Field Materials Secures $10.5M to Automate 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.