Parspec, a Palo Alto, CA-based AI-driven software platform revolutionizing construction product selection and sales, raised an oversubscribed $11.5 million in seed funding.
SaaS Investors
The round was led by Innovation Endeavors, joined by Building Ventures, Heartland Ventures, and Hometeam Ventures.
Founded in 2010, Innovation Endeavors is a venture capital investment firm based in Palo Alto, California. The firm invests in cutting-edge technologies to drive generational change to solve problems that matter.
Innovation Endeavors’ Josh Rapperport and Building Ventures’ Allen Preger join the board.
About Parspec
Parspec is a technology company focused on streamlining the procurement process for construction materials, starting with lighting and electrical products. Parspec’s AI-powered platform supports product selection, quoting, and submittal preparation for sales agents and distributors. Parspec is currently working with three of the top ten lighting agencies and four of the five largest electrical distributors in the United States, including Sonepar, Graybar, Rexel, and CED. The company was founded in 2021 and headquartered in San Mateo, California.
Funding Details
Company: Parspec, Inc.
Raised: $11.5M
Round: Seed Round
Funding Month: February 2024
Lead Investors: Innovation Endeavors
Additional Investors: Building Ventures, Heartland Ventures, and Hometeam Ventures
Company Website: https://www.parspec.io/
Software Category: Construction Product Procurement
Source: https://www.businesswire.com/news/home/20240227657482/en