Psyonic Bionic Hand Net Worth 2024 Update & Their Shark Tank Pitch!

Shark Tank Psyonic Bionic Hand, the world’s first touch-sensing bionic hand founded by Aadeel Akhtar, telecasted Shark Tank USA in 2024 on Season 15. The founder was seeking $1 million for 2% equity. However, they secured a deal with Daymond John, Kevin O’Leary, and Lori Greiner, which was $1 million for 6% equity. In this article, we will explore Psyonic Bionic Hand Net Worth in 2024, its Shark Tank pitch summary, and more.

Psyonic Bionic Hand Net Worth

As of April 2024, Psyonic Bionic Hand‘s estimated net worth is $50 million, and its annual revenue was $1 million in 2023. 

Psyonic Bionic Hand Net Worth Timeline

Shark Tank Psyonic Bionic Hand Update from Season 15 

Psyonic’s flagship product is the Ability Hand. It’s unique because it uses touch sensors at the fingertips. These sensors allow users to feel sensations through vibrations. Dr. Akhtar and his team designed it to be light, strong, and very accurate, which means users can do tasks easily and confidently.

Also, the bionic hand moves when you move your muscles. It can resist water and has its own USB port. That means you can charge your phone with it if you want. Akhtar brought Garrett Anderson, a retired army sergeant who lost his arm in Iraq in 2005, to his presentation.

Andersen liked the bionic arm the most out of all the prosthetics he used because it was light and worked well. Akhtar began his presentation by waving a bionic arm at the sharks. He asked for $1 million for a 2% stake, valuing the company at $50 million.

Akhtar also shared that he has multiple degrees, eventually leading him to medical school, where he began 3D-printing prosthetic hands. He then secured $3.6 million in funds for his company. Later, he raised an additional $2.2 million through a crowdfunding campaign on Start Engine. Additionally, he obtained $1.4 million in grants. 

Daymond John wanted to know the company’s worth when they got the money. Aadeel said they first got $1.4 million, and the company was worth $12 million. Later, they got $2.2 million from Start Engine, and the company was valued at $50 million. 

Mark Cuban wanted more than how long it took to raise money. Dr. Aadeel said they got $2.4 million from state agencies as grants. He hoped to reach $2.7 million more next year. Mark thought the company wasted time on Start Engine because their product and vision could have gotten them more money elsewhere.

The founder said they did a crowdfunding campaign because Psyonic had already raised half the money from selling stuff on social media. The FDA approved their product as a medical device, and Medicare paid for it. 

Kevin O’Leary wanted to know how much it costs to make a limb and how many people liked it. Each limb sells for $15,500, and Psyonic mostly sells them through social media. It costs the company $1,500 to make each one. They sell about 100 limbs a year, but the problem is they can’t make enough to meet the demand. However, Dr. Aadeel said they plan to make more products. 

Mark asked how much money they needed to make 1,000 limbs a year. The founder said they’d need about $5 million to do that. He also wanted to know what feedback the company got from investors who didn’t invest. Dr. Aadeel said investors were interested in either the robotic or human parts. Also, he mentioned many healthcare investors wanted to avoid investing in the human part.

Robert asked how the bionic hand is attached to the limb because it affects the patient’s experience. Dr. Aadeel said the hand is detached from the socket, which the clinician makes. He added that the company only makes the hands.

Kevin wanted to know about sales numbers. Dr. Aadeel said the company made $2 million in total sales. Last year, they sold over $1 million worth of Ability Hands. This year, they expect to make $2 million in sales. Last year’s sales gave Psyonic a profit of $100,000.

However, Mark was frustrated because he didn’t believe Dr. Aadeel explained why healthcare investors didn’t invest. So, he decided not to join Psyonic. Robert Herjavec thought Dr. Akhtar’s mission was amazing and wished him luck. But he was also out for a similar reason as Mark.

Kevin liked the numbers but wanted a more significant share of the company, asking for 10% ownership for $1 million. Dr. Aadeel hesitated because he thought it might mean giving away too much of the company.

Lori and Daymond offered $1 million for 6% of the company to prevent future dilution of ownership. Dr. Aadeel countered $1 million for 2% of equity and 2% of advisory shares. Kevin explained how offering preference shares could protect ownership, but Dr. Aadeel did not believe it.

Daymond then offered $1 million for 5% of the company’s shares, split between himself and Lori. Kevin agreed to the valuation. Then, Dr. Aadeel asked if Kevin could join Lori and Daymond. After a while, Kevin decided to join Lori and Daymond, making it a deal with three sharks. 

However, the new offer is $1 million for 7.5% of the company, but Kevin later agreed to lower it to 6%. Dr. Akhtar accepted the deal, securing $1 million for 6% equity and the support of three sharks.

What Happened to Psyonic Bionic Hand after Shark Tank?

As of April 2024, the Psyonic Bionic Hand is still in business. It’s not as expensive as other bionic limbs. Dr. Akhtar said there is more demand than they can handle. If they get enough funds on time, the product could be a hit worldwide. However, He wanted to make 500 hands next year and 1,000 the year after.

But it can be early to learn how Psyonic is doing now. However, since Dr. Akhtar has three sharks backing him, it could significantly impact the industry. The videos on the company’s Instagram show people using their hands. Also, you can learn more and sign up for one on the Psyonic website.

Psyonic Bionic Hand Founder

Dr. Aadeel Akhtar is the founder of Psyonic Bionic Hand. According to his LinkedIn profile, The device was started in 2015. 

He got the idea for his business when he was just seven years old. While visiting Pakistan, he saw a girl his age who had lost a leg. She lived in poverty in Pakistan and used a tree branch as a crutch. Her struggle inspired him to create the Ability Hand. At that moment, she inspired him to create advanced bionic limbs for both humans and robots.

Dr. Aadeel Akhtar earned his bachelor’s degree in biology from Loyola University Chicago. He then pursued a master’s in computer science, followed by another master’s in computer and electrical engineering. After completing his PhD in neuroscience, he left medical school to focus on developing the Ability Hand. However, he started working on 3D printing soon after graduating.

Psyonic Bionic Hand Achievements and Awards

Conclusion

Shark Tank is a TV show showcasing different business ideas, helping them succeed. Psyonic Bionic Hand was one of the ventures featured on the show. They made a deal with Daymond John, Kevin O’Leary, and Lori Greiner, showing that success is possible with the right idea and execution. Now, we eagerly await to see how their success story unfolds in the future.

Before you leave, check out the other company updates in Season 15, Episode 15. 

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