PSYONIC Bionic Hand Update 2024 | Shark Tank Season 15
Dr. Aadeel Akhtar came out with a potentially game changing innovation, the world’s first touch-sensing bionic hand called PSYONIC. A huge milestone in the world of prosthetics. Would he able to score a deal with the sharks? Find the pitch data in our PSYONIC update 2024.
Here’s a quick overview of what exactly happened to PSYONIC Bionic Hand after Shark Tank in 2024!
In the season 15 of Shark Tank, Dr. Aadeel Akhtar scored a deal with 3 sharks, Kevin O’Leary, Lori Greiner and Daymond John, all coming together to offer $1 million for 6% equity. In our PSYONIC update, you will find out the data of how the company is doing after their Shark Tank Season 15 pitch.
| Shark: | Deal: |
| Kevin O’Leary, Lori Greiner, Daymond John | Accepted deal of $1 million for 6% stake. |
| Mark Cuban | No offer |
| Robert Herjavec | No offer |
- Entrepreneur: Dr Aadeel Akhtar
- Company: PSYONIC Bionic Hand
- Ask: $1 million for 2% stake
- Deal: $1 million for 6% stake
- Shark: Lori Greiner, Kevin O’Leary, Daymond John
PSYONIC founder Dr. Aadeel Akhtar, coming from the business of advanced bionic limbs accessible for both humans and robots. Psyonic, created an award winning, innovative, touch-sensing bionic hand.
When he was 7 years old, he visited Pakistan where he met a girl of the same age that was missing a limb. She was using a tree branch as a crutch for support and that’s what inspired him to help people.
PSYONIC bionic hand is the fastest bionic hand on the market that can be controlled with muscles. Moreover, it’s water-resistant and is USB rechargeable, you can even recharge your phone using the PSYONIC bionic hand.
In the pitch, Dr. Aadeel Akhtar brought retired army sergeant, Garrett Anderson to demonstrate the product. Garrett Anderson, who lost his limb in Iraq, could hold and feel his daughter’s hand again using the PSYONIC bionic hand, something, other prosthetics couldn’t do.
Akhtar, holding double Masters in Computer Science and Electrical Engineering, PhD in Neuroscience, explains that when he was in graduate school, he started 3D printing prosthetic hands and left medical school for it because this was more interesting.
He reveals he has raised $3.6 million in funds so far. Akhtar first raised $1.4 million and then went on to raise $2.2 million more on StartEngine, a crowdfunding platform.
When it comes to cost, it currently retails for $15,500 for the PSYONIC bionic hand and it only costs the company $1,800 to make the product. He also mentions half of the sales currently come from social media.
Akhtar mentions the PSYONIC bionic hand is also FDA-approved and is also approved for Medicare. He faces a problem with demand. According to Akhtar, he is only able to produce 100 bionic hands a year, hoping to produce 500 a year by next year.
Mark Cuban asks how much money would he require to be able to produce at least a 1000 units a year, to which Dr. Aadeel Akhtar replies 5 million from this round.
Mark Cuban says he couldn’t understand why he wouldn’t pitch the idea to investors specializing in Healthcare or Robotics. He then says if he would have been upfront and been like I just need $5 million and we will dominate the industry, he would have negotiated. but him being like he is just trying to save lives didn’t add up to him and for this reason, he’s out.
Robert Herjavec respects and supports the idea and is very bullish on this space but the business is still too complex and skeptical for his knowledge and for those reasons, he was out as well.
Mr. Wonderful, Kevin O’Leary asks the total sales of the company.
Dr. Akhtar says that lifetime sales are $2 million dollars, Last year, his sales were around $1 million and he made $100,000 from it as profit. In 2024, he expects to do at least $2 million in sales.
Kevin wants more equity, so he offers $1 million for 10% equity in the company. Dr. Akhtar replies that’s just too much equity and asks whether there are any other offers.
Lori Greiner says she believe in him and in his company and is partnering up with Daymond John. Together, they offered $1 million for 6% equity. However, Dr. Akhtar protects his company equity because he has other investors as well.
He counters $1 million for 2% equity and additionally, 1% advisory share for each shark. Totaling, $1 million for 2% equity and 2% advisory shares. However, the sharks refuse and further insists the 6% stake would also not be dilutable, which means preference shares. Dr. Akhtar sticks to his previous offer.
Lori Greiner and Daymond John counter with $1 million for 5% equity and immediately, Kevin matches the offer. Dr. Akhtar asks if Kevin O’Leary would join Lori Greiner and Daymond John in a Triple Shark Deal.
Daymond John asks for 2.5% equity each, making the new terms as $1 million for 7.5% equity, until Kevin says he is fine with 6% equity as there is more symmetry to that. Lori and Daymond, agrees.
With that, Dr. Aadeel Akhtar finally agrees to the deal and secures $1 million for 6% equity in a Triple Shark Deal.
Was the company successful after their pitch on Shark Tank Season 15? Stay tuned for our data on PSYONIC update 2024 and find out what happened to the company following Shark Tank.
Following PSYONIC shark tank pitch, the company managed to close their crowdfunding campaign on StartEngine, raising over $3.1 million.
Being on upward trajectory following its appearance on Shark Tank, the company achieved $1.5 million in sales in 2023, $560,000 in sales in Q4 2023 alone.
PSYONIC 2024 Net worth is $65.07 million based on its valuation on StartEngine. It is projected the valuation will only increase further.
The company has also since collaborated with notable companies like NASA, Meta, Apptronik, Hexagon and Figure AI and other leading brain-machine interface companies.
If you’re interested in learning more about the PSYONIC update, find more information on the PSYONIC website.
