AI Startup Adaptive Raises $30M in Series B Funding

The round also saw participation from Emergence Capital, Andreessen Horowitz, Pathlight, Definition, and 3KVC.

The company plans to use the funding to expand its Project Accounting Agents across job costing, accounts payable, billing, work-in-progress, payments and compliance. The company will also expand its teams in Boston and New York.

What is Adaptive?

Adaptive provides an accounting platform built specifically for construction companies.

The platform connects project information from schedules, daily logs and field operations with accounting workflows. This helps finance teams access information about job progress, costs, materials, subcontractors and other project details.

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Its Project Accounting Agents can code invoices to the correct job, phase and cost code, match invoices with purchase orders, draft change orders, follow up on signatures, prepare billings, assemble monthly WIP and keep lien waivers and vendor insurance up to date.

The agents handle coordination and information gathering, but they do not post directly to the general ledger. A person reviews each action and provides approval before it affects the books.

How Much Funding Has Adaptive Raised?

Adaptive has raised $30 million in its Series B funding round.

The round was led by Tidemark and brings the company's total funding to $57 million.

Emergence Capital, Andreessen Horowitz, Pathlight, Definition and 3KVC also participated in the round.

Who Invested in Adaptive’s Series B Round?

Tidemark led Adaptive's $30 million Series B funding round.

Emergence Capital, Andreessen Horowitz, Pathlight, Definition and 3KVC also participated.

Why the Funding Matters

Adaptive will use the new funding to expand its Project Accounting Agents across job costing, accounts payable, billing, WIP, payments and compliance.

The company will also expand its teams in Boston and New York.

Who founded Adaptive?

Adaptive was founded in 2022 by Matt Calvano and Henry Bradlow.

The company is based in Boston and New York City.

Leadership Comments

"The hardest part of construction accounting isn't the accounting. It's finding out what's actually happening on the job, and what that means for the numbers," said Matt Calvano, co-founder and CEO of Adaptive.

"Every contractor we work with wants the same thing: a close they can trust, delivered on time," said Jared Westergard, Founder, Blackline Financial. "Adaptive's Project Accounting Agents handle the invoice coding and change order tracking, so our team can focus on the question clients are actually asking: 'What does this number mean for my business?'"

Market and Business Growth

More than 750 construction companies currently use Adaptive, according to the company.

Its customers range from businesses with $5 million to $1 billion in annual revenue and include general contractors, specialty trades and real estate developers.

Adaptive supports more than 10 accounting systems, including QuickBooks, Sage Intacct, Foundation and Acumatica.

The company also partners with more than 40 accounting firms.

What Happens Next?

Adaptive plans to expand its Project Accounting Agents across more construction accounting workflows.

The company will focus on job costing, AP, billing, WIP, payments and compliance while continuing to expand its teams in Boston and New York.

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