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UK - South
Date Rated:
Valuation (Pre Money):
Industry: Technology
Location: UK - South
Platform: Crowdcube
£150,000 Expansion
Valuation: £1,000,000
Date Rated: 28/09/17



Tax Status: SEIS

Business Summary

BioTeq sells NFC and RFID chips for human implantation with kits for either DIY installation or by a trained Doctor and a selection of development tools. Applications for the technology are also under development. These funds will be used for marketing, product development and to expand the team.

Financial Overview




There is insufficient information available to provide a financial overview



The team lacks an experienced marketer and there is little information to support their ability to develop secure applications for this technology.
Despite the lack of experience directly related to the product, the CEO has a long history of involvement with many small businesses, mostly in the media, and runs an incubator.
All team members have other ongoing commitments that are likely to require a significant amount of their time. BioTeq is in its infancy and the amount invested by the Founders themselves is unclear.
The market for implanted NFC/RFID tags is incredibly young and unproven, limited mainly to bio-hackers and transhumanists. While potentially very exciting, the sector is currently limited to proof-of-concept.
BioTeq hasn't been trading long so hasn't generated any testimonials yet. The chips and implant kits are a start but applications will be crucial to build demand.
Chips and sterile injectors are available in bulk from China, and skilled/adventurous body piercers have been offering this service for years (at a lower cost).
There is insufficient information available to fairly rate this aspect of the business


Human microchipping is based on sound and well established principles, having been performed by some of society's more adventurous elements for many years. Indeed, it is possible to walk into many body piercing shops and have an identical chip injected, and at a fraction of the cost that BioTeq is charging.

The technology is exactly the same as found in any number of key fobs, telephones and smart tags (not to mention cats and dogs), implanting just removes the need to carry a fob around. That convenience, though, may not be enough to convince a wide enough swathe of consumers to undergo implantation, with various health, security, practical, political and even religious concerns - not all of which are necessarily well founded, so customer education will be a crucial aspect of the success of this business.

With those concerns addressed the value proposition of implantation vs. carrying a fob must be promoted. NFC/RFID locks have been available for some time now but few consumers have seen the value in switching (though when the change is forced on them, eg by employers or car manufacturers, the value becomes clear). Unfortunately, this errs on the side of being a solution to a problem no-one has. In time, widespread development and adoption of the applications for this technology may create more demand.

Essentially BioTeq risk being too early into an unproven market and will have to bear the brunt of consumer education. Probably one to watch for now.

Note: We have not received a business plan from BioTeq and therefore this rating is based on the information available within the Crowdcube pitch.

Related Links

Crowdcube Pitch


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