Coral, hot off investment, says, ‘We are just getting started'

NEW YORK – Coral, a health care automation platform built for durable medical equipment (DME) and other specialty providers, has announced a $12.5 million investment led by Lightspeed and Z47 to grow its team and enhance its products.

The platform connects to existing EHR systems, fax lines and payer portals and automates end-to-end administrative workflows.

“Every person in the health care system is being slowed down by the same thing: administrative work that was never built to scale,” said Ajay Shrihari, founder and CEO. “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.”

Progress to date

Coral says its models have now reached 99.7% accuracy on handwritten fax forms, scanned insurance cards, prior authorization templates and payer portal screens. It says complete patient intakes now run in under five minutes.

The company says it has reached multiple 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.

Ready to build

Following the investment, Coral is adding engineering talent to work alongside industry experts. The company is also building a tool that lets providers design and deploy their own administrative workflows without raising an IT ticket. Additionally, it is building a tool to surface intelligence from the data it already processes, including:

• Which payers have the highest denial rates and what the common rejection reasons are
• Where in the authorization process cases are stalling
• Which referral sources convert to completed intakes, and which do not
• Where revenue is being stopped by insurance claim rejections

Investor commentary

Rohil Bagga, investor at Lightspeed: “Health care 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”

Ashwin KP, investor at Z47: “US health care 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.”