Coral Secures $12.5M Seed to AI-Automate Healthcare Admin

Coral, a New York startup founded in 2024 by Ajay Shrihari and Aniket Mohanty, raised $12.5 million in seed funding led by Lightspeed and Z47. The company develops AI tools that integrate with legacy systems such as fax machines, EHR platforms, and payer portals to handle prior authorizations, insurance verifications, patient intake, and follow-ups. These processes, which typically take 30 minutes manually, complete in under five minutes with 99.7% accuracy on documents like handwritten faxes and scanned insurance cards. Coral processes 500,000 monthly workflows and has achieved multiple millions in annual revenue within its first year, with customers paying full contract values upfront.