Field Materials Secures $10.5M to Automate Construction Procurement

Field Materials, co-founded by an entrepreneur with a PayPal exit, has raised $10.5 million in a Series A round to enhance its AI platform for construction procurement.

Field Materials, a company developing an AI platform for material and equipment procurement in the construction industry, has raised $10.5 million in a Series A funding round. This latest investment, led by Navitas Capital, brings the startup's total funding to nearly $19 million.

The AI platform by Field Materials aims to streamline the procurement process by automating the reading and entry of vendor quotes, delivery slips, and invoices into major construction accounting systems. This technology reduces processing time by 90% and helps construction companies improve margins and secure volume pricing.

Field Materials, launched less than two years ago, is already processing over $360 million in material and equipment purchases annually. The company supports customers across 27 U.S. states and nine construction trades, including some of the largest contractors like Swinerton and Teichert.

With the new funding, Field Materials plans to double its team and triple its revenue in 2025, addressing the growing demand for AI capabilities in the construction sector.

We hope you enjoyed this article.

Consider subscribing to one of several newsletters we publish like Industrial AI Weekly.

Also, consider following us on social media:

Industrial AI
AI Brief (X)

More from: Funding

Subscribe to Daily AI Brief

Daily report covering major AI developments and industry news, with both top stories and complete market updates

Whitepaper

Stanford HAI’s 2025 AI Index Reveals Record Growth in AI Capabilities, Investment, and Regulation

The 2025 AI Index by Stanford HAI provides a comprehensive overview of the global state of artificial intelligence, highlighting significant advancements in AI capabilities, investment, and regulation. The report details improvements in AI performance, increased adoption in various sectors, and the growing global optimism towards AI, despite ongoing challenges in reasoning and trust. It serves as a critical resource for policymakers, researchers, and industry leaders to understand AI's rapid evolution and its implications.

Read more

You May Also Like