Kevin O'Leary, Daymond John And Lori Greiner Back $50 Million Bionic Hand Company But Not Before Retail Invested $3.1 Million

In the high-stakes arena of ABC’s “Shark Tank,” PSYONIC Inc., a pioneering bionic technology company, made a splash that resonated beyond the confines of the television screen. 

Aadeel Akhtar, the CEO and visionary force behind PSYONIC, and retired U.S. Army Sgt. Garrett Anderson, who uses the company’s groundbreaking Ability Hand, presented their innovative product to the show's seasoned investors, known as “sharks,” on the Feb. 23 episode. The episode was a momentous occasion, not only for the entrepreneurs but for the advancement of bionic technology and its accessibility to people with limb differences.

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The pitch culminated in a rare and compelling offer from three sharks: Lori Greiner, Daymond John and Kevin O’Leary. They proposed a collective investment of $1 million in PSYONIC, a testament to their belief in the company’s mission and the potential of its technology. 

Unlike most companies that hit the big screen, PSYONIC had some people in the audience watching for more than just entertainment. Thousands of everyday investors claimed a stake in PSYONIC from the company's latest equity crowdfunding round on StartEngine. O'Leary, the face of the crowdfunding platform, encourages these raises while Cuban stated in the episode he isn't a fan.

While in the "Shark Tank," the sharks took the equivalent of 6% of the company, maintaining PSYONIC’s valuation at $50 million because some advisory shares were thrown into the mix. This valuation mirrored the figure established during the company’s recent $3.1 million crowdfunded equity raise on StartEngine, underscoring Akhtar’s commitment to safeguarding the company’s valuation and its investors.

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Akhtar’s journey from Loyola University Chicago to earning his master's and Ph.D. at the University of Illinois Urbana-Champaign, culminating in his leadership of PSYONIC, is a narrative of perseverance, innovation and the drive to make a significant impact. PSYONIC’s Ability Hand stands out in the market for its speed, multitouch sensitivity and durability, offering a level of functionality that significantly enhances the quality of life for its users.

Sgt. Anderson’s testimony on the show, highlighting his 18 years as an amputee and the transformative impact of the Ability Hand on his life, was a powerful endorsement of the technology. His demonstration of the hand’s durability through a martial arts board-breaking exercise captivated the audience and the sharks alike.

The episode also spotlighted the Ability Hand’s coverage by Medicare and most insurance, a significant achievement that broadens access to this advanced technology for many who need it. The positive reactions from the sharks, with O'Leary commending the presentation as “absolutely fantastic,” reflected the widespread recognition of PSYONIC’s potential to disrupt the field of prosthetics.

Founded in San Diego, PSYONIC is at the forefront of bionic innovation, with the Ability Hand embodying the company’s commitment to delivering high-performance solutions to those with limb differences. Akhtar’s accolades, including being named one of MIT Technology Review's top 35 Innovators Under 35 and one of America's Top 50 Disruptors in Newsweek, are a testament to his pioneering work and the transformative potential of PSYONIC’s technologies.

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