EXIT: Practica Capital's portfolio company, Spike Technologies, has been acquired by Raintree Systems
Practica Capital's portfolio company Spike Technologies, a developer of genuinely agentic AI voice technology for healthcare, has been acquired by Raintree Systems, the leading electronic health record (EHR) and practice management platform for rehabilitation and physical therapy organisations in the US. Spike has been recognised as one of the Baltics' fastest-growing health AI startups.
Founded in 2022 and operating from Vilnius and San Francisco, Spike builds AI voice agents that take on the most manual, high-volume work in healthcare revenue cycle management (RCM), including insurance eligibility checks, prior authorisations, claims follow-up, payer calls and patient outreach. Unlike scripted phone trees or chatbots, Spike's agents understand context, make decisions, and complete multi-step work end to end.
Since Practica Capital's investment in 2024, Spike's work has grown from AI and data solutions for health tech companies into genuinely agentic AI voice technology, built by an engineering team of ML PhDs and alumni of Cambridge, Google, Bloomberg, Oracle and Amazon One Medical.
“Getting paid is the hardest, most manual part of running a therapy practice, and voice is where that burden is heaviest. We chose to take on the hardest piece first,” explained Nick Hedges, Raintree CEO. “We are not just optimizing operational efficiency for our clients, we are launching a seismic shift that will slash RCM expenses to an estimated 1%.”
The Practica Capital team, commenting on the exit on LinkedIn, said: "From our investment to exit in roughly two years. A remarkable pace, and a sign of how fast a focused team can build lasting value. Congratulations to Povilas Gudzius, Nikita Pajanok, and the entire Spike team. This is a meaningful step in their journey, and a reminder that Baltic teams are building technology that reaches far beyond the region."
Embedded natively in Raintree's platform, Spike's technology marks the first step toward fully autonomous revenue cycle management for the therapy market. Alongside Practica Capital, Spike was backed by TheVentureCity, Geek Ventures, CEAS Investments, Plug and Play Ventures and APX.
For more information, please visit Raintree's announcement.
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