Adaptive Raises $30M to Expand Agentic Construction Accounting

Adaptive said Thursday it raised $30 million in a Series B round led by Tidemark, bringing the construction-accounting startup's total funding to $57 million. Existing investors Emergence Capital, Andreessen Horowitz, Pathlight, Definition and 3KVC also joined the round, according to Adaptive's announcement.

The round comes fourteen months after Adaptive's $19 million Series A, which closed in July 2024 led by Emergence Capital and brought its total funding to $26.4 million at the time. Emergence, Andreessen Horowitz, Definition and 3kvc all returned for the new round.

What the software does

Adaptive sells what it calls Project Accounting Agents, software meant to handle job costing, accounts payable, billing, work-in-progress reporting, payments and compliance for construction firms, pulling data from schedules, daily logs and field sources rather than requiring manual entry. The company said more than 750 construction companies now use the product, ranging from firms with $5 million in annual revenue to those with $1 billion, and that it integrates with more than 10 accounting systems including QuickBooks, Sage Intacct, Foundation and Acumatica. A human still has to review agent output before it posts to the general ledger, according to the release.

Adaptive chief executive and co-founder Matt Calvano said in the announcement that "the hardest part of construction accounting isn't the accounting. It's finding out what's actually happening on the job." Tidemark founder Dave Yuan said Adaptive "doesn't just help construction finance teams do the work, it increasingly does the work itself," calling it an example of what he terms a System of Action, and said the product "eliminates much of the manual coordination required to understand job-level costs."

What the announcement leaves out

Adaptive did not disclose a valuation for the Series B, nor did it break out what share of its more than 750 customers use the accounts-payable agent versus job costing or billing specifically. The company also did not say how many of the 40-plus accounting-firm partners it counts are actively referring clients versus listed as partners in name. International Accounting Bulletin's report on the round said the funds will go toward expanding headcount in Boston and New York, the company's two existing offices, rather than a new location.

Round	Date	Amount	Total funding after
Series A	July 2024	$19 million	$26.4 million
Series B	September 2026	$30 million	$57 million

Adaptive's raise is part of a wave of venture money chasing agents built for one back-office job rather than general-purpose use. Harvey has raised rounds for agentic legal work, and Graph AI raised a Series A for agents built around patient safety, both pitching the same idea Adaptive does: that a narrow, deeply integrated agent beats a broad one for a specific back office. Adaptive did not say when it expects to raise again or reach profitability.