Parspec, a software company headquartered in San Mateo, pulled in a $20 million Series A round spearheaded by Threshold Ventures. The company’s AI-native solution helps streamline the procurement process for mechanical, electrical and plumbing construction materials.
Parspec’s platform can quickly identify products available on the market that satisfy complex customer specifications, helping distributors and sales agents bid more jobs, increase their revenue and reduce sales costs. It’s fueled by an automated data pipeline that extracts and organizes product info from thousands of manufacturer websites every day.
Backed by its new capital, Parspec will invest in product development. The company is working to build out an end-to-end solution for distributor order management, and it plans to establish a contractor portal that will grant material buyers access to project documents, order status, delivery tracking and more.
