The Keck Planet Imager and Characterizer (KPIC) is an upgrade to the Keck II adaptive optics system enabling high contrast imaging and high-resolution spectroscopic characterization of giant exoplanets in the mid-infrared (2-5 microns). The KPIC instrument will be developed in phases. Phase I entails the installation of an infrared pyramid wavefront sensor (PyWFS) based on a fast, low-noise SAPHIRA IR-APD array. The ultra-sensitive infrared PyWFS will enable high contrast studies of infant exoplanets around cool, red, and/or obscured targets in star forming regions. In addition, the light downstream of the PyWFS will be coupled into an array of single-mode fibers with the aid of an active fiber injection unit (FIU). In turn, these fibers route light to Kecks high-resolution infrared spectrograph NIRSPEC, so that high dispersion coronagraphy (HDC) can be implemented for the first time. HDC optimally pairs high contrast imaging and high-resolution spectroscopy allowing detailed characterization of exoplanet atmospheres, including molecular composition, spin measurements, and Doppler imaging. Here we provide an overview of the instrument, its science scope, and report on recent results from on-sky commissioning of Phase I. The instrument design and techniques developed will be key for more advanced instrument concepts needed for the extremely large telescopes of the future.