Company Contact:

Legal Entity Type: C-Corp

Company Type: Medical Device

Company Stage: Development

No. of Employees: 1

Desired Financial Amount: $500,000


Company Background

Alt-Bionics LLC was formed in San Antonio, Texas in 2020, as a medical device company that aims to tackle the problem of high-cost prostheses by delivering affordable alternatives to the prosthetic market. Three years ago, during independent research, Ryan Saavedra, CEO, became fascinated with bionic prosthetic devices, and specifically, upper extremity bionics. He also found costs associated with these devices were questionably high and spent the next 3 years trying to understand and build them for less. Ryan spent almost two years of research at the University of Texas, San Antonio devoted to understanding the technology behind bionic prosthetic hands. Building off this research, Ryan and his senior design team successfully produced a 3D-printed, enhanced, bionic prosthetic hand for below elbow amputees for $600. A week later, a volunteer with an amputation successfully tested the device at the local VA hospital. The volunteer was a Staff Sergeant army ranger (Ryan Davis) who was involved in an IED explosion in Afghanistan two summers earlier. After successfully using the device, Ryan Davis and his family asked Ryan Saavedra what he was planning to do with the technology next. And speaking in first person here, that was the moment that I knew I wanted to bring this technology to the world. So I got to work. Six months later, Alt-Bionics was officially founded, and the work began to try to bring this device to market and help as many people as possible.


Ryan Saavedra (CEO & Founder) – Ryan holds a B.S. Electrical Engineering from University of Texas at San Antonio with a dual focus in Electromyographic Interfaces and Control Systems. Graduate from NSUIC’s Startup Incubator Program. Graduate from Velocity Tx Bioglobal Accelerator program. Ryan has over 4 years of research and participation in the artificial limbs space and has an undisputed passion for making the world a better place through technology. Judith Colon (CFO) – BA Economics from Trinity College, MBA Thunderbird School of Global Management, MA Columbia University, Harvard Business Analytics Graduate. Judith has 15 years’ experience in International banking and 15 years’ experience operating Rehabilitation Centers for Trauma Victims. Jackson Heinz (Lead Product Design Engineer) – Mr. Heinz has an MS in Mechanical Engineering from Georgia Institute of Technology with a focus in research of flexible/wearable electronics. He also has 7 years’ experience at Air Force Research Laboratory providing materials and manufacturing and structural analysis support to current and future aerospace platforms. Mr. Heinz has significant experience with mechanical engineering designs, as well as structure, materials, testing, inspection, and root cause evaluation in product development. Samuel Woolfolk (CTO) – Mr. Woolfolk has a BS in Mechanical Engineering from American Century University and is currently the chief technology officer for Alt-Bionics. He has industry experience developing and testing mechanical engineering designs across multiple industry sectors including hydrokinetic devices, automotive steering assemblies, and myoelectric prosthetic devices.

Board of directors

Jim Franklin (Investor Director) – Jim is a principal and founder at Prodigy Capital Consulting and specializes in strategic planning and financial services to clients within several industries including private insurance, aerospace and defense, international technology, entertainment, security, healthcare, pharmaceutical, transportation, logistics management, information technology, senior care, manufacturing, renewable energy, real estate development, and non-profit foundations. Jim has been working exclusively with early stage businesses in the venture capital community for the past two decades and is an active advisor to a variety of growing firms. Mr. Franklin is a retired senior Air Force officer and served as a fighter pilot and test pilot in a variety of combat and staff commands. Ryan Saavedra (Principal) – Bio listed above Judith Colon (Treasurer and Secretary) – Bio listed above Actively searching for additional board members.

Product / Service

disease area / application

Myoelectric Prosthetic Devices for Upper Extremity Amputees

product / Service

Average out of pocket costs for traditionally developed prostheses range from $5,000 to $45,000. Without insurance, they range from $10,000 to $150,000. These exorbitant prices limit accessibility to up to 2.5 million Americans. At the Fall 2019 Technology Symposium / Competition held at UTSA, Alt-Bionics successfully developed a fully functioning A.I. enhanced, bionic prosthetic hand for just $617.34. The device was then successfully tested by Army Ranger, Ryan Davis at the local VA hospital. Alt-Bionics has proven that these devices can be affordably developed using new and emerging technologies (such as 3D printing) and is now committed to bringing this technology to the world. Our device, The Genesis Hand, has a starting price point of $3,500.00 or 65% less than the least expensive alternatives on the market. In addition to being highly accessible, the Alt-Bionics’ Genesis Hand will offer advanced features and functionality that not only increase the end user’s level of independence, but will also amplify their experience with the world when using the device. Some features include touch responsive haptic feedback and A.I. enhanced electromyography systems. However, our most unique advantage is the modular aspect of our device. Each hand will ship out with a full set of replacement fingers that will allow the end user to repair the device themselves. The current standard of care dictates that the user needs to send back their device to their prosthetist or manufacturer. They would effectively be without their assistive device for weeks to months. Our novel solution allows the end user or prosthetist to easily swap the fingers out in the event that the devices undergo damage (which prosthetists report is fairly common). Our devices are projected to have a 2-3 year life span, but given that each component can be repurchased at an affordable price, that can be extended with minimal replacements. Total replacements are available as well.

technology / ip

1) Touch Responsive haptic feedback gives users the ability to “feel” their environment through vibration motors that vibrate with a strength proportional to the amount of force applied to the fingertips. 2) A.I. enhanced algorithms help better predict what grip pattern an amputee is trying to make based on a brief training within an associated smartphone application. 3) Modular design which is described above, is a highly coveted feature among prosthetic and orthotic clinics because of the ease of reparability. Alt-Bionics submitted a provisional utility patent in June of 2021 and will follow up with a non-provisional utility patent before the same date in 2022. We protect our manufacturing process, modularity, and haptic feedback systems. We will additionally be filing a PCT to prepare for our international expansion. MBA students from Thunderbird ASU, the number one business management school in the world, are already helping us with national expansion plans.

distribution channels

We begin as a B2B company with our primary customer and sales channel being Prosthetic and Orthotic (P&O) Clinics We have already established a great relationship with Hanger clinic, which is the largest clinic chain in the nation with over 800 clinics nationwide, and are actively speaking to smaller, private clinics. Both Hanger and several other smaller P&O clinics have already expressed great interest in not only helping us distribute our devices, but also in helping us with clinical trials. These P&O clinics are one of the few places you can purchase these devices, however, amputee foundations, amputee societies, as well as VA and commercial hospitals are invaluable reference channels that will aid in spreading the word about our device as a potential option. These sales and reference channels are all steppingstones towards our end goal of having a direct sales process where we can sell directly to amputees without the high price tags incurred by larger clinics.

market size

We have a total available market of $790MM which reflects the entire artificial limbs market Our serviceable available market of $304MM represents upper limb prostheses And our serviceable available market of $152MM represents transradial myoelectric devices that are sold through prosthetic and orthotic clinics, which again, are one of the few places you can purchase these devices CAGR of 9.2%


The global companies, Ottobock & Ossur, are our primary indirect competitors. However, due to their large size and overhead requirements they are unable to reduce costs that start a $11,000 per device. Alt-Bionics differs in that we are small, nimble, and have very little overhead to inhibit our lower price point and technological innovations / implementations. Direct competitors with similar missions are Open Bionics, COVVI, Psyonic, and Unlimited Tomorrow. A large complaint from prosthetic clinics such as Hanger, is that Open Bionics’ Hero Arm actually breaks quite often and is difficult to repair. Other listed competitors are new to the market and do not have much feedback from their end users yet. They additionally have price points well above $10,000. Only Psyonic uses similar haptic feedback technology. The most affordable solution from our competitors has starting price point of $8,000. This however, is uninsured and is entirely out-of-pocket. With our devices having an initial price point of $3,500, being able to be covered by insurance, including haptic feedback, and having a modular assembly method, we believe that we not only stand apart, but that we have a truly novel solution to exorbitantly priced medical devices in the artificial limbs space.


Desired financial amount


previous funding

Our investments are as follows: $172,000 : Private Investors $25,000 : Alamo Angels Investment Group $37,000 : Velocity Tx Accelerator $50,000 : San Antonio Economic Development Committee Total Raised in 2021 (In Exchange for Equity) : $284,000 Total Donated via (From 2020-2021) : $3,156.13 Total Won from 2021 Pitch Competitions: $22,500 Total Funds Accumulated: $309,656.13

current financials

Burn rate is ~$13,000 per month, net of extraordinary items. We have $56,777 available in the bank and $35,000 available in an unused balance on a convertible note.

financial use

The intended use of the current funding is to get our product from the prototype stage (85% complete) to a break-even position. Milestones are the successful completion of our clinical trial, granting of our full utility patent, and sales of up to 20 units in 2022 and 150 units in 2023.


Alt-Bionics has the advantageous fortune of not directly handling reimbursements for our devices. As mentioned previously, our primary customers and sales channels will be prosthetic and orthotic clinics. These clinics and clinicians (who are responsible for patient care, fitting, and socket designing) are the ones who will purchase our device at cost, and then handle the reimbursement process through insurance agencies. Alt-Bionics will provide them with recommended reimbursement codes (L-codes). This is one of the strategic advantages of our revenue model as we will not be directly dealing or relying on reimbursements. The largest of these clinics, Hanger Clinic, has 800 offices with their upper limb prosthetics division headquartered here in San Antonio. Since the start of our prototyping and R&D process, we have kept a very active and close relationship with them. Because of this, and because of their sincere interest in our product at the executive level, they have offered to conduct clinical trials for us at no expense to Alt-Bionics. They have additionally offered to help heavily with distribution across their 800 clinics nationwide. We project a modest 20 units sold in 2022 growing to 150 in 2023. We believe that this is a very conservative projection given the strong domestic and global interest in our product.

exit strategy

We intend to build the company beyond bionic hands. Getting our technology to amputees worldwide is our primary focus. It is our intention to use our technology to develop other products such as partial hands, enhanced EMG sensors and exoskeletons. Our exit strategy is to eventually be acquired by a larger manufacturer or a service provider in the prosthetics, robotics or exoskeleton space, however determining the timing of this would be difficult.

Pitch Video


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