Parspec, a startup using artificial intelligence to improve efficiency in the construction industry supply chain, has raised $20 million in a Series A funding, the company told Crunchbase News exclusively. The company aims to help sales agents and wholesale distributors 'efficiently bid and supply' construction products. The company claims its key differentiator is its ability to 'instantly identify products available in the market that satisfy complex specifications provided by the customer' using artificial intelligence. 'This enables customers to cut time and cost to bid in half, while simultaneously improving bid quality and compliance, enabling them to bid and win more projects,' CEO and co-founder Forest Flager said in an interview. Threshold Ventures (formerly DFJ) led Parspec's Series A financing, with participation from existing backers including Innovation Endeavors, Building Ventures, Heartland Ventures and Hometeam Ventures. The funding brings San Mateo, California-based...
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