CHARLOTTE, N.C., June 3, 2020 – (BUSINESS WIRE)–Prescient, a digital design-build company leveraging precision off-site manufacturing to industrialize multi-unit housing construction, today 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. Eldridge previously led the Series E-1 Capital Raise in July of 2018.
“This facility provides Prescient with the resources necessary to expand our technological leadership as a disruptive innovator in the multi-unit housing space especially in a post-COVID environment where off-site construction will become even more critical,” said Magued Eldaief, CEO of Prescient. “Our proprietary digital design-build system provides our customers an ideal solution to build faster and more economically using fewer workers by leveraging our digital thread and advanced off-site manufacturing approach.”
“This latest financial commitment made by Eldridge demonstrates the confidence and commitment of the investment group we have behind us,” said Loren Bough, Chairman of Prescient.
“We believe Prescient is an industry disruptor, with demonstrated capabilities to directly address the challenging issue of housing affordability around the world,” said Tony Minella, Co-founder and President of Eldridge. “Prescient has built a growing base of loyal users and is now expanding into sizable new segments such as seismic zones and federal opportunities where its technology solution has a compelling competitive advantage.”
Since 2013, Prescient has completed 50 buildings and 8.3 million square feet of multi-unit housing including: condos, market-rate apartments, student housing, senior living, armed forces housing and corporate housing. It has firm project commitments to deliver almost 4.0 million square feet in 2021 alone.
Prescient’s digital design-build approach is revolutionizing the building environment. Designed for advanced professionals who plan, design and build multi-unit housing and hospitality structures, the company’s digital design-build system harnesses the power of technology. Linking standardized architectural design, automated structural engineering, precise off-site manufacturing and rapid on-site assembly along a single digital thread, the system creates holistic project teams with greater potential for achievement than found within construction’s habitually siloed parts. In response to widespread industry labor and talent shortages, shrinking margins, and cumbersome project management and approval processes, Prescient’s digital design-build system is increasing ROI across the entire development, construction and operating value chain.
Founded in 2012, Prescient is headquartered in Charlotte, North Carolina, has manufacturing and engineering facilities in Mebane, NC, Arvada, Colorado and a Global Technical Center in Poland. With a staff of over 400 professionals skilled in multiple disciplines including architectural design, engineering and manufacturing, it holds 98 patents across 30 countries on its technology and manufacturing processes.
Prescient is listed by The Silicon Review as one of the ‘50 Most Admired Companies of 2019’, chosen by Insights Success as one of the Next Generation Tech Disruptors for 2019 and named to The Tech Tribune’s Best Tech Startups in Durham for 2019 and 2020. Prescient was named ‘Innovator of the Year’ by Construction Dive in 2018.
Eldridge grows diversified businesses with a focus on Insurance; Credit; Technology; Real Estate; Sports and Media; and Consumer. In particular, the firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise. Eldridge is headquartered in Greenwich, Connecticut, with additional offices in Beverly Hills, New York, and London. To learn more about Eldridge, please visit www.eldridge.com.