A group of tech and finance giants including Autodesk, Citi, Facebook, Google, and Morgan Stanley have chipped into a $55 million Series B funding round for Factory_OS, which is a startup that specializes in building pre-assembled apartments.  

The investments are strategic and will see Factory_OS team up with those companies to build affordable housing in the San Francisco Bay Area, which is one of the most expensive housing markets in the US.

Factory_OS specializes in building apartments with pre-assembled components that are put together off-site. The company does so with an aim to lower building costs and spur more affordable housing in usually expensive markets. So far, Factory_OS says it’s set up nearly 1,000 apartment units and claims it drives down construction costs by between 20% to 40% compared to the standard.

With a strategic investment and now a partnership from Autodesk, Factory_OS says it’ll work together with the engineering and architectural design software company to come up with methods to drive down construction costs. 

With its new capital, Factory_OS will ramp up manufacturing in its main facility in Mare Island, California. Currently present in the Bay Area, the company aims to expand next into Los Angeles.

Apart from the five aforementioned finance and tech firms, the real estate firm Lafayette Square Holding also chipped into Factory_OS’s new funding round.

Photo: Google CEO Sundar Pichai|by World Economic Forum is licensed under CC BY-NC-SA 2.0

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