Draft:Butterfly Network (company)

Butterfly Network is a public American company developing low-cost, point-of-care ultrasound devices. Headquartered in Burlington, Massachusetts, it was founded by Jonathan Rothberg, Nevada Sanchez, Tyler Ralston in 2011. The company's mission is to democratize medical imaging and contribute to global health equity. The company has a long standing relationship with the Bill & Melinda Gates Foundation to improve maternal health in the developing world.

The core innovation of Butterfly Network's technology is the Ultrasound-on-Chip, based on capacitive micromachined ultrasonic transducer (CMUT) technology, which replaces the traditional piezoelectric crystal system used in most ultrasound devices. This chip technology allows for the creation of a more portable and cost-effective ultrasound device.

Point-of-care Ultrasound devices have seen recent uptake in the medical field and the Butterfly iQ Device has helped to accelerate the adoption

The low cost nature of the Butterfly probe makes it affordable for medical schools to provide to each student during their training.

Field Usage
The Butterfly platform is able to leverage commodity hardware to deliver a medical solutions in field environments. The novel hardware, coupled with AI algorithms capable of running on smartphone devices enable non traditional users of Ultrasounds devices. The devices are being used by medics on the battlefield in Ukraine as well as by midwives and other healthcare providers in sub-Saharan Africa.

Awards and Recognition

 * Apple Design Award Winner, 2019
 * MedTech Breakthrough's "Best New Ultrasound Solution" in 2022
 * Fast Company World Changing Ideas Winner (Health and Wellness), 2019
 * Time Magazine Best Inventions of 2019
 * Not Impossible Labs' Healthcare Breakthrough Award for 2019

Funding
In November, 2014, Butterfly Network announced it has raised $100 million from investors, led by Aeris Capital with a goal to launch the device within 18 months.

In September, 2018, Butterfly Network raised $250 million from investors Fidelity, the Gates Foundation, and Fosun Pharma at an estimated $1.25 billion valuation. In February 2021 Butterfly Network was publicly listed on the NYSE under the ticker "BFLY".

Butterfly Network has continued to receive grants from the Gates Foundation to fund additional work focused on fetal health in Sub-Saharan Africa, including a $5 million grant received in March, 2022.