A contractor can look profitable on paper while a project is losing money. Often, the problem is that the books haven’t caught up with the jobsite.
The information needed to understand a project’s finances is scattered across schedules, daily logs, emails and conversations in the field. Someone has to gather it, figure out what matters and enter it into the accounting system. That takes time, and mistakes are easy to make.
When we led Adaptive’s Series A in 2024, we believed contractors needed financial software built for how they actually work. They were piecing together spreadsheets and general-purpose tools to handle job costing, bank draws, payments and compliance. Adaptive brought those workflows into one platform, making the day-to-day work easier and giving contractors a clearer picture of their projects’ financial health.
Today, we’re joining Adaptive’s $30 million Series B.
Why we're doubling down: Adaptive now has more than 750 construction companies using the platform. This year, it launched its Project Accounting Agents, which use information from across a contractor’s projects to carry out work in job costing, accounts payable, billing, work-in-progress reporting and compliance.
That’s a significant step beyond organizing financial information. Adaptive is taking on the work required to keep it accurate and up to date.
What we're watching: It also builds on something we’ve seen with DroneDeploy: success in construction depends on understanding what happens in the field. DroneDeploy spent years working with customers and gathering data from real deployments. That experience is difficult to replicate, even as the underlying technology becomes more widely available. As we wrote last year, having the components is only the beginning. The harder task is making them work together for customers.
We see a similar opportunity for Adaptive. Access to capable AI models is expanding. But those models still need the right information to do useful work. In construction finance, that means understanding what’s happening on a specific project and how it affects the books.
Adaptive’s work building a financial platform for contractors gives it a foundation for doing that. Its agents can draw on project information and work within the financial processes customers already use.
We first backed Adaptive to build a better way for contractors to manage their finances. Now, the company has an opportunity to handle more of that work itself, helping contractors spend less time reconciling information and act sooner when a project needs attention.
Congratulations to the Adaptive team!
