Keebler Health, a clinical documentation startup, raised $16 million in a Series A funding round to accelerate commercial growth in the U.S.
Flare Capital Partners led the latest investment round with participation from Sands Capital, Aviano Ventures, Everywhere Ventures, Freestyle Capital, Hustle Fund, MBX Capital, New Stack Ventures, Tau Ventures, Tweener Fund, and Underdog Labs.
Including the recent Series A round, Keebler Health has raised $23 million to date.
Last year, Keebler Health secured $6 million in seed funding, bringing its total raise at the time to $7.8 million.
Based in Durham, North Carolina, Keebler Health was founded in 2023 by Isaac Park, Andrew Stickney, and Kevin Hill, PhD, alongside founding Chief Medical Officer Terrell Bacchus, MD.
Keebler Health has developed a digital health software platform that analyzes electronic health records and other patient data to identify chronic conditions that may be missing or undocumented in existing documentation. Its software tool enables healthcare providers to access and act on patient data that has historically been out of reach.
The core challenge in risk adjustment is the gap between what is documented and what is captured in coded fields. Approximately 80% of healthcare information is unstructured, residing in narratives, imaging reports, and discharge summaries rather than in coded fields.
And even structured records are often incomplete: A study published in the Journal of the American Medical Informatics Association found that only 59.4% of chronic conditions are consistently captured across EHR sources. The result is systematic gaps in risk capture and reimbursement accuracy.
“Risk adjustment doesn’t just have an awareness problem, it has an approach problem,” said Isaac Park, CEO and co-founder of Keebler Health. At its core, capturing the patient’s medical story with complete accuracy comes from information that lives in the provider notes, where care is documented.”
“We built Keebler to bring that medical story forward so decisions about risk and reimbursement reflect the holistic view of each patient’s health. Unlocking unstructured data is the consequential near-term opportunity in healthcare, and we intend to lead it,” said Isaac Park.
Digital health companies have secured more than $180 billion in funding to date, driven by AI-powered healthcare workflow automation startups, according to our recent Funding Database.
More recently, Luminai, a provider of an AI-powered healthcare workflow automation platform, raised $38 million in a Series B funding round, bringing its total funding to date to $60 million.
In another deal, Memoir Inc., dba Chapter, an online Medicare navigation platform that helps older Americans choose the right Medicare plans, raised $100 million in Series E funding.