Hike Medical has raised $22.5m to advance its platform to simplify medical device supply chain processes for products including orthotics and durable medical equipment (DME).
The San Francisco-based company's Series A financing round was led by Saga Ventures, with additional participation from other investors including Indicator Ventures, Fifth Down Capital, and RiverPark Ventures. Individual investors including former New England Patriots coach Jerod Mayo also participated.
Hike intends to use the funding to build out its engineering and sales teams across its headquarters in San Francisco, along with bolstering its manufacturing provisions at its site in Peoria, Illinois to expand its platform beyond insoles to serve the broader DME market.
Highlighting that it initially focused on reducing wait times for custom insoles for diabetics upon its founding in 2022, Hike said it now aims to fix "the other half of the problem", with the intent to apply the Series A proceeds towards expanding its technology provision to manage "the entire supply chain", with an initial focus on the point of referral.
Comprised of three provisions, Hike's platform is designed to connect back-office, point-of-care (POC) and device fabrication for orthotics and prosthetics (O&P), podiatry, and DME providers, serving as a unified solution for managing the supply chain across these areas.
Hike's namesake intelligence provision is comprised of AI agents that process referrals and automate the processes surrounding getting them approved and paid.
Hike Clinical, meanwhile, is a tool that gives clinicians the ability to scan, document and order devices in one workflow at the point of care.
With these provisions initiated, Hike's 3D printing laboratory, based in Peoria, Illinois, manufactures custom equipment such as orthotics, with turnaround within around five business days, according to Hike.
Hike's CEO, Aadi Bhanti, said: "Patients shouldn't have to wait weeks for a device because the systems behind their care don't talk to each other.
"We have a duty to make it better. We've proven this model in custom foot orthotics, making the process faster, more accurate and built around the patient instead of the paperwork. Now we're taking it across the rest of device-based care."
Supply chains have been in greater focus over the past year due to ongoing geopolitical factors. Closures to the Straits of Hormuz significantly disrupted global trading routes, while more adverse weather conditions than usual have affected product manufacturing.
"Hike Medical raises $22.5m to advance medical equipment supply provision" was originally created and published by Medical Device Network, a GlobalData owned brand.