Construction tech company Prescient laying off 50 in Arvada
This story first appeared on BusinessDen.com, a BizWest news partner.
A construction-tech manufacturing company is laying off staff at its Arvada facility.
Prescient, a company that uses a patented software system to digitally design and manufacture building parts, is laying off 50 employees at 14401 W. 65th Way in Arvada.
Layoffs began last week and will continue until Dec. 31, according to a letter written to the state on Friday.
The company also made a round of 83 staff cuts and permanently closed its facility in Mebane, North Carolina last year, local TV station WRAL reported. Prescient still lists that location on its website, along with Arvada and the Golden Technology Center in Poland.
Prescient did not respond to requests for comment on Tuesday.
The 11-year-old company was founded in Broomfield before moving closer to Denver in 2014, and eventually Arvada in 2015. When it first opened its 120,000-square-foot Arvada facility, the company said in a news release it had roughly 200 employees.
Prescient eventually expanded to North Carolina in 2017, establishing its headquarters in Durham and its Mebane facility soon after. The headquarters closed after a gas explosion in 2019, according to WRAL.
According to its website, Prescient uses software to design and manufacture large portions of apartments, student housing buildings, senior living facilities, hotels and military barracks for developers. The company lists 91 buildings completed spanning 13 states, including the Park 17 apartment complex in City Park West.
In 2021, Prescient raised $190 million from investors Eldridge and JE Dunn to “accelerate Prescient’s expansion and growth in the multifamily sector,” according to a press release, following $90 million brought in from Eldridge in 2020.
The company notified the state of the layoffs in an effort to comply with the federal Worker Adjustment and Retraining Notification Act, which requires large employers to provide advance notice of plant closings and significant layoffs.
Other companies that have informed the state of layoffs this year include the British sports apparel firm Gymshark, California-based Specialized Bicycles, lighting manufacturer Pinnacle Architectural Lighting, automobile seat cover makers GT covers, a subsidiary of Broomfield-based Vail Resorts and the health insurer Friday.