Lithuanian-founded and Silicon Valley-headquartered Spike, a B2B data technology and AI startup, has successfully raised $3.5 million (approximately €3.2 million) in an oversubscribed seed funding round.
The round was co-led by Practica Capital and TheVentureCity, with participation from investors in Silicon Valley, New York, and Berlin, including CEAS Investments, Plug & Play Ventures, Geek Ventures, and Axel Springer Porsche (APX).
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Accelerating Development and Expanding Capabilities
The newly acquired funds will be used to expedite the development of regulatory-compliant and safe Generative AI (GenAI) products. Spike aims to enhance its support for medical, wearables, and IoT sensor data aggregation from over 600 devices, including Electronic Health Records (EHR), blood testing, lab testing, genomics data, and FDA-approved devices and datasets.
Addressing Industry Challenges
The healthcare industry generates around 30% of the world’s data volume, driven by the widespread use of medical and commercial IoT/wearable devices. Healthcare and health tech businesses are increasingly integrating AI to offer personalized and preventive health products. The company’s solutions address challenges such as regulatory compliance for sensitive health data, AI hallucinations, competition for AI talent, lengthy development timelines, and high costs.
Spike’s Innovative Solutions
Founded in 2022 by Povilas Gudzius and Nikita Pajanok, Spike provides non-diagnostic, easy-to-implement Retrieval Augmented Generation (RAG) AI products through white-labeled SDKs. These products include personal trainer co-pilots for fitness progress, dietitian co-pilots for nutrient assessment, nurse co-pilots for post-treatment follow-up, and physician co-pilots for anomaly detection from EHR and lab test data. Spike serves clients in digital health, professional fitness, nutrition, healthcare, and insurance sectors.
Strategic Partnerships and Future Plans
Spike’s health data API aggregator platform collects top-quality biomarkers from 300 sources, leading to its selection for NVIDIA’s Inception Program for GenAI startups. The company collaborates with diverse clients, including Seguros SURA, Longevo, FITTR, EMMA, Moody Month, and Pulsetto.
Investor Confidence
Practica Capital, a Baltic VC focusing on early-stage investments, was impressed by Spike’s technical expertise and market traction. Donatas Keras, Partner at Practica Capital, stated, “Spike is well-positioned for significant growth as sensor data transforms the health industry.” Álvaro Sanz, Partner at TheVentureCity, added, “the firm’s ability to close an oversubscribed round in a down market validates its potential.”
With this substantial funding, the startup is set to advance its GenAI technology, enhancing healthcare enterprises’ ability to offer personalized and preventive health solutions.
