The Health-Tech File • Company Profile
Adonis & the Unglamorous Fight to Get Hospitals Paid
Two brothers left a $515M fintech to point AI at the least loved corner of healthcare - medical billing.
Two brothers left a $515M fintech to point AI at the least loved corner of healthcare - medical billing.
Akash Magoon was playing basketball when he got hurt badly enough to need surgery. What came next was not the pain - it was the paperwork. Getting the procedure preapproved was, in his telling, absurdly inefficient. He had spent the prior few years watching health insurers pour money into AI built to deny claims faster. Sitting on the patient side of that machinery, he saw the other half of the equation: providers with none of the same firepower. Adonis, the company he and his brother Aman founded in 2022, is an attempt to hand that firepower to the other side.
Adonis builds an AI orchestration platform for healthcare revenue cycle management - the sprawling, back-office process of turning a delivered service into collected cash. Its software watches claims and payer behavior in real time, flags the ones headed for trouble, and increasingly acts on them: chasing follow-ups, clustering denials, filing prior authorizations. The pitch is not a smarter dashboard. It is autonomous work, done under human supervision, on the tasks that quietly bleed hospitals of money.
The company sits at a crowded and consequential intersection. American healthcare spends an outsized share of every dollar not on care but on the administration of getting paid for care. Denial rates are climbing. Billing and coding teams are hard to staff and expensive to keep. Into that gap, Adonis argues, the same category of AI that payers use to say "no" can help providers get to "yes" - and do it with a fraction of the headcount.
It is a claim investors have taken seriously. Since 2022 the company has raised more than $95 million, most recently a $40 million Series C in March 2026 led by Quadrille Capital, with General Catalyst and Bling Capital returning. Adonis says it grew revenue more than fourfold in 2025 and holds net retention above 130% - the sign of customers who not only stay but spend more.
The platform continuously analyzes claims and payer patterns, surfacing revenue risks with real-time alerts, reasons, and recommendations before a denial lands.
Context-aware agents take autonomous action across high-friction workflows - claim follow-up, denial management, prior authorization, and billing - with a human kept in the loop.
Smart Worklists, denial clustering, and customizable dashboards route work across existing EHR and practice-management systems so nothing falls through the cracks.
Who buys it: physician group practices, hospitals and health systems, digital health organizations, and the RCM services firms that manage billing for others. Named customers include Mount Sinai Health System, ApolloMD, Allied Digestive Health, Fox Valley Orthopedics, Seaview Orthopaedics, and Redefine Healthcare.
Figures are company- and customer-reported; bar widths are illustrative, not to a common scale. Fox Valley Orthopedics separately reported recouping nearly $200,000 in caught denials.
Revenue cycle management is where care meets cash - and where a lot of that cash goes missing. Three forces make it worse each year:
Rather than sell another point tool or clearinghouse, Adonis aims for an exceptions-driven system: let AI resolve the routine work and route only the hardest cases to people.
Where it fits: Adonis competes with legacy RCM giants such as R1 RCM, Waystar, and Optum's Change Healthcare, plus AI-native newcomers. Its wedge is the combination of autonomous agents and orchestration - software that does the work, not just software that measures it.
"Adonis has emerged as a transformative partner. By intelligently identifying critical exceptions, Adonis unlocks meaningful financial value."- Salonia Brown, VP of Revenue Cycle, Mount Sinai Health System
The Magoon brothers grew up helping run their immigrant parents' real estate, oil-and-gas, and automotive ventures. In 2019 they built Nayya, an employee-benefits platform later valued around $515 million. That work gave them a rare, inside view of how insurers process - and reject - claims. Adonis is what happened when they turned that knowledge around to serve providers.
University of Maryland alum and machine-learning engineer. Previously co-founded and served as CTO of Nayya. Drives Adonis's mission to raise net collection rates and cut the cost of collecting.
Nayya's first employee and eventual VP of Product. Leans on fintech and insurance experience to shape Adonis's product vision and strategy.
| Round | Amount | Date | Lead / Investors |
|---|---|---|---|
| Series A | Undisclosed | 2022-23 | General Catalyst |
| Series B | $31M | 2024 | General Catalyst, Bling Capital, Point72 Ventures |
| Series C | $40M | Mar 2026 | Quadrille Capital (lead), General Catalyst, Bling Capital |
Total raised: more than $95 million since founding in 2022.
The brothers launch a benefits platform that later reaches a ~$515M valuation, gaining deep payer-side insight.
Started in New York to flip payer AI capabilities toward helping providers collect what they are owed.
Funding to scale the AI-enabled revenue cycle platform.
More than 4x revenue growth and net retention above 130%.
Quadrille Capital leads; total funding passes $95M as customers like Mount Sinai come aboard.
Adonis provides an AI orchestration platform for healthcare revenue cycle management, using context-aware AI agents to detect revenue risks and automate resolution of denials, delays, and payer friction so providers collect more of what they are owed.
Brothers Akash Magoon (CEO) and Aman Magoon (Chief Product Officer) founded Adonis in 2022. They previously co-founded the benefits platform Nayya.
More than $95 million total, including a $40 million Series C led by Quadrille Capital announced in March 2026, with backing from General Catalyst and Bling Capital.
Physician groups, hospitals, health systems, and RCM services organizations - including Mount Sinai Health System, ApolloMD, Allied Digestive Health, and Fox Valley Orthopedics.
Rather than offering point tools or clearinghouse services, Adonis emphasizes context-aware AI agents and end-to-end orchestration that integrate with existing EHR systems and act autonomously with human oversight.