Parspec Announces $11.5M Seed Funding led by Innovation Endeavors, bringing the power of AI to construction product procurement [Yahoo! Finance]
REXEL SA UNSP/ADR (RXEEY)
NASDAQ:AMEX Investor Relations:
rexel.com/en/finance/investors
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Source: Yahoo! Finance
products, today announced its oversubscribed $11.5 million seed round. Innovation Endeavors led the investment, with participation from Building Ventures, Heartland Ventures, and Hometeam Ventures. Two investors joined the board in connection with the investment: Innovation Endeavors' Josh Rapperport as a board member and Building Ventures' Allen Preger as a board observer. Founded in 2021, Parspec is transforming the $1.7 trillion global construction materials market by providing better information and online workflows to support the procurement process. Parspec's CEO and co-founder Forest Flager, who earned his Ph.D. at Stanford and previously led software at Katerra, explains the problem and solution as follows: "To select products today, practitioners typically compare design specifications to technical product documentation hosted on thousands of manufacturer websites. It is a time consuming and error-prone process that contributes to procurement costs (in construction) that ar
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