UMD Alum Akash Magoon and Adonis: Revolutionizing the Health-Tech Industry
Adonis, which recently received $17.3 million in Series A funding, uses artificial intelligence to bridge the gap of one of the medical sector’s most overlooked issues: automating insurance company and health care provider payment collection processes.
“We knew that in the medical provider ecosystem, there needed to be a new company that was taking a renewed approach to how everyone was thinking about this space and how technology could play a role in all of it and that’s where we make a sizable difference and will continue to do so,” said Magoon, who co-founded the company with his brother Aman.
Magoon’s motivation to launch the company came from his parents’ desire for him to become a medical doctor. However, after several summers volunteering at a hospital near his home in Baltimore as a higher schooler, he discovered that the day-to-day was less exciting than he envisioned.
After that, he turned his attention to his fascination for programming and tech.
“I was looking for a school with a top computer science department, an entrepreneurial spirit and one that was highly rated,” Magoon said. “When it was all said and done, other big-name schools like Harvard, MIT and Caltech, which were theoretically centered, didn’t encourage out-of-the-classroom thinking. However, UMD’s entrepreneurship initiatives and various incubation programs made a difference. I can confidently say that I would not be where I am today if it weren’t for my time at UMD.”
At UMD, Magoon realized that there was an interesting intersection where computer science and medicine meet.
“What I started to appreciate in my earliest days at UMD was that I could hone in on my passions for the medical and tech spaces,” he shared. “You can use software and technology to empower the U.S. health care system to be more effective and efficient. As a doctor, you would work 70 hours a week and impact a limited amount of people, but with technology, you can have a much more significant influence.”
Magoon found that his excitement for health care could mingle with tech, and UMD brought all the pieces together.
“After a short time at UMD, I started working on my first ideas concerning the health-tech sector. I found out it was a big space with much room for impact and a ripe opportunity to create a successful business,” Magoon.
Tackling Complex Issues
Magoon's journey in the tech industry began with a passion for solving complex problems through innovative solutions.
After graduating in 2018, Magoon joined Enigma Technologies as a software engineer. A year later, he co-founded Nayya, a platform that helps employees maximize the value of the benefits options offered by their employers.
After growing Nayya into a company valued at around $515 million, Magoon launched Adonis in 2022 with a clear mission: to harness the power of technology to drive meaningful change and empower businesses to thrive in the digital age. Quickly becoming a game-changer in the health-tech world, the company’s cutting-edge software-based automated payment system integrates with existing tech stacks that revolutionize business operations.
With a focus on automation and a team of talented professionals and developers including UMD alums, Adonis streamlined processes, optimized efficiencies and enhanced decision-making capabilities for organizations across various sectors.
Magoon attributes his love for solving complex problems to something inborn and distinctive.
“I have always had an innate curiosity to find a better way of doing something,” Magoon shared. “When it comes to Adonis, I noticed that the health care sector has been sluggish for a long time and seeing holes in the system and trying to fill them gave me a ripe opportunity to help insurance companies, doctors and above all patients navigate these times."
Magoon credits his parents for his entrepreneurial spirit. Emigrating from India in the late 1970s, they owned and ran a number of small businesses that left a lasting impact on him.
“During my summers I would spend much time in my parent’s local businesses, which included oil and gas, used car dealerships or even in real estate,” Magoon said. “I was always observing and being a part of what they were doing, which gave me much insight into the grit and tenacity you need to create a business at a very young age.”
These experiences also drive Magoon to foster innovation and collaboration within the tech community. As a mentor and advocate for aspiring entrepreneurs, he actively supports startups and shares his knowledge and experiences at company events and conferences. Magoon firmly believes in the power of collaboration and aims to create an ecosystem that nurtures talent and propels the tech industry forward.
As the company continues to grow, Magoon hopes that Adonis will be a driving force behind the next wave of technological advancements for the health industry. As Magoon continues to push boundaries and empower businesses through technology, the impact of his work will undoubtedly be felt for years to come.
—Story by Samuel Malede Zewdu, CS Communications
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