[Funding News] Parakeet Health Secures $3 Mn Seed Funding

The $3 million seed funding round led by Canvas Ventures, with participation from CoFound Partners, StoryHouse Ventures, and several notable individual investors, including former Twitter CTO Adam Messinger and CEO of One Medical Tom Lee, MD, has been secured by Parakeet Health, a generative AI company.

Targeting health systems, multi-location practices, and sizable senior primary care providers covered by Medicare Advantage plans is how Parakeet intends to grow. With its seed money, the company wants to expand its workforce and advance its technological capabilities.

Read also – [Funding News] Beacon AI Raises $15 Mn in Series A Funding

“Our practice has always embraced new technologies that allow us to be among the most innovative in the country, and the generative AI voice solutions from Parakeet represent the latest opportunity for us,” said Dr. Parinita Amin, CEO of Medical Dermatology & Cosmetic Surgery. “We plan to deploy the technology to automate an increasing number of administrative tasks, allowing our team to focus more on patient care. By streamlining calling workflows, we can provide a more efficient and seamless experience for our patients. This technology not only enhances the operational side of our practice but also ensures that patients receive the timely, personalized attention they deserve, ultimately improving the quality of care we deliver.”

Parakeet Health started in 2023 as Large Language Models (LLMs) like OpenAI’s GPT-4 were reaching a point where they could handle a wide range of repetitive, time-consuming phone tasks that healthcare practices deal with every day.

“We’ve all experienced long holds, after-hours frustrations, and waiting for call-backs when communicating with our doctors. Sadly, these experiences are more the norm and not the exception for patients, and while they may sound small, these everyday issues are far more damaging to healthcare practices than they seem, especially when every dollar counts,” said Co-founder and CEO Jung Park. “Our platform is built with deep knowledge of the healthcare system, giving providers an AI-powered voice agent that understands and supports their workflows and handles tasks that usually require entire teams.”