Psyonic Net Worth Shark Tank Update

Life is unpredictable, and accidents can happen at any time. Sometimes, even when people survive serious accidents, they may still suffer severe injuries, such as the loss of a hand. Losing a hand can leave a person with a permanent disability, impacting daily tasks and activities. Many people in this situation rely on prosthetic hands, but these devices often don’t fully restore their abilities, leaving them with limited functionality and challenges in daily life.

Dr. Aadeel Akhtar, the owner of Psyonic, The Ability hand is the fastest bionic hand which provides the first touch feedback mechanism. It is also water resistant and USC-C rechargeable, which allows humans to charge their mobile phones through their hands. The hand also allows to even break things and can also be used by robots.

The owner came on Shark Tank to request $1M in exchange for 2% in his company. The owner also brought with him Sergeant Anderson as a model to show the benefit of using the Psyonic hand. Let’s see if he got the deal or not.

Psyonic Net Worth Shark Tank Update

Dr. Aadeel was looking for an investment of $1M in exchange for 2% equity in Psyonic. At the time of the episode, he valued his company at $50 million. Dr. Aadeel successfully secured a deal with Kevin, Lori, and Daymond for an investment of $1M for 6% equity in the company. The investment adjusted the company’s net worth to around $16.67 million. After the show aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of Psyonic in 2024 is around $65.07 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary + Lori Greiner + John Daymond	$1M for 2% equity	$1M for 6% equity	Yes
Mark Cuban	Out	N\A	N\A
Robert Herjavec	Out	N\A	N\A

The Owner’s Backstory

Dr. Adeel related that when he was seven years old, he met a girl of the same age in Pakistan who was missing a limb. She was using a tree branch for support. This inspired him to create the Ability Hand.

He has a biology degree from Loyola University Chicago. He has done double masters, first in computer science and the other in computer and electrical engineering. He is also a PhD in neuroscience.

During graduation he started to 3-D print the hands, and after his PhD, he left the medical field to properly start working on it. The rest is history. 

Initial Pitch

The owner came on the show to seek $1M for a 2% equity stake. His product is a bionic hand that can be used both by amputated men and robots to work on their daily chores. The product is rechargeable and it is also water-resistant.

Queries about the Product

Lori asked the first question regarding the amount he raised so far. Aadeel highlighted that so far, he has raised $3.6M and he is in the process of a StartEngine crowdfunding campaign where about $2.2M has been raised.

Daymond asked about his raised amount in total and his valuation on that. The owner pointed out that he has raised a total of $1.4M at about $12M valuation. The other $2.2M was raised on StartEngine with a $50M valuation.

Cuban then inquired about the duration for collecting that amount. He replied that it had taken him a year to collect that amount. Moreover, he has also been getting money from grants, where the company has raised $2.4M. Next year they expect to get another $2.7M from the DoD. He also added that the reason for going to crowdfunding is because half of their sales come from social media.

The product is also an FDA-registered medical device that is covered by Medicare in the US and before the device was launched only 10% of the population were able to afford it.

Kevin asked about the cost of making the product and its selling price. Dr Aadeel replied that it costs him $1800 to make one and it sells for $15,500. He also has 100 patients and the biggest obstacle he is facing right now is his product demands are higher than he can produce them.

Kevin was also curious to know the number of Ability hands he is producing per year. It is about 100 units only per year.

Cuban wanted to know why his company’s capacity was only 100 Psyonic’s a year. The doctor replied that it is just their initial stage and they would produce about 500 of these per year and then it would grow further.

The shark was also concerned regarding why the doctors in the field are not taking over his product. He highlighted that they are taking over it and thus he wants to expend his production capacity. Moreover, to increase his production level up to 1000 per year, he will need an investment of about $5M.

Herjavec inquired about his connections with investors from the medical field. The owner related that such investors don’t want to invest in his product as they opt for either the robotic section or the medical part, not a dual product.

He also added that when he pitched those who were interested in the tech side, they were not willing to invest in human care.

The shark also wanted to know about the working mechanism of the Ability hand. Basically, the prosthetist makes the socket and then they attach his Ability hand to it electronically.

Kevin then asked about his total sales. Aadeel pointed out that his lifetime sales are $2M. His last year’s sales were above $1M and he gained $100K profit from it.

Shark’s Response and Final Decision

Cuban was the first shark to drop the deal as he was confused with his investments and the amount he raised in such a long duration.

Herjavec followed Cuban and dropped the deal too because of the same reasons and he is also skeptical about the money raised.

Kevin offered him $1M for 10% of his company.

Daymond and Lori gave him a combined offer of $1M for a 6% non-dilutable equity stake.

Dr Aadeel then counter-offered the two sharks $1M for 2% equity and an additional 2% advisory shares.

Lori and Daymond revised their offer to $1M for 2% equity and an additional 2% advisory shares but non-dilutable.

They again revised it to $1M for a 5% equity stake.

Kevin after hearing that revised his offer too and pitched the same deal of $1M for 5% in his company.

Afterward, all three sharks partnered up for $1M for 7.5% equity in their company.

Lastly, the three sharks revised again to $1M for a 6% equity stake.

Finally, Dr Aadeel accepted the offer and left the tank with three sharks by his side.

Product’s Availability

Despite an initial campaign on StartEngine that raised $M, the deal with the Sharks, discussed during the pitch, had not yet been finalized by June 2024. In May 2024, Psyonic partnered with EastPoint Prosthetics & Orthotics and Advanced 3D, Inc. to create custom prosthetic sockets for the Ability Hand, aiming to make high-tech bionic limbs more accessible and affordable.

Currently, Psyonic’s valuation is at $65.07M. Psyonic has shared some engaging videos on its Instagram as well, showing users with the Ability Hand in action. Signing up for the prosthetic can be done through the  Psyonic website.

Conclusion

Psyonic has had success in developing the Ability Hand, a highly advanced, functional prosthetic with unique features like touch feedback, water resistance, and even USB-C charging. Despite initial challenges with production capacity and funding, Dr. Aadeel’s pitch on Shark Tank secured him a partnership with Kevin, Lori, and Daymond for $1M in exchange for 6% equity.

With additional support from partners like EastPoint Prosthetics & Orthotics and Advanced 3D, Inc., Psionic is working toward making the Ability Hand more affordable and accessible, and the company’s current valuation is $65.07M.