Healthtech startup Spike raises $3,5M

Lithuanian healthtech startup Spike has raised $3,5M in a seed round from the lead investors Lithuanian Practica Capital and Miami-based VC TheVentureCity. Florida-based CEAS Investments, US accelerator and fund Plug & Play Ventures, New York-based Geek Ventures, and Berlin-based Axel Springer Porsche also participated in the deal. 

Founded in 2022 by Povilas Gudžius and Nikita Pajanok and headquartered in Palo Alto, Spike offers a solution that can integrate health data (heart rate variability, calories, blood pressure, glucose and cortisol levels, and others) from more than 200 wearable sensors and IoT devices. The startup's solution can be used by digital health companies to collect the health data of their clients, by fitness, insurance, and automation companies.

Additionally, Spike provides a managed ETL solution (for data aggregation)  and a single consolidated REST API that allows developers to test more than 20 sensors in 24 hours and gain immediate access to them. The company manages and updates all vendor licensing and API endpoints on the client’s behalf.

Spike will use the investment to fuel Spike’s development of regulatory-compliant and safe Generative AI products and expansion to support a broader range of medical, wearable, 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.

Spike's clients include insurance company Seguros SURA, fitness apps Longevo and FITTR, sleep innovation company EMMA, women’s wellness app Moody Month, and vagus nerve stimulator Pulsetto. The startups' data specialists are based in Palo Alto (California, US), and the data engineers work in Vilnius, Lithuania. 

Practica Capital was founded in 2021 by Donatas Keras and Silvestras Tamutis. Its Fund III focuses on equity and quasi-equity investments in early-stage technology investments in early-stage Baltic startups. The Fund plans to invest up to €3M in 25 target companies. Practica Capital will allocate more than 50% of the financing to provide follow-on investments.