Spike, a Lithuanian-founded and Silicon Valley-headquartered B2B data technology and AI startup, has secured €3.2 million in a seed funding round. The investment was co-led by Practica Capital and TheVentureCity, according to Tech.eu

About Spike

  • Founded in 2022 by Povilas Gudzius and Nikita Pajanok, Spike provides non-diagnostic, easy-to-implement Retrieval Augmented Generation (RAG) AI products through white-labeled SDKs. These products include personal trainer co-pilots for fitness progress, dietitian co-pilots for nutrient assessment, nurse co-pilots for post-treatment follow-up, and physician co-pilots for anomaly detection from EHR and lab test data.
  • Spike serves clients in digital health, professional fitness, nutrition, healthcare, and insurance sectors. The list of users includes the global insurance company Seguros SURA, fitness apps Longevo and FITTR, sleep innovation company EMMA, women’s wellness app Moody Month, and vagus nerve stimulator Pulsetto.

In December 2022, Spike received $700,000 in a pre-seed round led by the Ukrainian-Belarusian VC fund Geek Ventures.

Geek Ventures led a $700k pre-seed round for datatech and AI startup Spike

Advancements in retrieval-augmented generation AI mean that LLMs are no longer taking a ‘best guess,’ but are now able to seek out specialized context producing outputs that are much more accurate and considerably less prone to hallucinations. By incorporating this technology on top of Spike’s high-quality health data API, we’re enabling our clients to easily leverage these tools and improve the health of millions of end users,

Povilas Gudzius, Spike CEO and co-founder, says.

Investment details

  • The investment was co-led by Practica Capital, a Baltic VC focusing on early-stage investments, and TheVentureCity, a global early-stage venture fund focused on product-centered startups across the US, Europe, and the LATAM countries.
  • The Silicon Valley, New York, and Berlin-based investors like CEAS Investments, Plug & Play Ventures, excisting Geek Ventures, and Axel Springer Porsche (APX) also participated in the financing for the healthtech startup.

Spike will use the funds to accelerate the development of its Generative AI products, including expanding support to encompass a wider range of medical equipment, wearables, and IoT sensor data aggregation from over 600 devices. These expansions will incorporate Electronic Health Records (EHR) data, blood testing, lab testing, genomics data, and FDA-approved devices and datasets.