Keebler Health, an LLM-native risk adjustment platform built to process unstructured clinical documentation at scale, today announced it has raised $16 million in a Series A funding round. Led by Flare Capital Partners, with participation from Sands Capital and existing investors, the funding will support continued commercial growth, team expansion, and the infrastructure required to serve value-based care organizations nationwide. Risk adjustment remains constrained by fragmented medical data, with most meaningful patient information residing outside of coded fields.
Built from the ground up on LLMs, Keebler was founded in 2023 by Isaac Park, Andrew Stickney, and Kevin Hill, PhD, alongside founding Chief Medical Officer Terrell Bacchus, MD. With this Series A, the company has raised $23 million to date. Keebler enables healthcare providers to access and act on patient data that has historically been out of reach. By processing the patient narrative directly, rather than relying on retrofitted NLP approaches, the platform surfaces accurate and complete HCC coding opportunities across both retrospective and concurrent workflows. Clinicians receive actionable insights at the point of care to enable appropriate revenue capture and improve patient outcomes without disrupting existing operations.
“Risk adjustment doesn’t just have an awareness problem, it has an approach problem,” said Isaac Park, CEO and co-founder of Keebler Health. “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.”
The core challenge in risk adjustment is the gap between what is documented and what is captured in coded fields. Approximately 80% of healthcare information is unstructured, residing in narratives, imaging reports, and discharge summaries rather than in coded fields. And even structured records are often incomplete: A study published in the Journal of the American Medical Informatics Association found that only 59.4% of chronic conditions are consistently captured across EHR sources. The result is systematic gaps in risk capture and reimbursement accuracy.
“What stood out to us about Keebler is how clearly the team is executing against a long-standing limitation in healthcare data,” said Ian Chiang, Partner at Flare Capital Partners. “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.”
Risk adjustment is the company’s initial focus, but the longer-term opportunity is broader. By building infrastructure to read and act on raw clinical narrative, Keebler is laying the foundation for a truly patient-centered approach to population health, supporting Next Best Diagnostic Action and proactive risk management across an organization’s full patient population. The Series A funding will support expansion into adjacent use cases as that vision develops, including compliance and audit workflows, such as AI-enabled RADV audit readiness, as regulatory scrutiny of risk adjustment continues to evolve.
“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,” said Christy Steele, Partner at Sands Capital. “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.”
Additional investors in the round include Aviano Ventures, Everywhere Ventures, Freestyle Capital, Hustle Fund, MBX Capital, New Stack Ventures, Tau Ventures, Tweener Fund, and Underdog Labs.
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