Adonis raises $31M Series B to Automate Medical Billing
Adonis is a Revenue Intelligence and Automation Platform, built for Healthcare, solving for operational challenges that impact the integrity of revenue cycle management.
Adonis, a healthcare revenue cycle automation company, has secured a $31 million Series B funding round led by Point72, with participation from new investor Kin Ventures and existing backers General Catalyst, Bling Capital, and Max Ventures. Akash Magoon, CEO, and Aman Magoon, CPO, say the funds will be used to expand their workforce from 55 to 80 by year-end. The company, founded in 2022, has raised a total of $54 million so far. They’re focused on growth and demand for its services, which has accelerated their need for additional funding. Their technology automates around 90% of claims, allowing hospital staff to manage more complex cases. The company has successfully reduced accounts receivable timelines from 75 days to 25–30 days, and serves clients like Apollo MD and US Dermatology Partners.
The recent funding highlights the growing demand for revenue cycle automation tools among financially strained hospitals aiming to enhance efficiency and reduce workforce burdens. Adonis’ success is part of a broader trend, with health care providers prioritizing investments in revenue cycle management.
Read more in Axios and FinSMEs.
Check out Akash and Aman featured in Founders Everywhere Siblings.