Adaptive Raises $30 Million for Construction Accounting Agents
Adaptive announces in a press release a $30 million Series B led by Tidemark, bringing its total funding to $57 million. Existing investors Emergence Capital, Andreessen Horowitz, Pathlight, Definition and 3KVC also participated.
Adaptive gathers information from construction schedules, daily logs, emails and field operations to support accounting tasks. Its agents handle work such as invoice coding, purchase order matching, billing preparation, change order tracking, work in progress reports and compliance documents. A person reviews and approves every action before it enters the general ledger.
More than 750 construction companies use the platform across over 10 accounting systems, including QuickBooks, Sage Intacct, Foundation and Acumatica. Adaptive will use the funding for product development and to expand its teams in Boston and New York.
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