DURHAM, N.C., July 23, 2018 (GLOBE NEWSWIRE) Prescient, a fully integrated BIM design and building technology platform that uses a proprietary system to dramatically reduce the time and cost of constructing multi-unit housing, today announced it has closed a Series E funding round of $50 million at a pre-money valuation of $650 million. The round was led by Eldridge Industries, a private investment firm headquartered in Greenwich, CT.
This builds upon a successful $45 million raise in December 2017.
This infusion bolsters Prescients capacity to accelerate its global growth and supports our mission of Attainable Housing for All, said Satyen Patel, executive chairman of Prescient. We continue to build on our proven track record of innovation, expansion and delivery of the growing number of projects in our robust pipeline.
Magued Eldaief, CEO of Prescient, added: Todays announcement is a direct reflection of our leading position as a disruptive technological innovator in the multi-unit housing space. This funding will accelerate the development of our technology platform to change the face of the building industry. I look forward to delivering additional success for our customers, employees and investors.
We are excited to invest in an industry disruptor that serves a strong purpose in addressing the challenging issue of housing affordability for diverse economies around the world, said Todd Boehly, chairman and CEO of Eldridge Industries. Prescient has accomplished so much since its founding only six years ago, and we expect it to continue to revolutionize the way buildings are designed and built.
Prescient has delivered a compounded annual growth rate of 119% from 2013 through 2017. This rapidly growing company built 3 million square feet (4,500 units) of multi-unit housing (including condos, market-rate apartments, student housing, senior living, armed forces housing and corporate housing) from 2013 to 2016 and built 1.8 million square feet (2,700 units) in 2017 alone. From 2013 through 2016, the company focused on building multi-unit housing across Colorado, Florida, Nebraska, Missouri and Texas. In 2017 and 2018, Prescient expanded its footprint to 17 states and will soon enter California. Prescient has plans to expand throughout the U.S. and beyond.
The companys current project development pipeline exceeds 10 million square feet (15,000 units) for delivery in 2018 and 2019. Prescient receives requests for proposals of more than 1.5 million square feet (2,200 units) per week. The company recently doubled the size of its Colorado manufacturing facility and brought a second plant online in North Carolina in July 2017.
Prescient continues to build on its intellectual property portfolio with over 70 patents to-date across 30 countries and 65 additional patents on file across its technology platform.
Prescients buildings use up to 85% recycled steel, build up-to 17 stories high, are non-combustible, termite resistant, mold resistant and meet both high wind velocity and seismic requirements.
The foundation for Prescients revolution is a standardized light gauge framing system that utilizes proprietary software applications which create a design and construction platform.
Bringing the Digital World to the Physical World. The Prescient Digital Thread is based on a model-centric design and planning platform that liberates project stakeholders to plan better and execute better. Our thread connects projects from the initial architectural design through the finished building. As a result, a project is no longer a series of isolated steps with familiar breakdowns and gaps. Instead, it becomes an orderly progression through a repeatable flow, connecting developer, designers, suppliers and contractors at every step. This seamless approach means higher productivity, higher quality, fewer last-minute conflicts on site, less waste, shorter schedules and a better ROI.
Integrated Manufacturing. Prescient uses precision manufacturing technology including robotics, laser cutting systems and state-of-the-art numerically controlled flexible manufacturing systems to deliver buildings with very tight tolerances, comparable to the automotive industry. Prescients digital thread integrates planning & design with manufacturing & installation.
Established in 2012, Prescient is aiming for nothing less than a revolution in the way buildings take shape through new levels of cost efficiency, environmental sustainability and quality of outcome for all participants. Prescients platform ensures buildings perform better, cost less and take less time to build by employing a digital thread for leading-edge integrated design, engineering, manufacturing & installation.