Field Materials Announces Seed Extension Financing

Gunderson Dettmer represented client Field Materials, an AI procurement platform for contractors to control and verify spending, in its $3.5 million Series Seed extension financing co-led by DivcoWest Ventures, Navitas Capital and Zelda Ventures. Field Materials’ web and mobile apps streamline material purchasing and equipment rentals by eliminating manual data to transform the productivity of construction companies. The new capital will be used to expand the company’s sales and success teams to further accelerate its growth.

In the announcement of the transaction, Managing Director of DivcoWest Breton Birkhofer said, “Its web and mobile apps streamline material purchasing and equipment rentals by eliminating manual data entry for quotes, invoices, packing slips, and receipts, and saving 5-10% in material costs by automatically identifying billing errors.”

The Gunderson Dettmer deal team was led by Brad Krack and included Juan Pablo Guzman.

Companies
Field Materials
DivcoWest Ventures
Navitas Capital
Zelda Ventures