NEW YORK — Adonis, a healthcare financial technology platform based in New York City, has raised $31 million in Series B financing led by Point72 Private Investments. Point72 is run by Steve Cohen, owner of the New York Mets.
Point72 Private Investments was joined by new investor Kin Ventures, along with existing investors General Catalyst, Bling Capital, and Max Ventures.
The current round comes on the heels of a $17.3 million Series A round, led by General Catalyst only 12 months ago, bringing the total amount raised to $54 million since the company’s founding in 2022. This fundraise solidifies Adonis’ position as one of the fastest growing revenue intelligence and automation companies in the United States.
Adonis 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, equating to nearly all of the payers in the United States, 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.
For healthcare organizations, the process of collecting revenue from insurance companies represents nearly 1 out of every 7 dollars spent — a testament to the highly manual and ever-changing nature of submitting insurance claims. Adonis was built as a response to the shortcomings of legacy revenue cycle technology that lacked the ability to deploy the pattern recognition and anomaly detection required to streamline and automate otherwise manual workflows, a status quo that represents a $150 billion challenge.
Adonis is a revenue intelligence and automation platform, designed for healthcare, that gives healthcare providers the ability to collect the revenue that they deserve. Since its inception, Adonis has focused on building a proprietary model that applies ML and AI methods to pinpoint the constantly changing root-cause issues that customers face. Adonis Intelligence, Adonis’ flagship product, serves as the engine that powers dramatic 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.
“The Adonis team has a deep understanding of the complex challenges prevalent in healthcare today,” said Sri Chandrasekar, Managing Partner at Point72 Private Investments. “By helping practices recover more revenue, they are in turn giving providers the ability to focus on improving patient experiences and health outcomes overall. We believe their approach has the potential to create a lasting impact on practices, providers, and patients and are excited to be a partner along the way.”
“The opportunity to expand our investment with Adonis is exciting,” said Holly Maloney, Managing Director at General Catalyst. “We believe their progress is a true testament to the sophistication of their technology, coupled with their relentless pursuit of innovation in the healthcare revenue cycle space. Since investing in their Series A, we’ve watched the Adonis team continuously demonstrate the effectiveness of their technology, helping healthcare teams recover more revenue so that they can focus on clinical outcomes. Their advancements have reinforced our confidence in their technology, team, and strategic vision, and we look forward to continuing to support their journey.”
