Parspec, headquartered in San Mateo, CA, has announced a significant milestone with the closure of an $11.5 million Seed funding round. The company specializes in an AI-powered software platform designed to streamline the selection and sale of construction products.
This financing round was spearheaded by Innovation Endeavors, with notable contributions from Building Ventures, Heartland Ventures, and Hometeam Ventures. Notably, Innovation Endeavors’ Josh Rapperport will now serve as a board member, while Allen Preger from Building Ventures joins as a board observer.
The infusion of capital will fuel Parspec’s expansion efforts and bolster its ongoing development initiatives. Under the leadership of CEO Forest Flager, the company is on a mission to revolutionize the procurement process for construction materials, starting with a focus on lighting and electrical products. Leveraging AI technology, Parspec’s platform facilitates product selection, quoting, and submittal preparation for sales agents and distributors.
Parspec’s initial target market comprises sales agencies and distributors specializing in lighting and electrical products. The company has already established partnerships with three of the top ten lighting agencies and four of the five largest electrical distributors in the United States, including industry giants like Sonepar, Graybar, Rexel, and CED.
Commenting on the news, Forest Flager, said: “To select products today, practitioners typically compare design specifications to technical product documentation hosted on thousands of manufacturer websites. It is a time consuming and error-prone process that contributes to procurement costs (in construction) that are nearly double comparable industries. Parspec uses AI to instantly identify spec-compliant products and associated documents, reducing labor by more than 50% compared to manual methods while improving compliance.”
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By Proptechbuzz
By Ravi Kumar
