Field Materials, a Palo Alto, CA-based AI software startup focused on global market of construction material purchasing, raised a $4.65m Seed funding.
The round was led by Blumberg Capital with participation from Zacua Ventures, joined by prominent industry executives including the former SVP of Lowe’s and former VP of Home Depot, GM of Payments at Google, and a co-founder of YouTube.
Founded by Eldar Sadikov and Victor Gane, Field Materials provides an AI powered material purchasing software platform whose web and mobile apps are used by general contractors and specialty subcontractors to streamline their material procurement from requesting quotes during pre-construction to managing orders and deliveries to the construction site.
The software digitizes workflows that were traditionally done in Excel, email, and paper, eliminates errors and delays in projects through AI-powered checking of delivery slips and invoices as well as automation of notifications and reminders.
The company partners with both general contractors and specialty subs that buy large quantities of construction materials from trade-specialized suppliers. It works with existing estimation and accounting software and uses established communication channels between contractors and suppliers. By automatically capturing all email and text messages, the platform ensures that everyone on the team has complete visibility into material orders.
The initial customers of the platform were specialty subs but the company is now getting rapid traction with self-performing GCs.
FinSMEs
10/04/2023