Coral has raised $12.5 million in a funding round led by Lightspeed and Z47, as the company scales its platform that automates administrative workflows across the U.S. healthcare system.
Founded by Ajay Shrihari and Aniket Mohanty, Coral is focused on addressing one of healthcare’s most persistent inefficiencies: back-office operations, including patient intake, prior authorizations, and referral processing. These administrative bottlenecks often delay care delivery, not due to clinical constraints but because of fragmented systems and manual workflows.
Coral’s approach is to integrate with existing infrastructure rather than replace it. The platform connects with electronic health record systems, fax lines, and payer portals, enabling end-to-end automation without requiring providers to overhaul their workflows. This includes handling document processing, communications, and authorization workflows across specialty providers such as durable medical equipment suppliers, infusion centers, and radiology practices.
The company reports that its models have reached 99.7% accuracy on key document types, including handwritten faxes and insurance forms. Patient intake processes, even for complex cases, can now be completed in under five minutes. Coral has also introduced AI-powered voice and text workflows to automate follow-ups with patients, payers, and referral sources.
Coral initially focused on durable medical equipment providers before expanding into infusion centers and specialty pharmacies. The company says it has reached multiple millions in revenue within its first year and is targeting fourfold growth before year-end. Adoption has expanded as customers deploy multiple modules across their operations, with some opting to pay full contract values upfront, an uncommon dynamic in enterprise healthcare software.
The new funding will be used to expand both product development and team capabilities. Coral is hiring engineers alongside professionals with deep experience in healthcare operations, aiming to combine technical and domain expertise. The company is also developing an AI workflow builder that allows providers to design custom administrative workflows without relying on IT teams, as well as a co-pilot layer that surfaces operational insights such as denial rates, bottlenecks, and revenue leakage points.
Coral’s broader ambition is to transform healthcare administration from a staffing problem into a workflow optimization challenge, reducing delays and allowing clinical staff to focus more on patient care.
KEY QUOTES:
“Every person in the healthcare system is being slowed down by the same thing: administrative work that was never built to scale. The coordinator chasing faxes. The patient waiting on a referral. The clinician buried in prior authorizations. When you automate the right things, all of them win at once. That is what Coral is building, and we are just getting started.”
Ajay Shrihari, Founder And CEO, Coral
“Healthcare is one of the hardest environments to automate, given legacy systems and fragmented workflows, yet Coral is delivering real outcomes at scale. Their product is already being used by some of the largest customers in the U.S. to dramatically reduce patient intake times and first-pass denials. At Lightspeed, we’ve had the privilege of being part of Coral’s journey since day one, and we’re excited to continue supporting the team as they transform the healthcare industry”
Rohil Bagga, Investor, Lightspeed
“US healthcare admin carries over a trillion dollars in overhead each year, yet the back-office teams doing this work have been chronically underserved by technology. Our thesis is that the most compelling AI opportunities lie in workflow-heavy, tech-underserved categories that demand deep vertical expertise to crack. Ajay and Aniket are exceptionally customer-obsessed founders who embedded themselves with these teams, understood their pain at a granular level, and built a product their customers can’t live without. The rapid growth and the caliber of customers they’ve won in a short time only reinforced our conviction. We’re privileged to partner with them.”
Ashwin KP, Investor, Z47
