Parspec Raises $11.5M in Seed Funding

Parspec

Parspec, a San Mateo, CA-based provider of a AI-powered software platform that streamlines the selection and sale of construction products, raised $11.5M in Seed funding.

The round was led by Innovation Endeavors with participation from Building Ventures, Heartland Ventures, and Hometeam Ventures. Innovation Endeavors’ Josh Rapperport joined as a board member and Building Ventures’ Allen Preger as a board observer.

The company intends to use the funds to expand operations and development efforts.

Led by CEO Forest Flager, Parspec is a technology company focused on streamlining the procurement process for construction materials, starting with lighting and electrical products. Its AI-powered platform supports product selection, quoting, and submittal preparation for sales agents and distributors.

The company is initially focused on serving sales agencies and distributors of lighting and electrical products. It is currently working with three of the top ten lighting agencies and four of the five largest electrical distributors in the United States, including 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.”

FinSMEs

27/02/2024