Parspec Reels In $20 Million Series A

<p><strong><span class&equals;"legendSpanClass"><span class&equals;"xn-location">SAN MATEO <&sol;span><&sol;span><&sol;strong>&&num;8212&semi; <a href&equals;"https&colon;&sol;&sol;c212&period;net&sol;c&sol;link&sol;&quest;t&equals;0&amp&semi;l&equals;en&amp&semi;o&equals;4462413-1&amp&semi;h&equals;916308967&amp&semi;u&equals;https&percnt;3A&percnt;2F&percnt;2Fwww&period;parspec&period;io&percnt;2F&percnt;3Futm&lowbar;campaign&percnt;3D15901030-Series&percnt;2520A&percnt;26utm&lowbar;source&percnt;3Dpr&amp&semi;a&equals;Parspec" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener">Parspec<&sol;a>&comma; an AI-native software platform that enables wholesale distributors and sales agents to efficiently bid and supply construction products&comma;  has raised <span class&equals;"xn-money">&dollar;20 million<&sol;span> in Series A funding&period; The round was led by <a href&equals;"https&colon;&sol;&sol;c212&period;net&sol;c&sol;link&sol;&quest;t&equals;0&amp&semi;l&equals;en&amp&semi;o&equals;4462413-1&amp&semi;h&equals;1414351251&amp&semi;u&equals;https&percnt;3A&percnt;2F&percnt;2Fthreshold&period;vc&percnt;2F&amp&semi;a&equals;Threshold&plus;Ventures" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener">Threshold Ventures<&sol;a> &lpar;formerly DFJ&rpar;&comma; with participation from existing venture investors including Innovation Endeavors&comma; Building Ventures&comma; Heartland Ventures&comma; and Hometeam Ventures&period;<&sol;p>&NewLine;<p>The global construction industry represented a <span class&equals;"xn-money">&dollar;16 trillion<&sol;span> market in 2024&comma; with over <span class&equals;"xn-money">&dollar;5 trillion<&sol;span> flowing through the materials supply chain&period; Despite this scale&comma; much of the industry still relies on outdated procurement processes managed through email and phone&period; These methods are time consuming and error prone&comma; resulting in labor costs that are double comparable industries such as auto parts and electronics&period;<&sol;p>&NewLine;<p>Parspec&&num;8217&semi;s customers consistently report 50-100&percnt; improvement in labor productivity&comma; while simultaneously improving bid quality and compliance&period; &&num;8220&semi;With Parspec&comma; we&&num;8217&semi;ve been able to significantly reduce quote and submittal turnaround times&period;&&num;8221&semi; said Rama Theekshidar&comma; Chief Digital Officer at <a href&equals;"https&colon;&sol;&sol;c212&period;net&sol;c&sol;link&sol;&quest;t&equals;0&amp&semi;l&equals;en&amp&semi;o&equals;4462413-1&amp&semi;h&equals;101835138&amp&semi;u&equals;https&percnt;3A&percnt;2F&percnt;2Fwww&period;usesi&period;com&percnt;2F&amp&semi;a&equals;U&period;S&period;&plus;Electrical&plus;Services&plus;Inc" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener">U&period;S&period; Electrical Services Inc<&sol;a>&period; &&num;8220&semi;This efficiency empowers our team to pursue and win more projects—fueling profitable growth across the business&period; The team at Parspec are true thought leaders&comma; consistently pushing the boundaries of what&&num;8217&semi;s possible in our industry&comma; and we are proud to partner with them&period;&&num;8221&semi;<&sol;p>&NewLine;<p>A key differentiator for Parspec is their ability to <a href&equals;"https&colon;&sol;&sol;c212&period;net&sol;c&sol;link&sol;&quest;t&equals;0&amp&semi;l&equals;en&amp&semi;o&equals;4462413-1&amp&semi;h&equals;1226169799&amp&semi;u&equals;https&percnt;3A&percnt;2F&percnt;2Fwww&period;parspec&period;io&percnt;2Fproduct-finder&percnt;3Futm&lowbar;campaign&percnt;3D15901030-Series&percnt;2520A&percnt;26utm&lowbar;source&percnt;3Dpr&amp&semi;a&equals;instantly&plus;identify&plus;products" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener">instantly identify products<&sol;a> available in the market that satisfy complex specifications provided by the customer&period; To do so&comma; Parspec has developed cutting-edge multimodal AI models which extract these requirements from design drawings and specification documents&period; Next&comma; a ranked set of compliant products are surfaced to the user from a database of over 6 million products&period; To ensure Parspec&&num;8217&semi;s product catalog is current and comprehensive&comma; they have developed an automated data pipeline which extracts and organizes product information from thousands of manufacturer websites on a daily basis&period;<&sol;p>&NewLine;<p>&&num;8220&semi;Forest&comma; Pratyush and the Parspec team are tackling one of the largest opportunities in the construction industry&comma;&&num;8221&semi; said <span class&equals;"xn-person">Mo Islam<&sol;span>&comma; Partner at Threshold Ventures&period; &&num;8220&semi;They have developed an AI-native product to automate construction materials procurement&comma; unlocking massive value for their customers&period;&&num;8221&semi;<&sol;p>&NewLine;<p>&&num;8220&semi;We&&num;8217&semi;re excited to partner with Threshold to accelerate our mission to enable a more connected and efficient construction supply chain&comma;&&num;8221&semi; stated <span class&equals;"xn-person">Forest Flager<&sol;span>&comma; Cofounder and CEO of Parspec&period; &&num;8220&semi;With this new funding&comma; and in close collaboration with our existing customers&comma; Parspec plans to expand our platform to support the full order lifecycle and to create a unified digital environment for collaboration between contractors&comma; distributors&comma; sales agents and manufacturers&period;&&num;8221&semi;<&sol;p>&NewLine;<div class&equals;"pull-right inline-gallery-container col-md-8 col-sm-7 col-xs-12">&NewLine;<div class&equals;"gallery inline-gallery">&NewLine;<div class&equals;"row">&NewLine;<div class&equals;"col-sm-12"><&sol;div>&NewLine;<&sol;div>&NewLine;<&sol;div>&NewLine;<&sol;div>&NewLine;