A year after the national launch of its Ability Hand bionic hand, Psyonic is moving from Champaign, IL to San Deigo, CA.
Aadeel Akhtar, Psyonic CEO
“We moved to take advantage of working with the miltary hsopitals and (University of California, San Diego),” Psyonic founder and CEO Aadeel Akhbar told bizblip. “Where we’re going with this technology is that we’re looking to integrate directly into bones, muscles and nerves of our patients so that… our patients will be able to play the piano again, with individual finger movements.”
Both feedback and comfort would improve by eliminating the thermoplastic socket in favor of direct attachment, including ‘feel’ feedback from the fingers.
The seven person company was founded in Sept. 2015 and Akhtar picked up two Phase I SBIR grants for $225,000 each in 2017 and 2019, respectively. That was followed by a $739,000 Phase II in August, 2020 as well as $625,000 in seed funding from Illinois Ventures, iVenture Accelerator and MTT Ventures. Akhtar was named to the 2021 cohort of ’35 Innovators Under 35′ by the MIT Technology Review.
MARKET SIZE
According to Grand View Research, the 2019 global prosthetics and orthotics market size is estimated at $9.2 billion and is expected to exhibit a compound annual growth rate of 4.6% through 2027. Increasing incidence of sports injuries and road accidents, rising number of diabetes-related amputations, and the growing prevalence of osteosarcoma (bone cancer) around the world are poised to drive the global market.
Links:
On bizblip:
Bionic hand startup announces national launch
