Psyonic Shark Tank Update | Shark Tank Season 15 Episode 15

During Season 15 of Shark Tank, Dr. Aadeel Akhtar pitched his revolutionary bionic hand.

Psyonic stands out as the world’s first bionic hand with touch sensation, marking a significant advancement in prosthetics.

Will any of the sharks recognize the potential of this groundbreaking invention and strike a deal?

Or,

What happened to Psyonic after Shark Tank?

Find out the details in our thorough analysis on Psyonic Shark Tank update and pitch recap…

If you’re short on time, here’s a quick overview of What happened to Psyonic on Shark Tank:

Psyonic On Shark Tank

Psyonic Shark Tank Deal

• Business: Bionic Hand
• Entrepreneur: Dr. Aadeel Akhtar
• Asked For: $1 million for 2% equity
• Shark Tank Deal: $1 million for 6% equity
• Shark: Daymond John, Kevin O’Leary, and Lori Greiner

Psyonic Company Info

Psyonic Overview

Psyonic is the first touch-sensing bionic hand, designed to revolutionize prosthetic technology. Driven by his childhood encounter with a young girl missing a leg and using a tree limb as a crutch, Dr. Aadeel Akhtar dedicated his life to improving prosthetic devices.

After years of education, research, and development, he introduced the Ability Hand, a water-resistant, USB-compatible prosthetic with incredible functionality, allowing users to feel sensations and even charge devices.

Psyonic’s innovation sets it apart in the prosthetics market, offering amputees an advanced solution with a real sense of touch. The device has already been adopted by around 100 patients and is gaining momentum, showcasing the potential of innovative startups in this field.

Psyonic Shark Tank Pitch

Dr. Aadeel Akhtar, founder of Psyonic, brought his revolutionary touch-sensing bionic hand, the Ability Hand, to Shark Tank, aiming to secure both funding and strategic partnerships to take his company to the next level.

The groundbreaking prosthetic limb, designed to restore a sense of touch to users, is controlled by muscle movements, and it even offers unique features like water resistance and a built-in USB port that allows users to charge a phone directly through the device.

Dr. Akhtar’s goal is to make life-changing technology accessible to those who need it, from amputees to robotics enthusiasts.

At the start of his pitch, Dr. Akhtar shared the origin of his motivation for Psyonic. He recalled an impactful moment from his childhood when he encountered a young girl who used a tree limb as a crutch, sparking his lifelong commitment to improving prosthetics.

After years of dedication and multiple degrees leading to medical school, he turned his vision into reality, creating the world’s first touch-sensing bionic hand.

To illustrate the Ability Hand’s practical benefits, Dr. Akhtar introduced retired Army Sergeant Garrett Anderson, who lost his arm in Iraq in 2005.

Anderson explained that the Psyonic hand was unlike any other prosthetic device he’d used, noting how traditional prosthetics often felt cumbersome and difficult to control. By contrast, the Ability Hand gave him renewed functionality and comfort.

Impressive Milestones and Manufacturing Costs

Dr. Akhtar presented compelling numbers to the sharks. The Ability Hand retails for $15,500 and costs Psyonic approximately $1,500 to manufacture. He had secured around 100 users, with demand continuing to rise.

Additionally, Psyonic’s bionic hand is FDA-approved and Medicare-covered, adding credibility and accessibility for patients in need. Dr. Akhtar mentioned that the product is primarily sold through social media, and demand has now outpaced supply due to limited production capacity.

To meet this demand, he hoped to scale production from 100 units to 500 annually by the following year and to 1,000 units the year after. Having raised $3.6 million in initial funding, Dr. Akhtar supplemented this with $2.2 million from a crowdfunding campaign and another $2.2 million in grants, indicating strong investor interest and support for his vision.

Sharks’ Reactions On Psyonic Shark Tank Pitch

Dr. Akhtar’s presentation and numbers sparked varied reactions from the sharks. Mark Cuban, while acknowledging the impressive technology, expressed doubts about the scalability and profitability of the business.

He explained that the numbers simply “weren’t adding up” for him. Ultimately, he passed on the opportunity, leaving Dr. Akhtar to seek a partnership with the remaining sharks.

Robert Herjavec echoed Mark’s sentiments, expressing admiration for Dr. Akhtar’s mission but citing similar concerns about Psyonic’s financial projections. While he commended the groundbreaking work Psyonic was doing, Robert decided not to invest, leaving three sharks still in the running.

Sharks’ Offers and Negotiations Begin with Kevin O’Leary

Kevin O’Leary, intrigued by the potential of the Ability Hand, wanted to understand Psyonic’s current sales.

Dr. Akhtar shared that lifetime sales had reached $2 million, with $1 million earned in the previous year and a net profit of $100,000. He projected ending the year with another $2 million in revenue.

Satisfied with this information, Kevin made an initial offer of $1 million for 10% equity. Dr. Akhtar, however, responded immediately that 10% equity was too high, emphasizing his need to protect existing investors’ valuations.

The firm response demonstrated Dr. Akhtar’s confidence and strategic approach to negotiations, indicating he wasn’t willing to sacrifice too much equity even for substantial investment.

Lori Greiner and Daymond John Enter the Negotiation

With Kevin’s offer still on the table, Lori Greiner and Daymond John recognized an opportunity. Lori expressed her interest in Psyonic’s mission and, alongside Daymond, offered $1 million for 6% equity.

This proposal gave Dr. Akhtar a lower equity ask, but he was concerned about maintaining his company’s valuation and countered with $1 million for 2% equity plus 2% advisory shares.

The sharks pushed back, explaining that their combined 6% stake would also be non-dilutable, securing their investment value even as the company grew. Dr. Akhtar stood by his original counter, attempting to protect the valuation further.

Psyonic Shark Tank Deal

After a few rounds of negotiation, Lori and Daymond adjusted their offer to $1 million for 5% equity. Kevin then matched this offer, creating a more competitive environment.

Sensing the importance of having three experienced sharks on board, Kevin eventually suggested a collaborative offer with Lori and Daymond, proposing $1 million for a combined 7.5% equity.

However, in a final move to close the deal, Kevin revised the offer to $1 million for 6% equity, meeting Dr. Akhtar halfway.

With three sharks backing the company at a fair equity ask, Dr. Akhtar accepted the deal, walking away with a substantial $1 million investment for 6% equity.

This partnership with Lori, Daymond, and Kevin brings not only financial backing but also vast expertise and industry connections to help scale Psyonic’s operations and reach.

Was it the right decision for Psyonic? Keep reading our in-depth analysis on Psyonic Shark Tank Update to find out what happens following Shark Tank.

Psyonic Shark Tank Update

Based on our in-depth analysis on Psyonic Shark Tank Update, we want to state that following Shark Tank, Psyonic is poised for an exciting phase of growth.

With a $1 million investment from Kevin O’Leary, Lori Greiner, and Daymond John, Dr. Aadeel Akhtar and his team can now focus on scaling production to meet the increasing demand for their innovative bionic hand.

The Ability Hand, which already has FDA approval and Medicare coverage, is seeing a rise in interest, especially through Psyonic’s social media outreach. This expanded production capacity aims to allow the company to meet its goal of producing 500 units in the next year, doubling that number by the following year to ensure more individuals benefit from this life-enhancing technology.

In the meantime, Psyonic’s journey has gained attention on social media, where videos show real users experiencing the hand’s advanced touch-sensing capabilities.

Dr. Akhtar is not only building a customer base but also creating a supportive community of users and advocates for accessible, high-quality prosthetics.

As the company scales with three experienced sharks backing it, the future looks bright for Psyonic in its mission to revolutionize prosthetic technology.

Psyonic Shark Tank Net Worth

At the time of its Shark Tank appearance, Psyonic’s valuation was set at approximately $16.67 million.

Dr. Aadeel Akhtar entered the tank seeking $1 million for 6% equity, aiming to secure resources for expanding production to meet growing demand. With annual sales nearing $2 million and prior successful crowdfunding and grant efforts totaling $7.8 million, Psyonic demonstrated significant traction in the prosthetics market.

With the $1 million investment from Kevin O’Leary, Lori Greiner, and Daymond John for a 6% stake, Psyonic’s growth potential has received a substantial boost.

This partnership and valuation indicate confidence in the company’s mission to bring cutting-edge, touch-sensing bionic hands to a wider audience, positioning Psyonic as a leader in innovative prosthetic technology.

Did Psyonic Get A Deal On Shark Tank?

Yes, Psyonic secured a deal on Shark Tank!

After presenting his innovative bionic hand, Dr. Aadeel Akhtar received an initial offer from Kevin O’Leary, who proposed $1 million for 10% equity. However, Dr. Akhtar was firm on his valuation and aimed to retain more ownership. Lori Greiner and Daymond John then stepped in with a joint offer of $1 million for 6% equity.

In the end, Kevin joined forces with Lori and Daymond, forming a three-shark deal for $1 million in exchange for 6% equity, which was in line with Dr. Akhtar’s target. This collaborative agreement brought not only the investment Dr. Akhtar sought but also the strategic support of three sharks, each offering their expertise to help scale Psyonic’s impact in the prosthetics market.

Impact of Psyonic Bionic Hand on Prosthetics Industry

The Ability Hand is not just another product in the market; it’s a potential life-changer for thousands of amputees. By adding touch sensitivity, Psyonic is making a significant leap in human-computer interaction within prosthetics.

Users can now experience sensations and greater control, giving them a sense of restored normalcy and independence. Psyonic’s developments are drawing attention from healthcare professionals, prosthetic experts, and users alike, setting a new standard for the future of prosthetics.

With further advancements, Psyonic could inspire the next generation of prosthetic devices to integrate even more human-like functionality, contributing to a paradigm shift in healthcare and robotic prosthetics.

Future Outlook For Psyonic Bionic Hand

With a powerful product, a compelling story, and a successful pitch on Shark Tank, Psyonic has all the elements of a company poised for tremendous growth. The endorsement from three sharks will likely boost Psyonic’s credibility, potentially opening doors to partnerships with healthcare institutions, insurance providers, and rehabilitation centers.

In terms of product development, Psyonic’s goals for the future could include additional sensory features, improved motor control, and lighter materials to make the prosthetics even more user-friendly.

As the company grows, they may also look to reduce production costs further, making the Ability Hand more accessible to a wider demographic.

FAQs On Psyonic Hand Shark Tank Update

Conclusion: Psyonic After Shark Tank

From our analysis on Psyonic shark tank update, we want to state that Dr. Aadeel Akhtar’s Psyonic journey is an inspiring testament to the power of innovation in changing lives.

From a childhood encounter that sparked a lifelong mission to securing a landmark deal on Shark Tank, Psyonic represents the impact one visionary company can have on a global scale.

With Lori, Daymond, and Kevin on board, Psyonic has the potential to expand its influence, improve its technology, and redefine what’s possible in prosthetics.

While it’s early to measure the full impact of the Shark Tank deal, the support from three savvy investors sets a strong foundation for success.

As Psyonic continues to evolve, it promises to play a pivotal role in bringing touch-sensitive prosthetics to those who need it most, creating a brighter and more capable future for amputees worldwide.

Stay tuned for more updates on Psyonic bionic hand because we will come up with the latest news and updates as soon as we get a hint.

In the meantime, you can check out more Company Updates on Shark Tank Season 15 Episode 15 by clicking on the links below:

• Coldest Update After Shark Tank
• Dogue Update After Shark Tank
• Cup-A-Bug After Shark Tank Update

Before you go, make sure to visit our Season 15 Company Updates Page, All Company Updates Page and Shark Tank All Products Page for more information on various companies and products featured in the Show.

At the same time, you can FOLLOW our blog to get the latest updates on businesses featured in Shark Tank Show. And, if you have any questions, you can send us message at your convenience.

Lastly, you can check out more Company Updates for the businesses featured in Shark Tank Season 14 by visiting our Season 14 Company Updates Page.