional to stable,” Holliday said. Revenue is on track to end this year with $80 million in revenue and is projecting $150 million next year. Six projects have brought in a $40 million deposit that will be built in 2021–2022.
With the second round of capital, Factory_OS hired 100 workers and in September started operating in a 125,000-square-foot former shipbuilding facility at 1275 Nimitz Ave., located a block behind its existing 250,000-square-foot plant in Building 680.
Robotics are coming in the next six months and the company will share three new funders and roll out plans for a multi-building housing research, development and production campus bringing the two sites together.
“We’re doubling down on Mare Island,” Holliday said. “Demand for what we’re doing is increasing.”
More on Factor_OS is available from the North Bay business journal.