At Flare Capital Partners, we are deeply passionate about partnering with technical founders who aspire to deliver step-function improvements in patient outcomes and operational efficiency. We are excited to share our investment in Keebler Health, an AI-native platform built for population health.
We are excited to lead an oversubscribed $16M Series A financing with Sands Capital, and Keebler’s existing investors include Freestyle Capital, MBX Capital, and New Stack Ventures. This new round of funding will support continued commercial growth, team expansion, and the infrastructure required to serve value-based care organizations nationwide.
Why Now: Convergence of Technology Readiness and Regulatory Demands
The U.S. healthcare system is undergoing a multi-decade shift toward value-based care, moving financial risk from payers to providers and increasing accountability for outcomes. While nearly 60% of payments are now tied to value, fewer than 20% involve two-sided risk and fully capitated models remain limited — highlighting significant runway. Within this transition, risk adjustment has become mission-critical as the economic engine of value-based care, directly shaping revenue, resource allocation, and patient outcomes, especially amid rising complexity from CMS-HCC Model Version 28.
At the same time, providers face structural data challenges that make accurate risk capture difficult. Roughly 80% of clinical data resides in unstructured formats — PDFs, faxes, and free-text notes — while even structured data under captures chronic conditions less than 60% of the time. This leads to systematic underreporting and reimbursement leakage, compounded by legacy workflows that remain manual, retrospective, and resource-intensive.
Regulatory pressure is also intensifying, particularly in Medicare Advantage. CMS has expanded RADV audits and tightened documentation requirements, demanding that diagnoses be supported by contemporaneous clinical evidence. In parallel, both CMS and private payers increasingly expect providers to act on risk insights through proactive population health management, creating a clear need for modern platforms that enable compliant, real-time risk adjustment and next-best-action workflows.
We believe the convergence of these dynamics — structural tailwinds in value-based care, rising regulatory complexity, and the maturation of AI — creates a compelling opportunity for a new generation of platforms built for risk-bearing healthcare organizations.
Why Keebler Health
Keebler Health is an LLM-native platform purpose-built for value-based care. Keebler’s LLM-native platform and micro-models unlock unstructured clinical data. They support provider groups in a truly patient-centered approach to population health. The platform supports Next Best Diagnostic Action and proactive risk management across an organization’s entire patient population.
From day one, the company has focused on unlocking unstructured clinical data. Its platform ingests and normalizes a wide range of data sources outside of traditional EMRs — including PDFs, XML files, faxes, and claims — reconstructing them into a unified patient view. Leveraging LLM-native models, Keebler identifies previously undetected chronic conditions and surfaces supporting evidence directly from source documentation, along with clear rationale and confidence intervals for provider review.
This emphasis on transparency and explainability has been critical in driving clinical trust and adoption. Rather than operating as a black box, Keebler enables providers to understand not just what the model is suggesting, but why.
Importantly, Keebler is moving beyond retrospective workflows. Its emerging “next-best-action” capabilities translate insights into prioritized clinical and operational interventions, helping providers act at the point of care. In doing so, Keebler is evolving from a risk adjustment tool into a broader clinical intelligence layer for value-based care.
Early results reinforce this differentiation via significant cost reduction. Across its customer base, Keebler has consistently won competitive evaluations against both legacy incumbents and well-funded startups.
We believe these outcomes reflect a durable product advantage — particularly in Keebler’s ability to effectively ingest and reason over unstructured data, combined with its flexible, customer-centric deployment model.
High “Clock Speed” Team with Lived Experience
We were impressed by Keebler Health management team’s hyper-focus on customer centricity and their ability to ship products at a pace that’s rarely seen in healthcare technology.
Isaac Park (CEO and Co-Founder) brings a rare combination of product instinct, technical fluency, and deep empathy for customers. He has consulted for value-based care organizations like Aledade, served as Product Management Director and Adjunct Assistant Professor at Duke’s Pratt School of Engineering, and founded Pathos Ethos, a digital product studio. He’s joined by Andrew Stickney (Co-Founder and President), who brings years of experience in innovation, development, and startups. Before founding Keebler Health, Andrew was the Chief of Staff at H1. Kevin Hill (Co-Founder and CTO) brings over a decade of experience in AI and technology, most recently serving as VP of Machine Learning at H1 and the VP of Startup Creation at Redesign Health. Isaac, Andrew, and Kevin are joined by Dr. Terrell Bacchus (Chief Medical Officer), who was previously the CMO at ConvenientMD and Regional Chief Clinical Officer at ChenMed.
Even before we initiated our due diligence efforts, we have received proactive endorsement from Keebler’s clients about the team’s responsiveness and ability to translate complex problems into practical solutions — attributes that have already proven to be a competitive advantage in the field, as customers have chosen Keebler for its technology and its founders’ hyper-focus on meeting and exceeding customer expectations.
Looking Ahead
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. Keebler looks to capitalize on the momentum from CMS’s Long-term Enhanced ACO Design (LEAD) model. LEAD’s published intent is to increase participation of higher-risk VBC contracts, for both MSSP and de novo entrants into VBC. This will serve as a significant tailwind for Keebler.
Keebler has demonstrated its ability to analyze large volumes of data and unlock insights from unstructured data by leveraging its LLMs and micro-models at an industry-leading cost. With the risk-adjustment product as a wedge, Keebler’s models can expand into other population health use cases and help its customers better assess standards of care, hospitalization risk, medication adherence, and other high-value clinical outcomes.
As we look ahead, Keebler will accelerate its product innovation and respond to existing clients’ demand across other population health use cases, including care gap management, provider performance optimization, and hospitalization risk prediction. As the platform scales, it has the potential to become an intelligence system for value-based care organizations.
Finally, Keebler will partner with payers and risk-bearing organizations to accelerate the development of RADV workflow solutions.
We believe Keebler is building a foundational platform for the future of value-based care — one that unlocks unstructured clinical data for the next generation of risk adjustment, population health management, and RADV Audit Readiness.
We’re excited to partner with Isaac, Andrew, Kevin, Terrell, and the entire Keebler team on this journey.
To learn more about Keebler Health, reach out to Ian Chiang (ian@www.flarecapital.com), Uma Veerappan (uma@www.flarecapital.com), or any member of the Flare Capital Partners team — we would love to hear from you.
