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Biotricity
Biotricity, founded by Waqaas Al-Siddiq, designs remote cardiac monitoring devices and went public on Nasdaq in 2021.
Biotricity
Biotricity was founded in 2012 by Waqaas Al-Siddiq, a Canadian-born engineer and serial entrepreneur who previously founded an IoT chip design firm. The company incorporated in Nevada and later moved its headquarters to Redwood City, California, positioning itself within the regulated medical device sector. Biotricity went public on the Nasdaq in May 2021 via an initial public offering, raising roughly $15 million to fund commercialization of its cardiac monitoring platform. Biotricity's core strategy targets chronic disease management through remote patient monitoring devices paired with a recurring SaaS revenue model for data analysis. The flagship product, Bioflux, is a mobile cardiac telemetry device with an integrated ECG recorder, prescribed for long-term monitoring of arrhythmias. The company distributes directly to cardiologists and electrophysiologists in the United States and relies on insurance reimbursement codes for its unit economics. A second product, Biocare, extends the platform to primary care settings. Biotricity operates no manufacturing facilities of its own, contracting with third-party manufacturers while retaining device design and software development in-house. As of mid-2024, Biotricity operated with fewer than 50 employees and a contracted national sales force. In May 2024, the company filed a $50 million mixed shelf offering with the SEC, signaling ongoing capital needs to fund expansion of its clinician network and product pipeline. The firm has disclosed no adjacent family-office vehicles, philanthropic foundations, or fund commitments — it functions strictly as a publicly listed operating company with no private investment arm. Biotricity's structural distinction lies in its attempt to operate as a hardware-enabled SaaS company within the FDA-regulated cardiac monitoring space. Unlike peers such as iRhythm, which combine hardware sales with AI-driven diagnostic services billed to insurers, Biotricity focuses on upfront device sales supplemented by recurring monitoring fees — a model that ties its revenue growth directly to the unit economics of each new clinician account.
General information
Firm type
Asset Manager
Year founded
2012
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Redwood City
Corporate office
Redwood City, CA, United States
Principals
Waqaas Al-Siddiq
Founder, President & CEO
Sector focus
Frequently asked questions
Who runs investment and strategic decisions at Biotricity?
Waqaas Al-Siddiq, the founder, serves as President, CEO, and Chairman of the board. He controls strategic direction and capital allocation as the company's largest individual shareholder. Insider holdings have historically represented a significant portion of the equity, though the share structure following the 2024 shelf filing may dilute that concentration.
What is Biotricity's revenue model?
Biotricity generates revenue through device sales to clinicians and recurring monthly fees for cardiac monitoring and data reporting services. Its reimbursement strategy depends on insurance codes for remote cardiac monitoring, including CPT codes 93228 and 93229. The company reports that recurring technology fees are its primary revenue driver, with device sales functioning as a customer acquisition channel.
How does Biotricity distribute its products?
Biotricity employs a direct sales force targeting cardiologists, electrophysiologists, and, through its Biocare line, primary care physicians in the United States. It does not use distributors or license its technology. Scaling the sales force is the primary operational lever and cost center, with the recent shelf offering aiming in part to fund expansion of this network.
Which sectors does Biotricity explicitly avoid?
Biotricity is exclusively focused on remote chronic disease management, specifically cardiac arrhythmia monitoring. The company does not target inpatient hospital monitoring, consumer wellness wearables, or therapeutic interventions such as pacemakers or implantable defibrillators. It has no disclosed activity in diagnostics outside of cardiology.
Does Biotricity operate any investment vehicles or manage outside capital?
No. Biotricity is an operating medical device company trading on the Nasdaq. It does not manage third-party capital, run a venture arm, or maintain a family office structure. All capital deployment is internal and directed toward commercialization, product development, and sales expansion.
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