CHARLOTTE – Two long-time investors, Eldridge and JE Dunn, have led a $190 million strategic investment and bonding support round to fuel the expansion and growth of Prescient, a digital design company and advanced architectural software company that focuses in providing technology solutions for the multifamily industry.
“Prescient has demonstrated the benefits of its unique proprietary platform over the last eight years, which has provided our customers with an ideal solution to build faster and more economically,” said Magued Eldaief, CEO of Prescient in a statement issued by the company. “The support of Eldridge and JE Dunn is indicative of the strength of our technology, the progress we have made in getting market acceptance for our product, our business strategy and the significant growth opportunity ahead of us.”
The company employs more than 200 software, engineering, and design professionals at a facility it calls its Global Technology Center, also staffs multiple production facilities, and holds 103 patents with an additional 75 patents currently pending, according to its website. It moved its headquarters to Charlotte in July of 2017, opening a second manufacturing facility in the state of North Carolina.
A product, Prescient Digital Thread, translates three-dimensional architectural drawings to the manufacturing plants’ automated cutting and forming equipment, and that process allows the company to transform “U.S.-made, high-recycled-content, cold-formed steel into the posts, panels, trusses, floor decking, and connections that form the Prescient Structural System, precise to within 1/32”.”
According to the company, it then provides an option to conduct the structural assembly and installation, which could accelerate the timeline for any given project using the structural components. Their design and assembly process could also eliminate or reduce waste in the building process, the company stated, and all components of its system are made from 100% recycled steel, which meets LEED building standards.
The company was founded in 2012 by three co-founders, John Vanker, Michael Lastowski and Satyen Patel, with a vision to modernize how the $10 trillion construction industry operated, seeking to remove all of the inefficiencies in the construction process.
“There is huge opportunity for Prescient in the marketplace, and we look forward to continuing to work with them as they scale up their vision for efficient construction,” said Tony Minella, Co-founder and President of Eldridge, which made an initial investment in 2018 leading the Series E-1 Round, and an additional $90 million commitment in June 2020.
The company also received an “Innovator of the Year” award from Construction Dive, an industry news publisher. Eldaief, who became CEO in 2017, was an early investor in the company and also served as a member of the company’s advisory board prior to joining the company following a role leading global commercial operations for the industrial solutions business of GE.