Butterfly Health

Butterfly Network, Inc. operates as a digital health company with a mission to democratize medical imaging. Founded in 2011 by Dr. Jonathan Rothberg, a scientist and serial entrepreneur, the company was born from his personal experience with his daughter's need for frequent, cumbersome ultrasound scans. This inspired the vision for a portable and affordable device. Dr. Rothberg, who was awarded the National Medal of Technology and Innovation for his work in high-speed DNA sequencing, leveraged his expertise in semiconductor technology to revolutionize the ultrasound market.

The company's core offering is a handheld, single-probe, whole-body ultrasound system powered by its proprietary Ultrasound-on-Chip™ technology. This semiconductor-based device, the Butterfly iQ, plugs into a smartphone, effectively replacing large, expensive traditional ultrasound machines that can cost over ten times more. The technology is versatile, allowing a single probe to emulate different transducer types (linear, curved, and sector) for scanning the entire body. The business model includes the sale of the physical probe, accompanied by a software subscription that provides access to features like HIPAA-compliant cloud storage, workflow integration tools for hospital IT systems (PACS/VNA & HL7), and billing assistance.

Butterfly Network targets healthcare professionals across various specialties, including emergency medicine, internal medicine, and anesthesiology, as well as health systems and medical schools. The firm aims to expand the use of point-of-care ultrasound (POCUS), enabling quicker diagnoses at the bedside. Beyond professional healthcare settings, the company is developing a homecare services business, initially focusing on conditions like Heart Failure and Neurogenic Bladder. Revenue is generated from probe sales and recurring software subscriptions. After raising over $400 million from investors, including the Bill & Melinda Gates Foundation, the company went public in February 2021 through a SPAC combination, valuing it at $1.5 billion.

Keywords: medical imaging, point-of-care ultrasound, POCUS, handheld ultrasound, Ultrasound-on-Chip, digital health, medical device, democratize healthcare, Jonathan Rothberg, Butterfly iQ, semiconductor ultrasound, portable imaging, health systems technology, remote diagnostics, medical software, cloud-based imaging, diagnostic tools, medtech, whole-body ultrasound, healthcare accessibility