On July 16, 2024, the New York-based financial automation platform for the construction industryAdaptiveannounced it had raised $19 million in Series A funding. The round was led by Emergence Capital, with participation from Andreessen Horowitz, Definition, Exponent, 3kvc, Box Group, Gokul Rajaram, and others.
The company plans to use the funds raised to expand its engineering and product teams and strengthen efforts to roll out its platform across the United States.
Adaptive was co-founded by Matt Calvano and Francisco Enriquez and was established in February 2023. The company mainly provides advanced automation and artificial intelligence technology for the construction industry, enabling construction companies of all sizes to improve cash flow, profitability, and project efficiency by eliminating back-office bottlenecks and streamlining payment processes. Adaptive's vision is to become the standard network for construction payments, bringing more transparent, efficient, and profitable change to the construction industry.
(Source:PR Newswire）