Hike Medical Raises $22.5M to Transform Device-Based Care

Hike Medical has announced a successful $22.5 million funding round, led by Saga Ventures and joined by Indicator Ventures, Fifth Down Capital, RiverPark Ventures and strategic investor Orthofeet. The San Francisco-based firm aims to modernise device-based healthcare, with its platform connecting back-office operations, clinical workflows and device manufacturing for orthotics, prosthetics and durable medical equipment providers.

Hike's technology began with custom insole production, reducing production times from weeks to days and remake rates from one in 15 to one in 400. The company's AI platform, Hike Intelligence, will now be expanded to manage the broader supply chain, including clinical workflows, automated referrals, digital scanning and rapid orthotic production. Its Hike Clinical platform integrates scanning, documentation and ordering into one workflow, eliminating the need for traditional foam impressions and standalone scanners.

The vertically integrated model, with manufacturing handled through its Peoria, Illinois facility, enables custom devices to be produced in about five business days. Hike plans to use the funding to expand its engineering and sales teams, focusing on its San Francisco operations and Peoria manufacturing facility. Further expansion of the platform across the DME market could significantly increase the number of devices supported by Hike.