Oak City CRE Newswire: Atmos $12.5M Series A

Oak City CRE Newswire: Atmos $12.5M Series A 

Date: 11/20/2022

SAN FRANCISCO, CA – Atmos, a San Francisco-based homebuilding tech company, announced the close of their $12.5 million Series A from a range of prominent investors. Khosla Ventures led again, while Bedrock, JLL Spark, YCombinator and Sam Altman of YC/OpenAI all reaffirmed their prior investments. Keller Williams, Duke Angel Network, Stephen Pagliuca, and Dylan Field, Figma CEO, also joined the cap table.

In a landscape with rising interest rates, falling house prices and less homes available on the market to buy, Atmos built technology to bring all sides of the market to offer transparency in an otherwise opaque and expensive process. They created a process where homebuyers can 1) select land in a neighborhood of their choosing, 2) design a home plan with amenities in their budget, and 3) approve the design using a 3D rendering technology that shows exactly what their home will look like. Then a vetted builder partner gets the approved design packaged up and brings their home to life.

“Home building is not simple, so we saw it as a kind of hybrid model. Since we did not want to pick every little thing, we avoided some upfront costs, but we’ll have chosen enough that makes it unique to us and will not end up with a house that looks just like everyone else’s on the block,” says Dayn Sommer, who built his home through Atmos.

At a time when many builders are feeling the pinch from dwindling home sales, a ready-to-build, client-financed home is an attractive option for how to de-risk their current businesses. “Working with Atmos has been beneficial because it lets us focus on being in the field building, rather than the back and forth of a custom project,” says Matt Cohn from Bluebrook Homes.

The catalyst is the technology Atmos has built to show exactly what can be built on any specific lot depending on the size, shape, and development requirements. This has made it easy to approach land developers and real estate agents looking to go direct-to-consumer for land sales. They will continue to make it easier for everyone involved—homebuyers, agents, builders and land developers—to visualize and customize based on the unique tastes and desires of individual homebuyers.

“In bringing together both sides of the market—homebuyers and builders—we’re making custom homebuilding more accessible to people who might never have thought it was possible for them,” says Nicholas Donahue, CEO and co-founder of Atmos. “At a time when people want to make every dollar count, we want homebuyers to know designing a home unique to them is possible with the help of Atmos.”

Source: The press release above was sent to me by Oak City CRE Top Five subscriber and Head of Land at Atmos, Mike Owens.

You can find additional coverage of Atmos on TechCrunch and Charlotte Business Journal. Visit https://buildatmos.com/