Adaptive Secures $19M Series A to Revolutionize Construction Finance with AI

Author

Slice of Construction Team
July 19, 2024

Key Highlights:

  • Adaptive raises $19 million Series A funding, led by Emergence Capital.

  • The platform uses AI and automation for financial management in construction.

  • Since launch, 280+ companies manage $1.4 billion project volume on Adaptive.

  • Investors include Andreessen Horowitz, Definition, and more.

  • Adaptive aims to streamline payments and enhance cash flow for construction SMBs.

Source (PR Newswire)

Notable Quotes:

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"Managing cash flow and staying on top of project budgets is a full-time job in construction. Like most other homebuilders, we're a small business; we operate on thin margins so we want all available staff time devoted to building the best possible product for our clients, not bookkeeping."

Nick Schiffer, Founder at NS Builders
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"Our platform leverages AI and automation to cut through this back office fog, delivering real-time clarity into financials and significantly accelerating payments."

Matt Calvano, Co-Founder and CEO at Adaptive
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"Adaptive has completely supercharged our back office process. Prior to using Adaptive, my team would spend hours per day bookkeeping, chasing receipts, manually approving vendor bills, and preparing bank draws. With Adaptive, their AI does the data entry and we get paid faster because we can now generate requests for payment in a few clicks that used to take us weeks to prepare."

Matt Risinger, Founder at Risinger Build and The Build Show

Our Take:

Adaptive’s $19 million Series A funding is a significant milestone for the construction industry, which has long struggled with outdated financial processes. By leveraging AI and automation, Adaptive addresses chronic payment delays and cash flow issues, providing a comprehensive financial management solution tailored for small to medium-sized construction businesses. This investment will not only accelerate Adaptive’s growth but also bring much-needed innovation to an industry that represents a substantial part of the economy. With strong backing from notable investors and a rapidly growing user base, Adaptive is well-positioned to become a transformative force in construction finance.