How Paperless Parts Works and Growth of Business
Tech startup Paperless Parts provides business owners with a suite of solutions to help improve customer management, streamline operations, and provide more accurate pricing for services and materials. The company has designed a fully integratable software package built with artificial intelligence (AI) that algorithmically produces the most accurate pricing for all manufacturing materials needed for a job. The software also generates additional costs for labor and time. This makes it so that a business can better communicate clearly with its customers.
The tech startup has also created sales and customer relationship management tools to track monthly and quarterly revenue projections. Additionally, it helps monitor specific clients and projects. The company leverages its AI to point out potential manufacturing issues that could arise by analyzing the files and 3D rendered models of a project before moving into the next stage.
Paperless Parts saw significant business growth in early 2020 as the ability to work effectively on a computer instead of in-person became a more valuable commodity. Over the course of the year, the company saw significant success, growing its customer base 10x and tripling its number of employees. The tech startup now provides services to major manufacturing companies such as C&M Precision Tech, The Momentum Group, and Boston Centerless.
The success seen in 2020 opened the door to new ventures, allowing the tech startup to enter a business partnership with Penn Engineering this past July. The partnership will help accelerate the quoting capabilities of the AI toward sheet metal fabricators.
The rapid growth and new business partnerships for Paperless Parts have generated interest from several investors who see significant value in the company moving forward.
Paperless Parts Funding and Next Steps
In its Series B funding round, Paperless Parts raised $30 million in capital. The funding round was led by venture capital firm OpenView.
The newly raised capital will help the manufacturing software company to invest in its current technology to improve its AI capabilities and streamline its current user interface. Money will also be invested in the development of new features, including fully automated pricing using model-based definition files, a natural language processing engine, and new functionalities to create a more efficient supply chain. The company will also be expanding its current staff at its Boston headquarters.
When commenting on the latest funding round for the tech startup, co-founder and CTO of Paperless Parts Scott Sawyer said, “Our new software developments are designed with the manufacturing business owner in mind Partnering with these businesses to improve efficiencies is core to the Paperless Parts mission. It takes significant investment to stay at the forefront of technology. This funding will help us expand our engineering, product, customer success, and support teams by recruiting the best and brightest talent from across the country.”
About the Author
Tom Price is a writer focusing on entertainment and sports features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.