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Field Materials Total Seed Funding Grows to $8.15M to Bring AI to Construction Procurement

Jun 04, 2024•about 1 year ago

Amount Raised

$8.15 Million

CharlotteArtificial IntelligenceSoftware

Investors

Divco West Ventures

Description

Field Materials, the leading AI software to control and verify construction material and equipment spending, raised an additional $3.5M to bring its total Seed funding to $8.15M. In Q1 2024, the company's customer base grew 3x, annual recurring revenue grew 8x, and the total volume of orders more than doubled.

Company Information

Company

Field Materials

Location

Charlotte, North Carolina, United States

About

Field Materials is the leading 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.

Funding Insights

Based on industry data
VC-backed spending patterns
VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers

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