Practica Capital together with the US venture capital fund TheVentureCity co-led a $3.5 million seed round for Lithuanian B2B data tech and AI startup Spike. Investors from Silicon Valley, New York, and Berlin, such as Axel Springer Porsche (APX), CEAS Investments, Plug & Play Ventures, and Geek Ventures, participated as well.
- Spike was founded in 2022 by Povilas Gudzius and Nikita Pajanok. The startup provides an approach for healthcare and digital health companies to integrate AI into their applications. Additionally, they have access to the data through the Spike API, which gathers patient health information from 300 distinct medical and IoT sources.
“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,” explains Povilas Gudzius, CEO of Spike.
- One of the leading investors in this round is Latvian Practica Capital, which was founded in 2011. This early-stage VC mainly invests in tech-potential startups in seed, pre-seed, and series A rounds across the Baltic regions. At this moment, Practica Capital has more than 60 companies in its portfolio, with a ticket range of €300,000 to €3 million.
“Given their rapid traction and widespread adoption of AI products with formidable competitive moats, leading this round was a natural fit for us. As the influx of sensor data changes some parts of the health industry, Spike is well-positioned for significant growth, and we are excited to partner with such a forward-thinking team,” commented Donatas Keras, Partner at Practica Capital.
- The seed funding will assist Spike's growth to enable a wider spectrum of medical, wearables, and IoT sensor data aggregation from over 600 devices, as well as the company's development of safe and compliant generative AI products.
