PSYONIC Update | Shark Tank Season 15
PSYONIC founder Dr. Aadeel Akhtar and Ability Hand user retired U.S. Army Sgt. Garrett Anderson appeared in Shark Tank Season 15. PSYONIC’s Ability Hand is the first-ever touch-detecting bionic hand in the field of prosthetics.
In the tank, Dr. Aadeel was seeking $1 million for 2% equity. The Sharks applauded the incredible invention. However, a few of them were skeptical about the company’s production capacity.
Will PSYONIC secure a deal, and what’s changed after its appearance on Shark Tank? Let’s figure it out in this PSYONIC update!
If you’re in a hurry and don’t have time to read the whole story, here’s a brief overview of what happened to PSYONIC in Shark Tank!
PSYONIC founder Dr. Aadeel Akhtar appeared in Shark Tank and secured a combined deal from Daymond John, Kevin O’Leary, and Lori Greiner. Aadeel got $1 million for 6% equity in his company. In terms of Psyonic update, people interested in this product can fill out a form on the company’s official website.
| Company Name | PSYONIC |
|---|---|
| Founders | Dr. Aadeel Akhtar |
| Founded | 2021 |
| Product | Bionic hand |
| Ask | $1 million for 2% equity |
| Deal | $1 million for 6% equity |
| Sharks | Lori Greiner, Kevin O’Leary, Daymond John |
About the Company
While visiting his family in Pakistan, 7-year-old Aadeel’s life took an extraordinary turn. He met a girl his age who had lost a leg and was using a tree branch as a prop.
After realizing that a similar level of healthcare was not accessible to everyone, Aadeel became motivated to assist those in need of a limb.
The educational background of Dr. Aadeel Akhtar is quite impressive. He studied at Loyola University of Chicago and pursued both a B.S. in biology and an M.S. in Computer Science from there. Then, he went to the University of Illinois and pursued both an M.S. in Electrical & Computer Engineering and a Ph.D. in Neuroscience.
In 2015, while he was a student at the University of Illinois, Dr. Aadeel Akhtar established PSYONIC.
The most significant product of PSYONIC is the Ability Hand, an advanced prosthetic hand. This multi-articulated Ability Hand weighs only 490 grams, which is 20% lighter than the typical human hand.
The fingers are equipped for flexing, expanding and rotating to give 32 unique configurable patterns of grip.
The touch-sensing feedback technique of Ability Hand is its standout feature. This touch input gives great control and responsiveness to users.
The user can control the bionic hand through their muscles. Furthermore, it’s resistant to water and has its own USB, so you can even recharge your phone from your hand.
The Ability Hand has been intended for compatibility, speed, and durability. It has a closing speed of only 200 milliseconds, making it the fastest bionic hand accessible in the market.
The bionic limb can be utilized perfectly with the majority of reliable prosthetic devices. The innovative technology of PSYONIC has procured a patent. The hand is additionally a Medicare-approved product.
The PSYONIC hand retails for $15,500, while the making cost of it is $1800. The majority of these hands are sold through social media. The estimated net worth of PSYONIC is $2.5 million.
Apart from prosthetics, Ability Hand is also being used on Robots at major tech companies and even on missions into space.
A useful form is available on the company’s official website, assisting people to look for information and order placement.
PSYONIC Shark Tank Pitch
Dr. Aadeel Akhtar pitched on Shark Tank and demanded $1 million for 2% equity in PSYONIC.
Akhtar was accompanied by Garrett Anderson, a former army sergeant who had lost his arm.
Anderson, a user of Ability Hand, said, “This bionic hand has really changed my life” as it is lightweight, properly functional, and the best among all.
Akhtar revealed that after completing multiple degrees, he focused on creating prosthetic hands.
He then raised $3.6 million for his organization. Further, he raised $2.2 million through crowdfunding and an additional $2.2 million from grants.
With over 100 patients utilizing PSYONIC hands, the issue is presently with stock. Akhtar said the demand was greater than what they could produce.
Aadeel stated that by the following year, he would like to make 500 hands per year and 1,000 hands the next year.
Mark Cuban said, “This just doesn’t add up” and he goes out. Similarly, Robert Harjavec also decided not to invest in this startup.
Kevin O’Leary then inquired about the overall sales.
The founder said that PSYONIC’s lifetime sales are worth $2 million. In the previous year, sales were $1 million, and he earned $100,000 as profit. He’s expecting to make $2 million in sales by the end of this year.
Kevin O’Leary offered $1 million for 10% equity. Dr. Akhtar quickly responded that the equity was too much and inquired whether there were any other offers.
Daymond John and Lori Greiner gave a combined offer of $1 million for 6% equity.
In order to protect the company valuation for his other investors, Dr. Akhtar countered $1 million for 2% equity with 2% advisory shares.
The sharks disagreed and demanded that a 6% stake would likewise not be dilutable. Dr. Akhtar held on to his past counter.
Lori and Daymond then revised their offer to $1 million for 5% equity. At that point, Kevin matched their offer.
Dr. Aadeel requested Kevin to join Daymond and Lori because he wanted the expertise of three sharks to grow the company.
Daymond offered $1 million for 7.5% equity, but Kevin reduced it to 6%. Dr. Akhtar finally agreed and bagged a great deal of $1 million for 6% equity with three experienced entrepreneurs.
More Shark Tank Pitches from Season 15:
PSYONIC Update Shark Tank Season 15
Ability Hand is likewise required for research in robotics. A few of the top research institutes utilizing the Ability Hand on their robots are Meta, NASA, the University of Illinois, Sanctuary Al, etc.
As the creative mind behind PSYONIC, in 2016, Dr. Aadeel Akhtar was featured in Forbes 30 Under 30 in Healthcare. Following that, PSYONIC earned the mHub “Product of the Year award in 2020”. In 2021, Dr. Aadeel was recognized as one of the top 35 Innovators Under 35 by MIT Technology.
PSYONIC has gained immense popularity after its appearance on the Shark Tank. It helped PSYONIC to reach a larger audience and generate awareness about its futuristic bionic hand.
As of February 2024, PSYONIC has invited interested people to fill out a form on the company’s official website. We are hoping that Dr. Aadeel will establish PSYONIC as a leading brand in the prosthetics market.
Conclusion
The unique traits of PSYONIC impressed the judges, and Lori Greiner, Kevin O’Leary, and Daymond John invested in it. As of now, Dr. Aadeel has the support of three experienced sharks, and we’re hoping that Psyonic will revolutionize the prosthetics market. As of February 2024, the company invited interested people to register on their website.
