Total amount raised
$605.6 Million
Latest funding date
01/01/2025
Location
Butterfly Network has successfully raised funding through six rounds, with notable investors including the Bill & Melinda Gates Foundation and Tenet Health. The company focuses on reducing the cost of real-time and three-dimensional medical imaging and treatment.
Keep reading to explore the intricacies of Butterfly Network's fundraising journey and the investors backing this innovative platform.
What Is Butterfly Network?
Butterfly Network, based in Burlington, Massachusetts, specializes in medical imaging devices that reduce the cost of real-time and three-dimensional imaging and treatment. The company operates in various industries, including AI, electronics, health care, manufacturing, medical devices, and semiconductors.
With an employee count ranging from 101 to 250, Butterfly Network is a public company that has successfully raised funding through six rounds. Their innovative products, such as the Butterfly iQ3 probe, are used globally by over 145,000 customers, including health systems and educational institutions.
How Much Funding Has Butterfly Network Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2011
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their innovative medical imaging technology.
- Series Unknown
- Amount Raised: USD 100,000,000
- Date: November 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand research and development efforts and bring their product closer to market.
- Series D
- Amount Raised: USD 250,000,000
- Date: September 2018
- Lead Investors: Fidelity
- Valuation at Round: USD 1,250,000,000
- Motivation Behind the Round: To democratize ultrasound imaging and make it accessible to underserved regions.
- Post-IPO Equity
- Amount Raised: USD 175,000,000
- Date: February 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale production and enhance their product offerings.
- Grant
- Amount Raised: USD 5,000,000
- Date: March 2022
- Lead Investors: Bill & Melinda Gates Foundation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support global health initiatives and expand access to medical imaging.
- Post-IPO Equity
- Amount Raised: USD 75,600,000
- Date: January 2025
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further enhance their technology and expand their market reach.
Total Amount Raised: USD 605,600,000. Current Valuation: Not publicly disclosed.
Key Investors
- Bill & Melinda Gates Foundation
- Details: The Bill & Melinda Gates Foundation is a private foundation founded by Bill and Melinda Gates. It focuses on global health, education, and poverty alleviation.
- Investment Focus Areas: Global health, education, poverty alleviation
- Notable Investments: Global health initiatives, vaccines, educational programs
- Fidelity
- Details: Fidelity is a multinational financial services corporation known for its investment management and financial planning services. It offers a wide range of financial products and services.
- Investment Focus Areas: Investment management, financial planning, mutual funds
- Notable Investments: Apple, Amazon, Google
- Fosun Pharma
- Details: Fosun Pharma is a Chinese healthcare group that focuses on pharmaceutical manufacturing, healthcare services, and medical devices. It is part of the larger Fosun International conglomerate.
- Investment Focus Areas: Pharmaceuticals, healthcare services, medical devices
- Notable Investments: Various pharmaceutical companies, healthcare technology firms
- Tenet Health
- Details: Tenet Health is a diversified healthcare services company. It operates hospitals, outpatient centers, and other healthcare facilities across the United States.
- Investment Focus Areas: Healthcare services, healthcare facilities
- Notable Investments: Not publicly disclosed
- Jamie Dinan
- Details: Jamie Dinan is an American investor and hedge fund manager. He is the founder of York Capital Management, a firm specializing in hedge funds and private equity.
- Investment Focus Areas: Hedge funds, private equity, distressed securities
- Notable Investments: Various sectors including healthcare, technology, distressed assets
What's Next for Butterfly Network?
Butterfly Network stands on the brink of significant opportunities, particularly in expanding access to affordable ultrasound imaging globally. With plans to introduce new products like a patient monitoring patch and an ingestible pill for cancer detection, the company is poised to address the needs of underserved regions and revolutionize medical diagnostics.
Future fundraising efforts are likely to be bolstered by these expansive opportunities, attracting investments to support product development and market expansion. However, challenges such as regulatory hurdles and competition from established medical device manufacturers could pose obstacles along the way.
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