Adaptive Raises $30 Million in Series B Funding
Adaptive, a Boston-based company specializing in AI-driven financial management for construction firms, has announced a successful $30 million Series B funding round. The round was led by Tidemark, with participation from Emergence Capital, Andreessen Horowitz, Pathlight, Definition, and 3KVC. Adaptive's platform integrates with existing software like QuickBooks, Foundation, and Sage, allowing construction companies to manage job costing, accounts payable, billing, and work-in-progress without the need for ERP migration.
Leadership and Vision
Co-founded by Henry Bradlow (CTO) and Matt Calvano (CEO), Adaptive aims to streamline financial processes in the construction industry. Jeff Stieber serves as a Strategic Advisor to the CEO. This leadership team is focused on leveraging AI to solve common financial management challenges faced by construction firms.
Strategic Use of Funds
The newly acquired funds are expected to be invested in enhancing Adaptive's platform capabilities and expanding its market reach. This includes potential hiring to support product development and customer support, as well as scaling operations to accommodate a growing customer base.
Market and Investor Interest
The significant investment from Tidemark and other notable venture capital firms underscores the confidence in Adaptive's unique approach to financial management in construction. By enabling seamless integration with popular accounting software, Adaptive offers a practical solution that aligns with current industry needs.
Adaptive's innovative use of AI technology positions it well to address the evolving demands of the construction sector, providing tools that simplify complex financial tasks and improve overall efficiency.