DURHAM – Prescient, a developer and manufacturer of building technology and software, continues to raise new capital.

The firm, which has facilities in North Carolina and Colorado, on Monday disclosed the raising of $50 million. This new funding follows the raising of $45 million in December.

“Today’s announcement is a direct reflection of our leading position as a disruptive technological innovator in the multi-unit housing space,” said Magued Eldaief, CEO of Prescient. “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.”

The Series E round of funding was led by investment firm Eldridge Industries, which is based in Connecticut.

The funding reflects Prescient’s growing project pipeline, said  Satyen Patel, executive chairman of Prescient.

“This infusion bolsters Prescient’s capacity to accelerate its global growth and supports our mission of ‘Attainable Housing for All,’” he explained in the announcement.

“We continue to build on our proven track record of innovation, expansion and delivery of the growing number of projects in our robust pipeline.”

When announcing the firm’s move to Durham last year, Patel noted Prescient’s system set the firm apart.

“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,” Patel said.

What does Prescient offer?

“[A]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 70 patents being granted across 30 countries with 52 more patents on file globally,” the company says.

The company says its “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.”

Prescient has built buildings in 17 states, plans to expand to California, and also has plans to expand overseas. It expects to produce 15,000 units covering more than 10 million square feet.