Adaptive, a New York City-based company specializing in financial automation for the construction industry, has raised $19 million in Series A funding.
This funding round, which increased the total amount to $26.4 million, was led by Emergence Capital, with additional participation from Andreessen Horowitz, Definition, Exponent, 3kvc, Box Group, and Gokul Rajaram.
The new funds will be used to enhance Adaptive’s product into a comprehensive financial ecosystem. This system aims to connect developers, general contractors, and subcontractors, facilitating payments across the construction value chain.
Under the leadership of CEO Matt Calvano, CFO Francisco Enriquez, and CTO Henry Bradlow, Adaptive strives to bring financial clarity to the construction sector through advanced automation and artificial intelligence. The platform streamlines payment processes, helping construction companies of various sizes to enhance cash flow, profitability, and project efficiency. It offers comprehensive financial management, including budgeting, cash flow analytics, expense tracking, accounts payable, accounts receivable, vendor management, and electronic payments.
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By Proptechbuzz
By Ravi Kumar
