About this raise
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.
Investment Overview
Invested : $3,071,185
Deal Terms
Total Commitments
- Platform
- StartEngine
- Start Date
- 10/19/2022
- Close Date
- 01/31/2024
$9,999
$4,999,999
$249
Equity - Common
Early Stage
RegCF
$2.35
$49,937,500
Company & Team
Company
- Year Founded
- 2015
- Industry
- Healthcare & Pharmaceuticals
- Tech Sector
- Distribution Model
- B2C
- Margin
- Low
- Capital Intensity
- High
Financials
- Revenue -3.2% YoY
-
$652,789
as of FY2022
-
Cash on Hand
-
$438,919
as of FY2022
- Gross Margin
-
51%
as of FY2022
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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.
Company Funding & Growth
Funding history
- Total Prior Capital Raised
- $1,427,500
- VC Backed?
- No
Growth Charts
Revenue History
Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.
Valuation History
Price per Share History
Note: Share prices shown in earlier rounds may not be indicative of any stock splits.