Fast-growing Prescient, an Arvada company that uses technology to build multistory buildings faster, added $40 million from investors as demand for its patented structural system grows.
company, which was founded in 2012, has raised $80 million to date and says it has a pre-money valuation of $475 million. The latest Series D round was announced Tuesday.
Its technology helps speed up the process of building a multistory structure, from engineering and design to manufacturing. Since materials are manufactured to precise measurements and then assembled on site, it becomes like a jigsaw puzzle filled with the right-size pieces for construction workers to put together.
The company had great timing during Denver’s current construction boom. It’s completed 10 projects in the area and is currently working on the Alexan Uptown, a 12-story, 372-unit apartment building in Denver. Since 2013, Prescient constructed 3 million-square-feet of buildings in five states and is on track to build 3 million this year.
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Prescient, which employs 300 people who are mostly in Colorado, plans to add 75 employees this year. Last year, it doubled the size of its Colorado manufacturing plant to 120,000 square feet, and it will soon start building a North Carolina plant.