Dr. Aadeel Akhtar pitched his bionic hand during
If you’re short on time, here’s a quick overview of what happened to Psyonic after
Dr. Aadeel Akhtar appeared on
| Shark: | Result: |
| Kevin O’Leary, Lori Greiner, Daymond John | $1 million for 6% equity |
| Mark Cuban | No offer |
| Robert Herjavec | No offer |
- Entrepreneurs: Dr. Aadeel Akhtar
- Business:Bionic hand
- Ask:$1 million for 2% equity
- Result:$1 million for 6% equity
- Shark:Daymond John, Kevin O’Leary, and Lori Greiner
Dr. Aadeel Akhtar is in the business of creating advanced bionic limbs for both humans, and robots. His business, Psyonic, has made an award-winning touch-sensing bionic hand.
He explains that when he was just 7 years old, he encountered a girl his age who was missing a leg. She was using a tree limb as a crutch, and that’s when he became inspired to help those who needed a limb.
The bionic hand is controlled through the user’s muscles. Additionally, it’s water-resistant and has its own USB, so you can recharge your phone on it if you’d like.
For his pitch, Akhtar brought along retired army sergeant, Garrett Anderson, who lost his arm in Iraq back in 2005. He says the bionic hand is the best prosthetic device he’s ever used, especially because most are too heavy or just don’t work well.
Akhtar reveals that he has several degrees, eventually leading to medical school, where he began 3D printing prosthetic hands. He then went on to raise $3.6 million in funds for his company.
He then raised another $2.2 million through a crowdfunding campaign. Additionally, he raised $2.2 million in grants.
In terms of cost, it retails for $15,500 and the Psyonic hand is mostly sold through social media. It costs the company $1,500 to make the product.
The hand is also an FDA-approved product and has also been approved for Medicare. With about 100 patients using it, the problem is now with inventory.
According to Akhtar, there is more demand than they can keep up with. By next year, he would like to be able to make 500 hands a year, and 1,000 hands the following year.
Mark Cuban says that the numbers aren’t adding up for him. For this reason, he’s out.
Robert Herjavec says the mission is incredible, and he wishes Dr. Akhtar all the best. However, he’s also out for a similar reason to Mark.
Kevin O’Leary chimes in to ask about overall sales.
Dr. Akhtar says that lifetime sales are about $2 million. In the previous year, his sales were $1 million, and he profited $100,000.
In the year of filming, he’s projecting to finish with $2 million in sales.
Kevin offers $1 million but he wants 10% equity in the company. Dr. Akhtar quickly says that’s too much equity, and asks if there are any other offers.
Lori Greiner speaks up and says that she and Daymond John are interested. Together, they offer $1 million for 6% equity.
However, Dr. Akhtar says he needs to protect his valuation because of his other investors. He counters $1 million for 2% equity, plus 2% advisory shares.
The sharks say no, and insist that their 6% stake would also not be dilutable. Dr. Akhtar sticks with his previous counter.
Lori and Daymond counter back with $1 million for 5% equity, and just then, Kevin matches their offer. After a few moments, Kevin then joins Lori and Daymond, for a 3 shark deal.
The new terms are $1 million, for 7.5% equity, until Kevin lowers it to 6% equity. With that, Dr. Akhtar agrees to the deal and walks away with a promise of $1 million for 6% equity and 3 sharks.
Was it the right decision? Keep reading our Psyonic update to find out what happens following
In terms of a Psyonic update, it is a little bit too soon to know how things have turned out. However, we’re betting that with time, this company will continue to make a big impact, especially since Dr. Akhtar has 3 sharks on his side now.
There are some pretty compelling videos on the company’s Instagram, showing people using the hand. You can learn even more about the Psyonic hand, and sign up for one if you’re interested, through the Psyonic website.
Once the dust settles, we will circle back for a more detailed Psyonic update and see what Dr. Akhtar and the shares are up to.
In the meantime, feel free to check out our other company updates from Season 15, Episode 15 below.
- Dogue Update
- Cup-A-Bug Update
- Coldest Update
For even more on companies and products, be sure to stop by our Season 15 Products Page before you go!
Andrew Smith
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Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!
