Parakeet Health has raised an oversubscribed $10 million Series A after 10x annual recurring revenue growth and expanding adoption of its AI-based patient access platform. Canvas Ventures led the round, with participation from Blank Space Ventures, StoryHouse Ventures, and HMC INQ. The financing brings Parakeet’s total funding to $13 million.
The company provides an AI platform that spans patient communications and access workflows across voice, text messaging, email, web, and fax.
Parakeet can manage inbound calls, proactive patient outreach, fax processing, scheduling and follow-up through connected workflows.
For example, the company said it can process a faxed referral into patient outreach, appointment scheduling, and follow-up through the same platform.
Parakeet said a head-to-head pilot showed its inbound telephone agent achieved 2.3 times the resolution rate of an established healthcare AI voice vendor.
The platform integrates with electronic health record and practice-management systems and can account for provider, procedure, location, insurance and scheduling requirements.
Parakeet 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.
The company is also expanding into primary care, behavioral health, women’s health, eyecare, physical therapy, gastroenterology and radiology.
Parakeet said its system rebooks no-show patients at rates as much as 4.9 times higher and canceled patients at rates as much as 4.2 times higher than leading patient-engagement vendors across its deployments.
The company also works with healthcare organizations to establish business cases and measure results including appointments booked, interactions resolved and revenue generated.
Parakeet plans to use the Series A to expand its technology and team, develop additional personalization capabilities and support growth across more healthcare specialties and enterprise customers.
KEY QUOTES:
“Patient engagement determines whether demand becomes care, whether clinical capacity is used and whether a healthcare organization grows. After years of operating and scaling healthcare organizations, I saw how often that value was lost across disconnected workflows, systems and vendors. We built Parakeet to connect the entire journey and produce a financial result leadership can measure. We have applied that same operator discipline to our own business, growing quickly while using capital efficiently.”
Jung Park, CEO and Co-Founder of Parakeet Health
“Parakeet helps us get our Schweiger Dermatology and Schweiger Allergy & Asthma patients appointments when they need them.”
Julie Gessin, Chief Operating Officer at Schweiger Dermatology Group
“The Parakeet team brings together deep AI expertise with a proven ability to win major healthcare customers and deliver measurable ROI. 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. We believe the future of patient engagement is one connected, AI-driven experience across every channel. Not a collection of disconnected tools. Parakeet is delivering that today, with clear financial returns for providers and a seamless experience for patients. And they’re just getting started.”
Rebecca Lynn, Co-Founder and Managing Director at Canvas Ventures
