Coral Raises $12.5 Million to Automate Healthcare Back-Office Tasks Using Intelligent Fax Processing

New York-based startup Coral announced a $12.5 million funding round today, co-led by Lightspeed and Z47. The company aims to solve the $450 billion administrative crisis in American healthcare by automating back-office tasks like patient intake and prior authorizations. Instead of trying to eliminate the fax machine, Coral uses AI to process documents from existing legacy systems.

The platform employs specialized AI models trained on real-world clinical data to handle unstructured documents. These include handwritten forms, scanned insurance cards, and complex payer portals. While generic automation tools often struggle with medical paperwork, Coral has reached a 99.7% accuracy rate. This allows the system to complete patient intakes in under five minutes.

This automation is critical for specialty providers like infusion centers and radiology practices where delays can disrupt care. For a patient waiting on a missed dose, administrative speed is a clinical necessity. By removing the bottleneck of manual paperwork, staff can focus on patients rather than chasing faxes or navigating insurance portals.

Following a period of rapid expansion, Coral has already achieved multiple millions in revenue within its first year. The new capital will support team growth and the development of an AI workflow builder. This tool will allow providers to design custom automations without needing extensive IT support or technical expertise.

Founders Ajay Shrihari and Aniket Mohanty started Coral after experiencing first-hand how administrative friction stalls patient care. They spent months embedded in clinics to understand the granular pain points of intake coordinators. Today, their solution is used by some of the largest healthcare providers in the United States.