Tuesday April 25, 2017 0 comments
ARVADA -- Prescient, a company that offers a technology-based solution for a better way to plan, design, manufacture, build and operate multi-unit buildings, today announced it closed a Series D Funding Round of $40 million at a pre-money valuation of $475 million.
This brings the total equity raised to date by Prescient to $80 million, the company said.
The company, which was founded in September 2012 and completed its first project in 2013, has grown from eight employees to 300 and will add at least 75 new positions in 2017.
It doubled the size of its Colorado manufacturing facility in 2016 to 120,000 square feet and will soon start production at its new North Carolina facility.
Prescient said its patented, unique structural system is cost-competitive with wood and significantly less expensive than a concrete or steel structure.
Prescient said its continued focus on technology development has resulted in 29 patents being granted across 30 countries with 52 more patents on file globally.
“In an industry that is highly commoditized, Prescient has many imitators but no true competitors,” said Satyen Patel, Prescient executive chairman and CEO.
“Our proprietary digital thread connects everything from design, engineering and manufacturing through installation.
“The Prescient Technology Platform is proven — we have built 3 million square feet of buildings in five states since 2013 and are on pace to build another 3 million square feet in 2017 alone, expanding our footprint into nine additional states.
“This is a successful, field-tested technology platform,” Patel added.
Prescient said it targets the multi-unit housing segment of the U.S. construction market for buildings up to 16 stories tall including apartments, student housing, senior living, hotels and armed forces housing.
Nationwide, this is a $1 trillion target market for Prescient, with over 400 million square feet of new-builds developed annually.
Prescient said it expects to double revenue once again in 2017. Its current project development pipeline exceeds 10 million square feet, equivalent to $300 million for delivery in 2018 and 2019.
The company said it receives requests for proposals of over 1 million square feet every week.
Prescient is a software design, engineering, manufacturing and installation company with an innovative design platform that offers a faster, greener and more cost-effective alternative to conventional building structures.
From 2013 through 2016, the company focused on building multi-unit housing across Colorado, Florida, Nebraska, Missouri and Texas.
In 2017, the company said it will expand its building footprint into Georgia, Illinois, Kansas, Kentucky, New York, North Carolina, Ohio, Oklahoma and Tennessee.