Hike Medical Reaches $22.5M With Series A for Device Care

Hike Medical is financing the handoff between a clinical prescription and the physical device a patient eventually receives. A phone can capture a foot scan in minutes, but the referral, payer documentation, fabrication order, and reimbursement claim may still move through separate systems run by different organizations.

The San Francisco company announced a Series A on August 25, 2026 that brings its total disclosed seed-and-Series-A funding to $22.5M. Max Altman at Saga Ventures led the financing. Indicator Ventures, Fifth Down Capital, RiverPark Ventures, other funds, strategic investor and commercial partner Orthofeet, and angel investors including Sam Blond and Jerod Mayo participated.

The exact Series A amount was not disclosed separately. Hike and its syndicated Business Wire announcement describe $22.5M across the company's seed and Series A financing, a distinction that matters when reading the size and stage of the deal.

What Hike Medical Is Building

Hike Medical connects 3 parts of device-based care that often operate as separate businesses. Hike Intelligence uses AI agents to process referrals, extract patient information, request missing records, check payer requirements, and support approval and reimbursement workflows. Hike Clinical gives providers one point-of-care system for evaluation, smartphone scanning, documentation, and ordering. Hike Lab manufactures custom devices in-house.

The company began with custom insoles, where digital scanning and 3D printing create a narrower operating loop than the broader durable medical equipment market. Hike says that loop reduced turnaround from weeks to about 5 business days and lowered remake rates from 1 in 15 to 1 in 400. Those figures are company-reported rather than independently audited, but they show the operating evidence investors are underwriting.

Who Is Leading Hike Medical

Co-founder and CEO Aadi Bhanti comes from 3 generations of orthotics and prosthetics operators. Hike's current materials also identify Steven Chacko as a founder, while public sources identify Amit Bhanti as a co-founder without a verified current operating title.

Hike added Jerry Tang as COO before the financing. Tang previously held senior operations roles at Flexport and digital dental manufacturer Dandy, experience that fits a business trying to coordinate software, logistics, clinical workflow, and custom manufacturing under one operating system.

Why Saga Ventures Backed the Model

Saga Ventures is betting that healthcare modernization requires ownership of the whole value chain rather than another software layer placed on top of fragmented work. That logic is especially relevant in orthotics, prosthetics, and durable medical equipment, where a faster interface cannot compensate for missing documentation, an incorrect fit, a delayed fabrication step, or a denied claim.

Orthofeet's participation adds a commercial relationship to the investor group. Indicator Ventures, Fifth Down Capital, RiverPark Ventures, and the named angels broaden the financing syndicate, but the central wager remains operational: Hike must make the administrative, clinical, and physical parts of device care behave like one system.

What the $22.5M Supports

Hike plans to hire engineers and sales employees in San Francisco and manufacturing workers in Peoria, Illinois. The company is also expanding beyond custom insoles into a broader platform for orthotics, prosthetics, podiatry, and durable medical equipment.

That expansion is more demanding than adding another software module. Each device category carries its own clinical criteria, payer documentation, fitting process, materials, manufacturing steps, and remake risk. A workflow that performs well for insoles must be revalidated when the object, patient need, reimbursement rule, and physical consequence change.

The Market Pressure Behind the Round

Hike says Americans spend roughly $100B each year on devices that support mobility and independent living, and company research estimates that waste, remakes, and fraud consume 60 cents of every dollar. Those market figures require independent validation, but the underlying operating problem is visible across the company's product design: referrals arrive by fax, staff rekey data, providers chase records, and manufacturing begins only after enough information reaches the right place.

AI can reduce the manual work inside that process, while computer vision and additive manufacturing can shorten the physical production cycle. Hike's opportunity comes from coordinating both. The software has to understand the payer and clinical record, and the factory has to deliver a correctly fitted device on a schedule the provider and patient can trust.

What Hike Medical Must Prove Next

The Series A gives Hike more capacity to extend its model, but it also makes execution easier to measure. Providers will care whether referrals become scheduled visits faster, documentation remains compliant, claims are paid, devices fit, and turnaround holds as volume and product variety rise. Investors will care whether vertical integration creates durable economics or simply moves more operational complexity onto Hike's own balance sheet.

The company's narrow wedge already joins a phone scan to a physical product. The next stage asks Hike to preserve that coordination across more devices, more payer rules, and more clinical environments. The value of the platform will be decided in the handoffs between those systems, where a patient is still waiting for the device to arrive.