Total amount raised
$605.6 Millions
Latest funding date
01/01/2025
Location
Butterfly Network has successfully raised significant funding through multiple rounds, with notable investors such as the Bill & Melinda Gates Foundation and Tenet Healthcare Corporation. The company is dedicated to making medical imaging more accessible and affordable through innovative ultrasound technology.
Keep reading to explore the intricacies of Butterfly Network's fundraising journey and the investors backing this transformative platform.
What Is Butterfly Network?
Butterfly Network, founded in 2011, is headquartered in Burlington, Massachusetts. The company was established by Jonathan M. Rothberg, Nevada Sanchez, and Tyler S. Ralston. It operates in the medical device and healthcare technology industries, focusing on innovative ultrasound solutions.
With an employee count ranging from 251 to 500, Butterfly Network aims to democratize medical imaging. Their flagship product, the Butterfly iQ, is the world's first handheld, single-probe whole-body ultrasound system, leveraging patented Ultrasound-on-Chip™ technology to make medical imaging more accessible and affordable.
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 establish the company and develop initial technology.
- Venture Round
- Amount Raised: $100M
- Date: November 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To advance product development and expand the team.
- Series D
- Amount Raised: $250M
- Date: September 2018
- Lead Investors: Fidelity
- Valuation at Round: $1.25 billion
- Motivation Behind the Round: To further develop and distribute the Butterfly iQ device.
- Post-IPO Equity
- Amount Raised: $175M
- Date: February 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing product innovation and market expansion.
- Grant
- Amount Raised: $5M
- Date: March 2022
- Lead Investors: Bill & Melinda Gates Foundation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund initiatives aimed at improving global health.
- Post-IPO Equity
- Amount Raised: $75.6M
- Date: January 2025
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and expand into new markets.
Total Amount Raised: $605.6M
Current Valuation: $1.25 billion
Key Investors
- Bill & Melinda Gates Foundation
- Details: The Bill & Melinda Gates Foundation is a private foundation founded by Bill and Melinda Gates. It is one of the largest philanthropic organizations in the world, focusing on global health and development.
- Investment Focus Areas: Global health, education, poverty alleviation, access to information technology.
- Notable Investments: Gavi, the Vaccine Alliance; CureVac; Impossible Foods.
- Tenet Healthcare Corporation
- Details: Tenet Healthcare Corporation is a multinational healthcare services company based in Dallas, Texas. It operates hospitals, outpatient centers, and other healthcare facilities.
- Investment Focus Areas: Healthcare services, hospital management, medical facilities.
- Notable Investments: United Surgical Partners International, Conifer Health Solutions.
- Fidelity
- Details: Fidelity is a multinational financial services corporation known for its investment management and financial planning services. It has a broad investment portfolio across various sectors.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Uber, SpaceX, Airbnb.
- Fosun Pharma
- Details: Fosun Pharma is a Chinese pharmaceutical company that focuses on healthcare, pharmaceuticals, and medical devices. It aims to innovate and expand internationally.
- Investment Focus Areas: Healthcare, pharmaceuticals, medical devices.
- Notable Investments: Gland Pharma, Henlius Biotech.
- Jamie Dinan
- Details: Jamie Dinan is an American investor and hedge fund manager. He is the founder of York Capital Management, a prominent hedge fund.
- Investment Focus Areas: Hedge funds, private equity.
- Notable Investments: Investments through York Capital Management.
What's Next for Butterfly Network?
Butterfly Network stands on the brink of significant opportunities, particularly in expanding access to medical imaging in developing countries. Their innovative products, like the Butterfly iQ, are poised to revolutionize healthcare by making ultrasound technology more affordable and portable. The company plans to introduce new devices, such as a patient monitoring patch and an ingestible pill for cancer detection, which could further enhance their market presence.
Future fundraising efforts are likely to focus on supporting these ambitious projects and expanding into new markets, including Europe and Asia. However, Butterfly Network may face challenges such as regulatory hurdles and competition from established medical device manufacturers. Navigating these obstacles will be crucial for their continued growth and success.
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