Prescient, an advanced architectural software and digital design company leveraging precision off-site manufacturing to enable construction, announced it has closed a $190 million strategic investment and bonding support led by long-term investors Eldridge and JE Dunn. Additionally, Security Benefit is providing bonding assistance to support Prescient’s substantial development pipeline. The capital raised will serve to accelerate Prescient’s expansion and growth in the multifamily sector through continued investments in their technology platform.
“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. “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. We look forward to working with both teams in this next phase of growth to provide even greater benefits to our clients, suppliers and employees.”
“We are excited by the significant progress Prescient’s business and operations have continued to make since our initial investment in 2018,” said Tony Minella, Co-founder and President of Eldridge. “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.”
“We see great value in the advanced technology and innovative application of Prescient in the construction industry,” said Tim Dunn, Chairman of JE Dunn Construction and a Prescient board member. “We are equally excited to have clients and partners fully realize the potential of the Prescient system for their buildings in the future.”
Prescient’s digital design-build platform is revolutionizing the building environment and increasing returns on investments across the entire development, construction, and operating value chain. The platform provides an efficient, integrated, and transparent approach for advanced professionals who plan, design, and build multi-family housing and hospitality structures.
Prescient provides a greener, more sustainable way to build by enabling efficiencies that eliminate waste across disciplines in the building process, including off-site manufacturing and on-site assembly. All components of Prescient’s system are made from 100% recycled steel that meets the highest level of LEED1 standards and can be taken apart, reused, or recycled. Prescient continues to innovate across its integrated software and hardware platforms to address more customer needs and drive further industrialization of the construction industry.
Shearman & Sterling acted as legal advisor to Prescient and WilmerHale acted as legal advisor to Eldridge.
Security Benefit is rated A- by S&P, Fitch, and AM Best, and has over $40 billion of total assets as of December 31, 2020.