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Adonis raises $40M to accelerate AI in revenue cycle

With users like Mount Sinai Health System, Adonis raised $40M in Series C funding to further drive the application of AI in its revenue cycle platform.

Jacqueline LaPointe
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Published: 26 Mar 2026

Healthcare revenue cycle management, or RCM, software vendor Adonis has raised a total of $95 million after its latest Series C funding round.

The vendor announced Wednesday that it raised another $40 million, led by Quadrille Capital, with continued support from existing investors General Catalyst and Bling Capital. The latest funding round marks a milestone year, the vendor stated, in which it achieved four times the revenue growth and net retention of over 130%.

"The pressure on healthcare organizations is only intensifying," said Akash Magoon, cofounder and CEO of Adonis. "This funding signals that investors are backing solutions that address the structural problems holding RCM teams back, including RCM workforce shortages, denials, and underpayments. Our mission has always been to restore sanity to RCM, and this investment allows us to accelerate the technology RCM teams need to solve these challenges autonomously and at scale."

Healthcare organizations, such as Mount Sinai Health System, partner with Adonis for AI-driven revenue cycle management technology. The vendor provides an AI orchestration platform built for RCM, which uses AI agents and intelligent data analytics to monitor and detect revenue cycle issues, recommend actions and process claims autonomously.

"With Adonis' AI-driven platform, we've reimagined how revenue cycle operations are executed," Salonia Brown, system vice president of RCM at Mount Sinai Health System, said in the announcement. "By intelligently identifying and prioritizing critical exceptions, Adonis unlocks meaningful financial value and empowers our team to focus on the highest-impact opportunities. Adonis is setting a new standard for how health systems operate, and we believe this is just the beginning of a fundamentally different future for RCM."

Adonis previously raised over $54 million in funding as of early 2025. With the additional money, the vendor said it will accelerate product innovation across its platform, including AI agents.

RCM in the spotlight amid policy changes

Adonis' announcement comes as healthcare organizations face significant health policy shifts that could substantially impact their bottom lines.

Healthcare organizations are bracing for a change in payer mix as state and federal lawmakers implement provisions of Public Law 119-21, otherwise known as the One Big Beautiful Bill Act. The law notably includes substantial reforms to Medicaid coverage and subsidies for the Affordable Care Act's Health Insurance Marketplace.

The Congressional Budget Office estimates 10 million more people will be uninsured by 2034 under the law.

The growing number of uninsured people will create revenue cycle complexity as healthcare organizations manage more self-pay patients, including expected increases in uncompensated care. Revenue cycle teams will also have to deal with increasing Medicaid administrative burdens.

Experts also do not expect the law to help rising claim denial rates. Changes in the regulatory landscape, evolving payer requirements and the expanding use of claims processing automation have made claim denials a serious issue for RCM.

Healthcare organizations are turning to AI-driven technology to quell RCM challenges. RCM technology promises to do more with less, allowing thin revenue cycle teams to focus on value-adding activities while automation handles some tasks.

Momentum continues for autonomous RCM

The evolution of AI is taking RCM automation to the next level. RCM technology vendors, such as Adonis, have touted the ability of their platforms to autonomously manage revenue cycle tasks.

The technology leverages agentic AI, which can make complex decisions with very limited human input. This is different from other versions of AI, which have relied on rules or human-entered prompts to make decisions.

The application of agentic AI to the revenue cycle is transforming how healthcare organizations use RCM technology. Vendors are not only saying their technology can now completely automate certain tasks, such as eligibility and benefits verification, but also the entire revenue cycle.

One of Adonis' key products is its Orchestration platform, which coordinates automation across the revenue cycle. With the platform, healthcare organizations can deploy automation where teams need it most while the orchestration layer optimizes workflows across tasks and IT systems.

But Adonis isn't the only RCM technology vendor in the autonomous game. Companies like Waystar, R1 RCM and FinThrive are all leveraging agentic AI to push for a more self-governing revenue cycle that maximizes the use of automation while keeping a human in the loop to ease anxieties around the use of AI, particularly in healthcare.

Jacqueline LaPointe is a graduate of Brandeis University and King's College London. She has been writing about healthcare finance and revenue cycle management since 2016.

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