• Hadean Capital II closes at EUR 144m, substantially over target of EUR 125m, bringing the total committed capital of Hadean Ventures’ two funds to approx. EUR 230m
• Strong support from existing investors as well as a number of new investors including EIF, KfW Capital and Tesi
• Launched in September 2021, Hadean Capital II has so far invested in six companies
• First portfolio company exit was achieved in 2023, exceeding expectations

OSLO, Norway, Dec. 21, 2023 — Hadean Ventures announced today the final close of Hadean Capital II at EUR 144m, substantially above target of EUR 125m. The fund will invest in life science start-up companies across Europe with an emphasis on the Nordics and German-speaking countries. The strategy includes pharma, biotech, medtech, diagnostics and digital health. Hadean Capital II was launched in September 2021 and has so far invested in six companies including Alex Therapeutics, Arthex Biotech, Complement Therapeutics, Emergence Therapeutics, Ribbon Biolabs and TargED. The first exit was already successfully achieved with the acquisition of Emergence Therapeutics by Eli Lilly.

Ingrid Teigland Akay, Managing Partner commented, “We are extremely pleased to announce this very successful fundraising in a challenging environment, substantially exceeding our fundraising target. We would like to thank existing and new investors for their trust in our team and strategy, and we look forward to working with start-ups developing break-through medical solutions for tomorrow and beyond.”

Walter Stockinger, Managing Partner, added, “With the new fund we are in an excellent position to leverage on the huge potential that we see in the European life science ecosystem. We are building on our successful strategy for Hadean Capital I, investing in start-up companies in different stages of development and across modalities and indications.”

Key investors in Hadean Capital II shared their comments:

“Saminvest is very excited to be one of the founding investors of Hadean Ventures. We firmly believe that the experienced Hadean Ventures team is well positioned to take advantage of the investment opportunities in companies that solve tomorrow’s health challenges. It enables the access to venture capital and ownership experience for companies in early stages and strengthens the vibrant life science ecosystem in the Nordics,” said Magnus Skåninger CEO at Saminvest.

“Hadean Ventures has exceeded our expectations as our first investment under Investinor’s new fund in funds mandate. We are thrilled to be part of the closing of Hadean Capital II, contributing to the growth of the Norwegian and European life science ecosystem. The oversubscription of the fund demonstrates the confidence in Hadean Ventures’ investment strategy and their ability to nurture promising start-ups. Together, we aim to drive groundbreaking medical advancements and make a lasting impact in life sciences. We look forward to collaborating with Hadean Ventures and fellow investors to support innovative solutions shaping the future of healthcare,” said Johan Bøe Bjørkevoll, Investment Director -Investinor.

“We are pleased to be a new investor in Hadean Capital II. With Finland as part of Hadean’ core geographical focus, the Finnish life science operators now have a chance to tap into Hadean Ventures’ international expertise,” elaborated Tapio Passinen on the reasons for Tesi’s investment commitment.

About Hadean Ventures

Hadean Ventures is a leading European life science fund manager with approx. EUR 230m assets under management. The funds are backed by leading private and institutional European and US-based investors. Hadean Ventures invests in life science companies developing breakthrough innovative solutions for unmet medical need. Hadean Ventures has offices in Oslo and Stockholm and collaborates with world-class academic institutions and start-up hubs across the region.

Contact
Ingrid Beyer, Head of IR and Business Development
[email protected]
+47 905 94 882

The following files are available for download:

ISTANBUL, Dec. 21, 2023 — Erkan Kork, Chairman of the Board of BankPozitif, commented on the achievements of 2023 and the expectations for 2024. Kork stated that 2023 was a dynamic year for Turkey, and despite negative developments both domestically and globally, the Turkish banking sector continued to support the real sector, financing production and exports.

“The Turkish banking sector has a solid structure”

Emphasizing the new era entered after the earthquake disaster at the beginning of the year and the prolonged election process, Erkan Kork said, “While the start of the Turkey Century is marked post-election, the Turkish banking sector has become an important pillar of stability for the Turkish economy with its solid and trustworthy structure. We are talking about a sector in very good condition in terms of asset quality, capital structure, and liquidity sufficiency. I believe we will clearly see the impact of the steps taken in 2024. In the new period, with the slowing down of inflation rate, increased demand for TL assets, and significant improvements in leading indicators, I expect confidence in the economy to increase further and the recent capital inflows to accelerate.”

“There could be significant capital flows from Europe“

Kork anticipates increased European capital inflows into Turkey by 2024, following President Erdoğan’s Middle East visits. He predicts European investments in Turkey will grow, especially through mergers and acquisitions.

“Ongoing Support for the Real Sector in 2024”

Erkan Kork highlights the Turkish banking sector’s growth, with assets reaching 21.8 trillion TL. BankPozitif, outperforming in the sector, plans to continue its strong support for the real sector, contributing significantly to Turkey’s economic growth in 2024.

“We will continue to enhance our services with innovative technologies”

Highlighting that the majority of banking transactions are now conducted through digital channels, Erkan Kork, Chairman of the Board of BankPozitif, said, “Banks, which once competed to open branches, are now calculating how to reduce them. Since our establishment, we have preferred to be a new generation bank that minimizes traditional channels, sparing our customers the hassle of visiting a bank branch amidst their busy lives. In 2024, we will continue to develop our services with innovative technologies, elevating the customer experience to the highest level with smart and exclusive content.”

About Bankpozitif

Operating in the field of digital banking, Bankpozitif is a Turkey-based financial institution that enables individuals and businesses to carry out their financial transactions quickly and efficiently through a single digital platform. The bank offers digital investment banking with personalized financial solutions and innovative technologies for its customers!

Photo: https://mma.prnewswire.com/media/2305506/Erkan_Kork.jpg

SOURCE Bankpozitif

The two Israeli Companies Continue their Strategic Partnership to Monitor the Country’s Power Transmission System Utilizing PrismaPower™

TEL AVIV, Israel, Dec. 20, 2023 — The Israel Electric Corporation (IEC), the Israeli electric utility, will join Prisma Photonics’ Series C funding round. This comes after a previous investment in April of 2022. The two companies have been in partnership since early 2021. Prisma Photonics currently employs its optical fiber sensing technology to monitor over 1,000 km (more than 620 miles) of IEC’s transmission network, detecting electrical faults, damage to power towers and transmission lines and weather conditions across 20% of Israel’s national grid.

“IEC remains a valued customer and strategic investor, as evidenced by their participation in our latest funding round,” says Dr. Eran Inbar, CEO of Prisma Photonics. “While our technical partnership spans over several years, this second investment underscores their dedication to driving innovation in Israel’s power supply industry as they delve deeper into grid resilience to bolster their renewable energy projects.”

“Prisma Photonics’ transformative paradigm in critical infrastructure monitoring aligns with our innovation goals – IEC is committed to becoming a global leader in advanced power operations through continuous adoption of cutting-edge technologies. Our second investment signifies our dedication to safety, grid integrity, and environmental responsibility. This continued collaboration will better optimize our network for renewable energy integration, using advanced technologies to ultimately achieve net-zero emissions,” adds Amir Livne, Senior VP of Strategy and Innovation at Israel Electric Corporation.

PrismaPower™ offers a groundbreaking solution for monitoring electrical overhead power lines, utilizing fiber optics technology to convert existing infrastructure into responsive sensors. This innovation facilitates real-time detection and location tracking of potential issues, eliminating the requirement for extra sensors. Prisma Photonics’ optical fiber sensing technology extends across various infrastructure sectors, such as power, oil and gas pipelines, and other extended utilities. The technology enhances the safety, efficiency, and cost-effectiveness of infrastructure operations while actively assisting utility operators in reaching their net-zero goals.

About Prisma Photonics
Prisma Photonics revolutionizes infrastructure monitoring by using optical fibers to monitor critical large-scale infrastructure like power grids and oil & gas pipelines for thousands of kilometers, eliminating the need for sensors.

Combining Hyper-Scan Fiber-Sensing™ technology with machine learning allows utility operators to reach environmental and renewable energy goals while keeping operational excellence in their journey to net-zero emissions.

Founded in 2017 by an expert team with a proven track record of building and scaling companies in the deep-tech domain.

Media Contact:
Emily Torrans
[email protected]
Mahoney Communications Group
214-500-9670

SOURCE Prisma Photonics

More Accurate Test expected to become Indispensable Tool for Clinical Practice

PALO ALTO, Calif., Dec. 20, 2023 — WRQ Sciences and Superfluid Dx, Inc., announced today the completion of an oversubscribed Series A financing led by WRQ Sciences. With this transaction, WRQ Sciences has acquired majority ownership in the Alzheimer’s Disease (AD) diagnostics company, Molecular Stethoscope, Inc., which is now renamed Superfluid Diagnostics, Inc. The Alzheimer’s Drug Discovery Foundation’s (ADDF) Diagnostics Accelerator (DxA) participated in the Series A financing.

Molecular Stethoscope was founded in 2014 based on pioneering research at the Scripps Institute and Stephen Quake’s lab at Stanford University and has developed a test for early diagnosis of Alzheimer’s Disease. Preliminary results show the approach yields greater accuracy than existing AD diagnostic tests. 

“One million Americans per year develop Alzheimer’s Disease and the need for a fast and accurate diagnostic test is acute and expanding,” said Gajus Worthington, Superfluid Diagnostics’ CEO and Managing Director of WRQ Sciences. “Existing tests for Alzheimer’s Disease and related dementias can miss up to 30% of patients developing the disease and misdiagnose another third. The breakthrough work at Superfluid Diagnostics will transform the Alzheimer’s Disease diagnostic landscape.”

Most existing AD diagnostic tests target amyloid beta/tau and APOE markers. However current research shows AD has multiple pathological mechanisms, and many patients who are positive for amyloid beta and tau never develop AD. Superfluid Diagnostics’ liquid biopsy test addresses this challenge by measuring RNA released from brain cells, providing a direct measure of pathology. The test also surveys indirect pathological mechanisms in circulating cells which provides for a more precise diagnosis. 

Superfluid’s goal is to build the most accurate diagnostic for neuro-degenerative diseases by harnessing the power of cell-free mRNA. Superfluid’s proprietary science and data analysis platform enables the diagnostic accessibility of cf-mRNA which is a fundamental signal for all cellular activity.

“This is a pivotal moment for Alzheimer’s Disease diagnostics,” continued Worthington. “The field of Alzheimer’s Disease research and drug development has blossomed over the past decade with more detailed understanding of the disease and the emergence of new potential treatments. There are currently over 140 therapeutic agents for Alzheimer’s in later stage clinical trials addressing a variety of disease mechanisms. Accurate diagnostics that provide early insight into disease development are a critical component to robust trials and effective patient treatment.”

In July of 2023, the FDA gave its first traditional approval to LEQEMBI, an AD disease-modifying treatment that slows progression of the disease for some patients. Importantly, Medicare agreed to reimburse the new drug following FDA approval. And an FDA decision on donanemab is expected by early 2024.

“We finally have emerging treatment options for early stage AD,” said Regis Kelly, Byers Family Distinguished Professor Emeritus, Biochemistry and Biophysics, UCSF. “As a result, early detection tools that help to get the right therapies to the right patients at the right time are critical. In both treatment and drug trials, having fast and reliable diagnostic tests remain essential.”

“WRQ Sciences is excited to invest in Superfluid and apply our scientific investment method to build and grow the company”, said Kartik Raghavan, Managing Director of WRQ Sciences. WRQ Sciences investors are leaders from the life science, technology, and investment fields and include Brook Byers, Reid Hoffman, and Premji Invest.

Superfluid is currently engaging with therapeutics developers for clinical trials and research. For more information: http://superfluiddx.com/contact

About:

Superfluid Dx is revolutionizing diagnosis for Alzheimer’s Disease. Superfluid is building a translational science and data analysis platform to harness the power of cell-free mRNA to diagnose neruo-degenerative and other diseases. Superfluid is based in South San Francisco and is led and funded by leaders from the life science, technology and investment fields. http://superfluiddx.com

WRQ Sciences is an investment firm committed to scientific methodology in its investments and constructive engagement with its portfolio companies across asset classes in life sciences. WRQ Sciences was founded by Kartik Raghavan and Gajus Worthington. http://wrqsciences.com

The Diagnostics Accelerator (DxA), created in July 2018, is a $100 million global research initiative from partners including ADDF Co-Founder Leonard A. Lauder, Bill Gates, Jeff Bezos, MacKenzie Scott, the Dolby family, the Charles and Helen Schwab Foundation, The Association for Frontotemporal Degeneration, among others, to develop novel biomarkers for the early detection of Alzheimer’s disease and related dementias.

This research initiative is dedicated to accelerating the development of affordable and accessible biomarkers to diagnose Alzheimer’s disease and related dementias and advance the clinical development of more targeted treatments. Through translational research awards and access to consulting support from industry experts, this program will challenge, assist and fund the research community in both academia and industry to develop novel peripheral and digital biomarkers.

Contact:
Gajus Worthington
CEO
Superfluid DX
Email:  info@superfluiddx.com

SOURCE Superfluid DX

Investor Meetings Now Being Scheduled during J.P. Morgan 42^nd Annual Healthcare Conference

SANTA FE, N.M., Dec. 20, 2023 — Mercury Bio, (www.mercurybio.com) a Santa Fe, NM–based biotech company commercializing an innovative and highly disruptive drug delivery platform, today announced that Chief Executive Officer Bruce McCormick and Chief Science Officer Richard Sayre, Ph.D., will be presenting at the 2024 Biotech Showcase investors and corporate development conference at 11:00 AM on Monday, January 8, 2024, at the Hilton San Francisco Union Square. Also attending are Dana Barnard, Chairman of the board of directors, and life sciences tools veteran Mike Rice, a recently added board member, who is assisting the Company’s funding activity to close a Series A round.

Bruce McCormick says, “Mercury Bio has created a drug delivery platform that’s demonstrated successful oral and IV delivery of nucleic acids, which can reach all organs of the body, including the brain. We are entering joint development agreements with biotech companies to speed up the evaluation and development of new drug candidates.

“Our proprietary, non-animal, non-human drug delivery platform—an alternative to lipid nanoparticles (LNP)—is based on the bioengineering and production of yeast-derived extracellular vesicles (yEVs). We created an extensive IP portfolio before coming out of stealth mode and continue to file additional patent applications. As we enter the commercial growth phase, we’re seeking investments from aligned investment firms focused on disruptive early-stage, high-growth biotech opportunities.”

About Biotech Showcase

Biotech Showcase is a premier investor conference committed to creating a platform for private and micro-mid-cap biotechnology companies. It offers them a unique opportunity to showcase their innovations and engage one-to-one with investors and biopharmaceutical executives. For more information, please visit https://informaconnect.com/biotech-showcase/.

To schedule a meeting in San Francisco with Mercury Bio executives between January 8–11, please use this link: https://calendly.com/mercury-bio/2024-biotech-showcase.

About Mercury Bio

Sparked by scientific breakthroughs in genomic research, Mercury Bio has developed a next-generation biomolecular drug delivery platform. The technology enhances drug efficacy while reducing side effects by employing cell-specific targeting using a novel system for drug encapsulation in natural (non-human/non-animal) vesicles. The result is an advanced drug delivery system in a scalable, low-cost production platform that will unlock the potential of RNA therapeutics and small-molecule drugs.

Contact: Kaelie Barnard | Director of Marketing, Barson Corp.
[email protected] | +1 (516) 712–6050

SOURCE Mercury Bio Inc.

LONDON, Dec. 20, 2023 — Hakluyt Capital is delighted to announce three of its first investments – in Interos, CalypsoAI and Viz.ai.

Interos’ AI-powered platform is helping the world’s leading multinational corporations, governments, and other organisations map, monitor and pre-empt emerging and systemic risks hidden deep in manufacturing and cyber supply chains to protect brand, reputation and profitability.

CalypsoAI is a leading AI Security company empowering international organisations to leverage generative AI and Large Language Models (LLMs) safely and confidently. The company’s platform is designed to mitigate the risks posed by generative AI models, providing industry-leading safeguards that prevent the leakage of sensitive data and block malicious attacks.

Viz.ai’s software platform harnesses AI to accelerate the diagnosis and treatment of serious illnesses. Its algorithms, which have been cleared by the US Food and Drug Administration (FDA), analyse medical imaging data such as CT scans and electrocardiograms to support medical professionals with real-time insights and assessments.

Hakluyt Capital invests alongside leading venture capital funds, and targets Series B to D companies with international ambitions and high growth potential. Hakluyt Capital is a value-added investor: the firm’s in-house team across the Americas, Europe, the Middle East and Asia works closely with the leadership teams of its portfolio companies to identify and introduce potential customers, to navigate policy and regulatory issues around the world, and to make connections to senior individuals with geographic or sectoral expertise.

Speaking about Hakluyt Capital’s first investments, Varun Chandra, Hakluyt Capital’s chairman and Hakluyt’s managing partner, said: “Our ambition in building Hakluyt Capital is to partner with the world’s most dynamic and ambitious young companies, and accelerate their growth. We are delighted to be using Hakluyt’s in-house expertise and connectivity to advise these brilliant businesses on how best to navigate their toughest challenges and seize their greatest opportunities.”

On Hakluyt Capital’s investment in Interos, founder and CEO Jennifer Bisceglie commented: “Hakluyt Capital offers a tremendous opportunity for high-growth businesses like Interos, and they are aligned to our vision for proactive resilience. We have already felt the benefits of the firm’s outstanding network and insights, and are thrilled to continue innovating alongside them as we scale further.”

Neil Serebryany, founder and CEO of CalypsoAI, said: “To scale a start-up in today’s environment, you need more than just investment. Hakluyt’s unique expertise will be crucial for the next stages in CalypsoAI’s journey.”

Dr Chris Mansi, co-founder and CEO of Viz.ai, added: “We operate in a very complex regulatory environment, and Hakluyt’s advice has already been extremely valuable to us. We greatly look forward to continuing our partnership with them.”

Notes to editors
Hakluyt Capital, which was founded in 2023, invests alongside leading venture capital funds, targeting Series B to D companies with high growth potential and international ambitions. Its parent company, Hakluyt, is a strategic advisory firm that works with corporate leaders and investors around the world on their most important commercial issues.

For more information on the fund, please visit www.hakluytcapital.com. 
For more information on Hakluyt, please visit www.hakluytandco.com. 

SOURCE Hakluyt

LONDON, Dec. 20, 2023 — Peach Worlds, the Squarespace for 3D Immersive Websites, recently secured a pre-seed investment of USD$540,000. Blockchain Founders Fund co-invested in this round alongside former Multimedia Director of Apple, Antonio Rallo’s ID345 fund and several angel investors. This funding enables Peach Worlds to launch their no-code builder with top designers and establish a first-mover advantage in the 3D Web industry.

Since 2019, the company has led the 3D Web Software field, creating 3D websites for high profile clients such as Warner Brothers and T&B Media Global. They have since evolved to become the market leader in the 3D Web industry by enabling designers to create 3D websites easily without any coding.

According to Aly Madhavji, Managing Partner at Blockchain Founders Fund, “Peach Worlds is at the forefront of a new era of immersive websites and experiences and we’re excited to be a part of their journey.”

Grega Trobec, CEO and Founder of Peach Worlds, emphasizes the need for web technology to evolve to solve the growing issue of people not caring about websites anymore by making immersive 3D Websites that are exciting destinations for visitors.

Peach Worlds’ Private Beta has been released to world-class designers to create 3D Website Templates for their Public Launch in February 2024.

About Peach Worlds

Peach Worlds is the Squarespace for 3D immersive websites. It’s the first no-code builder powered by AI, enabling designers to effortlessly create 3D websites without any coding. Since the web’s inception, technology has largely remained stagnant with static and flat pages. Peach Worlds is pushing the boundaries of the 3D Immersive Web to make it an exciting and easy-to-use destination for visitors.

About Blockchain Founders Fund

Blockchain Founders Fund (BFF) is a leading early stage (seed and pre-seed) Web3 Venture Capital fund which invests in top-tier founders globally. Our backers include a strategic mix of the leading firms in the crypto and traditional finance world. We invest in highly-promising startups taking a go-to-market focus and a hands-on approach to drive value. BFF helps curate strategic partnerships, hire talent, accelerate growth and ensure portfolio founders are well capitalized. Our team is comprised of builders and operators that have scaled many of the leading Blockchain startups and are on a mission to support all-star teams shaping the Web3 industry.

Press Contact
Name Lucas Poelman
Company Peach Worlds
Contact number: +447717857931
Email: [email protected] 

SOURCE Peach Worlds

INDIANAPOLIS, Dec. 20, 2023 — Boomerang Ventures, a leading venture capital and studio firm, has strategically invested in Xploro Inc., a pioneer in pediatric digital health. Leading the $1.7M Series Seed round, Boomerang Ventures underscores its dedication to fostering innovation in connected health technologies.

Established in the UK in 2019 and relocated to Cleveland, Ohio in 2022, Xploro Inc. is revolutionizing healthcare for children and families. The platform employs augmented reality, gaming, and AI to offer comprehensive health information, reducing stress, improving health literacy, and enhancing outcomes. Addressing critical healthcare gaps, Xploro provides age-appropriate, disease-agnostic, clinically-validated patient education. Utilizing games, AR, a cutting-edge chatbot, and customizable content across healthcare disciplines, it engages and informs young patients, available in multiple languages for diverse healthcare settings, ultimately enhancing resilience during treatments.

“My daughter’s Ewing’s Sarcoma diagnosis at age 13 in 2011 highlighted the lack of information that left her scared, anxious, and reluctant to engage with health services. Drawing on my entrepreneurial and tech disruptor background, I founded Xploro to change this. Boomerang’s investment provides essential support for our mission to empower young patients with the knowledge they need,” said Dominic Raban, Co-Founder & CEO, Xploro Inc.

Xploro Inc. initially focused on pediatric patients aged 7-15 and plans to expand to all ages and conditions, targeting the $12.53 billion global pediatric healthcare market and entering the adult healthcare sector by 2025. The company collaborates with respected organizations like World Child Cancer and partners with renowned healthcare providers, including Cincinnati Children’s Hospital, University Hospitals Cleveland, and several NHS Trusts. Boomerang Ventures’ investment supports Xploro’s vision of expanding into new treatment areas, enhancing sales and customer success functions, and securing runway through 2025, including broadening health condition coverage and involving third-party content creators.

“We’re impressed by Xploro’s EdTech platform and its impact on pediatric patient education and anxiety alleviation. Boomerang values Xploro’s clinically validated technology, seeing its potential to revolutionize medical education across ages. Xploro’s move to the Midwest U.S. highlights the thriving healthcare and entrepreneurial ecosystem,” said Oscar Moralez, Founder & Managing Partner, Boomerang Ventures.

About Boomerang Ventures

Founded in 2019, Boomerang Ventures is a venture capital firm focused on early growth-stage connected health technology companies. Leveraging a combination studio and venture fund established in 2020 and 2022, respectively, Boomerang provides the collaborative direction, deep industry expertise, and continuum of support founders need to take their innovations from ideation to market. Visit boomerang.vc.

About Xploro Inc.

Xploro Inc. utilizes an avatar conversational agent, 3D augmented reality models, and games to ease young patients’ anxiety and enhance procedural efficiency for providers. Founded by Dom Raban in response to his daughter’s cancer treatment experience, Xploro serves customers across the USA, UK, Europe, and Africa, with a vision to become a global patient education platform for all ages and conditions. Visit xploro.health.

MEDIA CONTACT:
Audra Wait
[email protected]

SOURCE Boomerang Ventures

A meaningful rise in revenue comes as a result of continued innovation, velocity of customer acquisition, and proving ROI capability for a diverse set of Healthcare providers and partners.

NEW YORK, Dec. 20, 2023 — Adonis, a leading Revenue Intelligence and Automation platform, announced today a year of meaningful revenue growth and significant company milestones. These include a substantial investment round, prominent features, partnership announcements, and the launching of two new products – all helping to further Adonis’s mission to deliver critical revenue outcomes that enable healthcare providers to deliver the highest form of clinical outcomes and care.

Powered by data science and automation, Adonis helps providers seek to address the common issues and areas of susceptibility within RCM to work toward creating better, more reliable revenue outcomes. This is made possible by automating the holistic payment collection process, analyzing revenue trends, validating patient insurance data at scale, and bridging the system-of-record gaps between healthcare providers, insurance companies, and patients. In 2023, Adonis recorded an impressive ninefold growth in annual revenue, compared to 2022.

“Adonis’s rapid revenue growth underscores the importance of putting healthcare providers back in a position of operational strength,” said Aman Magoon, Adonis’s CPO and Co-founder. “Our vision is to empower billing and revenue teams across healthcare with our cutting-edge products so they can recover the revenue they deserve – and this is only the beginning. We believe a dynamic specialty specific AI-driven payment collection process is integral to building an agile and innovative company like Adonis.”

Adonis released two game-changing products in 2023 – Prior Authorization and Revenue Intelligence. Automated Prior Authorizations identifies scheduled patient visits that require authorizations by utilizing existing stored payer rules. Billing teams are notified when authorizations are complete, denied, or require additional information not readily available within their system of record. Mitigating denials and saving teams meaningful time chasing authorization outcomes is at the heart of this solution.

The Revenue Intelligence platform delivers predictive analytics and alerting to drive better financial and operational outcomes by leveraging AI to detect anomalies and identify corrective courses of action. Billing teams not only struggle to identify trends across the many services, providers, facilities and geographies due to the disparate nature of their systems and data, but they lack the insight as to where the most pressing issues exist. Revenue Intelligence automatically generates tactical recommendations and courses of actions that can relate to updating claims scrubbing logic, payer contract negotiations, and more.

The past year also marked a year of other important financial milestones and increased recognition. Co-founded in 2022 by Akash Magoon, CEO, and Aman Magoon, CPO, Adonis raised $17.3M in Series A financing in May, led by General Catalyst and joined by Bling Capital, Max Ventures, and Homebrew. Moreover, partnership announcements with ApolloMD, US Dermatology, and Baptist Health South Florida amplified the scale and diversity of the Adonis platform.

Adonis was also featured as one of the most promising healthcare startups of 2023 by Business Insider, and the company was featured on the Synaptic’s Digital Health Top 50 list.

“Since launching Adonis, we’ve experienced tremendous growth in nearly every facet of the business – and we’re poised to capitalize on even bigger opportunities in 2024,” said Akash Magoon, CEO and Co-founder. “Adonis’s success to date is not an accident: challenges in revenue cycle management are both universal and well documented. By going richer and deeper than any other technology or service provider in RCM, we’re in a position to push the boundaries of what’s possible on behalf of Healthcare providers within their respective specialties, operating models, and commercial complexion.”

To learn more about Adonis, please visit adonis.io.

About Adonis
Adonis is a Revenue Intelligence and Automation Platform, built for Healthcare, solving for operational challenges that impact the integrity of revenue cycle management. On average, Healthcare providers are unable to collect 15% or more of the revenue it’s owed. This is a result of compounding fractures in traditional RCM; a series of people, processes, systems, and tools are collectively responsible for this dilemma. Powered by data science and automation, Adonis provides solutions to address the common issues and areas of susceptibility within RCM to create better, more reliable revenue outcomes. No matter where you are in your revenue cycle journey, we can help you take a step in the right direction to achieve your revenue potential. Learn more at adonis.io.

Contact:
Dan Murdoch 
+1-203-970-1127 
[email protected]

SOURCE Adonis