We often hear the news about medical scientists using live animals or even humans to base their medical studies and the controversies that follow it.
Various environmentalists and animal rights protected condemn the authorities for not banning the use of animals for testing purposes.
The senior medical surgeons say that there is no alternative for scientists and medical students for practicing surgeries and conducting medical experiments so the use of live animals cannot be replaced until SynDaver Labs came along.
SynDaver Labs produce artificial human body parts for medical purposes.
SynDaver Labs at a Glance:
| Idea | Synthetic Cadaver business |
| Founders | Christopher Sakezies |
| Asked For | $3,000,000 for 10% |
| Accepted Deal | $3,000,000 for 25% |
| Sharks | Robert Herjavec |
| Business status | In Business |
| Episode No. | Season 6, Episode 28 |
Index:
What is SynDaver Labs?
SynDaver Labs is a Tampa, Florida-based startup that creates synthetic human body parts and tissues for pharmaceutical applications and medical study.
They also create full-sized human-like synthetic bodies complete with all tissues, tendons, ligaments, bones, and other body parts that can be easily used for medical research services.
SynDaver Labs use a special synthetic material to make synthetic cadavers that look and feel like their counterparts.
Their flagship product is majorly used by medical students to practice clinical training and surgical simulation without harming actual humans or animals.
Founder Story:
The initial research that formed the basis of SynDaver Labs was conducted in 1993 at the University of Florida for a study on the manufacture of tracheae that mimicked live animals and humans.
This is where the original idea of using synthetic body parts for research work came into existence.
The company was not formed until the year 2004 when they found that they could commercialize this business so that it can be used for scientific research and medical experiment purposes.
They have the ultimate goal of creating synthetic humans from living tissues to aid cost-cutting in medical fields.
Did SynDaver Labs get a deal on Shark Tank?
Christopher, the founder of Syndaver Labs entered the Tank with a demand of $3,000,000 for 10% equity valuing the company at $30 million.
He was very nervous while pitching his idea and was continuously perspiring while delivering the presentation yet the sharks were able to see the use case of his product.
He informs the sharks that normal cadavers cost around $5,000-$10,000 while the SynDaver cadavers cost around$40,000 but they are reusable. The business had around $10 million in sales over the past three years and the numbers were doubling every passing year.
Though the product is deemed innovative and revolutionary by all the sharks, most of the sharks think that Christopher does not have an eye for profit and would not be able to protect their investment.
Only Robert Herjavec was interested in investing the required amount but at a stake of 35% initially, since the product requires R&D. In the end, Christopher manages to grab a deal of $3,000,000 for 25% with Robert.
What happened to SynDaver Labs after Shark Tank?
After the episode aired, the deal with Robert never closed due to Christopher’s CEO position being in jeopardy, yet the business continues to flourish.
The company still operates with sales in the order of tens of millions as of 2021. The company has also started selling animal cadavers for veterinary practice such as faux frogs for dissections.
As of the year 2022, the company donated about $250,000 to provide educators and practitioners in the fields of STEM, undergraduate and graduate level anatomy, biology enthusiasts, surgical and veterinary technology, fire rescue, and simulation centers an opportunity to practice on their products.
As of December 2022, the annual revenue of the company remains to be $4-$5 million.
Product Details:
- SynDaver Labs create cadavers that look and feel exactly like their human or animal counterparts.
- The flagship product consists of a synthetic human body complete with all organs and body parts along with tissues like ligaments and tendons and bones in it.
- The product is majorly used in medical research and surgical practices by newer practitioners.
- They can also be used as a testing canvas for Scientific research on live human bodies.
What is the Net Worth of SynDaver Labs?
Before entering Shark Tank and during the time of pitching, the company was valued at around $30 million and had annual sales of $10 million.
SynDaver Labs sealed the deal with Robert Herjavec at a company valuation of $12 million.
After the episode aired, the company gained massive popularity and reached an annual revenue of $4-$5 million with sales in the range of tens of millions of dollars.
As of 2022, the company has a net worth of around $25 million.
Who are the main competitors of SynDaver Labs?
The top competitors of SynDaver include:
- MatTek Corp (with a valuation of around $14 million)
- Unicell Ltd (with a valuation of around $21.2 million)
- BrandFX Body Co. (with a valuation of around $43.5 million)
- National Radio Astronomy Observatory (with a valuation of around $131.2 million)
Is SynDaver Labs still in business?
Yes, the company is still in business and is in fact in a flourishing business era.
The company has increased its valuation by more than 2.5 times what it entered seeking in Shark Tank and is one of the most reputable businesses in the medical industry.
Social Links:
Do Share Your Thoughts:
Do tell us all your thoughts in the comments section below, we look forward to reading all the comments in the section below.
Also, don’t forget to try our Android app 📱 which contains startup case studies and business book insights đź“š , verified business strategies, and no bullshit!!
Related Articles:
FAQs:
What is SynDaver Labs?
SynDaver Labs is a company that produces synthetic cadavers that look and feel exactly like real humans or animals.
What's the net worth of SynDaver Labs?
Before entering Shark Tank and during the time of pitching, the company was valued at around $30 million and had annual sales of $10 million. SynDaver Labs sealed the deal with Robert Herjavec at a company valuation of $12 million.