Adaptive builds automation tools to simplify payments and accounting for general contractors. Founded in 2021 and based in New York, the company offers workflow automations for budgeting, expense tracking, accounts payable and electronic payments. Customers can upload documents like insurance agreements and payment requests in formats such as SMS and PDF and use automations to approve requests and budgets. Adaptive has built generative AI algorithms to automate the financial management and bookkeeping workflows unique to construction and competes with Briq, Beam and MakersHub. It serves more than 280 construction companies and currently derives all of its revenue from software. Near-term plans focus on acquiring subcontractor clients with tailored products; medium-term plans include monetizing integrated payments, insurance and payroll and pursuing embedded finance opportunities. Adaptive builds AI-powered back-office and spend-management software that automates invoice processing, approvals, reconciliation and payments for small general contractors. Its product uses OCR and machine learning to read invoices, extract cost codes and job information, and route approval workflows to reduce manual Excel/email/legacy-software processes. The company targets SMB general contractors that often lack dedicated accounting staff and says numerous customers are actively using its product while it aims for a broad release later this year. Adaptive’s founders are Matthew Calvano (CEO), Henry Bradlow (CTO) — who previously wrote algorithms for SpaceX — and Francisco Enriquez; the team developed the product after running a white-glove bookkeeping service for customers. Long-term plans include becoming a one-stop shop for construction financial workflows and products, from bidding suppliers and purchasing insurance to banking and working capital. Financially, the 11-month-old startup recently raised a $6.5M seed led by a16z after a $750K pre-seed in August.

Total raised

$26M

Funding rounds

2

Latest round

Series A

Latest activity

Jul 2024