Parakeet Health Secures $10M in Series A Funding led by Canvas Ventures

Parakeet Health, a San Francisco, CA-based healthcare AI company developing a conversational agentic platform, has secured $10 million in a Series A financing round led by Canvas Ventures, bringing the total amount to $13 million.

The round also saw participation from Blank Space Ventures, StoryHouse Ventures, and HMC INQ.

The company will use the funding to expand its technology and team, improve personalization, support growth with enterprise healthcare organizations, and extend its platform across more specialties and patient-engagement workflows.

What is Parakeet Health?

Parakeet Health provides a conversational AI platform that helps healthcare organizations manage patient-access workflows.

Read More:California-Based PaleBlueDot AI Raises $200M in Series C Funding

Its platform handles inbound calls, proactive outreach, fax processing, and web scheduling across voice, SMS, email, web, and fax. These functions work together so that a referral received by fax, for example, can move through patient outreach, scheduling, and follow-up within one workflow.

The platform integrates with electronic health records (EHRs) and practice-management systems. It can work with different provider, procedure, location, insurance, and scheduling requirements to connect patients with available clinical capacity.

How Much Funding Has Parakeet Health Secured?

Parakeet Health has secured $13 million in total funding following its latest $10 million Series A round.

The Series A was led by Canvas Ventures, with participation from Blank Space Ventures, StoryHouse Ventures, and HMC INQ.

Who Invested in Parakeet Health’s Series A?

Canvas Ventures led the $10 million Series A funding round.

Other participating investors included Blank Space Ventures, StoryHouse Ventures, and HMC INQ.

Why the Funding Matters

Parakeet Health plans to use the funding to expand its technology and team, improve personalization capabilities, and support continued growth with enterprise healthcare organizations.

The company will also extend its platform into additional specialties and patient-engagement workflows.

Who founded Parakeet Health?

Parakeet Health was founded in 2023 by Jung Park, Eric Mao, and Aaron Lee.

The company is headquartered in San Francisco, California.

"Patient engagement determines whether demand becomes care, whether clinical capacity is used and whether a healthcare organization grows," said Jung Park, CEO and co-founder of Parakeet Health. "After years of operating and scaling healthcare organizations, I saw how often that value was lost across disconnected workflows, systems and vendors.

"The Parakeet team brings together deep AI expertise with a proven ability to win major healthcare customers and deliver measurable ROI," said Rebecca Lynn, Co-Founder and Managing Director at Canvas Ventures. "They're helping some of the country's largest specialty groups book more appointments, lower costs and make it easier for patients to access care.

Market and Business Growth

Parakeet Health reported 10x annual recurring revenue growth over the past year, driven by financial returns for its customers.

The company now works with six of the 10 largest dermatology groups in the U.S., supporting more than 2,800 providers across more than 1,100 locations.

It is expanding into primary care, behavioral health, women’s health, eyecare, physical therapy, gastroenterology, and radiology.

Parakeet also recently announced a national collaboration with Qualderm Partners, which supports nearly 160 practices across 17 states.

The company said its platform has rebooked no-show patients at up to 4.9 times higher rates and canceled patients at up to 4.2 times higher rates compared with leading patient-engagement vendors across its deployments.

What Happens Next?

Parakeet Health plans to expand its team and technology while improving its personalization capabilities. It will also continue expanding into new healthcare specialties and patient-engagement workflows as it grows its enterprise customer base.

Read More:Barrett Lyon Co-Founded doxx.net Raises $38M in Series A Funding