PSYONIC on 'Shark Tank': Cost and how to buy world’s first touch-sensing bionic hand
SAN Diego, CALIFORNIA: This Friday, two former University of Illinois graduate students will participate in 'Shark Tank', the show that allows entrepreneurs to pitch their ideas and enterprises to tycoons.
PSYONIC CEO and founder Dr Aadeel Akhtar and retired Army Sgt Garrett Anderson are scheduled to participate in the show, which will premiere on February 23, at 8 pm ET.
While they couldn't reveal the conclusion before the debut, they can confirm "it was both nerve-racking and exhilarating at the same time," as Dr Akhtar described it.
Regarding his 'Shark Tank' experience, Dr Akhtar stated, "It was kind of intense, the back and forth between the sharks. And I watched a ton of episodes prior to this just in preparation for it, but you never know what they’re going to ask."
What is PSYONIC from 'Shark Tank' Season 15?
In the field of medical technology, innovation frequently results in major changes in people's lives. Dr Akhtar, the visionary founder of PSYONIC, is a trailblazer in this industry, spearheading a revolutionary attempt to make complex technologies more accessible and intuitive.
PSYONIC, an Illinois-based business, has made headlines with its novel approach to bionic limbs. Their main device, the Ability Hand, is more than simply a prosthesis; it is a game changer.
This high-tech marvel, which is set to go countrywide, has the potential to completely change the landscape of prosthetic technology.
What distinguishes the Ability Hand is its innovative use of multi-touch feedback sensors integrated into the fingers. This function enables users to "feel" feelings via vibrations, providing a level of sensory input previously unknown in bionic prostheses.
Dr Akhtar and his colleagues built the hand to be lightweight, durable, and extremely precise, allowing users to complete activities with ease and confidence.
The process of designing the Ability Hand has been nothing short of extraordinary. Dr Akhtar's motivation comes from personal experiences, including interactions with people with limb differences in the United States and overseas.
These events motivated his desire to develop prosthetic solutions that not only restore functioning but also improve quality of life.
PSYONIC has worked carefully to guarantee that the Ability Hand is not just a scientific marvel, but also a cost-effective choice for individuals in need. By adopting cost-effective materials and manufacturing procedures, they were able to reduce the price point to the point where it is covered by Medicaid, thus widening access to this life-changing device.
PSYONIC has garnered several honors and recognition, demonstrating the effect of their work. Dr Akhtar's recent Innovation Award from the Illinois Network, as well as his inclusion on MIT Technology Review's top list of Innovators Under 35, demonstrate the importance of his contributions.
A Look at Dr Aadeel Akhtar from 'Shark Tank' Season 15
Dr Akhtar first saw someone with a limb discrepancy when he was seven years old. She was his age, living in squalor in Pakistan, and had lost her right leg.
At the time, he was puzzled at how people could share the same ethnic ancestry but have such disparate life experiences. As he became older, he recognized it was due to a lack of finances.
As a result, he started and currently serves as CEO of PSYONIC, a business dedicated to developing superior prostheses that are accessible to everyone.
Dr Akhtar did his PhD in Neuroscience and MS in Electrical and Computer Engineering from the University of Illinois at Urbana-Champaign. Further, he earned a BS in Biology in 2007 and an MS in Computer Science in 2008 from Loyola University, Chicago.
His research focuses on motor control and sensory feedback for upper limb prostheses, and he collaborates with the Bretl Research Group at Illinois, the Center for Bionic Medicine at the Shirley Ryan AbilityLab, the John Rogers Research Group at Northwestern University, and the Range of Motion Project in Guatemala and Ecuador.
In 2021, he was named one of the top 35 innovators under 35 by MIT Technology Review and one of America's top 50 disruptors by Newsweek.
What is the cost of PSYONIC's Ability Hand?
Driven by a passion for accessibility, PSYONIC has worked diligently to guarantee that the Ability Hand is not just a technological marvel, but also an inexpensive solution for people in need.
By adopting cost-effective materials and manufacturing procedures, they were able to reduce the price point to the point where it is covered by Medicaid, thus widening access to this life-changing device.
The cost ranges between $10,000 and $20,000.
Where is PSYONIC from 'Shark Tank' now?
Dr Akhtar stated that PSYONIC had raised $1 million through a crowdfunding campaign when he received a call from the show's producer asking if they wanted to audition.
They were first apprehensive since their product was not a "typical direct-to-customer device," he explained. However, he realized that it was an excellent chance to highlight their efforts on a national level.
He tested the product before it hit the market and was the first user in the United States.
Dr Akhtar stated that they are attempting to directly connect the hand with users' bones and nerves to enable individual finger control, allowing users to do things such as type on a computer or play the piano. They plan to start clinical studies within the next year or two.
Looking ahead, Dr Akhtar envisions a future in which PSYONIC technology crosses boundaries and reaches people in underprivileged areas all around the world. With aspirations to grow worldwide and create additional prosthetic solutions, such as a bionic limb, PSYONIC is set to continue pushing the frontiers of what is possible in the prosthetics industry.
In essence, PSYONIC's narrative is one of invention, compassion, and the never-ending quest for perfection. They are not just challenging people's lives with their pioneering work; they are also encouraging them to accept new possibilities and experience the world in ways they never imagined imaginable.
As they begin the statewide deployment of the Ability Hand, one thing is certain: the future of prosthetics is here, and it is in the skilled hands of Dr Akhtar and the imaginative team at PSYONIC.
Who will steal the deal in 'Shark Tank' Season 15?
We're guessing no deal gets done here. This is one of those pitches in which the entrepreneur showcases the uniqueness of their product.
The startup has raised more than $6 million, including $3,135,107.83 through StartEngine. If a Shark invests on air, the transaction may never close.
'Shark Tank' Season 15, Episode 15, airs on ABC on Friday, February 23, at 8 pm ET. Catch the latest episode featuring products like Coldest, Cup-a-Bug, Dogue, and PSYONIC.
For those who miss the episode, it will be available on demand the following day and on Hulu. Additionally, viewers can explore past seasons and episodes on Amazon Prime Video and iTunes.