Announcing Adaptive and $7.25 million in funding

Adaptive’s artificial intelligence powered platform automates bills, invoicing, and reporting

We started Adaptive to save construction teams time and money, and help them grow. We want to make it really easy to stay on top of your finances and we’re thrilled to announce that we’ve raised $7.25 million to do just that.

You can’t build a big, profitable business in construction if you don’t actively manage your cash flow, but for most construction companies, this is easier said than done. If you want to manage your cash flow, you have to stay on top of your costs, and construction companies have a lot of costs. In any given month, the average construction company will have hundreds of bills, and for each of these bills, multiple bookkeeping questions need to be answered:

What project was this for? What cost code? Is the work completed? Is this billable? How much did I budget for this? Is there a purchase order? The list goes on…

Most construction companies still manage this through a manual process involving a combination of email, shared files, spreadsheets, and clunky accounting software. Because the process is so manual, it takes loads of time and often leads to mistakes. With all this effort spent on bookkeeping questions, there’s little time left for the strategic questions:

How is this project performing against budget? Am I over or under billed? What’s my cash flow forecast? What are the most profitable types of projects and why?

If you want to grow your business, you need to be spending less time on the bookkeeping questions and more on the strategic ones. The good news is that this is precisely what Adaptive is working on. We’re tapping into recent advances in artificial intelligence and document scanning technology, eliminating the majority of the day-to-day manual data entry and providing real-time financial reporting. This allows owners, accountants, and project managers to level up from simply staying on top of the books to proactively managing cash flow and growth.

You’ll be hearing more from us in the coming months. In the meantime, we are actively working with some of the best homebuilders and general contractors in the country. If you’re interested in learning more, we would love to chat!

by Matt Calvano |  July 06, 2022