The construction industry's RECIALCING platform has collected a new financing of $ 15 million.
The company led by Insight Partners will help to expand the skills of its platform, to bring additional suppliers on board and to invest in tools for artificial intelligence (AI) to rationalize the construction work flows, according to a press release on Tuesday (June 10).
“In the USA, construction transactions worth hundreds of billions of dollars take place every year,” said Clint Zhang, founder and CEO of remaining, in the press release.
“However, there was no uniform platform to digitize and optimize these transactions and to increase efficiency for both contractors and suppliers. We have built remarked to close this gap.”
According to the publication, the remaining platform with suppliers offers “seven points-API/EDI integration”, with which contractors can immediately access product prices and availability, digital RFQs and answers, electronic purchase inquiries and confirmations and invoices that flow directly to the supplier's ERP system.
The platform integrates into national suppliers such as Graybar, Sonepar, Wesco, Rexel and more than 400 other regional suppliers from all over the country.
“With plug-and-play games, highly customizable integrations in 25 accounting systems, removal lines can offer seamless connectivity that the workflows affordable from the account and pursues materials from the first request to the final payment,” says the release.
At the beginning of this year, Pymnts wrote about some of the technological setbacks of the construction industry, “a giant of over $ 2 trillion in the USA”, and one that “is notorious for payment arrest”.
“Imagine: A general contractor ends a multimillion dollar project, just to bury yourself under a mountain of paperwork and wait months to be paid,” says this report. “Subcontractors and suppliers also feel the pinch and have often left juggling of bills while waiting for checks that seem to crawl through the postal system.”
Research from the Pymnt Intelligence “B2B and Digital Payments Tracker® series” supports this. This data show that 71% of the subcontractors experienced delayed payments from general entrepreneurs, compared to 60% in 2022.
“The average payment cycle has extended to 57 days and these payment neck can have serious consequences,” wrote Pymnts. “Slow payments lawn in the supply chain, with smaller companies often carry the main load of the delays. Some subcontractors have even lost while waiting to be paid.”
In addition, the report showed that 77% of the subcontractors had to cover the material costs from their own pocket, a share that has accumulated every year since 2021.
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