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Adaptive
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Financial management platform for construction businesses
Adaptive
Work Here?
Financial management platform for construction businesses
About Adaptive
Industries
Consulting
Financial Services
Company Size
51-200
Company Stage
Series A
Total Funding
$25.5M
Headquarters
New York City, New York
Founded
2022
Overview
Adaptive.build offers a financial management platform designed for the construction industry, automating tasks like bookkeeping, cash flow management, and real-time budgeting while integrating with Quickbooks. It helps builders and remodelers manage job costs, maximize profits, and gain project visibility by simplifying processes such as bill payments and budget tracking. Unlike competitors, Adaptive.build focuses specifically on the unique financial challenges of construction businesses, providing a comprehensive solution that saves time and improves accuracy. The goal is to enhance financial performance for construction companies through effective management tools.
Simplify's Take
What believers are saying
- Adaptive closed a $19M Series A to enhance construction finance with AI.
- The platform addresses slow payments, a $273 billion issue in construction.
- Integration with AI tools can improve budgeting and forecasting accuracy.
What critics are saying
- Procore Technologies' FedRAMP authorization could threaten Adaptive's market share.
- The slow payment cycle in construction may impact Adaptive's financial stability.
- Reliance on Quickbooks integration poses risks if service disruptions occur.
What makes Adaptive unique
- Adaptive offers automated bookkeeping and cash flow management for construction businesses.
- The platform integrates with Quickbooks for streamlined financial operations.
- Adaptive allows users to create a draw with cost backup in under a minute.
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Funding
Total Funding
$25.5M
Above
Industry Average
Funded Over
2 Rounds
BoxGroup
Andreessen HorowitzIndustry standards
Benefits
Equity compensation
401k match
Growth & Insights and Company News
6 month growth
↑ 16%1 year growth
↑ 2%2 year growth
↓ -1%Innovation and competition are constantly reshaping the B2B landscape. The pace of transformation has financial institutions (FIs) and corporations increasingly seeking ways to bring their B2B payments processes up to date with the latest technology. Given the economic volatility over the past few years and the ongoing tech explosion, it’s nearly impossible to find an aspect of business that’s remained constant — except for the need to pay, and be paid, in as efficient and expedited a manner possible
New York-based Adaptive has closed a $19 million Series A funding round led by San Francisco-based Emergence Capital, as it aims to transform payment systems in the construction industry.
Procore Technologies is working to authorize its construction management software with the Federal Risk and Authorization Management Program (FedRAMP). The company has prepared tools, processes and methodologies to ready for FedRAMP compliance and has selected global cybersecurity and compliance company Coalfire to help it complete the FedRAMP authorization process, Procore Technologies said in a Tuesday (July 16) press release. “The FedRAMP program establishes the gold standard for security, and with Coalfire’s partnership, we are well-positioned to offer our customers solutions that guarantee robustness, resilience and regulatory compliance,” Procore Chief Product Officer Wyatt Jenkins said in the release
/PRNewswire/ -- Adaptive, the leading financial automation platform working to transform how businesses in the $2 trillion construction industry manage their...
The construction industry has a slow payments problem. Studies have found that it takes anywhere from two to three months on average for construction companies to get paid, due to factors such as delays, multiple payment layers and cost overruns. The cost of sluggish construction contract payments climbed to $273 billion in 2023, representing 14% of the total project expenditures that year. Matthew Calvano, along with Henry Bradlow and Francisco Enriquez, thought that the cause laid in back-office inefficiencies. So in 2021, the trio co-founded Adaptive, a platform that provides tools designed to simplify payments and accounting for general construction contractors.“The construction payment chain involves multiple layers, including banks, developers, general contractors and subcontractors,” Calvano told TechCrunch. “We believe that this complex web, combined with the fact that most construction companies are small- and medium-sized businesses (SMBs) lacking financial expertise, are the primary drivers of the industry’s slow payments.”Adaptive, which this week closed a $19 million Series A round led by Emergence Capital, delivers an array of workflow automations for financial management, including budgeting, expense tracking, accounts payable and electronic payments
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About Adaptive
Industries
Consulting
Financial Services
Company Size
51-200
Company Stage
Series A
Total Funding
$25.5M
Headquarters
New York City, New York
Founded
2022
Adaptive is Hiring for 0 Jobs on Simplify!
Find jobs on Simplify and start your career today