History
Prescient began in a 6,000 sqft garage when Prescient’s founders (John Vanker, Michael Lastowski and Satyen Patel) shared a vision to modernize the $10 trillion construction industry. John was a real estate executive, Michael an architect and structural engineer while Satyen was a successful entrepreneur. Individually, they each had experienced the inefficiencies of current-day construction.
As a result, the founders designed and patented a unique structural system using precisely-designed light gauge steel panels and trusses combined with HSS steel posts called the Unified Truss Configuration System (UTCS). Recognizing that manufacturing the components of this system could be highly automated and multi-unit structures could be designed out of the UTCS, they leveraged the Building Information Modeling (BIM) principals that automated the process using sophisticated algorithms. These automated processes enabled by a seamless digital thread, combined with the lower cost of the lightweight steel, resulted in a novel approach to designing, engineering, manufacturing and assembling multi-unit structures that was faster, better, greener and less expensive than any other system in the construction industry.
Today, Prescient has two manufacturing plants that are 130,000 sq ft and delivers an end-to-end structural solution using a propriety system of both software and hardware that drives stakeholder collaboration across the value chain from design concept to finished product solving much of the inefficiencies that continue to plague the industry for multi-unit residential construction.
Prescient was Founded
Prescient was founded in September 2012 by John, Michael and Satyen. Their first production site was an old 6,000-square-foot aircraft hangar in Broomfield, Colorado.
Global Technology Center a Formal Entity
The GTC as a formal entity was registered by Dec 2012, and started its operations by March 2013 with the first 6 employees.
First Production
Prescient’s first two buildings – The Lofts at Jefferson and University Station – were produced in the old aircraft hangar facility through a labor-intensive, manual process by a small, focused team of dedicated individuals.
First Automated Processes
After successfully proving the concept and viability of the approach, Prescient moved into its first plant on Downing Street in 2014, a 40,000-square-foot plant and office featuring the first automated processes and systems mock-up for customers to view. At that time, the Prescient system was re-engineered and new equipment made it possible to simply assemble...
Checking in to Hospitality
The Hyatt House at Belmar is groundbreaking as the first hotel in its development, as well as for Prescient’s steel framing system and proprietary BIM software providing as much as 35 percent cost savings over traditional materials and reduction of the core construction schedule by up to 50 percent.
Enrolling in Student Housing
For Student Housing projects at Colorado Christian University in Lakewood, the University of Texas at Austin, and the University of South Florida in Tampa, the Prescient System got straight-As for meeting critical on-time delivery dates – all in advance of the new the school year, thanks to construction schedule reduction and elimination of historical framing...
First Senior Living Residence
Prescient completes a five-story independent living facility adjacent to a two-story assisted living facility, 250,000-square-foot, in Lone Tree, Colorado. The Prescient platform is ideally suited for senior living projects as it is the most cost-effective non-combustible building system available, making it a superior alternative to wood-framed buildings, and can accommodate different types of units.
Strengthened Construction Accreditation
Prescient’s Unified Truss Construction Framing System receives an evaluation report (ESR-3745) from ICC Evaluation Service (ICC-ES) providing evidence that the panelized, cold-rolled, light-gauge framing system meets code requirements. Building officials and others utilize the reports to provide a basis for using or approving the system in projects under the International Building Code.
Prescient Expands Facilities
Prescient opened its third facility in the Denver region, a 120,000 sq ft headquarters and manufacturing complex with 10 acres of outdoor storage. The expansion was driven by the growing demand for the Prescient System.
New CEO Magued Eldaief
Former GE executive Magued Eldaief joins Prescient as CEO, bringing a wealth of experience to the company. Eldaief says: “Considering the opportunity to change the face of construction through a genuine end-to-end digital solution from concept to commercialization, I am extremely energized and proud to be leading Prescient.”
Second Manufacturing Facility
Prescient moves its headquarters from Colorado to North Carolina and opens a second manufacturing facility. The new North Carolina facility doubles the company’s total annual capacity to nearly 11 million square feet. The headquarters move marks a milestone for the company, signaling its commitment to future investment and growth throughout the U.S.
Prescient Is “Innovator of the Year”
Prescient is named “Innovator of the Year” by Construction Dive, a leading industry news publisher. The 2018 Dive Awards recognize the industry’s top disruptors and innovators. Honorees include companies and executives that are driving breakthroughs transforming the construction industry and shaping its future.
Entry Into Seismic Market
Prescient’s revolutionary digital thread is used for a new student housing complex at UC Davis — its first project in a seismic zone. Prescient is poised to expand beyond the U.S. and is evaluating launching into other markets with a need for seismic-friendly products, like Japan, India, the Middle East and Latin America.
Prescient Appoints Loren Bough as Chairman
Prescient appoints Loren Bough as the company's new chairman of the board. Bough takes over the role after joining Prescient's board of directors in 2018.
Prescient Receives $90M Financing Commitment from Eldridge
Prescient announced it has received a $90 million financing commitment from Eldridge, a holding company with a unique network of businesses across finance, technology, real estate, and entertainment.