#USA #New York #construction #Adaptive #Tidemark

Adaptive Secures Funding for Innovation in Construction Accounting

Adaptive, an innovative accounting platform tailored for the construction industry, has announced a significant achievement by raising $30 million in Series B funding. This round was buoyed by Tidemark, a prominent equity firm, with contributions from established investors including Emergence Capital, Andreessen Horowitz, Pathlight, Definition, and 3KVC. With this new funding, Adaptive’s total capital raised has reached an impressive $57 million. This financial boost is expected to expedite the development of the company's Project Accounting Agents across various essential functions such as job costing, accounts payable, billing, work in progress (WIP), payments, and compliance.

Adaptive stands apart in its approach to construction accounting, addressing a critical gap that often hinders financial teams. Traditional accounting methods rely on numbers that frequently fail to capture the intricacies of ongoing construction projects. Information such as the current completion percentage of a job, the impact of delayed material deliveries on project timelines and budgets, or clarification on expenses owed to subcontractors is often found outside conventional accounting systems. Instead, these details are embedded in schedules, daily logs, approval emails, and communications from project supervisors. Closing this information gap has traditionally required office staff to engage in manual data collection—message after message, phone call after phone call, compiling details to then input manually.

According to Matt Calvano, co-founder and CEO of Adaptive,