Lithuanian B2B data tech startup Spike has successfully closed an oversubscribed $3.5 million Seed.

Spike offers healthcare and digital health businesses a solution for safely, efficiently, and compliantly incorporating AI into their applications.

The healthcare industry generates approximately 30 percent of the world’s data volume, partly due to the adoption of medical and commercial IoT/wearable devices, which is expected to only increase thanks to rapid advancements in sensor hardware technologies.

Healthcare and health tech businesses, ranging from science-backed fitness studios and digital health apps to nutrition clinics and hospitals, are now looking to incorporate AI into their operations. However, they face strict regulatory compliance on sensitive health data, LLM hallucinations, intense competition for AI engineering talent, lengthy development timelines, and high costs.

Spike provides non-diagnostic and easy-to-implement RAG AI (Retrieval Augmented Generation) products through its white-labelled SDKs for health professionals and end users. 

Examples include personal trainer co-pilots for fitness progress summaries on wearable data, dietitian co-pilots with nutrient value assessment from meal photos, nurse co-pilots to manage post-treatment patient follow-up, and physician co-pilots to detect early anomalies from EHR and lab test data.

Spike’s health data API aggregator platform feeds high-quality biomarkers from 300 sources. Its customer base includes insurer Seguros SURA, fitness apps Longevo and FITTR, sleep innovation company EMMA, women’s wellness app Moody Month, and vagus nerve stimulator Pulsetto.

Povilas Gudzius, Spike CEO and Co-founder, commented, 

“Advancements in retrieval-augmented generation AI mean that LLMs are no longer taking a ‘best guess,’ but can now seek out specialised 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.”

Practica Capital and TheVentureCity co-led the round, which was participated in by various investors, including CEAS Investments, Plug & Play Ventures, Geek Ventures, and Axel Springer Porsche (APX).

Donatas Keras, Partner at Practica Capital, commented,

“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.”

The seed investment will fuel Spike’s development of regulatory-compliant and safe Generative AI products and expansion to support a broader range of medical, wearables, and IoT sensor data aggregation from over 600 devices. Those will expand to Electronic Health Records (EHR) data, blood testing, lab testing, genomics data, and FDA-approved devices and datasets.

Lead image: Povilas Gudzius and Nikita Pajanok, co-founders of Spike. Photo: uncredited.