Spike, a Lithuanian B2B data tech startup specializing in healthcare and digital health AI integration, has successfully closed an oversubscribed $3.5 million Seed funding round.
Key Highlights:
- Funding Amount: $3.5 million in Seed funding.
- Lead Investors: Practica Capital and TheVentureCity.
- Other Participants: CEAS Investments, Plug & Play Ventures, Geek Ventures, and Axel Springer Porsche (APX).
Company Overview:
- CEO and Co-Founder: Povilas Gudzius.
- Location: Lithuania.
- Core Focus: Spike offers solutions for safely, efficiently, and compliantly incorporating AI into healthcare and digital health applications.
Problem and Solution:
- Healthcare Data: The healthcare industry generates about 30% of the world’s data volume, driven by the adoption of medical and commercial IoT/wearable devices.
- Challenges: Incorporating AI into healthcare faces challenges like strict regulatory compliance, LLM hallucinations, AI engineering talent competition, lengthy development timelines, and high costs.
- Spike’s Solution: Spike provides non-diagnostic, easy-to-implement Retrieval-Augmented Generation (RAG) AI products through white-labeled SDKs for health professionals and end users. Examples include:
- Personal trainer co-pilots for wearable data fitness progress summaries.
- Dietitian co-pilots for nutrient value assessment from meal photos.
- Nurse co-pilots for managing post-treatment patient follow-up.
- Physician co-pilots for detecting early anomalies from EHR and lab test data.
Technology and Platform:
- Health Data API Aggregator: Spike’s platform feeds high-quality biomarkers from 300 sources.
- Customer Base: Includes Seguros SURA, Longevo, FITTR, EMMA, Moody Month, and Pulsetto.
Use of Funds:
- Product Development: The funds will be used to develop regulatory-compliant and safe Generative AI products.
- Expansion: Plans to support a broader range of medical, wearable, and IoT sensor data aggregation from over 600 devices, including EHR data, blood testing, lab testing, genomics data, and FDA-approved devices and datasets.
Statements from Leadership:
- Povilas Gudzius, CEO and Co-Founder of Spike:
“Advancements in retrieval-augmented generation AI mean that LLMs are no longer taking a ‘best guess,’ but can now seek out specialized context producing outputs that are much more accurate and considerably less prone to hallucinations. By incorporating this technology on top of Spike’s high-quality health data API, we’re enabling our clients to easily leverage these tools and improve the health of millions of end users.” - Donatas Keras, Partner at Practica Capital:
“We were impressed by the Spike team’s technical expertise and go-to-market skills. Given their rapid traction and widespread adoption of AI products with formidable competitive moats, leading this round was a natural fit for us. As the influx of sensor data changes some parts of the health industry, Spike is well-positioned for significant growth.”
Spike’s $3.5 million Seed funding round marks a significant milestone in its mission to revolutionize healthcare AI integration. With strong backing from reputable investors and a robust plan for expanding its platform capabilities, Spike is well-positioned to address the challenges of AI in healthcare and enhance the health outcomes for millions of users.
