|1||AI-powered mind control. Restores sense of touch. Full finger dexterity. 200 sensors. Curls 45lbs.|
|2||CEO prev. cofounder of Bebo (acq. by Amazon). Team: Johns Hopkins, Apple, IDEO, Intel, NASA.|
|3||$120M grant from Dept of Defense & DARPA used for R&D last 15 years.|
|4||100+ member waitlist. Trialed by 20 amputees, quadriplegics, military, teleoperations.|
|5||Backed by VILLAGE Global whose LPs include Bill Gates, Reid Hoffman, Jeff Bezos.|
|6||Founding team incl. original designers & engineers of iMac, Da Vinci Surgical Robot, NASA Simulink|
I invested in Atom Limbs because of their mission: create a Mind Controlled Bionic Arm for amputees. Technology like this felt impossible a decade ago, but now Atom can actually improve the lives of those who have lost a limb.
Investments are really about the team behind the company, Tyler is a serial entrepreneur that has the right combination of future vision, ability to execute at the highest level and skills needed to make this happen. He's also put together an all star founding team that has worked on the inventing this technology for years.
The great part about this investment is when Atom Limbs succeeds a lot of lives will have been changed for the better!
Atom Limbs is creating the world's first mind-controlled and most advanced bionic arm. To start, we're selling it to amputees and people who suffered limb loss. We spent the last 15 years prototyping this arm. Now, the arm is finally moving from the clinical stage to the commercial stage.
As well as tested by the military and teleoperations.
We've done this before. CEO Tyler Hayes cofounded Bebo, which was acquired by Amazon. We bring 40+ years of experience from John Hopkins, Apple, IDEO, Intel, NASA, and more.
This is a revolutionary human-scale robotics and neural control breakthrough.
...the US Defense Advanced Research Projects Agency, along with DOD, the VA, and other partners.
...and the future of artificial limbs!
We're building the future of Human Body 2.0 and artificial limbs.
Sound exciting? Join us! If you share our crazy, we want you riding in this car with us.
We believe in building in public. That means funding in public too.
We have world-class investors backing us.
But we also believe *anyone* should be able to invest in startups, at any stage.
Not just professional investors. And not having to wait for an IPO. No more gatekeepers.
We're making mind-controlled bionic arms! They're real!
And now you're about to be part of it 🦾 Welcome to our bionic future
Atom Limbs has financial statements ending December 31 2019. Our cash in hand is $6,800, as of September 2020. Over the three months prior, revenues averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $10,000/month.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this offering. Some of the information contained in this discussion and analysis, including information regarding the strategy and plans for our business, includes forward-looking statements that involve risks and uncertainties. You should review the "Risk Factors" section for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.
Atom Limbs is creating the world's first mind-controlled and most advanced bionic arm. To start, we're selling it to amputees and people who suffered limb loss.
We're in conversation with several non-med robotic organizations too — from agriculture, deep sea, hazardous environments, factory ad hoc assembly, and more.
We are currently moving from the clinical stage to the commercial stage, aiming to ship to the market in 2022.
In 5 years, we hope to have sold 1,000 of our initial Atom Touch arms ($100K-$300K each). We hope to be moving to the Atom Touch V2 at a lower price point ($30K-$50K). We want to emphasize that the Atom Touch arm is poised for both medical and non-medical markets. These future projections cannot be guaranteed.
Given the Company’s limited operating history, the Company cannot reliably estimate how much revenue it will receive in the future, if any.
Atom Limbs Inc was incorporated in the State of Delaware in April 2019. Atom Limbs does not currently own the Modular Prosthetic Limb or IP. Atom Limbs currently has executed an exclusive option agreement with JHU APL and intends to negotiate a licensing agreement.
Since then, we have:
Historical Results of Operations
Our company was organized in April 2019 and has limited operations upon which prospective investors may base an evaluation of its performance.
Liquidity & Capital Resources
To-date, the company has been financed with $150,000 in SAFEs.
After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 18 months before we need to raise further capital.
We plan to use the proceeds as set forth in this Form C under "Use of Funds". We don’t have any other sources of capital in the immediate future.
We will likely require additional financing in excess of the proceeds from the Offering in order to perform operations over the lifetime of the Company. We plan to raise capital in 12 months. Except as otherwise described in this Form C, we do not have additional sources of capital other than the proceeds from the offering. Because of the complexities and uncertainties in establishing a new business strategy, it is not possible to adequately project whether the proceeds of this offering will be sufficient to enable us to implement our strategy. This complexity and uncertainty will be increased if less than the maximum amount of securities offered in this offering is sold. The Company intends to raise additional capital in the future from investors. Although capital may be available for early-stage companies, there is no guarantee that the Company will receive any investments from investors.
Runway & Short/Mid Term Expenses
Atom Limbs Inc cash in hand is $6,800, as of September 2020. Over the last three months, revenues have averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $10,000/month, for an average burn rate of $10,000 per month. Our intent is to be profitable in 24 months.
There have been no major changes since the date our financials cover. Payroll & general expenses have continued. The worldwide COVID pandemic hasn't materially impacted our finances or operations currently.
As we are still progressing thru EVT & DVT development stages, as well as final FDA approval, we don't expect to generate any revenue until 2022. Our Year One revenue expectation in 2022 is $10M (sales of 50 arms). Expenses next 3-6 months are $100-200K. Further breakdown available in the campaign page. These projections cannot be guaranteed.
Total, we expect it to cost an additional $30M for us to get to market.
We have a few different funding options currently in progress: grant applications (SBIR/STTR/DOD), VC fundraising, family office fundraising.
The $120M DARPA award was for the last 15 years of R&D. It is depleted. It was used to fund R&D of a program called Revolutionizing Prosthetics. Both Johns Hopkins and DEKA received the award. Johns Hopkins used the funds for hardware and software R&D, amputee & quadriplegic IDE clinical trials, producing multiple prototypes and versions, media coverage, etc.
FDA approval isn't an existential risk, but it does take time and money to do. We're mitigating this risk by applying to the Breakthrough Devices Program (BDP) which expedites the process greatly. We can also overlap chunks of the the approval process with product development in parallel. This is how most prosthetics companies run their FDA process.
The Company may never receive a future equity financing or elect to convert the Securities upon such future financing. In addition, the Company may never undergo a liquidity event such as a sale of the Company or an IPO. If neither the conversion of the Securities nor a liquidity event occurs, the Purchasers could be left holding the Securities in perpetuity. The Securities have numerous transfer restrictions and will likely be highly illiquid, with no secondary market on which to sell them. The Securities are not equity interests, have no ownership rights, have no rights to the Company’s assets or profits and have no voting rights or ability to direct the Company or its actions.
Our future success depends on the efforts of a small management team. The loss of services of the members of the management team may have an adverse effect on the company. There can be no assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our business.
Our arm is reimbursed by insurance, not paid for directly by the end user (unless they really want to). This means we have to prove to insurers (both private like Anthem and public like the VA) that we're better than current arms by demonstrating improved Standard of Care (SOC). We're mitigating this risk by gathering clinical data to support this during our FDA approval process; this is very typical among medical devices.
Hardware development costs more than software development. Robotic hardware doubly so. This is why it's important to raise as much as possible.
Since we are moving this prototype out of the lab and into production, that means the tech transfer process itself can add time and leakage of institutional knowledge. We believe this shouldn't be a major issue because our partners have been excellent about this the past 2 years, but it is still an assumption.
The cost of high-end robotics can potentially take several years to come down for it to be accessible for the broader mass market. We aim to make our arms both affordable & accessible. Prosthetic arms today currently sell for $20,000 - $150,000. This shows it's possible to both price higher for more advanced technology, but also that the lower end of the market can't sustain high prices — it's important to be competitive and affordable to enter mid-market and mass-market.
COVID-19 may pose a risk to our business as it makes the general economic climate less predictable. Supply chains and customers and investor demand may be altered as a result.
We may provide certain projected results of operations to prospective investors in connection with this offering. Projections are hypothetical and based upon present factors thought by management to influence our operations. Projections do not, and cannot, take into account such factors as market fluctuations, unforeseeable events such as natural disasters, the terms and conditions of any possible financing, and other possible occurrences that are beyond our ability to control or even to predict. While management believes that the projections reflect the possible outcome of our operation and performance, results depicted in the projections cannot be guaranteed.
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