Addressing Challenges in the Construction Industry
The construction industry faces significant challenges related to financial management, including:
- Chronic Payment Delays: Inefficiencies in the payment process contribute to significant financial losses.
- Cash Flow Crunches: Poor cash flow management affects project budgets and financial stability.
- Estimated $273 Billion in Losses: These inefficiencies and risks amount to substantial financial losses across the industry.
Adaptive’s Financial Management Solutions:
- AI and Automation: Combining advanced AI with intuitive design for a modern financial management experience.
- End-to-End Financial Management: Offering comprehensive features including:
- Budgeting: Manage project budgets effectively.
- Cash Flow Analytics: Gain insights into cash flow trends.
- Expense Tracking: Monitor and control expenses.
- Accounts Payable & Receivable: Streamline payment processes.
- Vendor Management: Efficiently handle vendor relationships.
- Electronic Payments: Simplify payment transactions.
Nick Schiffer, Founder of NS Builders:
“Managing cash flow and staying on top of project budgets is a full-time job in construction. Adaptive helped us recover over $100,000 in reimbursable expenses due to improved cost tracking.”
Matt Risinger, Founder of Risinger Build:
“Adaptive has completely supercharged our back-office process. The platform’s AI capabilities have reduced bookkeeping time and accelerated payment processes, allowing us to grow without additional overhead costs.”
Since its launch in February 2023, Adaptive has experienced rapid growth:
- 280+ Construction Companies: Utilizing the platform for over $1.4 billion in project volume.
- Expansion Plans: The Series A funding will support the expansion of Adaptive’s engineering and product teams and enhance efforts to reach more construction companies across the U.S.
Future Focus:
- Integrated Financial Ecosystem: Developing a platform that connects developers, general contractors, and subcontractors for transparent and efficient payments.
- AI-Driven Innovation: Continuing to leverage AI to automate processes and simplify the user experience.
Investment and Strategic Vision
Kevin Spain, GP at Emergence Capital: “Adaptive’s approach to solving construction’s financial challenges is both timely and necessary. We are excited to support Adaptive in building a generational company that will redefine financial management in this critical industry.”
The successful completion of the $19 million Series A funding round positions Adaptive for continued growth and innovation in the financial management space for the construction industry. By addressing chronic inefficiencies with advanced AI and automation, Adaptive is set to transform how financial processes are managed, ensuring better outcomes for construction businesses.