Adaptive Secures $19M Series A to Revolutionize Construction Finance with AI
Slice of Construction Team
Jul 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)
Quotes
“ "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
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$19 million Series A funding is a significant milestone for the construction industry, which has long struggled with outdated financial processes.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.
