Prescient closes $40 million in Series D capital raise
Prescient, a company which offers a technology based solution for a better way to plan, design, manufacture, build and operate multi-unit buildings, today announced they have 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, 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’s patented, unique structural system is cost-competitive with wood and significantly less expensive than a concrete or steel structure. Prescient’s 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. Our proprietary digital thread connects everything from design, engineering and manufacturing through installation,” said Prescient Executive Chairman and CEO Satyen Patel. “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,” he added.
Prescient targets the multiunit 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 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 receives requests for proposals of over 1 million square feet per week.