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Lithuanian startup Spike snaps $3.5M to revolutionise healthcare with GenAI

Spike team
Picture credits: Spike

Healthtech 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. These organisations can offer their end-users hyper-personalised and preventative health products by leveraging the power of new health data, LLMs, computer vision, and other Machine Learning (ML) techniques. However, integrating these technologies often encounters significant challenges, including strict regulatory compliance on sensitive health data, LLM hallucinations, intense competition for AI engineering talent, lengthy development timelines, and high costs.

Through its white-labeled SDKs, Lithuanian startup Spike provides non-diagnostic and easy-to-implement RAG AI (Retrieval Augmented Generation) products for health professionals and end users.

Secures $3.5M funding 

Spike closes an oversubscribed $3.5 million seed round. It was co-led by Practica Capital and TheVentureCity with participation from Silicon Valley, New York, and Berlin-based investors, including CEAS Investments, Plug & Play Ventures, Geek Ventures (invested in ShapesXR), and Axel Springer Porsche (APX). 

The 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.

Helps healthcare companies incorporate AI

Spike was co-founded by Povilas Gudzius and Nikita Pajanok. It offers healthcare and digital health businesses a solution to incorporate AI into their applications in a safe, efficient, and compliant way. With offices in San Francisco, California, and Vilnius, Lithuania, Spike provides Health data API aggregation, data pipeline management (ETL), and AI-backed solutions to empower health data from wearables and IoT devices. 

Its customer base includes global insurance leader Seguros SURA, fitness apps Longevo and FITTR, sleep innovation company EMMA, women’s wellness app Moody Month and vagus nerve stimulator Pulsetto.

How does it function?

Spike provides a managed ETL solution and a single consolidated REST API to solve issues, enabling developers to test more than 20 sensors in 24 hours as opposed to six months and gain immediate access to them with no upfront costs. The company manages and updates all vendor licencing and API endpoints on the client’s behalf.

Povilas Gudzius, Spike CEO and Co-founder said, “Advancements in retrieval-augmented generation AI mean that LLMs are no longer taking a ‘best guess,’ but are now able to 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, 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, and we are excited to partner with such a forward-thinking team.”

Álvaro Sanz, Partner at TheVentureCity, commented, “The fact that Spike was able to close an oversubscribed round and accumulate significant investor interest, particularly in this down market, is a validation of Spike’s potential.”

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