Parspec Secures $20M Series A to Revolutionize Construction Supply Chain with AI

Parspec, the AI-native platform transforming construction product procurement, has raised $20 million in a Series A round led by Threshold Ventures, with continued backing from Innovation Endeavors, Building Ventures, Heartland Ventures, and Hometeam Ventures.

Founded by Forest Flager and Pratyush Tiwari, Parspec uses advanced multimodal AI to match design specs with real-time product availability by extracting and structuring data from thousands of manufacturer sites. Its quoting and submittal tools are now used by hundreds of distributors and sales agents — including four of the top five U.S. electrical distributors, collectively generating $70B annually.

The funding will accelerate development of a full order lifecycle platform and a contractor portal, supporting Parspec’s goal to digitize and streamline a $5T construction materials supply chain.