Psyonic

PSYONIC’s Ability Hand offers those with limb differences the high-performance solution they deserve. It has designed the bionic hand to be the fastest and believes that it is the first of its kind to offer true multi-touch sensitivity. Prioritizing affordability, PSYONIC has worked diligently to ensure that the products cost less and are covered by Medicare as well as private insurance.

The idea is revolutionary. The product is changing the lives of people by giving them an active prosthetic hand that can help them feel and hold things like a normal hand does. 

Goldman Sachs estimates that the robotics industry market will grow to $6B by 2035. The global market for prosthetics and orthotics is approaching the $2.8B mark and has the potential to expand as a population of about 3.5M people are estimated to potentially experience limb loss by 2050. 
The top 3 competitors making multi-articulated hands are TASKA by Taska Prosthetics, i-Limb by Ossur, and bebionic by OttoBock. The company believes its product is 2.5x faster, 25% lighter, and more robust. Also, its competitors' produced hands do not provide sensory feedback to users. Robotics researchers globally have been purchasing the Ability Hand, including Meta (Facebook), Apptronik, Sanctuary AI, and NASA for robotics research. The product is priced at $12k. 

The company currently has four patents, 2 granted and 2 pending. 

Revenue in 2022 was $1.66M, 2.5x the revenue in 2021. The gross margin is 51% and the net margin is 4.5%, implying the company is already profitable.

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PSYONIC’s Ability Hand™ offers those with limb differences the high-performance solution they deserve. We designed our bionic hand to be the fastest, and believe that it is the first of its kind to offer true multi-touch sensitivity (source). For what we believe is the very first time with a commercially available bionic hand, users can feel a vibration from multiple areas of the fingers when they touch an object! The global market for prosthetics and orthotics is approaching the $2.8 billion mark and has the potential to expand as a population of about 3.5 million people are estimated to potentially experience limb loss by 2050 (source). Prioritizing affordability, PSYONIC has worked diligently to ensure that our products cost less (source) and are covered by Medicare as well as private insurance (source).

The company plans to use the proceeds for R&D, marketing, manufacturing, operations, sales and support, and platform fees.

Dr. Aadeel Akhtar, CEO & Founder
Dr. Aadeel Akhtar is all in on creating a bionic revolution. The revolution is going to deliver the best prosthetic devices at an affordable price and ensure that the robots of the future can work well in environments that are designed for humans. He founded PSYONIC while in graduate school and left medical school to make sure that the company would thrive. Aadeel was named one of MIT Technology Review’s top 35 Innovators Under 35 and America’s Top 50 Disruptors in Newsweek in 2021. He earned a BS in biology and an MS in computer science from Loyola University Chicago and an MS in electrical and computer engineering and a PhD in neuroscience from the University of Illinois Urbana-Champaign. He is a first-time founder and works full-time with Psyonic. 

The company has a strong technical management team.