By: IPP Bureau
Last updated : August 27, 2026 8:45 am
Series A funding will support expansion beyond custom insoles into the broader durable medical equipment market and strengthen Hike’s engineering, sales and manufacturing capabilities
US-based healthcare technology company Hike Medical has raised $22.5 million in Series A financing to expand its platform designed to simplify medical device supply chain processes across orthotics, prosthetics and durable medical equipment (DME).
The financing round was led by Saga Ventures, with participation from Indicator Ventures, Fifth Down Capital and RiverPark Ventures. Former New England Patriots coach Jerod Mayo was among the individual investors participating in the round.
Founded in 2022 and headquartered in San Francisco, Hike initially focused on reducing waiting times for custom insoles for people with diabetes.
The company now plans to use the latest funding to expand beyond insoles and address what it describes as the “other half of the problem”—the fragmented processes involved in managing the broader medical device supply chain.
Hike said the funding will support the expansion of its engineering and sales teams in San Francisco, while also strengthening manufacturing capabilities at its facility in Peoria, Illinois.
The company’s broader vision is to create an integrated platform connecting back-office operations, point-of-care workflows and device fabrication for orthotics and prosthetics (O&P), podiatry and DME providers.
Its platform comprises three key components. Hike Intelligence uses AI agents to process referrals and automate workflows associated with approvals and payments. Hike Clinical enables clinicians to scan, document and order medical devices through a single point-of-care workflow.
The third component is Hike’s 3D printing laboratory in Peoria, which manufactures customised equipment such as orthotics. The company says the facility can deliver custom equipment in approximately five business days.
According to CEO Aadi Bhanti, patients should not have to wait weeks for medical devices because disconnected administrative and clinical systems slow down the process.
“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,” Bhanti said.
The company’s expansion comes as medical device and healthcare supply chains face increasing pressure from geopolitical disruptions, changing global trade routes and weather-related manufacturing challenges.
With the Series A investment, Hike aims to broaden its technology beyond custom insoles and build an end-to-end infrastructure for managing medical device workflows—from referral and clinical assessment through approvals, ordering, manufacturing and delivery.