Field Materials says it is the world’s first material-purchasing software powered by AI. The startup has now raised a $4.65 million seed round.
Founders Eldar Sadikov and Victor Gane are Stanford-educated serial entrepreneurs. They sold their previous company to PayPal in 2018 and have backgrounds in AI, payments, e-commerce, and construction.
Blumberg Capital leads the round with participation from Zacua Ventures, and prominent industry executives have joined the round.
Juan Pujadas, veteran finance and technology executive and advisor at Blumberg Capital, says: “Eldar and Victor are serial entrepreneurs with a successful track record, deep industry knowledge, and an extensive network of industry executives. We believe Field Materials has the team and technology to transform one of the world’s largest industries.”
Digitalizing daily processes
More than 75% of construction contractors use mobile devices to access work-related information. However, they use phone calls, emails, and text messages to request quotes, place orders, communicate changes, and report issues.
Field Materials’ web and mobile apps streamline the purchasing process across the entire construction project. With the app, contractors can request quotes during pre-construction and manage orders and deliveries to the construction site.
The software digitizes workflows that were traditionally done in Excel, email, and paper. It eliminates project errors and delays through AI-powered checking of delivery slips and invoices. It also automates notifications and reminders.
A centralized system of record
Field Materials provides a centralized system of record to track what the contractor and supplier agree upon and automates follow-up to ensure timely closure.
By automatically capturing all email and text messages, the platform ensures that everyone on the team has complete visibility into material orders. It works seamlessly with existing estimation and accounting software and relies on well-established communication channels between contractors and suppliers.
Field Materials partners with both general contractors and specialty subs that buy large quantities of construction materials from trade-specialized suppliers.
A sector ripe for disruption
Vivin Hegde, general partner at Zacua Ventures, a VC specializing in construction, says: “Material procurement is poised to be disrupted and several multi-billion dollar companies will emerge as a result. We’ve scouted and looked at dozens of companies in this space and are deeply impressed by what Field Materials is building. They not only have the best team, product and go-to-market strategy that we’ve seen but have also found ways to minimize friction in every step of the process, which we believe is key to adoption.”
Source: PR Web, April 7, 2023