Adonis Raises $31M Series B

Adonis, a NYC-based provider of a healthcare financial technology platform, raised $31M in Series B funding.

The round, which brought the total amount to $54M, was led by Point72 Private Investments with participation from Kin Ventures, along with existing investors General Catalyst, Bling Capital, and Max Ventures.

The company intends to use the funds to accelerate product innovation, continue to expand into the health system space, and grow their New York City-based team.

Led by Aman Magoon and Akash Magoon, Adonis is a revenue intelligence and automation platform that gives healthcare providers the ability to collect the revenue that they deserve. Since its inception, it has focused on building a proprietary model that applies ML and AI methods to pinpoint the changing root-cause issues that customers face. Adonis Intelligence, the company’s flagship product, serves as the engine that empowers reductions in staffing needs and improved collections outcomes. Real-time dashboards and alerts, as well as AI-driven recommendations, claims status tracking, smart worklists, and underpayments detection, increase RCM team efficiency, productivity, and effectiveness.

As of this fundraise, the company works with over 10,000 providers and has processed tens of millions of claims, totaling over $13.3 billion in charges. Adonis works with over 3,000 different payers, and integrates with over 35 different EHRs and Clearinghouses. Adonis works with health systems, single-specialty physician groups, and rapidly growing digital health companies across anesthesia, dermatology, orthopedics, dental, emergency medicine, gastroenterology, OB/GYN, behavioral health, and more.