Prescient combines an integrated architectural and engineering software platform with precision off-site manufacturing to deliver a digital design-build system for multi-unit housing and hospitality projects. The platform integrates hardware and a digital thread technology to streamline planning, design, and construction. Prescient emphasizes sustainability—its system components are made from 100% recycled steel, meet high LEED standards, and can be disassembled, reused, or recycled. The company holds over 100 patents across 30 countries and has completed 57 buildings totaling 9.1 million square feet through its software and IP. The recently announced capital will be used to accelerate expansion and growth in the multifamily sector through continued investments in its technology platform. Founded in 2012 and headquartered in Charlotte, North Carolina, Prescient aims to further industrialize construction by driving efficiencies that reduce waste and construction costs. Prescient offers a proprietary digital design-build system that links standardized architectural design, automated structural engineering, precise off-site manufacturing, and rapid on-site assembly along a single digital thread. The company targets multi-unit housing and hospitality segments including condos, market-rate apartments, student housing, senior living, armed forces housing, and corporate housing. Its approach reduces on-site labor needs, accelerates schedules, and increases ROI across development, construction, and operations. Since 2013 Prescient has completed 50 buildings and 8.3 million square feet and has firm project commitments to deliver almost 4.0 million square feet in 2021. Founded in 2012 and headquartered in Charlotte, North Carolina, it operates manufacturing and engineering facilities in Mebane, NC and Arvada, CO and a Global Technical Center in Poland, employs over 400 professionals, and holds 98 patents across 30 countries. The company says it will use expanded resources to grow technological leadership and move into new segments such as seismic zones and federal opportunities. Prescient provides an integrated, model-centric BIM design platform that employs a proprietary Digital Thread to drive cost efficiency, environmental sustainability and quality. The company focuses on multi-unit housing construction and its system is designed to reduce time and cost in that sector. Prescient reported a project development pipeline exceeding 10 million square feet (about 15,000 units) scheduled for delivery in 2018 and 2019. It has built an intellectual property portfolio of over 70 patents across 30 countries and has 65 additional patents on file. Led by executive chairman Satyen Patel and CEO Magued Eldaief and based in Durham, NC, the company intends to use new capital to accelerate development of its technology platform and global growth. Financially, Prescient closed a $50m Series E that set a pre-money valuation of $650m. Prescient offers a technology platform that connects design, engineering, manufacturing and installation to deliver multi-unit buildings using a patented cold-formed steel structural system. The system is cost-competitive with wood and significantly less expensive than concrete or steel, and the company highlights durability, light weight, strength and fire resistance. Prescient has 29 patents granted across 30 countries and 52 more patents on file globally, and uses precision manufacturing including robotics and laser cutting. The company has grown from eight employees to 300, doubled its Colorado manufacturing facility to 120,000 square feet, will start production at a new North Carolina facility, and plans to add at least 75 positions in 2017. Since 2013 it has built 3 million square feet of buildings across five states and was on pace to build another 3 million square feet in 2017. Its project development pipeline exceeds 10 million square feet (equivalent to $300 million for delivery in 2018–2019) and the company expects to double revenue again in 2017. Prescient manufactures a patented structural system and provides software-driven design and manufacturing for multi-unit and residential buildings. The company targets apartments, condos, senior and assisted living, hotels, college and military dormitories. Prescient says its system is faster, greener and more cost-effective than conventional building structures and leverages lean manufacturing. The company completed its first three buildings in 2013 and reports 9 million square feet of active projects in the pipeline for 2014 and 2015. Prescient is expanding into the Texas and South Central market and plans to open a new facility later this year that it says will double manufacturing capacity. The company is backed by Kanusul Investments Pte. Ltd.

Total raised

$381M

Funding rounds

6

Latest round

Equity

Latest activity

May 2021