Coral raises $12.5 Mn in funding from Z47 and Lightspeed

Healthcare automation startup Coral has raised $12.5 million in a funding round led by Z47 (formerly Matrix Partners India) and Lightspeed.

The company will utilise the fresh capital to expand its engineering team and onboard domain experts in healthcare operations, as it looks to scale its presence in the US administrative healthcare market.

Founded in 2024 by Ajay Shrihari and Aniket Mohanty, Coral builds AI-driven solutions to automate back-office workflows in healthcare, a segment still heavily dependent on manual processes and legacy systems such as fax machines.

The platform integrates directly with existing Electronic Health Record (EHR) systems and payer portals, enabling providers to manage patient intake, prior authorisations, and insurance verification without overhauling their existing infrastructure.

Coral initially focused on the durable medical equipment (DME) segment and has since expanded into infusion centres and specialty pharmacies. Its technology is capable of processing handwritten documents, insurance cards, and fax-based inputs with a reported accuracy of 99.7%, reducing intake turnaround times from days to under five minutes.

The startup is also developing an AI-powered workflow builder that allows healthcare providers to customise automation processes, along with a co-pilot layer designed to generate insights on operational metrics such as claim denials and referral trends.

Within a year of commercial launch, Coral has achieved multi-million dollar annual revenue and is currently handling large volumes of patient workflows each month, indicating strong early traction in a highly fragmented and inefficient healthcare administration ecosystem.

With this funding, Coral aims to further strengthen its product capabilities and expand adoption across specialty healthcare segments, positioning itself as a key player in modernizing administrative infrastructure in the US healthcare system.