Field Materials Total Seed Funding Grows to $8.15M to Bring AI to Construction Procurement
Summary
The proprietary technology was built and trained using tens of thousands of vendor quotes, invoices, and packing slips from customers across eight different construction trades. It leverages state-of-the-art large language models (LLMs) and can read and interpret new vendor documents that it has not previously seen, without additional training. As the IT Director of a General Contractor with four different divisions, I was very excited to discover Field Materials and bring this powerful technology to help streamline and speed up the procurement process across all our companies," said Gay Lynn Anderson from McAlvain Construction, Inc. in Boise, ID. "As a proptech and construction tech focused fund, our strong industry ties helped us validate the power of the Field Materials platform. Their cutting-edge technology, outstanding team, and rapidly growing customer base solidified our decision to back them as the emerging leader and innovator in this space," said Breton Birkhofer, Managing Director at DivcoWest Ventures in San Francisco.
Funding
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