Overview

Paperless Parts provides quoting software designed specifically for manufacturers, catering to a wide range of clients from small job shops to large production facilities. Their main product is a cloud-based platform that simplifies and speeds up the quoting process, ensuring greater accuracy. This platform features advanced analytics, collaboration tools, and a part viewer, which assist manufacturers in optimizing their operations and increasing their success rates in winning quotes. Unlike many competitors, Paperless Parts operates on a subscription-based model, allowing clients to access the software for a recurring fee. The company's goal is to enhance efficiency and accessibility in the manufacturing industry, ultimately aiming to transform how manufacturers operate.

Simplify's Take

What believers are saying

• Growing demand for AI in manufacturing boosts Paperless Parts' market potential.
• Cloud-based solutions trend supports Paperless Parts' platform adoption and growth.
• Expansion into aerospace industry offers significant market opportunities in Southern California.

What critics are saying

• Increased competition from AI-driven platforms may erode market share.
• Economic downturns could impact subscription-based revenue model.
• Expansion into aerospace may face regulatory and compliance challenges.

What makes Paperless Parts unique

• Paperless Parts offers a unique AI-powered quoting tool, Wingman, enhancing efficiency.
• The platform integrates seamlessly with existing ERP and accounting software for manufacturers.
• Focuses on custom part manufacturing, providing tailored solutions for niche industry needs.

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Funding

Total Funding

$37.1M

Meets

Industry Average

Funded Over

2 Rounds

$30,000,000

Series B

Sep 2021

Series B funding is typically for startups that have proven their business model and need more funding to expand rapidly—often by entering new markets or adding more products. Investors are usually venture capital firms that specialize in later-stage investments.

Series B Funding Comparison

Below Average

Industry standards

Ind Avg. $35M

$4M

$30M

$30M

$45M

$65M

$100M

View all funding stages