Keebler Health announced it has raised $16 million in a Series A round to scale its AI-powered platform that processes unstructured clinical data and improves risk adjustment across healthcare systems.
The round was led by Flare Capital Partners, with participation from Sands Capital and additional investors. The funding brings Keebler Health’s total capital raised to $23 million since its founding in 2023.
Keebler Health has developed an LLM-native platform that analyzes unstructured clinical documentation, such as provider notes, imaging reports, and discharge summaries, to identify missed opportunities to code hierarchical condition categories. By surfacing insights directly from the patient narrative, the platform helps capture risk and reimbursement more accurately and supports better clinical decisions.
The company is addressing a major challenge in healthcare: approximately 80 percent of patient data is in unstructured formats that are often overlooked by traditional systems. This gap can lead to incomplete risk assessments and inaccuracies in value-based care models.
Keebler’s platform integrates into both retrospective and real-time clinical workflows, providing actionable insights at the point of care without disrupting existing operations. The system is designed to enhance both financial performance and patient outcomes by ensuring a more complete understanding of each patient’s health profile.
The company plans to use the funding to expand its team, scale its infrastructure, and grow adoption among value-based care organizations nationwide. Beyond risk adjustment, Keebler is also exploring adjacent applications, including compliance and audit readiness, as regulatory scrutiny increases.
By building infrastructure capable of interpreting raw clinical narratives, Keebler is positioning itself as a foundational layer for next-generation population health management and patient-centered care.
KEY QUOTES
“Risk adjustment doesn’t just have an awareness problem; it has an approach problem. 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.”
Isaac Park, CEO And Co-Founder, Keebler Health
“What stood out to us about Keebler is how clearly the team is executing against a long-standing limitation in healthcare data. They’ve built a platform that aligns with how clinical information is actually documented and are already demonstrating the ability to turn that into meaningful, measurable results. We believe this is a critical capability for organizations operating in value-based care, and we’re excited to support the team as they scale.”
Ian Chiang, Partner, Flare Capital Partners
“Accurate risk adjustment depends on a complete and consistent view of the patient, and that has been difficult to achieve when so much of a patient’s medical information exists outside of structured fields. Keebler is addressing a system-level constraint in how patient documentation is used across healthcare, with a solution that is both technically differentiated and practical to deploy.”
Christy Steele, Partner, Sands Capital
