Remarcable raises $15M for AI-driven construction procurement
Story Highlights Remarcable raises $15 million in Series A funding.
Platform unifies construction material management for electrical contractors.
Remarcable serves 40% of top 50 U.S. electrical contractors.
Remarcable Inc., a procurement platform for the electrical construction industry, has raised $15 million in a Series A funding round led by New York City-based software investor Insight Partners.
Founded in 2018 by Clint Zhang, an electrical and computer engineer educated in Canada, Remarcable is construction material management software that unifies material purchasing, inventory management, tool management and field operations on one platform.
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With its new funding, Highland Heights, Ohio-based Remarcable plans to expand its platform's capabilities, add suppliers and invest in artificial intelligence-driven tools to streamline its construction workflows, according to a statement.
Remarcable said its platform delivers robust real-time data exchange and secure transactions with suppliers aimed at giving contractors instant access to product pricing and availability, digital requests for quotations and responses, electronic purchase requests and acknowledgments, and invoices that flow to and from the supplier's enterprise resource planning system.
The platform integrates with national suppliers such as Graybar, Sonepar, Wesco and Rexel, as well as more than 400 other regional suppliers from coast to coast, the startup said.
Digitizing transactions to streamline efficiency
"Each year, construction material transactions worth hundreds of billions of dollars take place in U.S. Yet no unified platform existed to digitize and streamline these transactions and boost efficiency for both contractors and suppliers," said Zhang, the startup's CEO, in the statement. "We built Remarcable to fill that gap."
Since its launch, Remarcable has become a go-to platform for electrical contractors, serving more than 40% of the top 50 electrical contractors in the United States, the startup said.
Interstates, the Iowa construction company that offers electrical engineering and construction services, uses Remarcable to "solve manual repetitive tasks, material ordering, matching invoicing to [purchase orders] and effectively managing that information from field to supplier to office," said Joel Van Egdom, the construction company's CFO.
Remarcable's platform "improves processes across the board, for foremen and [general contractors] to warehousing personnel to internal finance and procurement," said Philine Huizing, managing director at Insight Partners.
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