Wednesday, October 25, 2023
Butterfly Network, a digital health company specializing in portable ultrasound technology driven by semiconductor chips and user-friendly software, has joined forces with Forest Neurotech, a deep tech research company dedicated to creating non-invasive brain imaging and ultrasound-based brain stimulation devices. This collaboration was unveiled in a five-year co-development agreement.
As part of the deal, Butterfly Network will receive $20 million, covering annual licensing, chip purchases, services, and milestone payments, with an initial payment of $3.5 million already disbursed upon the agreement's signing. In addition, Butterfly Network will receive a share of the revenue generated from each unit sold when the products resulting from this partnership are commercialized.
Forest Neurotech is the latest addition to the Focused Research Organizations affiliated with Convergent Research, a non-profit incubator, and a member of the Schmidt Futures Network, which recently secured $50 million in philanthropic support.
Furthermore, Butterfly Network has introduced "Butterfly Garden," an initiative aimed at facilitating collaborations with medical device companies, AI firms, and software developers looking to harness its advanced ultrasound imaging platform. The Ultrasound-on-Chip™ technology offered by Butterfly is renowned for its versatility in operating across a wide range of frequencies, its programming flexibility, and its compact form factor, making it a suitable choice for various ultrasonic sensing applications, including potential use in implantable devices.
Source: businesswire.com
