Adaptive, an agentic accounting platform for construction, has raised $30m in a Series B funding round.
The funding round was led by equity investment firm Tidemark, with participation from previous backers Emergence Capital, Andreessen Horowitz, Pathlight, Definition and 3KVC.
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Tidemark founder and managing partner Dave Yuan said: “Adaptive is one of the clearest examples we have found of a System of Action: it doesn’t just help construction finance teams do the work, it increasingly does the work itself.
“By bridging the back office and the field, Adaptive eliminates much of the manual coordination required to understand job-level costs.
“Customers already see it as one of the most important tools in their stack, and we are excited to partner with Matt, Henry and the team on their journey to build the defining application layer for construction finance.”
The latest round brings Adaptive’s total funding to $57m.
With this latest capital infusion, Adaptive intends to advance the development of its Project Accounting Agents and broaden their deployment across accounts payable, billing, compliance operations, job costing, payments and work in progress reporting.
The proceeds will also support headcount growth across the company’s offices in Boston and New York.
Adaptive co-founder and CEO Matt Calvano said: “The hardest part of construction accounting isn’t the accounting.
“It is finding out what is actually happening on the job, and what that means for the numbers. What is the true cost to complete? Which cost code does this belong to? What do we actually owe this subcontractor?
“Finance teams are blocked on all of it, and the only way they get answers today is calling, texting and emailing people who are busy building.
“Our agents go get those answers, and then they do the accounting that was waiting on it.”
More than 750 construction operators use Adaptive, according to the company. The clientele includes general contractors, specialty trades and real estate developers.
