Overview
Wicab, Inc. is a pioneering medical device company headquartered in Middleton, Wisconsin, founded in 1998 by Dr. Paul Bach-y-Rita. Specializing in sensory substitution technology, Wicab develops innovative solutions, notably aiding individuals with vision impairment. The company's flagship products include the BrainPort® Vision Pro and the BrainPort® Balance Plus, both designed to enhance user orientation, mobility, and balance.
Leadership Team
William A. Conn, serving as Acting CEO of Wicab, Inc., holds extensive experience in sales and marketing within the medical imaging and ophthalmology markets. Since joining Wicab in 2015, he has driven the company's sales and marketing strategy, achieving a high approval rating of 90%. Other key personnel at Wicab include:
- Julie Popp: Acting Director of Quality and Regulatory Affairs.
- Steve Correll: Senior Hardware Engineer.
- Yuquan Wang: Hi-tech investor and eco-system enabler.
Key Products
- BrainPort® Vision Pro: This second-generation oral electronic vision aid facilitates orientation and mobility for profoundly blind individuals through electro-tactile stimulation.
- BrainPort® Balance Plus: A biofeedback device designed to improve user balance via sensory substitution technology.
Financials and Company Structure
Wicab's estimated annual revenue is $2.1 million, with approximately $162,000 revenue per employee. Currently, the company employs 11-50 employees, with an employee count of 13 reported. Recent reports indicated a -24% decrease in employee count over the last year. The company has successfully raised $7.96 million over four funding rounds, including a $2.4 million equity financing event on April 26, 2016, with backing from notable investors such as Haiyin Capital, Google, and the U.S. Army for FDA clinical trials.
Notable Achievements
- The BrainPort® V100 received FDA clearance, underscoring the product's efficacy and regulatory success.
- The company holds a U.S. patent for innovations in treating impaired motor control or function, showcasing its strength in medical technology research and development.
Competitors
Wicab operates in the competitive healthcare and assistive technology sector. Key competitors include:
- Saad Healthcare: Annual revenue of $54.4 million, with 183 employees.
- Savannah Court: Generates $18 million annually and employs 74 people.
- Assisted Living Locators: Provides senior living care advisory, positioning as a significant player in senior care.
- Other competitors include Infinite Biomedical Technologies, ACI Medical, and Rosellini Scientific Benelux.
Strategic Highlights and Industry Position
Wicab is focused on advancing its product lines and developing new models like the BrainPort V200, which incorporates advanced features such as a redesigned headset. Despite recent declines in staffing, Wicab's proprietary technology and unique market positioning in the sensory substitution device space present competitive advantages and growth potential. Their strategic aim is to enhance product development and marketing efforts to solidify their market presence against larger healthcare corporations.
Collaborations and Regulatory Milestones
The company's significant regulatory achievement, the FDA clearance of the BrainPort® V100, validates their product's credibility, providing a strong foundation for collaborations with healthcare providers and vision care specialists.
Sales Strategy Insights
For prospective partnerships or business development opportunities, highlighting Wicab’s unique technological advancements, regulatory triumphs, and niche market expertise will be instrumental. Cultivating discussions on product innovation may unlock further commercial potential, encouraging strategic partnerships and market expansion.
