The Iron Lad Armor 2.0 was designed by Ian Carter, the son of Ethan Drake, the second Iron Man. After his demise Ethan left his substantial fortune and his tech to his young son. Though Ian was incredibly wealthy he understood that he did not have an unlimited supply of funds. Therefore, instead of designing multiple suits, one an improvement over the other, he designed a modular suit that is able to add and subtract new technology as Ian creates it.