PSYONIC and the Ability Hand appear on ABC’s Shark Tank
PSYONIC CEO Dr. Aadeel Akhtar and Ability Hand user retired U.S. Army Sgt. Garrett Anderson appeared on the February 23 episode of ABC’s hit television series Shark Tank. The segment ended with Lori Greiner, Daymond John, and Kevin O’Leary offering to split a $1 million investment in the company, which makes bionic hands for people with limb differences and humanoid robots.
WATCH THE PSYONIC EPISODE OF SHARK TANK ON ABC.COM OR HULU.
“Pitching to the sharks was such an exhilarating experience, and to have three of them bite made it all the more exciting,” said Dr. Akhtar, who earned his undergraduate degree at Loyola University Chicago and master’s and PhD at the University of Illinois Urbana-Champaign.
“We were thrilled that Lori, Daymond, and Kevin understood our vision and were ready to get involved. It’s a real validation of our ability to deliver the fastest and most durable bionic hand to the people who need it at an affordable price, while building an exciting cutting-edge company.”
The group of sharks offered $1 million for the equivalent of six percent of the company. However, because the shares would be a combination of common shares and advisory shares, PSYONIC’s valuation would be set at $50 million. This is the same valuation that the company had during its recently completed $3.1 million crowdfunded equity raise on StartEngine. As Dr. Akhtar said on the episode, “We want to protect our valuation. We want to protect our investors.”
The deal and its details are still in progress between Dr. Akhtar and the sharks.
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“I’ve used a lot of prosthetics in my 18 years being an amputee. They’re too heavy. They’re too slow. They’re not functional and not durable. So [the Ability Hand] has really changed my life,” Sgt. Anderson said on the show.
To show off that durability, Sgt. Anderson used his martial arts skills and the Ability Hand to break a board.
During the pitch, Greiner gave a “Wow!” when Dr. Akhtar explained that the Ability Hand is covered by Medicare and most insurance. O’Leary, meanwhile, said “absolutely a fantastic presentation” at the conclusion of the segment.
PSYONIC is a bionic technology company based in San Diego. Leveraging proprietary bionic breakthroughs, PSYONIC’s Ability Hand offers those with limb differences the high-performance solution they deserve. The Ability Hand is the fastest and only multi-touch sensitive bionic hand on the market. With it, users can feel sensation from multiple areas of their bionic fingers when they touch an object. PSYONIC was founded by Dr. Aadeel Akhtar, who was named one of MIT Technology Review’s top 35 Innovators Under 35 and America’s Top 50 Disruptors in Newsweek.
Interested in reserving shares in a possible upcoming fundraising round? Find out more.
NO MONEY OR OTHER CONSIDERATION IS BEING SOLICITED, AND IF SENT IN RESPONSE, WILL NOT BE ACCEPTED. NO OFFER TO BUY THE SECURITIES CAN BE ACCEPTED AND NO PART OF THE PURCHASE PRICE CAN BE RECEIVED UNTIL THE OFFERING STATEMENT IS FILED AND ONLY THROUGH AN INTERMEDIARY’S PLATFORM. AN INDICATION OF INTEREST INVOLVES NO OBLIGATION OR COMMITMENT OF ANY KIND. “RESERVING” SHARES IS SIMPLY AN INDICATION OF INTEREST.
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