NEW YORK — Coral, a company looking to make healthcare more efficient, has landed $12.5 million investment led by Lightspeed and Z47. The company was founded by Ajay Shrihari and Aniket Mohanty.
For Ajay, the problem was not abstract. A minor accident sent him through the US healthcare system as a patient for the first time, and what followed was instructive. The clinical care was not the issue. Everything surrounding it was: follow-up calls that went unanswered for days, paperwork that outlasted the injury itself. Coral was the answer the two of them built to that experience.
Coral’s founding insight was simple. Do not replace the fax. Automate around it. Instead of asking providers to rebuild their infrastructure, Coral connects to existing EHR systems, fax lines, and payer portals and automates end-to-end administrative workflows for specialty healthcare providers, including DME suppliers, infusion centers, and radiology practices. The platform handles intake, prior authorization, fax processing, and patient communications without requiring providers to change how they work.
Coral’s models have now reached 99.7% accuracy on the document types that define healthcare’s back office: handwritten fax forms, scanned insurance cards, prior authorization templates, payer portal screens. Complete patient intakes, including the most complex cases the platform handles, now run in under five minutes, and when the information is missing, which happens frequently, Coral can seamlessly work with all the relevant parties to get information and process a patient’s case.
Ajay Shrihari, Founder and CEO, Coral said: “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.”
Coral began by serving durable medical equipment (DME) providers, proving the model in one of the most fax-intensive corners of outpatient care. As it scaled, the same pattern appeared across every new specialty it entered. The administrative bottleneck was not a DME problem. It was a healthcare problem.
For infusion patients, a treatment delay is not an inconvenience. It is a missed dose. Coral has deployed its platform across infusion centres, handling the authorization and intake workflows that previously kept clinical staff from patients for hours at a time.
The strongest signal of customer confidence is not a case study but what customers choose to hand Coral next. A growing number are now running multiple modules across their operations, and a portion are paying the full contract value upfront, an unusual dynamic in enterprise software and a particularly striking one in a sector where vendor evaluation cycles are notoriously long. The calculation is straightforward: when a complex workflow completes in under five minutes at high accuracy, the return is immediate enough that the commitment follows.
Coral says it has reached millions in revenues and is targeting 4x growth before the end of the year, expanding further across existing verticals while moving into radiology and additional specialty categories.
