SpaceX Alums Raise $15M Seed for Ohio Steel Factory

1872, a startup building an AI-native automated steel fabrication facility, launched Wednesday with a $15 million seed round. The company, founded by three former SpaceX engineers, will open its first factory in Cincinnati's Camp Washington neighborhood.

The round is one of the largest seed financings in Ohio history, according to the company. It was led by private funds advised by The O.H.I.O. Fund, a Cincinnati-based investment adviser that targets returns while creating local economic growth.

1872 plans to use the capital to build out its manufacturing model, which it describes as a fully automated steel fabrication factory driven by artificial intelligence. The founders previously worked on manufacturing and automation systems at SpaceX, the company said.

The O.H.I.O. Fund did not disclose its ownership stake or the exact number of investors in the round.