Article content provided by Field Materials.
Over $300B is spent annually by US commercial contractors on material purchases. Tens of thousands of purchasing and accounting professionals have to manually enter data for purchase orders (POs) and invoices every day. Field Materials’ AI technology eliminates 90% of the PO and invoice processing time, transforming the productivity of construction companies. Moreover, the company’s AI automatically identifies vendor billing errors to save contractors 5-10% in material costs.
The company’s latest funding was raised in response to strong customer demand since Field Materials’ market launch in mid-2023. In Q1 2024, the company’s customer base grew 3x, annual recurring revenue grew 8x, and the total volume of orders more than doubled. Field Materials now supports customers across eight different construction trades, integrates with the top eight accounting software systems in construction (Sage 100, Sage 300 CRE, FOUNDATION, CMiC, Procore, Viewpoint Vista, Viewpoint Spectrum, Quickbooks) and partners with professional organizations across four trades (SMACNA, NFCA, SWACCA, CFMA).
Field Materials’ AI capabilities have been the major driver for customer demand. 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.
The new funding will be used to expand the company’s sales and customer success teams to further accelerate its growth. In addition, the company is expanding its engineering team to further solidify its position as the leading AI procurement solution in construction.
“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.
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Field Materials is the world's first material purchasing software powered by AI. Our web and mobile apps streamline contractors' material procurement from analyzing quotes to managing orders and deliveries to the construction site. We help contractors cut 90% of PO processing time and save 5-10% in materials costs by auto-verifying invoices against POs.
