CHARLOTTE, N.C.--(BUSINESS WIRE)--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.
About Prescient
Prescient’s integrated architectural and engineering digital software platform leverages precision off-site manufacturing to enable construction and efficient project delivery. 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 to revolutionize the building environment. Founded in 2012 and headquartered in Charlotte, North Carolina, Prescient holds over 100 patents across 30 countries for its hardware system and digital thread technology platform. To date, Prescient has completed 57 buildings and 9.1 million square feet through its software and IP, which enables architects and building owners to drive down construction costs, increase ROI and improve efficiency across the entire development, construction, and operating value chain. For more information, visit the company website, Twitter feed, LinkedIn, or Facebook page.
About Eldridge
Eldridge invests in businesses across the Insurance, Credit, Technology, Real Estate, Sports, Media, and Consumer landscapes. 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.
About JE Dunn
JE Dunn Construction, founded in 1924, is domestic general building contractor in the United States with offices in 24 locations. Our vision is to be an indispensable business partner for our clients by first understanding their purpose, goals, and customers and then delivering transformational solutions with certainty of results. We maintain a commitment to our clients and their building goals while being true to our guiding principles — the philosophy of our business operation which is both family and employee-owned. JE Dunn’s purpose is to enrich lives through inspired people and places. www.jedunn.com
About Security Benefit
Security Benefit Corporation (“Security Benefit”), through its subsidiary Security Benefit Life Insurance Company (SBL), a Kansas-based insurance company that has been in business for 129 years, is a leader in the U.S. retirement market. Security Benefit together with its affiliates offers products in a full range of retirement markets and wealth segments for employers and individuals and held $46.4 billion in assets under management as of December 31, 2020. Security Benefit, an Eldridge business, is one of the fastest growing U.S. retirement companies and continues its mission of helping Americans To and Through Retirement®. Learn more at www.securitybenefit.com and follow us on LinkedIn, Facebook or Twitter.
1 Leadership in Energy and Environmental Design (LEED) is a green building certification program developed by the non-profit U.S. Green Building Council (USGBC).