SynDaver Labs creates artificial human manikins for medical simulation training in schools, hospitals, and military bases. All SynDaver tissues are formed of water, salts, and fibers, and SynDaver possesses the world’s largest database of live-tissue attributes. On these materials, techniques, and associated goods, the company now holds ten patents.
Dr. Christopher Sakezles, the company’s founder, submitted his idea to Robert Herjavec on Shark Tank in 2015 and received a $3 million investment.
SynDaver Labs employs roughly 100 individuals and is based in Tampa, Florida. The company also operates an advanced research laboratory in Phoenix, Arizona, and plans to expand its operations in the United States, China, Europe, and Latin America.
In Shark Tank episode 625, Christopher Sakezles hopes that a Shark would invest in SynDaver Labs, a synthetic cadaver company. SynDaver Labs creates man-made cadavers for medical education, CPR and first-aid training, and other purposes. A “synthetic human” with skin, bone structure, muscles, blood arteries, and organs is the company’s flagship product. The SynDaver Labs models can be used by medical students, doctors, and researchers to examine the human body for medical device investigations, clinical training, and surgical simulation.
SynDaver Labs was founded in 1993 as a result of research undertaken at the University of Florida for a study on the production of tracheae that mimicked live animals and humans. The original technology was developed here, although the company wasn’t founded until 2004. They reasoned that synthetic humans may be commercialized for a variety of purposes.
The ultimate goal of SynDaver Labs is to eliminate the use of live animals and human cadavers in medical education and training, which would result in significant cost savings. They also intend to experiment with synthetic humans that contain living tissue.
Christopher comes in with a $3 million offer for a 10% stake in the company. As he discusses the business, he has a SynDaver cadaver on the table. He invites the Sharks to come over and take a look, and they all arrive at the table. Lori compares the sensation to that of raw chicken.
A cadaver costs between $5 to $10,000, but a SynDaver costs $40,000 and can be used multiple times. Christopher is a polymer scientist with a Ph.D. who founded the company in his garage. Over the previous three years, the company has made $10 million in sales, and sales are doubling every year.
Mr. Wonderful claims that medical device businesses trade at 10 to 20 times free cash flow, and he wants to know why the company is valued at $10 million. Barbara is out because she doesn’t like the notion that profit isn’t Christopher’s primary goal. Mr. Wonderful is curious as to how he will reclaim his funds.
Lori has decided to leave since she does not believe Christopher will protect her investment. Mr. Wonderful leaves the house. Other investors may be put off by the complexity, so Robert is offering $3 million in exchange for a 35 percent stake and equal board representation. Because he’ll need more investors, Christopher won’t give up that much equity. Mark claims he may be undervaluing himself, but he won’t take the chance — he’s gone. Robert then drops to 25%, and Christopher announces that they’ve made a deal!
RESULT: A DEAL with Robert for $3 million and a 25% stake in the company.
Update on Syndaver Labs’ Shark Tank
The Shark Tank Blog is updated on a regular basis with news and follow-ups on entrepreneurs who have participated on the Shark Tank television show. The contract with Robert was never completed, but the company continued to operate. As of April 2021, the company is still in operation, with tens of millions in sales. Animal cadavers are now available for veterinarian training as well. There are even fake frogs available to dissect. The company intends to go public in the year 2022.