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. Saga Ventures led the funding, with participation from Indicator Ventures, Fifth Down Capital, RiverPark Ventures, Orthofeet, and several angel investors, including Monaco CEO Sam Blond and former New England Patriots head coach Jerod Mayo. The San Francisco-based company plans to use the capital to extend its operations beyond custom insoles and manage more of the medical-device care process from patient referral through delivery.
Addressing Inefficiencies in Medical Device Care
Hike Medical was co-founded by CEO Aadi Bhanti, whose family has worked in orthotics and prosthetics for three generations, giving him firsthand exposure to the administrative and manufacturing challenges surrounding custom medical devices. The company argues that the sector remains burdened by fragmented systems, lengthy insurance approval processes, manual clinical workflows, and inefficient manufacturing practices. Hike is attempting to consolidate those functions into a single technology and operations platform designed for orthotics and prosthetics, podiatry, and durable medical equipment providers.
According to research published by Hike, Americans spend approximately $100 billion annually on devices that support mobility and independent living, including braces, prosthetic limbs, diabetic inserts, wheelchairs, and cranial helmets. The company estimates that significant spending is lost through administrative waste, product remakes, and fraud, while complex payer requirements can delay treatment. Hike believes greater automation and tighter integration between clinical, administrative, and manufacturing workflows can reduce those inefficiencies while helping patients receive devices faster.
Building an Integrated Technology Platform
Hike initially focused on modernizing the production of custom insoles through mobile scanning and 3D printing technology. The company says its approach has reduced delivery times from several weeks to days while lowering remake rates from approximately one in 15 devices to one in 400. It is now applying the same vertically integrated model across a broader range of device-based healthcare services.
Its platform combines automated administrative processes, digital clinical tools, and in-house manufacturing. Hike Intelligence uses AI agents to process referrals and support insurance approval and reimbursement workflows, while Hike Clinical allows providers to scan patients, document evaluations, and order devices through a single system using mobile devices. Hike Lab then manufactures custom products at the company's orthotic 3D-printing facility in Peoria, Illinois, where it targets turnaround times of approximately five business days.
Funding Supports Broader Expansion
The new financing is intended to help Hike move beyond its initial focus on insoles and expand into the wider durable medical equipment market. The company plans to add engineering and sales employees in San Francisco while also growing its manufacturing workforce in Peoria. These investments are expected to support the development of a broader platform capable of managing additional categories of medical devices from the initial referral through final dispensing.
Saga Ventures co-founder and managing partner Max Altman said the firm's investment thesis reflects Hike's ability to control more of the healthcare value chain rather than operating solely as a software provider. Saga Ventures expects the company's combination of technology, clinical workflows, and manufacturing infrastructure to create opportunities across a larger portion of the medical-device market. Orthofeet's participation as both a strategic investor and commercial partner also provides Hike with an industry relationship as it expands its operating model.
Leadership Strengthens Ahead of Growth
Hike has also expanded its management team as it prepares for its next stage of growth, appointing Jerry Tang as chief operating officer earlier this year. Tang previously held senior operations roles at logistics technology company Flexport before becoming COO at digital dental laboratory company Dandy. His experience scaling technology-enabled operational businesses is expected to support Hike as it manages increasingly complex manufacturing, logistics, and healthcare workflows.
With $22.5 million in new financing, Hike Medical is positioning itself as an integrated provider of technology and infrastructure for device-based healthcare rather than solely a medical-device manufacturer. Its strategy combines AI-powered administrative automation, digital clinical workflows, mobile scanning, and centralized 3D printing to address delays and inefficiencies throughout the care process. As the company expands beyond custom insoles, its ability to apply that model across a wider range of durable medical equipment will determine the scale of its impact on the sector.