Additional Coverage:
- ‘Shark Tank’ offers a million-dollar deal to founder who walked in with a life-changing product (marketrealist.com)
Neuroscientist Scores Million-Dollar “Shark Tank” Deal for Life-Changing Robotic Arm
A PhD neuroscientist, Adeel Akhtar, walked into the “Shark Tank” seeking a million-dollar investment for 2% equity in his company, Psyonic. He left with a deal, but the path to securing it was a rollercoaster.
Akhtar pitched his company’s innovative product, the Ability Hand, a prosthetic robotic arm already FDA-approved and covered by Medicare. A veteran, Sergeant Anderson, provided a powerful demonstration, effortlessly splitting a wooden plank with the prosthetic, leaving the Sharks impressed.
Akhtar’s inspiration for the Ability Hand stemmed from a poignant childhood experience in Pakistan. Witnessing a young girl using a tree branch as a crutch due to a missing limb ignited a lifelong passion.
While his company had already generated $2 million in sales, not all the Sharks were ready to bite. Mark Cuban and Robert Herjavec expressed surprise at the lack of investor interest from healthcare and robotics sectors, and ultimately declined to make an offer.
Despite this setback, three Sharks remained captivated. Kevin O’Leary offered a million dollars for 10% equity, which Akhtar countered as too high.
Lori Greiner and Daymond John then jointly offered the desired million for 6% equity with non-dilutable shares, a condition Akhtar surprisingly accepted. However, the founder then proposed a revised deal to Greiner and John: a million dollars for 2% equity and 2% advisory shares.
While initially hesitant, the pair countered with 5% equity. Seeing an opening, O’Leary jumped back in, matching the 5% offer.
With multiple offers on the table, Akhtar skillfully navigated the negotiations, suggesting a team-up between O’Leary and Greiner/John. After a brief discussion, the trio offered a million dollars for a 6% stake, a proposal accepted by Akhtar, sealing a remarkable deal for his life-changing invention.