PSYONIC

Overview

Raised to Date: Raised: $1,003,227

Deal Terms

Investment Momentum

Company Profile

Deal Summary

Financials

Total Commitments ($USD)

Platform

StartEngine

Start Date

10/19/2022

Close Date

04/30/2023

Min. Goal

$9,999

Max. Goal

$1,234,998

Min. Investment

$249

Security Type

Equity - Common

Series

Seed

SEC Filing Type

RegCF    

Price Per Share

$2.35

Pre-Money Valuation

$49,937,500

Rolling Commitments ($USD)

Status

Active

Reporting Date

03/28/2023

Days Remaining

33

% of Min. Goal

10,033%

% of Max. Goal

81%

Likelihood of Max

Avg. Daily Raise

$6,270

# of Investors

507

Momentum

Create a free account today to gain access to KingsCrowd analytics.

Logos provided by Clearbit

PSYONIC

Year Founded

2015

Industry

Healthcare & Pharmaceuticals

Tech Sector

Biotech

Distribution Model

B2C

Margin

Low

Capital Intensity

High

Location

San Diego, California

Business Type

Growth

Company Website

PSYONIC, with a valuation of $49.94 million, is raising funds on StartEngine. The company has leveraged its proprietary bionic technology to develop the world’s first multi-touch sensing bionic hand. The Ability Hand of PSYONIC offers users more functional and faster mobility at a low cost and replicates touch sensation for amputees. PSYONIC’s Ability Hand is 20% lighter than a human hand and has a 200-millisecond closing speed to give the high-performance people deserve. Aadeel Akhtar founded PSYONIC in November 2015. The current crowdfunding campaign has a minimum target of $9,999.25 and a maximum target of $1.23 million. The campaign proceeds will be used to expand into other prosthetic limbs.

Summary Profit and Loss Statement

	Most Recent Year	Prior Year
Revenue	$652,789	$674,145
COGS	$872,488	$597,900
Tax	$0	$0
Net Income	$-441,251	$-134,679

Summary Balance Sheet

	Most Recent Year	Prior Year
Cash	$158,324	$389,163
Accounts Receivable	$162,197	$15,500
Total Assets	$320,520	$558,650
Short-Term Debt	$89,424	$86,381
Long-Term Debt	$1,427,500	$1,227,500
Total Liabilities	$1,516,924	$1,313,881

Financials as of: 10/19/2022

Create a free account today to gain access to KingsCrowd analytics.

Part of my daily routine is to scroll through news stories in the morning. And I recently saw an article about limb loss that shocked me. Around 185,000 amputations occur each year in the U.S. — that’s 300 to 500 every day. And that number doesn’t include babies who are born with limb differences. Hanger Clinic expects 3.6 million people in the US will live with limb differences by 2050. People with limb differences and limb loss face challenges not only with daily activities, but with mental and financial health as well. Depression affects 36% of the limb loss community, and lifetime healthcare costs $150,000 more for people with limb differences compared to people with complete limbs. 

Prosthetic limbs help many people with these challenges and daily activities. But it can be hard to find a prosthetic that’s both affordable and functional. Traditional passive (meaning they are not functional, but appear similar to a natural arm) silicone prosthetics typically cost $5,000 (without insurance) but have very limited functionality. Bionic hands can cost anywhere from $10,000 to more than $50,000 depending on the manufacturer.

But what if there wasn’t an inherent trade-off between price and function? That’s why I’m excited to introduce PSYONIC, a company that aims to provide advanced prosthetic limbs at an affordable price.

Upgrade to view full report