Use AI to extract portions of text from a part description and save to a database

I am looking for someone to use AI technology to extract specified portions of text from a product line item description and save the extracted labels to a database. The text and associated data will be provided to the successful individual. AI will be used for data processing, and the extracted data will be stored in a database table. This system is expected to be capable of parsing large amounts of text data in a reliable and efficient manner. Delivering quality results within a predetermined time frame is also essential. Finally, demonstrated expertise and experience in this field are essential.

Example of one part description:
TE 36X16 .750 X .500-WPHY70 thru bore Min ID 34.00" w/ bars 0F CVN MSSSP75-14

Would result in the following labels (which we will want to create and use using Label Studio format):
Product State: NULL
Product Code: TE
Branch Wall Thickness: .500
Run Wall Thickness: .750
Yield: WPHY70
Specification Dimension: MSSP75-14
Outlet: 16
Run: 36
Extra Specification: 0F CVN
Skirt: NULL
Bars: w/ bars
Thru-Bore: thru bore
Minimum ID: 34.00

We can provide processed labels (using label studio) but a model will need to be generated. Using Python, an API will need to be designed (ideally using OpenAI or Hugging Face) that will accept the description, process the labels, and insert the labels into a PostgreSQL database table.

Please be descriptive in your proposal and provide an estimated time frame.