Adonis, a New York-based AI-powered revenue intelligence and automation platform for healthcare revenue cycle management (RCM), has raised $40M in Series C funding led by Quadrille Capital. The platform uses context-aware AI agents to identify revenue risks early, automate resolutions for denials, delays, and payer issues, recovering an average 15% lost revenue. The capital will expand operations and product development, bringing total funding to over $95M.
AI RCM Investments Surge
The round closes amid heightened investor interest in AI for healthcare RCM. Rivet Health raised $28M, while Candid Health secured $101M+. Procode AI launched its AI RCM tools backed by new funding in March 2026 per Fierce Healthcare. Adonis differentiates with autonomous agents that not only detect but resolve issues end-to-end.
Payer Denials Drive Revenue Losses
US healthcare RCM market stands at $73B in 2026, growing at 11.6% CAGR. Payer denials and reimbursement pressures now top revenue risks for providers, up from internal challenges per Adonis' 2026 RCM report. Rising denial rates reach 20%+, exacerbated by policy shifts like the One Big Beautiful Bill. Labor shortages and complex payer rules amplify AR days and lost revenue.
Autonomous Agents Reshape RCM Workflows
Adonis deploys AI Agents for proactive monitoring, Intelligence for predictive alerts, Orchestration for automations, and Billing tools to cut cost-to-collect. Integrates with EHRs like Epic and athenahealth while staying HIPAA compliant. Customers see 67% denial reductions (ApolloMD, recouping $46.6M in downcoded payments), 4.5x ROI (Allied Digestive Health), and 1000+ FTE hours saved monthly.
As Salonia Brown, VP of Revenue Cycle at Mount Sinai Health System, noted:
"With Adonis’ AI-driven platform, we’ve reimagined how revenue cycle operations are executed… unlocking meaningful financial value."
Investor Backing Signals Scale
Quadrille Capital led with participation from General Catalyst and Bling Capital. Quadrille brings growth equity expertise in healthcare tech like Hinge Health. General Catalyst, with health AI bets like Commure, validates Adonis' agentic approach. Bling Capital continues early support from prior rounds.
RCM Market Balloons to $196B
The US RCM market projects growth from $72.96B in 2026 to $195.92B by 2035 at 11.6% CAGR. AI automation could unlock $360B annual savings. Anomaly raised $17M for billing error detection. Incumbents like R1 RCM focus on outsourcing, while Adonis pushes agentic AI.
Serial Founders Scale Health AI
Co-founders Akash and Aman Magoon previously built Nayya to $515M valuation with AI for health benefits and claims analysis. Their patents in ML-driven claims directly inform Adonis' RCM intelligence. Founding team includes revenue cycle experts from athenahealth and hospitals.
Hiring Blitz Fuels Expansion
Post-funding, Adonis ramps hiring across engineering, sales, customer success, with 15+ open roles and key exec adds like VP Customer Success Katie Stansky. Targets scaling AI platform for more providers amid payer pressures. Recent awards include Becker's RCM Companies to Know 2026 and NY Digital Health 100.