Parspec Accelerates Construction Procurement Innovation with $11.5M Seed Funding
Parspec is addressing the inefficient and often error-prone procurement process in the construction industry.
Company Name: Parspec
Location: San Mateo, California, USA
Sector: AI-Powered Construction Procurement Software
Funding Details: Raised $11.5M in Seed funding, 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.
Purpose of Investment: To expand operations and development efforts.
Leadership: CEO Forest Flager
Product: Parspec is revolutionizing the procurement process in the construction industry with its AI-powered platform. It assists in product selection, quoting, and submittal preparation, specifically for lighting and electrical products, by comparing design specifications to manufacturer documentation, identifying spec-compliant products quickly and accurately.
About Company: Parspec is addressing the inefficient and often error-prone procurement process in the construction industry. By utilizing AI to streamline product selection and documentation, the company significantly reduces labor and improves compliance, offering a modern solution to a longstanding industry challenge.