Paperless Parts, the leading provider of estimating and quoting software for job shops and contract manufacturers announced a $30 million Series B funding round led by OpenView.
Paperless Parts provides a state-of-the-art software platform that allows job shops and contract manufacturers of any size to effortlessly manage and streamline operations, improve customer service and grow their businesses. Their estimating and quoting platform includes customer relationship management (CRM), an intelligent configure price quote (CPQ) system, secure file sharing, integrated quote performance analytics, and comprehensive reporting. These features are intentionally designed to meet the needs of manufacturers and allow them to focus on what matters most. The Company's customers leverage core manufacturing technologies including CNC machining, swiss screw machining, and sheet metal fabrication in the production of precision components for a wide array of industries.
"Job shops and contract manufacturers are critically underserved when it comes to advanced technology that can improve their operations and meet the specific needs and demands of their businesses," said Jason Ray, co-founder and CEO of Paperless Parts. "With this investment, we are looking forward to further enhancing our platform and continuing to work closely with customers to deliver the very best technology that equips them with the tools to succeed."
"The value Jason and team at Paperless Parts provides for their manufacturing customers and partners is tremendous," said Ricky Pelletier, Partner at OpenView. "They have the unique industry expertise and background to deliver the entire suite of products that their customers need. We are excited to work with them to help accelerate that vision into a reality."
This latest funding round will enable Paperless Parts to expand and strengthen its capabilities across the platform, including the recently announced partnership with PennEngineering. Backing from OpenView and other leading industry experts will also accelerate the introduction of innovative features currently under development, including enhanced estimating automation using model-based definition files, the development of a natural language processing engine to streamline estimating from technical drawings and other PDF documents, and vendor request-for-quote (RFQ) functionality to drive efficiency in the last mile of the industrial supply chain.
"Our new software developments are designed with the manufacturing business owner in mind," said Scott Sawyer, co-founder and CTO of Paperless Parts. "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."
Manufacturing companies stand to gain or lose business based on the software they choose. Few know that better than Paperless Parts customer Consolidated Machine and Tool Holdings. "Paperless Parts is revolutionary. There is nothing else like this on the market and no competitor that I could compare it to. Paperless Parts is different from any other quoting system, from its automation capabilities to its ease of use. CMT has captured over $800K in revenue during the first four months with Paperless Parts on RFQs that we otherwise would have missed out on with the previous quoting solution," said Sean Lafferty, CEO of Consolidated Machine and Tool Holdings.
Founded in 2017 with a mission to make manufacturing more accessible by providing the industry with modern software solutions, Paperless Parts now supports hundreds of manufacturing companies across the United States. Paperless Parts is the preferred software for some of the fastest-growing, contract manufacturing companies, including C&M Precision Tech, The Momentum Group, Pindel Global Precision, and value-added material providers like Boston Centerless and ThyssenKrupp Materials North America.
About Paperless Parts
Paperless Parts is on a mission to help job shops, contract manufacturers and finishing companies improve business and grow by providing them with the most advanced, secure, cloud-based estimating and quoting system available. The software streamlines manufacturers' existing workflows by combining modern business process automation tools with a configurable geometric pricing engine that drives speed and consistency in the quoting process. The platform integrates with CRM and ERP systems to supercharge front office operations and sales teams and enables more efficient responses to RFQs for a variety of manufacturing processes. Manufacturers across the U.S. have uploaded over 1 million job files using the platform and are processing over $1 million worth of orders a day. Privately funded by manufacturing industry experts, Paperless Parts was founded in 2017 and is headquartered in Boston. For more information about Paperless Parts, visit PaperlessParts.com.
Founded in 2006, OpenView is a venture capital firm investing globally in business software companies. With a mission to improve people's working lives, OpenView's focused investment approach across sector and stage enables the firm to identify and partner with category leading business software companies. The firm's focus extends to operational excellence through its dedicated expansion team working with portfolio companies on go-to-market, sales and marketing, product led growth, talent, and corporate development. The firm is based in Boston and has $1.5 billion in total capital under management. For more information, please visit https://openviewpartners.com/.
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