Adaptive, a startup on a mission to save construction teams time and money, has raised $7.25m in a seed round led by Andreessen Horowitz (a16z).
“We started Adaptive to save construction teams time and money and to help them grow,” the company said in a statement on its website. It does this by automated bills, invoicing and reporting, powered by artificial intelligence.
According to the company, actively managing cash flow is paramount to building a big, profitable business in construction, however this is easier said than done. In part this is due to the fact that construction companies have a lot of costs, and so need to manage hundreds of bills.
Adaptive said most construction companies manage this process manually, involving a combination of email, shared files, spreadsheets, and clunky accounting software. This takes up time and can lead to mistakes.
By tapping into artificial intelligence and document scanning technology, Adaptive is looking to eliminate the majority of the day-to-day manual data entry and provide real-time financial reporting.
“This allows owners, accountants, and project managers to level up from simply staying on top of the books to proactively managing cash flow and growth,” the company said.
Another FinTech looking to alleviate the painpoints of the construction industry, Constrafor, an invoice and contract management SaaS platform built for the construction industry, raised over $100m for its seed round in June.
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