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Keebler Health, an AI-enabled risk adjustment company, announced it has secured $16 million in Series A funding, bringing its total raise to $23 million.
The round was led by Flare Capital Partners, with participation from Sands Capital, Hustle Fund, Everywhere Ventures, Freestyle Capital, Underdog Labs, Tweener Fund, New Stack Ventures, Tau Ventures, Aviano Ventures and MBX Capital.
WHAT IT DOES
North Carolina-based Keebler Health's platform analyzes electronic health records and other patient data to identify chronic conditions that may be missing or undocumented in existing documentation.
The company's tools aim to support value-based care models and help providers with risk adjustment and reimbursement.
Keebler will use the funds to support commercial growth and expand its workforce.
"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," Christy Steele, partner at Sands Capital, said in a statement.
"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."
MARKET SNAPSHOT
Last year, Keebler Health raised $6 million in seed funding, bringing its total raise at the time to $7.8 million.
Another company in the space is an AI-enabled clinical intelligence platform for primary care providers, Navina, which in March announced the close of a $55 million Series C funding round, bringing its total raise to $100 million.
New York-based Navina offers accountable care organizations, providers, management services organizations and health plans AI-enabled tools for risk adjustment, chart review, quality management and analytics to help track and optimize value-based care performance.
