Tuesday, July 16, 2024
HomeFundingSpike Raises $700K to Help Digital Health Firms Utilize Data from Wearables...

Spike Raises $700K to Help Digital Health Firms Utilize Data from Wearables and IoT Devices

The Silicon Valley-based data tech and AI startup has closed a pre-seed funding round to help millions of users worldwide improve their health. 

Spike, makers of the API aggregation and an ETL solution for data from wearables and IoT devices, today announced the closing of a $700,000 pre-seed round to help digital health firms improve their clients’ lives. Spike allows companies to easily integrate biomarker data from 200+ wearable sensors and IoT devices into their applications. The funding round was led by Geek Ventures of New York City, with participation from CEAS Investments and APX.

Data collected from wearable sensors, smartwatches, and IoT devices are actively used throughout the healthcare industry. However, only a fraction of the market participants know how to utilize the data to its potential. Using Spike, businesses can integrate data from commercially used optical, electrical, electrochemical, and electromechanical sensor types via a single API. These devices extract biometric data such as heart rate variability (HRV), glucose and cortisol levels, calories, sleep depth, blood pressure, and more. Spike imports these metrics directly into clients’ cloud via a managed ETL service while providing AI tools for health-related prediction, recommendation, and prevention. 

“Wearable sensors are becoming much smaller, more accurate, and accessible to a broader user base. Our solution helps digital health companies easily integrate biosensor data, process it, and apply AI models. Developing this tech in-house is complicated, expensive, and resource-heavy. Spike aims to make this data management journey effortless and open opportunities to the next-generation of healthcare and disease prevention,” said Povilas Gudzius, co-founder and CEO.

Spike’s pre-seed funding round was led by Geek Ventures in NYC, with participation from Florida-based CEAS Investments and APX, an early-stage investor based in Berlin and backed by Axel Springer and Porsche. Angel investors from Austin, Texas, NYC and Silicon Valley also participated in the round. “Receiving backing from these experts is a vote of confidence for our team and further solidifies our mission, to bring benefits of cross-sensor data fusion to real-life challenges such as improving health”, said Povilas Gudzius.

It is estimated that over the next eight years, a person, on average, will use up to 30 different IoT devices – three times more than we use now. The growth in wearable sensors and biomarker data has resulted in hundreds of new applications for professional fitness, diabetes prevention, nutrition, cardiovascular health, mental health, longevity, and others. The data we generate will only increase, and businesses need to leverage it accordingly. Spike is built to gather and analyze this type of data securely and effectively.

Source FAKTOR 3 AG

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