Innovation Endeavors led the investment, with participation from Building Ventures, Heartland Ventures, and Hometeam Ventures. Two investors joined the board in connection with the investment: Innovation Endeavors' Josh Rapperport as a board member and Building Ventures' Allen Preger as a board observer.

Parspec is a technology company focused on streamlining the procurement process for construction materials, starting with lighting and electrical products. Founded in 2021 and headquartered in San Mateo, California, Parspec's AI-powered platform supports product selection, quoting, and submittal preparation for sales agents and distributors.