Parakeet Health, a healthcare AI company focused on improving patient access, has raised $10 million in an oversubscribed Series A funding round led by Canvas Ventures. Blank Space Ventures, StoryHouse Ventures and HMC INQ also participated in the round, bringing the company’s total funding to $13 million.
The new funding follows a year of strong growth for Parakeet Health. The company said its annual recurring revenue increased 10x over the past year, driven by financial results for healthcare customers.
Parakeet helps healthcare organizations turn patient demand into booked appointments, improve provider utilization and recover revenue lost through disconnected patient-access processes.
Its platform brings several patient communication and scheduling functions together in one system. It manages inbound calls, proactive outreach, fax processing and web scheduling across voice, SMS, email, web and fax.
For example, a referral received by fax can move directly into patient outreach, appointment scheduling and follow-up within the same workflow. Healthcare teams can track these activities through a single performance dashboard instead of relying on multiple separate tools.
Parakeet also integrates with existing electronic health record (EHR) and practice-management systems. The platform can work with different provider, procedure, location, insurance and scheduling requirements to identify available capacity and connect patients with the appropriate appointments.
“Patient engagement determines whether demand becomes care, whether clinical capacity is used and whether a healthcare organization grows,” said Jung Park, CEO and co-founder of Parakeet Health. “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.”
The company said its technology has delivered measurable results for customers. In one head-to-head pilot, Parakeet’s inbound phone agent achieved 2.3 times the resolution rate of an established AI voice vendor. Across deployments, the company said it rebooks no-show patients at up to 4.9 times higher rates and canceled appointments at up to 4.2 times higher rates compared with leading patient-engagement vendors.
“Parakeet helps us get our Schweiger Dermatology and Schweiger Allergy & Asthma patients appointments when they need them,” said Julie Gessin, Chief Operating Officer at Schweiger Dermatology Group.
Parakeet currently works with six of the 10 largest dermatology groups in the U.S., supporting more than 2,800 providers across over 1,100 locations. The company is expanding into other healthcare areas, including primary care, behavioral health, women’s health, eyecare, physical therapy, gastroenterology and radiology.
The company recently announced a national collaboration with Qualderm Partners, which supports nearly 160 practices across 17 states.
Parakeet also provides support beyond its technology platform. Its teams work with healthcare organizations to estimate financial impact, build business cases and prepare for operational changes. Enterprise deployments can typically be completed in four to six weeks, according to the company.
The new Series A funding will support Parakeet Health’s continued expansion as healthcare organizations look for ways to improve patient access, increase capacity and generate measurable financial returns from AI.
