Field Materials Raises $10 Million for Construction-Focused AI Platform
Field Materials has raised $10.5 million for its construction industry-focused artificial intelligence (AI) platform.
The Series A funding round will help Field Materials double the team behind its platform, which focuses on material and equipment procurement, according to a Wednesday (April 30) news release.
“Construction materials and equipment rentals make up a $600 billion market in the US, yet the industry still relies on phone calls, emails, and manual data entry,” the company said in the release. “Field Materials’s AI is built to solve this problem.”
According to the release, Field Materials employs AI large language models to read vendor quotes, delivery slips, and invoices and enter data about materials, units and qualities into nine major construction accounting systems. This brings down purchase order and invoice processing time by 90%, improving margins and helping construction firms get volume pricing.
“Construction companies, big and small, shared with us how much they need our product, especially now with tariffs impacting prices of materials and equipment,” Field Materials Co-founder and Chief Executive Eldar Sadikov said in the release, which notes Sadikov sold his last company, retail AI startup Jetlore, to PayPal in 2018.
Field Materials, not yet two years old, processes more than $360 million in equipment and material purchases per year, according to the release. The company says its customers include some of the biggest American contractors: Swinerton, Teichert and Big-D, which manage more than 4,500 construction projects with Field Materials’ AI tech.
PYMNTS examined the use of AI in the construction sector last year, writing that industry observers say the technology “is poised to enhance profitability and competitiveness by streamlining processes, reducing errors and optimizing resource allocation.”
Armed with AI tools, small and medium-sized contractors might be better equipped to compete for larger projects, thus disrupting established market dynamics.
In addition, integrating AI in construction finance could bring about more transparent and efficient payment systems, solving issues of delayed payments and cash flow management that have long plagued the industry. This data-driven approach is changing the way companies perform project planning and design.
“Contractors can also create faster fundamental models and designs without too much effort to coordinate with other stakeholders,” Eshan Jayamanne, CEO of Krane, an AI technology company for the construction sector, told PYMNTS. This brings about “increased efficiency, cost savings, improved accuracy and better data for better collaboration.”
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