Coral Raises $12.5M to Automate Healthcare’s Administrative Back Office
April 20, 2026 - 12:00 pm
The New York startup has built AI that reads handwritten fax forms, processes prior authorizations, and completes patient intakes in under five minutes, all without asking providers to change their workflows. It has reached multiple millions in revenue in under a year and is targeting 4x growth by the end of 2026.
Coral, the New York-based AI startup automating administrative workflows for specialty healthcare providers, has raised $12.5 million in a Series A round led by Lightspeed and Z47.
The company was founded in 2024 by Ajay Shrihari, a robotics and AI researcher, and Aniket Mohanty, who has a background in medical image processing.
In under a year of commercial operation, Coral has reached multiple millions in annual revenue and is targeting 4x growth before the end of 2026.
The problem Coral solves is not technological complexity; it's administrative volume. American healthcare appointments generate a trail of prior authorization requests, referral packets, insurance eligibility checks, and discharge paperwork, much of which flows through fax machines, a holdover technology from an earlier era.
Rather than replacing existing fax infrastructure (which providers can't afford to rebuild), Coral connects to existing EHR systems, fax lines, and payer portals and automates around them. Providers do not change their workflows; Coral changes what happens within those workflows.
The company initially focused on the durable medical equipment sector, where a single order can require multiple rounds of documentation before approval. DASCO, a home medical equipment provider, has been an early customer, reporting turnaround times dropping from hours or days to minutes.
Coral then extended its model into infusion centers (where delayed authorizations mean missed doses) and specialty pharmacy, finding the same administrative bottlenecks in each vertical.
The core capability of Coral’s product is document understanding at healthcare’s specific level of messiness: handwritten fax forms, scanned insurance cards, prior authorization templates, and payer portal screens. Coral's models achieve 99.7% accuracy across these document types—the minimum viable standard for healthcare where errors have clinical and financial consequences. Complete patient intakes, including complex cases, now run in under five minutes. When information is missing (which is frequent), the platform coordinates with payers, patients, and referral sources to resolve the gap without requiring staff intervention.
The strongest signal in Coral’s commercial story isn't the revenue figure but its payment behavior: a portion of its customers are paying the full contract value upfront.