Paperless Parts Announces $30M Series B Funding Led by OpenView Partners
Funding to accelerate innovation and deliver best-in-class technology that will equip customers to succeed in the rapidly evolving manufacturing industry
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.
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“Our new software developments are designed with the manufacturing business owner in mind”
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.”
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“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.
