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The Butterfly iQ, an inexpensive portable ultrasonic device.Butterfly Network
Butterfly Network, the maker of a $ 2,000 portable ultrasonic device, raises $ 250 million from venture capital firms. A source familiar with the deal said the fundraiser values Butterfly at $ 1.25 billion.
The cash flow represents a victory for Butterfly's founder, executive chairman and chief executive officer: Jonathan Rothberg, a biotech entrepreneur who has already led two companies that have developed machines for DNA sequencing. It is not only that there is a lot of money, but also good sources: the biggest investor is Fidelity. We are also investing in: The Gates Foundation, which, according to Butterfly, considers the potential of ultrasound devices in developing countries and Fosun Pharma, a Chinese drug manufacturer.
Rothberg has already told Forbes that the ultrasound system, the iQ, represents "the birth of an industry" and added: "We would like to change the world with ultrasound on chip" (unlike other machines). )
The iQ device is now available. There have been tens of thousands of orders, says Gioel Molinari, president of Butterfly Network. "We expect to have thousands of units on the ground by the end of the year," says Molinari. "It's just amazing to see the click between the market and the needs and the product produced."
The device is currently available to healthcare providers in the United States. It costs $ 1,999 plus a monthly fee for the software to make the images crisp and the device usable. It costs $ 35 a month for individuals, or $ 100 a month for a team of ten. According to Mr. Molinari, incoming applications are currently spread between 60 and 40 people between people who want to try the iQ and health systems.
Last year, Rothberg told Forbes that the inspiration for the ultrasound machine was personal. His daughter is suffering from a disease called tuberculosis (TSC), which leads patients to develop tumors throughout their body. He wondered why the equipment was so difficult to handle, and started Butterfly after seeing a talk on artificial intelligence by physicist Max Tegmark of MIT. He recruited one of the most intelligent students from Tegmark, Nevada Sanchez, as a co-founder; Sanchez was on Forbes 30 under 30 list in 2015. Previously, the company had raised $ 100 million, including $ 20 million from Rothberg.
According to Mr. Molinari, the release of the prototype presented at Forbes last year (see video) has come to an end. At one point, changes needed to be made to how the sensor was assembled to speed up manufacturing. The launch in the United States is expected to be in progress for the rest of the year. Molinari expects a European launch next year and a deployment in Asia afterwards. The iQ could be available in China by 2020, he said.
Sanchez, the co-founder of Butterfly, will be doing a live demonstration of the IQ at the Forbes 30 Under 30 summit in Boston on Monday.
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The Butterfly iQ, an inexpensive portable ultrasonic device.Butterfly Network
Butterfly Network, the maker of a $ 2,000 portable ultrasonic device, raises $ 250 million from venture capital firms. A source familiar with the deal said the fundraiser values Butterfly at $ 1.25 billion.
The cash flow represents a victory for Butterfly's founder, executive chairman and chief executive officer: Jonathan Rothberg, a biotech entrepreneur who has already led two companies that have developed machines for DNA sequencing. It is not only that there is a lot of money, but also good sources: the biggest investor is Fidelity. We are also investing in: The Gates Foundation, which, according to Butterfly, considers the potential of ultrasound devices in developing countries and Fosun Pharma, a Chinese drug manufacturer.
Rothberg has already told Forbes that the ultrasound system, the iQ, represents "the birth of an industry" and added: "We would like to change the world with ultrasound on chip" (unlike other machines). )
The iQ device is now available. There have been tens of thousands of orders, says Gioel Molinari, president of Butterfly Network. "We expect to have thousands of units on the ground by the end of the year," says Molinari. "It's just amazing to see the click between the market and the needs and the product produced."
The device is currently available to healthcare providers in the United States. It costs $ 1,999 plus a monthly fee for the software to make the images crisp and the device usable. It costs $ 35 a month for individuals, or $ 100 a month for a team of ten. According to Mr. Molinari, incoming applications are currently spread between 60 and 40 people between people who want to try the iQ and health systems.
Last year, Rothberg told Forbes that the inspiration for the ultrasound machine was personal. His daughter is suffering from a disease called tuberculosis (TSC), which leads patients to develop tumors throughout their body. He wondered why the equipment was so difficult to handle, and started Butterfly after seeing a talk on artificial intelligence by physicist Max Tegmark of MIT. He recruited one of the most intelligent students from Tegmark, Nevada Sanchez, as a co-founder; Sanchez was on Forbes 30 under 30 list in 2015. Previously, the company had raised $ 100 million, including $ 20 million from Rothberg.
According to Mr. Molinari, the release of the prototype presented at Forbes last year (see video) has come to an end. At one point, changes needed to be made to how the sensor was assembled to speed up manufacturing. The launch in the United States is expected to be in progress for the rest of the year. Molinari expects a European launch next year and a deployment in Asia afterwards. The iQ could be available in China by 2020, he said.
Sanchez, the co-founder of Butterfly, will be doing a live demonstration of the IQ at the Forbes 30 Under 30 summit in Boston on Monday.
