Durham-based Keebler Health closed a $16 million Series A on April 15, bringing total funding to $23 million since the company's 2023 founding.
Flare Capital Partners led the round, with Sands Capital and existing investors participating. The company plans to use the capital for commercial growth, team expansion, and infrastructure to serve value-based care organizations.
The core problem Keebler is built around is a data gap. About 80% of healthcare information lives in unstructured form: provider notes, imaging reports, discharge summaries. A study in the Journal of the American Medical Informatics Association found only 59.4% of chronic conditions are consistently captured across electronic health record sources. When diagnoses go uncoded, health plans and providers lose reimbursement they are owed, and patient risk profiles come out incomplete.
Keebler's platform processes clinical narratives directly using large language models rather than older natural language processing tools. It surfaces HCC (hierarchical condition category) coding opportunities across both retrospective chart reviews and concurrent point-of-care workflows, meaning clinicians see relevant flags without leaving their existing systems.
"Risk adjustment doesn't just have an awareness problem, it has an approach problem," said Isaac Park, CEO and co-founder. "We built Keebler to bring that medical story forward so decisions about risk and reimbursement reflect the holistic view of each patient's health."
Ian Chiang, partner at Flare Capital Partners, said the team is executing against a limitation that has constrained healthcare data for years. "They've built a platform that aligns with how clinical information is actually documented."
Park, Andrew Stickney, and Kevin Hill, PhD, co-founded the company alongside founding Chief Medical Officer Terrell Bacchus, MD. The Series A funding positions Keebler to expand nationally as value-based care contracts grow more common across Medicare Advantage and other risk-bearing arrangements.