Tidemark Leads $30M Series B for Construction Accounting Startup Adaptive
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Adaptive has raised $30 million in a Series B led by Tidemark, bringing total funding to $57 million. Previous backers Emergence Capital, Andreessen Horowitz, Pathlight, Definition, and 3KVC joined the round.
The company runs an agentic accounting platform for construction. It has offices in Boston and New York. Matt Calvano is co-founder and CEO.
The problem it solves is less about accounting than about information. Construction finance teams cannot answer basic questions, the true cost to complete, which cost code an expense belongs to, what is actually owed to a subcontractor, without calling, texting, and emailing people who are busy building. Adaptive’s agents go get those answers and then do the accounting that was waiting on them.
More than 750 construction operators use the platform, according to the company, ranging from $5 million to $1 billion in annual revenue. The client list covers general contractors, specialty trades, and real estate developers working across more than 10 accounting systems.
The new capital goes toward developing the Project Accounting Agents and broadening their deployment across job costing, accounts payable, billing, work in progress reporting, payments, and compliance operations. Some of it funds headcount growth at both offices.
Adaptive closed a $19 million Series A in July 2024.
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