Building technology company Plant Prefab has secured $42m via Series C and other funding to support its capacity expansion and increased multi-unit housing production.
The Series C round was led by Gerdau Next Ventures, which is the corporate venture capital programme of Brazil-based steel producer Gerdau.
It also included debt and equipment financing from Western Technology Investments and Atel Capital Group.
All the firms are existing investors in Plant Prefab.
Plant Prefab founder and CEO Steve Glenn said: “We are gratified by this vote of confidence from our investors, who recognize the opportunity to further scale our solutions for multifamily and single-family community developments.
“The Series C funding will enable completion of the Arvin Hub — Plant Prefab’s first automated factory and regional production hub and the country’s first hybrid panel and module manufacturing facility — which will provide the additional capacity, increased velocity, and expanded geographic reach to serve our target markets.”
The Arvin Hub will allow Plant Prefab to take on larger multifamily and single-family community developments.
It will be capable of manufacturing more than 900,000ft2 of housing annually, which is equivalent to more than 800 housing units. This facility can produce at more efficiency in terms of cost than the company’s current two factories.
The Arvin Hub is being built to Plant Prefab’s environmental standards for minimal resource consumption and will be completely solar-powered.
It will also expand the company’s service area to the entire western part of the US.
Besides completing the Arvin Hub, funds from this round will also be used to bolster the company’s engineering, product management, supply chain and project management infrastructure.
Plant Prefab claimed that its data-driven processes generate 30% less construction waste than site-based approaches.
Image: The Arvin Hub will allow Plant Prefab to take on larger multifamily and single-family community developments. Credit: Michal Jarmoluk from Pixabay.