TLDR:
- Parspec, a provider of AI-powered software for construction product selection, raised $11.5M in Seed funding.
- The round was led by Innovation Endeavors, with participation from Building Ventures, Heartland Ventures, and Hometeam Ventures.
Parspec, based in San Mateo, CA, focuses on streamlining the procurement process for construction materials, starting with lighting and electrical products. Led by CEO Forest Flager, the company’s AI-powered platform supports product selection, quoting, and submittal preparation for sales agents and distributors. They aim to reduce labor by more than 50% compared to manual methods while improving compliance.
The company plans to use the new funds to expand operations and development efforts. They are currently working with top lighting agencies and electrical distributors in the US, including Sonepar, Graybar, Rexel, and CED. The funding round was led by Innovation Endeavors, with Josh Rapperport joining as a board member and Building Ventures’ Allen Preger as a board observer.
