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Butterfly Network

Company

Information technologies
Since 2011
USA
New York City
NY 10001, 251 W 30th Street, 11th Floor


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Butterfly Network is engaged in the introduction of artificial intelligence in the medical sphere. Startup Butterfly Network was a resident of the 4Combinator incubator. It was founded by Jonathan Rottenberg, a biological research entrepreneur, together with a group of therapists and engineers from the Massachusetts Institute of Technology.

Owners:
Longview Acquisition
Financial results
2020 year
Revenue: 45 millions

Owners

History

2021: Entering the NYSE Exchange

On February 16, 2021, Butterfly Network announced the completion of the merger with Longview Acquisition and the entry into the New York Stock Exchange (NYSE). The company's ticker is BFLY.

In early February 2021, Longview Acquisition announced that its shareholders approved the merger of the business, as a result of which Butterfly received approximately $859 million, including $414 million in the Longview trust account and $175 million from private investors.

According to the press release, private investors were involved in the deal, including Elridge, Fidelity Management & Research Company, Glenview, Ridgeback, Tenet Healthcare, UPMC Enterprises and Wellington Management. In addition, Butterfly's current management and existing shareholders have invested 100% of their capital in the combined company.

Butterfly Network handheld ultrasound scanner manufacturer enters NYSE exchange

Dr. Todd Fruchterman will lead the combined company as president and CEO, and will serve on the board along with Butterfly Network founder Dr. Jonathan Rothberg, who will serve as chairman of the board, and Glenview founder Larry Robbins, among others.

In addition to completing the merger, Butterfly noted that its annual revenue for 2020 reached at least $45 million, which means an increase of 63% (at least) compared to 2019.

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As our roadmap evolves, we plan to work with our customers to cover other areas, including the treatment of chronic diseases that affect more than 100 million patients in the United States alone, "said Todd Fruchterman.
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The company wants Butterfly's product to be in the pocket of every health professional who needs it, and ultimately in the homes of patients with chronic illnesses to support their health and well-being.[1]

2020: Longview Acquisition bought Butterfly Network for $1.5 billion

At the end of November 2020, the manufacturer of ultrasound handheld ultrasound scanners Butterfly Network announced a merger with Longview Acquisition as part of a $1.5 billion deal. After that, Longview Acquisition plans to begin trading Butterfly shares on the New York Stock Exchange.

Butterfly Network, founded in 2011 in Connecticut, originally aimed to "democratize" visualization surveys, which will make them available to everyone in all settings. To do this, the company created a portable ultrasound scanner connected to mobile instant image processing devices.

Butterfly Network handheld ultrasound scanner manufacturer sold to Longview Acquisition for $1.5 billion
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We believe that teaming up with a health partner like Longview Acquisition will enhance and accelerate the spread of Butterfly iQ worldwide, "said Butterfly Network CEO Laurent Faracci. - This partnership will allow us to bring Butterfly's innovative solutions to market faster and thereby help us improve patient outcomes and ways to deliver care.
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Longview is supported by hedge fund Glenview Capital Markets. This is a special purpose acquisition company, or SPAC, created specifically to raise capital through an initial public offering to acquire an existing company. The boards of both companies unanimously approved the merger, which they hope to complete in the first quarter of 2021.

Under the terms of the deal, Butterfly management will continue to head the combined company, and Jonathan Rothberg will become chairman of the board of directors and the largest holder of a controlling stake. Longview and its affiliates are expected to own 7.6% of the issued shares.[2]

2018: Attract 250 million investments and start selling a portable ultrasound scanner

At the end of September 2018, Butterfly Network announced the attraction of $250 million in investments, as well as the start of sales of its portable ultrasound scanner compatible with iPhone.

The company invested a group of investors, which included Fidelity, Fosun Pharma and the Bill and Melinda Gates Foundation.

According to Bloomberg news agency, citing an anonymous source, according to the results of the funding round, Butterfly Network was valued at $1.25 billion, dollars as a result of which the digital medicine startup entered the category of so-called "unicorns" - private companies worth from $1 billion.

Butterfly iQ

Butterfly Network intends to direct the funds raised to the production and supply of its compact Butterfly iQ ultrasound machines, as well as to the development of software for this equipment and the expansion of the technological team.

At the end of September 2018, Butterfly Network began supplying Butterfly iQ. The cost of one device is $2 thousand, and about $100 million was spent on development. Jonathan Rothberg, Chairman of the Board of Directors and CEO of the company, said that it is planned to sell more than 250 thousand copies in 2019.

Rotberg hopes that Butterfly iQ will replace the stethoscope so that doctors can not  listen to noises in the lungs, but immediately visualize them, not measure blood pressure, but immediately visualize the heart.

Jonathan Rothberg decided to create Butterfly iQ  because of his daughter, who  has had tubular sclerosis since birth  - he  requires constant control through ultrasound  and magnetic resonance imaging (MRI).  In hospitals, Rothberg had to wait for hours for its turn, while a large apparatus costs up to  $80  thousand, so not  every hospital can afford it.[3]

Notes


Stock price dynamics

Ticker company on the exchange: NYSE:BFLY