Butterfly Network, Inc.
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| Public | |
| Traded as | NYSE: BFLY |
| ISIN | 🆔 |
| Industry | Medical Imaging |
| Founded 📆 | |
| Founder 👔 |
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| Headquarters 🏙️ | Burlington, Massachusetts, United States |
Area served 🗺️ | |
| Products 📟 |
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| Members | |
Number of employees | |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
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, and Tyler Ralston in 2011.[2] The company's mission is to democratize medical imaging and contribute to global health equity. The company has a longstanding relationship with the Bill & Melinda Gates Foundation to improve maternal health in the developing world.[3][4]
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.[5]
Point-of-care Ultrasound devices have seen recent uptake in the medical field[6] and the Butterfly iQ Device has helped to accelerate the adoption[7]
The low cost nature of the Butterfly probe makes it affordable for medical schools to provide to each student during their training.[8]
Field Usage
The Butterfly platform is able to leverage commodity hardware to deliver a medical solution in field environments. The novel hardware, coupled with AI algorithms capable of running on smartphone devices[9][10] enable non-traditional users of ultrasound 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.[11][12]
Awards and Recognition
- Apple Design Award Winner, 2019[13][14]
- MedTech Breakthrough's "Best New Ultrasound Solution" in 2022[15]
- Fast Company World Changing Ideas Winner (Health and Wellness), 2019[16]
- Time Magazine Best Inventions of 2019[17]
- Not Impossible Labs' Healthcare Breakthrough Award for 2019[18]
Funding
In November 2014, Butterfly Network announced it had raised $100 million from investors, led by Aeris Capital, with a goal to launch the device within 18 months.[19]
In September 2018, Butterfly Network raised $250 million from investors Fidelity, the Gates Foundation, and Fosun Pharma at an estimated $1.25 billion valuation.[20] In February 2021, Butterfly Network was publicly listed on the NYSE under the ticker "BFLY".[21]
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.[22][23]
References
- ↑ Terlep, Sharon (Jan 5, 2023). "Americans Can't Stop Pampering Their Pets—Companies Want In". The Wall Street Journal. Retrieved 8 January 2024.
- ↑ Matheson, Rob (February 6, 2018). "Giving everyone a window into the human body". MIT News Office.
- ↑ McNeil Jr., Donald (April 15, 2019). "In African Villages, These Phones Become Ultrasound Scanners". The New York Times. Retrieved 6 January 2024.
- ↑ "Butterfly Network - Gates SIF". Retrieved 6 January 2024.
- ↑ Rothberg, Jonathan (July 6, 2021). "Ultrasound-on-chip platform for medical imaging, analysis, and collective intelligence". Proceedings of the National Academy of Sciences. 118 (27). Bibcode:2021PNAS..11819339R. doi:10.1073/pnas.2019339118. PMC 8271708 Check
|pmc=value (help). PMID 34210796 Check|pmid=value (help). - ↑ Narula, Jagat (2018). "Time to Add a Fifth Pillar to Bedside Physical Examination". JAMA Cardiology. 3 (4): 346–350. doi:10.1001/jamacardio.2018.0001. PMID 29490335. Retrieved 6 January 2024. Unknown parameter
|s2cid=ignored (help) - ↑ Bennett, Paul (December 15, 2022). "The Handheld Medical Device Changing How Doctors Practice". Techonomy. Retrieved 6 January 2024.
- ↑ Knapp, Alex. "Butterfly Network Inks Deal To Provide Portable Ultrasound Devices To Medical University Of South Carolina". Forbes. Retrieved 6 January 2024.
- ↑ Hagen, Jessica (10 April 2023). "Butterfly Network receives FDA 510(k) for AI-enabled lung tool". MobiHealthNews. Retrieved 8 May 2024.
- ↑ "Artificial intelligence has long been improving diagnoses". The Economist. 2024-03-27. Retrieved 8 May 2024.
- ↑ Mukherjee, Sy (2024-02-29). "Why this tiny medical device could point to the future of digital health". Fast Company. Retrieved 8 May 2024.
- ↑ "A Butterfly Effect for Ultrasound: Vanguards of Health Care". Bloomberg. Retrieved 8 May 2024.
- ↑ "Apple Design Awards celebrate best-in-class design for apps and games". Apple Newsroom. June 4, 2019. Retrieved 8 January 2024.
- ↑ "Apple Design Awards - WWDC19". Apple Developer.
- ↑ "Butterfly Network Recognized As "Best New Ultrasound Solution" in 2022 MedTech Breakthrough Awards Program". Diagnostic and Interventional Cardiology (DAIC). May 10, 2022. Retrieved 8 January 2024.
- ↑ Clendaniel, Morgan (April 8, 2019). "World Changing Ideas 2019: All the winners, finalists, and honorable mentions". Fast Company.
- ↑ Oaklander, Mandy. "The 100 Best Inventions of 2019 - Healthcare - Ultrasound to Go". Time.
- ↑ "Not Impossible Awards". Not Impossible Labs. Retrieved 8 January 2024.
- ↑ Gannes, Liz (Nov 2, 2014). "Butterfly Network Raises $100 Million to Bring Deep Learning to Medical Imaging". Vox. Retrieved 6 January 2024.
- ↑ Herper, Matthew. "Aiming To Revolutionize Medical Ultrasound, Butterfly Raises $250 Million At A $1.25 Billion Valuation". Forbes. Retrieved 2018-12-05.
- ↑ "Butterfly Network, a Global Leader in Democratizing Medical Imaging, Closes Business Combination and Will Begin Trading on the New York Stock Exchange". Retrieved 6 January 2024.
- ↑ "Butterfly Network Receives $5M Grant to Advance Maternal and Fetal Health". Butterfly Network. March 9, 2022.
- ↑ Oluwole, Victor (March 9, 2022). "With Strive Masiyiwa on board, Gates Foundation donates $5 million grant to Butterfly Network to advance maternal and fetal health in Sub-Saharan Africa". Business Insider Africa. Retrieved 8 January 2024.
External links
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