Shark Tank Season 3 featured Amey Desai, the only market player offering Parkinson's wearable mobility devices, attracting sharks interested in investment opportunities. His Lifespark Technologies Walk prevents falls in Parkinson's patients, and he secured deals with Shark Anupam and Shark Aman.
Amey Desai Biography: Shark Tank Season 3 featured Amey Desai who impressed all of the sharks with his claims as the only player in the market offering Parkinson’s wearable mobility devices. This created an eagerness among the sharks to learn more about investment opportunities in this field. Amey’s work is unparalleled for Parkinson’s patients. Lifespark Technologies Walk prevents Parkinson’s patients from falling while walking. In this disease, patients often have difficulty walking or turning due to a lack of control over their movements. Amey closes a worthwhile deal with Shark Anupam and Shark Aman.
Born into a family of doctors, Amey Desai Walk founder is a resident of Mumbai, Maharashtra, India. Growing up among the doctors, he witnessed many health conditions and became aware of Parkinson’s disease at an early age. Parkinson’s disease affects approximately 10 lakh people, according to sources. The condition is caused by the death of brain cells that result in a loss of control over movements.
Upon completing his engineering degree at Birla Institute of Technology and Science, Pilani, Amey began working and studying the effects of vibrations on Parkinson’s movement during college. He founded Lifespark Technologies after college to help Parkinson’s patients. Amey Desai is a student at BITS Pilani making remarkable strides at such a young age.
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The 26-year-old Amey Desai is currently developing a mobility aid with the assistance of a panel of neurologists from NIMHANS. Because his family is a medical family, he is able to connect with a wide variety of doctors who hold high positions in medicine. Initially, Amey Desai approached building the first wearable mobility aid for Parkinson’s patients. In addition to helping millions of Parkinson’s disease patients overcome their falling challenges, WALK’s haptic technology will assist in reducing the risk of falling while walking.
Lifespark Technologies’ founder created Lifespark Technologies WALK. The product is customized based on the user’s needs. To detect patterns and areas where Parkinson’s patients fall, several tests are conducted on Parkinson’s patients. As a result of these tests, the device is programmed according to where the patient freezes based on the built-in artificial intelligence. It is battery powered, ensuring approximately 80% efficiency in its use.
It has been demonstrated that Lifespark Technologies WALK can be effective in reducing walking fatigue. The algorithm alters the stimulation according to the walking style and pattern of the individual. Amey Desai sells his product for Rs. 36,000. In exchange, he gets Rs. 10,000 as his making cost. He has a great vision and plans to partner with physiotherapy clinics and hospitals as they will serve as his distributors. By the end of the year, he expects to sell 700 devices. Furthermore, he may launch some other products related to the category.
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At a valuation of Rs. 33.3 crore, Amey Desai requested Rs. 50 lakhs for a 1.5% share of the business. BIRAC (Biotechnology Industry Research Assistance Council) had previously funded them for Rs. 1.67 crore. Every product has a life of 2.5 to 5 years. The sharks initially remained skeptical, however, they later became highly impressed and made great offers.
First, Shark Amit Jain offered Rs. 50 lakhs for 5% equity at a valuation of Rs. 10 crore. After some time, Shark Vineeta offered the same amount. Aman and Anupam also offered Rs. 50 lakhs for 5% equity together after some time. By providing the same offer, the sharks were increasing competition to sign a deal.
Vineeta revised the offer to Rs. 50 lakhs for 4% equity at a valuation of 12.5 crore. Aman and Anupam matched the offer. Amit Jain revised his offer to Rs. 50 lakhs for 3.5% equity after being left with his old offer. Aman and Anupam matched the offer. Amey decided to make a counteroffer.
Amey explained that he needed additional valuation to raise additional funds for his company, and counteroffered Rs. 50 lakhs for 2.3% equity at a valuation of Rs. 21.74 Crore. Shark Amit Jain, Anupam, and Aman agreed. Amey chose Shark Anupam and Aman.
Amey Desai is available on LinkedIn as @ameydesai. Apart from that, he is also available on Instagram as @lifesparktechnologies.
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