'Shark Tank' Season 15: Internet slams PSYONIC founder for 'overcharging' with $15,500 bionic hand
LOS ANGELES, CALIFORNIA: Bionic hands can be transformative, allowing people to grip items, execute precise motions, and reclaim a feeling of normalcy in their daily lives. However, when PSYONIC made its debut on 'Shark Tank' Season 15, fans struggled to accept the $15,500 offering.
During his visit to 'Shark Tank' Season 15 on Friday, February 23, Dr Aadeel Akhtar revealed that half of PSYONIC's revenue is generated through social media channels. PSYONIC's hands sell for $15,500, with each unit costing $1800.
Expressing concern about the product's price, a 'Shark Tank' fan took to Reddit, stating, "Sells for $15,500, costs $1,800 to make, and that right there is the epitome of the healthcare industry in the US." Some users were taken aback, with comments like, "$50M must be the highest valuation ever."
On social media platform X, users questioned the pricing, with one asking, "Why overcharge those in need of a limb? Disgraceful!" Another individual chimed in, saying, "I agree with @mcuban - the mission is great, and I 100% thank the Sargeant for his service, but something about the math just isn't mathing for me. We should absolutely support our VETS and make medical devices more affordable for all, but I can't make this math math. "
Why overcharge those in need of a limb? Disgraceful! #sharktank
— Sandra Trolinger (@SandraTrolinger) February 24, 2024
I agree with @mcuban - the mission is great, and I 100% thank the Sargeant for his service, but something about the math just isn't mathing for me. We should absolutely support our VETS and make medical devices more affordable for all, but I can't make this math math. #SharkTank
— Novafan23 (@Novafan23) February 24, 2024
One joked, ""We want to make sure everyone can afford medical devices. That's why we make our product for $1,800 & sell it for nearly $16,000. Am I a hero? In my mind, yes." - This Dude on Shark Tank." "Cause …. It’s the Govt mark - they don’t help people if there’s no money for them," wrote another.
"We want to make sure everyone can afford medical devices. That's why we make our product for $1,800 & sell it for nearly $16,000. Am I a hero? In my mind, yes."
— Stuff My Brain Thinks.. (@AndstuffL) February 24, 2024
- This Dude on Shark Tank#SharkTank pic.twitter.com/Fi6c9ONFu0
Cause …. It’s the Govt 🤮🤮😈mark - they don’t help people if there’s no money for them. #sharktank
— Teri (@pinkandpainmom) February 24, 2024
'Shark Tank's PSYONIC is covered by Medicare
PSYONIC specializes in the creation of advanced bionic limbs designed for individuals with amputations, and their inaugural product is the groundbreaking Ability Hand. This prosthetic hand boasts unparalleled speed, intuitive control, tactile feedback, and longevity.
It distinguishes itself as the quickest bionic hand accessible. Furthermore, it is covered by Medicare, making this cutting-edge technology available to a larger audience.
The Ability Hand is the world's first bionic hand that can sense touch. This not only improves functioning but also gives users a stronger sensation of connection and control over their prosthetic limb.
The Ability Hand is covered by insurance carriers in the United States, allowing users to use this life-changing device without incurring any out-of-pocket expenses.
PSYONIC raised $3.6 million before appearing on 'Shark Tank' Season 15
PSYONIC raised $1.4 million at a valuation of $12 million before appearing on 'Shark Tank' Season 15. They later raised $2.2 million on StartEngine with a $50 million value.
They also receive money from grants. They have raised $2.4 million in grant funds. They hope to get an additional $2.7 million from the DoD this year.
PSYONIC scores 3-Shark deal in 'Shark Tank' Season 15
PSYONIC had lifetime sales of around $2 million, from which PSYONIC generated a profit of $100,000. They expected to quadruple it last year.
Shark Kevin O'Leary offered $1 million for a 10% share of the firm. Sharks Daymond John and Lori Greiner offered $1 million for a non-dilutable 6% stake.
After Dr Akhtar struggled to agree on the non-dilutable shares, Sharks Daymond and Lori replied with an offer of $1 million for a 2% interest plus 2% in advisory shares. Shark Kevin swiftly reduced his offer to $1 for a 10% investment.
Sharks Daymond and Lori raised their offer to $1 million for a 5% stake, which Shark Kevin matched. When Dr Akhtar recommended that three Sharks make a bid, they proposed $1 million for a 7.5% share.
Dr Akhtar reached an agreement with Sharks Lori, Daymond, and Kevin for a 6% stake in exchange for $1 million.
'Shark Tank' Season 15 airs on Fridays on ABC at 8 pm ET.
For those who missed 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.
