In particular, does it have a closed form or notable algorithm for computing it efficiently?
Is an $O(k)$ algorithm efficient enough? If so, here is a C++ implementation:
unsigned long long sumbincoef( unsigned N, unsigned k ) { unsigned long long i, bincoef = 1, sum = 1; for( i=1 ; i<=k ; ++i ) { bincoef = bincoef * (N-i+1) / i; sum += bincoef; } return sum;}
Caution: this can overflow for sufficiently large values of $N$ and $k$.
Since one is summing $N\choose i$ for successive $i$, the relevant recursion relation is simply
$${N\choose i} = {N\choose i-1}\frac{N-i+1}{i}$$
so that each term in the sum
$$\sum_{i=0}^k{N\choose i}$$
is calculated from the preceding term in $O(1)$ time.