Forgepoint Raises $9.8M to Streamline Manufacturing Quote Process
Forgepoint’s AI Inside Sales Rep, Frank, empowers manufacturers to manage the entire RFQ-to-PO process efficiently, leveraging each shop’s pricing rules. The company achieved seven-figure ARR within six months of Frank’s launch.
The Challenge
American manufacturers often face a significant delay in providing quotes to customers, primarily due to the disconnect between automated shop floors and manual office processes.
Forgepoint’s Solution: Frank
Forgepoint introduces Frank, an AI Inside Sales Rep tailored for the manufacturing industry. Frank integrates seamlessly with existing quoting workflows, automating tasks like analyzing part files, preparing pricing, and routing engineering work for review.
Funding and Growth
Forgepoint secured a $9.8 million seed round led by Primary Venture Partners and a16z speedrun, with angel investors from OpenAI, Brex, Vercel, and SoFi. The funding will be allocated to expand Frank’s reach, deepen system integrations, and grow the team.
Key Features of Frank
- Analyzes part files and prepares pricing using manufacturers’ cost models.
- Routes engineering work for human review.
- Handles administrative tasks, enabling engineers, estimators, and salespeople to focus on technical and commercial decision-making.
Results
- Average monthly quote throughput increased by 30%.
- Time-to-quote decreased by over 55%.
The Founders’ Journey
CEO Jack Strauss and co-founder Alex Pareto identified the manufacturing disconnect while working in various industries, including Northrop Grumman, Bain & Company, and Xwing. Their research involved touring plants across the Midwest, observing processes, and understanding bottlenecks.
Focusing on Inside Sales
Inside Sales was chosen as the initial target due to its direct link to revenue and the growing demand for quick responses. Manufacturers increasingly expect vendor responses within 24 hours, making speed crucial in winning jobs.