BuiltWorlds member Zacua Ventures recently participated in a $4.65 million Seed round for Field Materials, an AI software startup with a bold vision to disrupt the $2 trillion global market of construction material purchasing. The round was led by Blumberg Capital and joined by prominent industry executives including the former SVP of Lowe’s and former VP of Home Depot, GM of Payments at Google, and a co-founder of YouTube.
Field Materials’ founders Eldar Sadikov and Victor Gane are Stanford-educated serial entrepreneurs who sold their previous company to PayPal in 2018 and have backgrounds in AI, payments, e-commerce, and construction. The company’s web and mobile apps streamline the purchasing process across the entire lifecycle of a construction project – from requesting quotes during pre-construction to managing orders and deliveries to the construction site. The software digitizes workflows that were traditionally done in Excel, email, and paper. It eliminates errors and delays in projects through AI-powered checking of delivery slips and invoices as well as automation of notifications and reminders.
By automatically capturing all email and text messages, the platform ensures that everyone on the team has complete visibility into material orders. The initial customers of the platform were specialty subs but the company is now getting rapid traction with self-performing GCs. Andy Ball, the former CEO of BuiltWorlds member Webcor Builders (one of the largest GCs in the US) and currently President of oWow, says “Field Materials’ platform provides an essential link between the field, the office, and the vendors.”
Vivin Hegde, General Partner at Zacua Ventures, a VC specializing in construction, says: “Material procurement is poised to be disrupted and several multi-billion dollar companies will emerge as a result. We’ve scouted and looked at dozens of companies in this space and are deeply impressed by what Field Materials is building. They not only have the best team, product and go-to-market strategy that we’ve seen but have also found ways to minimize friction in every step of the process, which we believe is key to adoption.”
Our Construction Tech Conference is intended to look holistically at how technology is influencing the way we build – from pre-construction through construction functions, in the office as well as in the field. Leading technology adopters, mature solution providers, and upcoming technology solutions gather each year to take the pulse of trends across the industry at the BuiltWorlds Construction Tech Conference.
REGISTER FOR OUR CONSTRUCTION TECH CONFERENCE
ABOUT AROUND THE NETWORK BRIEFS:
BuiltWorlds “Around the Network” Briefings offer BuiltWorlds Members an opportunity to keep the Community informed of their own initiatives, resource offerings, and other things they are excited to share about or collaborate around. We generally pull these posts as “highlights” from Member Company Pages, Innovation Exchange Posts, and other places our members share with us what they are up to.
ABOUT BUILTWORLDS:
BuiltWorlds is the buildings and infrastructure industry’s leading professional network for open innovation, keeping companies in the worlds of engineering, construction and related fields informed and connected, and helping them find avenues to collaborate for their own strategic success and for the betterment of the industry, as whole. For more information about BuiltWorlds, visit the BuiltWorlds Network or sign up for the BuiltWorlds Newsletter to stay connected to the Community for free.
Discussion
Be the first to leave a comment.
You must be a member of the BuiltWorlds community to join the discussion.