Field Materials, a San Jose, CA-based provider of AI software to control and verify construction material and equipment spending, raised additional $3.5M.
The round, which brought the total amount of the seed funding to $8.5M, was led by new investors DivcoWest Ventures, Navitas Capital, Zelda Ventures, and Flyer One Ventures alongside existing investors Blumberg Capital, s16vc, Zacua Ventures, and industry executives.
The company intends to use the funds to expand its sales and customer success teams to further accelerate its growth.
Founded by Eldar Sadikov and Victor Gane, Field Materials is an AI procurement platform for contractors to control and verify spending. Its web and mobile apps streamline material purchasing and equipment rentals by eliminating manual data entry for quotes, invoices, packing slips, and receipts, and saving 5-10% in material costs by automatically identifying billing errors.
Field Materials now supports customers across eight different construction trades, integrates with the top eight accounting software systems in construction, and partners with professional organizations across four trades (SMACNA, NFCA, SWACCA, CFMA).
FinSMEs
05/06/2024