theCUBE + NYSE Wired: AI Agent Conference | Akash Magoon, Adonis

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Akash Magoon

Co-Founder & CEO

Adonis

play_circle_outline Adonis builds software to analyze hospital claims and insurance payment behaviors

play_circle_outline Healthcare Startup Raises $40M Series C to Prevent Claims Denials and Stop Revenue Leakage; Total Funding Tops $90M

play_circle_outline Complexity of revenue cycle: hundreds of contracts, thousands of patients, shifting insurer rules

play_circle_outline Investors include Quadro Capital and General Catalyst, long-term investor relationship

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Akash Magoon, Adonis

Akash Magoon

Co-Founder & CEO Adonis

In this interview from the Mixture of Experts AI Agent Conference 2026, Akash Magoon, co-founder and chief executive officer of Adonis, joins theCUBE's John Furrier to discuss how agentic AI is transforming healthcare revenue cycle management from a reactive, manual burden into a proactive, data-driven advantage. Magoon traces Adonis's evolution from a monitoring and observability platform that diagnosed revenue cycle breakdowns to a full agentic layer that acts on behalf of healthcare organizations without waiting to be directed. He explains how most competi... Read more

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John Furrier

>> Welcome back. I'm John Furrier, host of theCUBE, here at theCUBE's NYSE studio. Of course, we have our Palo Alto studio connecting Silicon Valley and Wall Street, part of the NYSE Wired program, a CUBE original program. We feature the leaders in technology, and here as part of our preview of the upcoming Agent Conference, May 4th and 5th in New York City at the Hilton. Simon Chan's community growing from a meetup to a full-blown conference, as agent infrastructure is going mainstream. As OpenClaw and more and more agents hit the scene, every vertical is disrupted. We have a great guest here whose brother is a CUBE alumni, and also the co-founder of the company Adonis. We have Akash Magoon, co-founder and CEO. Welcome back, I guess, to the family.

Akash Magoon

>> Yes.

John Furrier

>> Welcome to theCUBE.

Akash Magoon

>> John, thanks for having me. I appreciate you having us back.

John Furrier

>> Your brother was on in November 2024, and we were hitting it pretty hard on how data, AI at the beginning, we're starting to see the AI, but now since then, a full year's gone by and some months. Now generative AI has exploded to agents. That's the focus of the conference that Simon and the community are throwing. It's full-blown mainstream.

Akash Magoon

>> Absolutely.

John Furrier

>> It's absolutely cats out of the bag, and healthcare and revenue cycle management that you guys are optimizing for is in the sweet spot for not disruption, acceleration of new value propositions. Give us the update from when your brother was on, and then give us your thoughts on this agent wave.

Akash Magoon

>> Yeah. Well, thanks again for having us. And for the viewers as a refresh, Adonis, we're a New York City-based company not too far away from the New York Stock Exchange. We're headquartered in the 3 World Trade Center building, and what we do is we build software to help hospitals and medical practices better understand their payments from insurance companies, to make sure they're collecting more value from the contract that they have in place. Most hospitals, as you know, collect most of their revenue from insurance companies. And historically, that process of submitting claims to insurance companies has been really manual, very esoteric, very difficult to process, and insurance companies, of course, want to deny as much as possible. And so what we built, I think when you last met my brother, was a monitoring and observability platform where we're using AI to monitor claims data, understand changes in insurance company behavior, and give our customers a really strong view into where things are breaking down. So that was a v1 of our platform, like the 2024 version. And over the last year and a half, what we've built as an extension to our platform is, now that we've identified the biggest issues within a hospital's revenue cycle, we're now able to actually act on behalf of our customers in a very employee-equivalent way. So we've built AI agents that will go and automate many things that historically people have been doing manually, and our view is that we don't necessarily want to come into our partners and displace large teams. What we want to be able to do is allow those team members to operate at the top of their license so that they can do a lot more work on a daily basis, which is a lot more cerebral.

John Furrier

>> I like that point, because I think one of the trends we're seeing is all the hype around AI and agents, but the whole AI and the human involvement is a huge one. The winners are humans with AI, not AI to replace humans.

Akash Magoon

>> Of course.

John Furrier

>> Which by the way is the big debate. This is a key part of what you guys see.

Akash Magoon

>> Yeah, of course. And I would say, I think with any new technology hype cycle, there's always people that are scared of jobs losing. And I would say the earliest application ... It's always been interesting to us. The earliest applications of AI in healthcare you would think would be on the back office side because it's further away from the patient interaction, but interestingly enough, AI was first brought into healthcare on the clinical side. One big example of that was in the early 2010s where AI was being used in radiology. So radiologists have been using AI for MRI scans, CAT scans, PT scans, and it turns out that a decade later, the consumption of those scans are 15, 20X higher than they were 10 years ago, which means that each radiologist is able to produce a lot more reports on a daily basis than they were able to before. And so that's an example of where AI was used to elevate the individual as opposed to replace them. In our world within revenue cycle, our view is the same, where we have several customers that are processing north of a billion dollars of revenue on a yearly basis. And historically, you've had to have 500 to 1,000 people behind the scenes manually submitting claims, processing them, looking at denials. And our view is that we're able to allow them to move a lot faster, process things in a way that isn't as manual as it was before, and doing so allows our nation's caregivers to collect more of their revenue they deserve. And in our view, if we're able to do that, then those proceeds are able to go back into the patient experience.

John Furrier

>> It really highlights the value proposition of AI. Domain expertise, horizontally scalable data plane, seeing everything. In this case, a lot of documents and a lot of things to analyze. You guys have incredible momentum. Again, highlight that. You got some big news today. Share the big funding news.

Akash Magoon

>> Yeah. So today we're really excited to announce a $40 million Series C that we raised for the company, a little north of $40 million. That brings our total funding to north of $90 million to date, and as you know, we're about a three-and-a-half-year-old company, and in those three and a half years, we've built a lot of product. We've developed a lot of partnerships with customers. And this funding milestone, while it's a celebration moment for the company, it's really a means to how do we achieve the next milestone as a company. And the trajectory that we've been on was first helping our customers diagnose the biggest issues they had using AI. The next phase that we had as a business was helping them resolve those issues. And as we look at our roadmap going ahead for our customers, it's all about how do we prevent denials issues and revenue leakage in the first place. And being able to bring on investors like Quadro Capital and General Catalyst to help really fuel this next phase of growth is a testament to our team, but also the customers and partnerships that we've been lucky enough to have to date.

John Furrier

>> Well, congratulations on the funding. $40 million is a nice chunk of cash.

Akash Magoon

>> Yeah.

John Furrier

>> Rocket fuel for the rocket ship. This is validation. Agents and action. What you basically said was, "First we want to understand the problem." Now you're putting action into place. Talk about the industry benchmarks or progress. How would you classify the execution of agents today? As we go into the Agent Conference coming up in two months ... it's right around the corner ... you're seeing a lot of execution with agents. Where's the truth? Where's the hype? Share your thoughts on where the action is.

Akash Magoon

>> Yeah. I think you made an interesting point, which is we first started off with the monitoring and the data and then moved into the agents, and that was like a little bit of luck, a little bit design, and I'll say that's really a huge nuance of how we're different than maybe some of our competitors in this space. Most of the companies that have spun up in the last 24 months looking to apply agentic technology into the backend of healthcare, they've been doing it in a very narrow swim lane related way where they'll come in and automate let's say phone calls for an organization, or automate faxes or automate the submission of documents. It's our view that those companies are taking a very reactive approach where their customers, the hospitals, the medical practices, need to tell them the work to do as an agent's company. Our view is that because we're the monitoring and the data layer, our customers see us as a source of truth on what's the data, what's happening right now, and what needs to get done. And because they instill that confidence in us, it allows us to then automate the next step in a very hands-free way, where our customers aren't necessarily telling us, "Hey, go and do this work." We're coming to them in a very proactive way, saying, "Hey, these are the biggest issues that we're seeing with UnitedHealthcare at the moment, or within Cigna or Anthem, and this is what we think the next best action is." And so when you're able to be a proactive partner to your closest allies as a company, it allows you to have a different type of relationship with them.

John Furrier

>> Yeah, and you're deeper in the data, which is key. Talk about the complexity. Scope the complexity of the problem, because it sounds, "Oh, I'll throw some agents at the billing materials. It'll ingest all the manuals and all the contracts. Ah, piece of cake."

Akash Magoon

>> Yeah.

John Furrier

>> Probably not that simple because a lot of nuances, you say. What's the complexity look like, and how do you guys solve it?

Akash Magoon

>> Yeah. So we have really two different types of customers at the company. The first are some of the largest medical practices in the country, like ApolloMD and Redefine Healthcare and Privia, and then we have some very large health system partners of ours as well. One in New York City is Mount Sinai. And when you think about any of these organizations, they have contracts in place with large insurance companies, and any given hospital will have hundreds of contracts in place. And so on a daily basis you're seeing thousands of patients, if not more, and each patient has a different medical ID and an insurance program and an in-network with a different plan. And for a hospital to manage all the contracts, and making sure they're submitting the right documents and getting paid the right amount, that complexity is so difficult because the volume of patients, the volume contracts, is so large. And the insurance companies are changing the goalposts on a daily basis around what it is that they'll approve and what they will deny and what prior auth you need versus not, and so there needs to be a platform there to help the other side, which is the revenue cycle teams of provider groups, play that AI game in a much better way. And so it's almost like a game of chess. And the insurance companies have played that game a lot better for the past several decades because they've had deep R&D budgets, but being able to provide and power the other side is really where we focus.

John Furrier

>> I mean, it is a game of cat and mouse. It is moving the goalposts, and they've been good at it. The revenue cycle obviously is huge, and it could make or break the financial side of it. Talk about the impact to care too, because now you have the other side of that marketplace, which is me, the consumer. I just want to get some stuff done. I need help. So quality of care, timing, that matters too, so it's not just revenue.

Akash Magoon

>> Of course.

John Furrier

>> Talk about that side of the mission.

Akash Magoon

>> Yeah. I'll first start off with a fact that probably most people know, but 17 to 18% of our GDP is healthcare. And for every $100 spent in healthcare, our view across the partners that we've had and industry is that somewhere between eight to ten of that hundred dollars is spent on administrative bloat and processes and back-office operations that we feel shouldn't necessarily have to be there. And so if 10% of spend on healthcare is able to be reinvested in other things, imagine what other projects that health systems would be able to take on. They'd be able to improve the patient experience, invest in better drugs, invest in the readmission of care, maybe remote patient monitoring. There's so many different things that an organization can do when they're putting ten dollars back in their pocket for every hundred that they collect. And so our view is that we can impact the patient experience through improving the backend of revenue cycle.

John Furrier

>> I mean, I'm just riffing here, but you can almost build a predictive market into this. So I mean, the impact to operations in healthcare also could be benchmarked against what could happen.

Akash Magoon

>> Of course.

John Furrier

>> I mean, I'm sure that's going to be part of the process. Your thoughts on having some predictability, because that could affect how organizations organize their teams, what the front-end inbound logistics look like from a flow standpoint, patients. Well, if they change this, this might spike. I mean, all kinds of new things.

Akash Magoon

>> Of course.

John Furrier

>> This is the beautiful thing about AI. Share your thoughts on the scope.

Akash Magoon

>> Let me ask you a question. Do you know the amount of money the average hospital has, like how many days' worth of cash they have in the bank?

John Furrier

>> No, I have no idea.

Akash Magoon

>> It's less than 45 days on average, which is absolutely insane, which means that if anything happens to their revenue cycle and they're unable to collect cash even for seven to ten days at a time in a predictable way, that can mean a lot for their business. And so you're absolutely correct that bringing more predictability is really, really important and really valuable to healthcare leaders and executive teams, and so being able to provide more cash flow predictability is something that's really important.

John Furrier

>> It's interesting. We do a lot of physical AI conversations here on the CUBEs here at the NYSE and in Palo Alto. And when you look at physical AI, one of the biggest things that people talk about is the impact to operations with AI, and this is one of them. If you've got 45 days of cash, okay, where's that robotics investment going to go? So all these new things are on the table for AI to help all these institutions, and it's critical infrastructure.

Akash Magoon

>> Absolutely. And I would say that I think all of us have seen those articles coming out in publications, where rural hospitals are closing down and there's been a lot of pressure on margins. And I think a lot of people will point fingers at maybe the insurance companies for not paying out revenue, but I also think that a lot of it comes from the lack of operational efficiency as well. And so we have a big rural healthcare problem in the country and there's a lot of federal funding going into helping safety net hospitals, for example, to make ends meet when they're not able to sustain on their own. And so we see that trend become the case, which is like the government's only going to save rural health for so long, and the way that they're going to get there in a much more sustainable way is to employ more automation within their business.

John Furrier

>> We had General Catalyst's Teresa Carlson. She's the president of the Catalyst Institute. She's bringing the policy, government to the Catalyst portfolio now, which they've invested in you all your rounds. This speaks to the revenue opportunity. There's a lot of government. You mentioned rural. What other areas do you see that are opportunities in that public sector area?

Akash Magoon

>> Yeah. One of the things that's top of mind for every healthcare executive right now is the Big Beautiful Bill and the repercussions that it has or the things that it means for large organizations around Medicare costs, Medicare and Medicaid cuts, and so a lot of commercial insurance companies will base their rates off of what the Medicaid and Medicare goalposts are. And so we're seeing a lot of things come out at the federal level, and we're even seeing a lot of health systems also hit D.C. to start promoting certain things on their level as well. And so it's pretty interesting now to see the intersection between like political ...

John Furrier

>> I mean, you could make some real progress here on the productivity side. That translates right to care.

Akash Magoon

>> Absolutely.

John Furrier

>> I have to ask you, you mentioned General Catalyst and Teresa and the foundation she has, which is an awesome mission, but they're a great investor. So I have to ask you, what was your C-round pitch? How'd that go? Take us through the layout of the slides, like what was the point of view? What was the orientation? Was it business momentum, client success? What was the highlight? Why such the big step-up in this round?

Akash Magoon

>> Yeah. So me and my brother are co-founders, and this is actually our second company together. The first company that we started was in the employee benefits space, navigating Americans to picking their right set of benefits during open enrollment. And so when we left our previous company and started Adonis in 2022, we were lucky enough to have a little bit of a track record. And so our seed round was led by Blink Capital, which is a small seed fund focused just on making investments at the seed stage, and we had built a relationship with General Catalyst at the seed round. We weren't lucky enough to work with them at that time period, but over the subsequent six to nine months, we actually started working with a number of General Catalyst portfolio companies that are in the medical space to help them power their revenue cycle. And after General Catalyst heard about our great work working with their existing portfolio companies, we were lucky enough to build a really strong relationship with Holly Maloney and Hemant at General Catalyst, and we've now been working for them for the better part of two and a half years. They came in and they led our Series A, and then continued to double down with our Series B and Series C.

John Furrier

>> Right, pro rata, and they're a great firm. Love what they do. I guess my final question is, with the Agent Conferences coming up, again, Simon's grown his community, all the players in agentic infrastructure. Now it's gone mainstream with OpenClaw. Everyone wants to use agents, enterprises love it, so we're on this next wave of adoption. What are your talk tracks? What are you going to be talking about at the Agent Conference? Are you moderating a panel? Could you share what you're going to be doing at the Agent Conference?

Akash Magoon

>> Yeah. We've been lucky enough to partner very closely with the Agent Conference to promote a talk track around healthcare, and we'll be moderating a discussion with leaders of a few different hospitals that are close to New York City. So the first one will be with Mount Sinai Health System, which is one of the biggest health systems in New York. We'll be bringing on a leader from Hackensack Meridian, the largest hospital in New Jersey, and then we'll be bringing on a leader from the largest hospital in Maryland, which is Johns Hopkins. And so being able to hear the perspectives of healthcare leaders across the East Coast that are some of the most formidable systems in the country will be a fairly exciting conversation, so I hope some of the viewers here can join for that.

John Furrier

>> Well, without giving away the farm here ... because then people wouldn't go to the conference, check it out at the Hilton in New York, the agentconference.com ... give us a quick teaser. What are they going to say? Don't reveal it all. Keep the good stuff.

Akash Magoon

>> I'm going to let them share their secret sauce, but ultimately every single healthcare organization, if they're in the good category, they'll be at a 1% operating margin. If they're in the great category, they'll be somewhere between 1.5 to 2%. And I think most health systems are trying to get to probably double that in the next three, four, five years, and there's only one path they're really doing that because insurance rates and reimbursements aren't really going to change that much. In fact, they're probably going to get worse. The only way you actually achieve that is through automating internal operations, and so I think what they'll be talking about is actual real-world use cases. Everyone's talking about AI agents, to your point. What I hope that the leaders of these few hospitals that we'll speak to will be talking about is how they're actually using it in practice. Now, all three of them have been deploying agentic technology for north of an entire calendar year. So being able to hear real-world use cases and what that means to their top line and their bottom line is something that I'm excited to hear from their perspective, and hoping to see some of your audience members there as well.

John Furrier

>> Yeah. There's an old expression of sports, check out the scoreboard, and the best marketing is the customers sharing their stories. Congratulations on the funding.

Akash Magoon

>> Thank you so much.

John Furrier

>> Great to have you on theCUBE. Say hello to your brother.

Akash Magoon

>> I will.

John Furrier

>> Great to meet your family here at the NYSE. Thanks for coming on.

Akash Magoon

>> Thanks. Take care.

John Furrier

>> I'm John Furrier, host of theCUBE. It's the NYSE Wired. It's part of our Mixture of Experts series and healthcare focus. Of course, the Agent Conference. This is a preview of what's coming in May in New York at the Hilton, May 4th and 5th, the agentconference.com. Thanks for watching.