California-based off-site home builder Plant Prefab announced a new factory opening in Ontario, Calif. At the same time, the company announced it secured $30 million in its Series B equity round. Plant Prefab claims to build homes 20% to 50% faster than traditional methods with 30% less waste. A third factory, the company's first automated facility, will open sometime next year in an undisclosed location, says Inman. The custom builder reports its contracts have increased 175% in the last year, and anticipates more growth in the near future thanks to market conditions.
It will ultimately serve as a central production hub to all current and future Western U.S. factories.
“This investment allows us to fully integrate our engineering platforms with our production process, utilizing our proprietary building information management (BIM) systems to drive machinery, advanced factory quality controls, and production tracking,” Steve Glenn, founder and CEO of Plant Prefab, said in a statement. “It’s a step change in custom homebuilding, making it significantly faster, easier and more sustainable to build beautifully designed, healthy homes.”
Plant Prefab’s contracts have increased by over 175 percent in the last year, according to a press statement, and the company anticipates demand to grow as low interest rates continue and inventory remains sparse, especially in places like California.
The company noted that its custom designs are particularly suited to infill markets (vacant lots between other developments), where it can easily adapt designs to oddly shaped lots or restrictive zoning requirements. Customers of the builder can choose their own architect or select one of the company’s designs created by several renowned architects like Ray Kappe and Brooks + Scarpa.