Keebler Health Raises $16M in Series A Funding

The round also saw participation from Sands Capital and existing investors, including Aviano Ventures, Everywhere Ventures, Freestyle Capital, Hustle Fund, MBX Capital, New Stack Ventures, Tau Ventures, Tweener Fund, and Underdog Labs.

The company plans to use the funds to support its growth, expand its team, and build the infrastructure needed to serve value-based care organizations nationwide.

With this Series A, the company has raised a total of $23 million, and Keebler helps healthcare providers access and use patient data that was previously hard to reach. By analyzing patient records directly rather than relying on older NLP methods, the platform identifies accurate HCC coding opportunities in both historical and real-time workflows, while also providing clinicians with useful insights at the point of care to improve revenue capture and patient outcomes without disrupting existing processes.

The main challenge in risk adjustment is the gap between what is written in patient records and what is actually coded. About 80% of healthcare data is unstructured, stored in notes, reports, and summaries rather than in coded fields. Even structured data is often incomplete one study found that only 59.4% of chronic conditions are consistently recorded across EHR systems. This leads to gaps in risk capture and less accurate reimbursement.

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Risk adjustment is the company’s starting point, but its long-term goal is much bigger. By building tools that can read and use raw clinical notes, Keebler aims to support better patient care, including smarter diagnostics and proactive risk management across entire patient populations.

“Risk adjustment isn’t just about awareness—it’s about using the right approach,” said Isaac Park, CEO and co-founder of Keebler Health. He explained that a patient’s full medical story is mainly found in provider notes, where care is recorded, and Keebler is built to bring that information forward so risk and reimbursement decisions better reflect each patient’s overall health. He added that unlocking unstructured data is a major opportunity in healthcare, and the company aims to lead in this area.

“What impressed us about Keebler is how well the team is solving a long-standing problem in healthcare data,” said Ian Chiang, Partner at Flare Capital Partners. He said the platform matches how clinical information is actually recorded and is already delivering clear, measurable results. He added that this is an important capability for value-based care organizations, and they are excited to support the company as it grows.

“Accurate risk adjustment requires a full and consistent view of the patient, which is hard to achieve when much of the information is outside structured data,” said Christy Steele, Partner at Sands Capital. She said Keebler is solving this problem by improving how patient records are used across healthcare with a solution that is both technically strong and easy to implement.

About Keebler Health

Founded in 2023 and based in Durham North Carolina by Isaac Park, Andrew Stickney and Kevin Hill, Keebler Health is a health tech company using AI to support value based care. It's platform analyzes unstructured clinical notes to identify missed HCC coding opportunities helping providers accurately capture patient-risk, and improve revenue without disrupting existing workflows.

About Flare Capital Partners

Founded in 2013, by Michael Greeley, Flare Capital Partners is a healthcare-focused venture capital firm that invests in companies working to improve health outcomes, expand access to care, and reduce costs. The firm partners with founders tackling major healthcare challenges and supports them with industry expertise, strong networks and access to commercial opportunities. Its team has invested in over 80 companies and manages nearly $1 billion in assets.

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