Hike Medical raises $22.5 million to unify the medical device supply chain
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Hike Medical has raised $22.5 million in combined seed and Series A funding led by Saga Ventures. The round includes Indicator Ventures, Fifth Down Capital, RiverPark Ventures, strategic partner Orthofeet Inc., and angel investors including Monaco Chief Executive Officer Sam Blond and former New England Patriots head coach Jerod Mayo.
Hike Medical builds software and manufacturing systems intended to move a patient from referral to device delivery for orthotics, prosthetics and other durable medical equipment (DME) without the delays common to insurance-based supply chains.
“Patients shouldn’t have to wait weeks for a device because the systems behind their care don’t talk to each other,” said Aadi Bhanti, co-founder and chief executive officer of Hike Medical. “Being part of a family that’s touched this industry for three generations means we have a duty to make it better.”
Hike Medical’s platform combines three systems. Hike Intelligence uses AI agents that clear insurance approvals before a patient is evaluated, aiming to eliminate a step that has historically delayed device orders.
Hike Clinical is a mobile scanning and ordering tool clinicians use to capture measurements and submit orders at the point of care. And Hike Lab is the company’s in-house 3D printing facility in Peoria, Illinois, which Hike Medical says has a turnaround of about five business days. The company says that the combined system has cut remake rates on custom devices from 1-in-15 to 1-in-400 and reduced wait times from weeks to days.
Max Altman, co-founder and managing partner at Saga Ventures, said the firm’s investment reflects a thesis about healthcare companies that own their supply chain end to end, rather than layering software onto existing systems.
“The next generation of category-defining companies won’t just build software on top of broken industries. They’ll own the entire value chain, end to end, like Hike does,” said Altman. “Full vertical integration is what it takes to recreate a business at scale in healthcare. We’re backing Hike to do this across the entire device market. Aadi and the team have the ability to own the entire category.”
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