Hike Medical has raised $22.5 million across seed and Series A financing to expand its technology platform for orthotics, prosthetics and durable medical equipment. The financing was led by Saga Ventures, with participation from Indicator Ventures, Fifth Down Capital, RiverPark Ventures, Orthofeet and other investors. Individual investors included Sam Blond and former New England Patriots head coach Jerod Mayo.
Hike is attempting to modernize the medical device process from referral through manufacturing and dispensing.
The company cited an approximately $100 billion annual U.S. market for products including diabetic inserts, braces, prosthetic limbs, wheelchairs and cranial helmets.
According to Hike’s own research, approximately 60 cents of every dollar spent within the market is lost to waste, remakes and fraud.
Hike initially focused on custom insoles, replacing traditional manufacturing processes with mobile foot scans and 3D printing.
The company said its technology reduced delivery times from weeks to days and lowered remake rates from approximately one in 15 to one in 400.
The broader platform now includes Hike Intelligence, which uses AI agents to automate referrals, approvals and reimbursement workflows.
Hike Clinical enables clinicians to scan, document and order devices within the same workflow using mobile devices.
Hike Lab manufactures custom products from its Peoria, Illinois facility, which the company describes as the country’s largest orthotic 3D printing farm, with approximately five-business-day turnaround times.
Hike also recently hired Jerry Tang as COO.
Tang previously joined Flexport as its 30th employee and eventually became SVP of Global Operations as the company’s valuation increased from approximately $100 million to $8 billion. He later served as COO of digital dental company Dandy.
The financing will support engineering and sales hiring in San Francisco, manufacturing expansion in Peoria and Hike’s move beyond insoles into the broader durable medical equipment market.
KEY QUOTES:
“We’ve proven this model in custom foot orthotics, making the process faster, more accurate and built around the patient instead of the paperwork. Now we’re taking it across the rest of device-based care. At the end of the day, we’re engineering human movement.”
Aadi Bhanti, Co-Founder And CEO Of Hike Medical
“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.”
Max Altman, Co-Founder And Managing Partner At Saga Ventures
