Hike Medical raises $22.5M Series A to fix medical device supply chain
What's the deal? Hike Medical, a San Francisco-based SaaS provider for durable medical equipment (DME) makers, has raised a $22.5 million Series A, chief executive officer Aadi Bhanti told Axios Pro. Saga VenturesDealroom has a profile for this one. Try Dealroom → led the round, with participation from Indicator VenturesDealroom has a profile for this one. Try Dealroom →, Fifth Down CapitalDealroom has a profile for this one. Try Dealroom →, RiverPark VenturesDealroom has a profile for this one. Try Dealroom →, strategic investor OrthofeetDealroom has a profile for this one. Try Dealroom →, and angels including Monaco chief executive Sam Blond and former New England PatriotsDealroom has a profile for this one. Try Dealroom → head coach Jerod Mayo.
What's the endgame? Hike automates device-based care from referral to dispense, connecting back-office, point-of-care, and fabrication for orthotics, prosthetics, podiatry, and DME providers. It started by modernising custom insoles — using mobile foot scans and 3D printing to cut wait times from weeks to days and remake rates from 1 in 15 to 1 in 400. The company now aims to manage the entire supply chain.
Why now? Americans spend roughly $100 billion a year on devices like diabetic inserts, braces, prosthetic limbs, and wheelchairs. But Hike research finds 60 cents of every dollar is lost to waste, remakes, and fraud, buried under paperwork and payer requirements.
The new funds will support hiring across engineering and sales in San Francisco and manufacturing in Peoria, Illinois, where Hike runs what it calls the country's largest orthotic 3D print farm, with turnaround in about five business days.
What's next? Hike plans to raise $50 million to $75 million in Series B funding by year-end, Bhanti says. It has also strengthened its leadership, hiring Jerry Tang — a former Flexport SVP and DandyDealroom has a profile for this one. Try Dealroom → chief operating officer — as its own chief operating officer this year.
The signal: The round sits in the upper tier of Series A deals by size, reflecting investor appetite for software that owns an entire industry value chain rather than layering onto it. "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 Max Altman, co-founder and managing partner at Saga Ventures.
Read more: businesswire.com
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