Digital Health Company Butterfly Network and Forest Neurotech Enter 5-Year Co-Development Agreement

Date:

Butterfly Network, a digital health company specializing in portable ultrasound technology, and Forest Neurotech, a research company focused on brain imaging and stimulation, have announced a five-year co-development agreement. The partnership aims to leverage Butterfly’s ultrasound technology to develop a minimally-invasive device for brain imaging and stimulation.

Under the agreement, Butterfly Network will receive $20 million for annual licensing, chip purchases, services, and milestone payments. Forest Neurotech has already paid $3.5 million upon signing the agreement and will provide additional revenue for every unit sold upon commercialization.

Joseph DeVivo, Butterfly Network’s President, CEO, and Chairman, expressed excitement about the partnership and the opportunity to bring Butterfly’s chip technology into the neurotech implantables space. He believes that the collaboration with Forest Neurotech will capture the full potential of Butterfly’s disruptive chip technology through new applications and adjacent markets.

Will Biederman, Co-Founder and CTO of Forest Neurotech, shared his enthusiasm about the partnership as well, emphasizing the importance of Butterfly’s unique Ultrasound-on-Chip™ technology in enabling their novel approach to brain imaging and stimulation. He believes that their shared passion for innovation and semiconductor-enabled healthcare technologies makes Butterfly the perfect match for their vision of developing the world’s first implanted whole-brain neural interface.

This announcement comes on the heels of Butterfly Network’s launch of Butterfly Garden, a program aimed at facilitating partnerships and collaborations with medical device companies, AI companies, and software developers to build new applications using their imaging platform. The Ultrasound-on-Chip™ technology developed by Butterfly can operate at various frequencies, offers programming flexibility, and is compact in size, making it well-suited for a range of ultrasonic sensing use cases, including potential implantables.

See also  Microsoft Translator Expands to Include 4 New Indian Languages, Enhancing Education & Empowering Nation

Since the launch of Butterfly Garden, the program has received a strong response, and Butterfly Network expects additional collaboration announcements to follow. The company continues to accept applications for third-party development on an ongoing basis.

About Butterfly Network:
Butterfly Network was founded in 2011 with the mission of democratizing medical imaging and contributing to global health equity. The company created the world’s first handheld, single-probe whole-body ultrasound system using semiconductor technology, known as the Butterfly iQ+. Its proprietary Ultrasound-on-Chip™ technology enables earlier detection and remote management of health conditions. The Butterfly iQ+ is currently available for purchase by trained healthcare practitioners in various regions around the world.

About Forest Neurotech:
Forest Neurotech is a Focused Research Organization (FRO) that aims to advance the understanding and personalized treatment of the human brain through the development of an ultrasound-based brain-computer interface (BCI) and software platform. By utilizing ultrasound technology, Forest Neurotech seeks to enable minimally invasive measurement and stimulation of brain-wide activity, opening new avenues for research into personalized therapies for psychiatric and cognitive disorders. As a member of the Schmidt Futures Network, Forest Neurotech operates as a non-profit organization focused on advancing science and engineering for the public good.

References:
– Butterfly Network: [link](https://www.butterflynetwork.com/butterfly-garden)
– Forest Neurotech: [link](https://www.forestneurotech.org/)

Frequently Asked Questions (FAQs) Related to the Above News

What is the purpose of the co-development agreement between Butterfly Network and Forest Neurotech?

The purpose of the co-development agreement is to leverage Butterfly Network's portable ultrasound technology to develop a minimally-invasive device for brain imaging and stimulation.

How long is the co-development agreement between Butterfly Network and Forest Neurotech?

The co-development agreement is set for a duration of five years.

How much funding will Butterfly Network receive under the agreement?

Butterfly Network will receive $20 million for annual licensing, chip purchases, services, and milestone payments under the agreement.

What amount has Forest Neurotech already paid upon signing the agreement?

Forest Neurotech has paid $3.5 million upon signing the agreement.

Will Forest Neurotech provide additional revenue for Butterfly Network?

Yes, Forest Neurotech will provide additional revenue for every unit sold upon commercialization of the developed device.

How does Joseph DeVivo, Butterfly Network's President, CEO, and Chairman, feel about the partnership?

Joseph DeVivo expressed excitement about the partnership and the opportunity to bring Butterfly's chip technology into the neurotech implantables space. He believes the collaboration with Forest Neurotech will capture the full potential of Butterfly's disruptive chip technology through new applications and adjacent markets.

What does Will Biederman, Co-Founder and CTO of Forest Neurotech, think of the partnership?

Will Biederman shared his enthusiasm about the partnership, highlighting the importance of Butterfly's unique Ultrasound-on-Chip™ technology in enabling their novel approach to brain imaging and stimulation. He believes Butterfly is a perfect match for their vision of developing the world's first implanted whole-brain neural interface.

What is Butterfly Garden?

Butterfly Garden is a program launched by Butterfly Network aimed at facilitating partnerships and collaborations with medical device companies, AI companies, and software developers to build new applications using their imaging platform.

What are the capabilities of Butterfly's Ultrasound-on-Chip™ technology?

Butterfly's Ultrasound-on-Chip™ technology can operate at various frequencies, offers programming flexibility, and is compact in size, making it well-suited for a range of ultrasonic sensing use cases, including potential implantables.

Can third-party developers apply for collaboration with Butterfly Network?

Yes, Butterfly Network is accepting applications for third-party development through their Butterfly Garden program on an ongoing basis.

What is the mission of Butterfly Network?

Butterfly Network's mission is to democratize medical imaging and contribute to global health equity by developing innovative ultrasound technology.

How does Forest Neurotech aim to advance the understanding and treatment of the human brain?

Forest Neurotech aims to advance the understanding and personalized treatment of the human brain through the development of an ultrasound-based brain-computer interface (BCI) and software platform.

What is the focus of Forest Neurotech's research?

Forest Neurotech focuses on enabling minimally invasive measurement and stimulation of brain-wide activity using ultrasound technology. This research opens new avenues for personalized therapies for psychiatric and cognitive disorders.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

Share post:

Subscribe

Popular

More like this
Related

Perimeter Medical Imaging AI Hosts Webinar with AI Expert Anantha Kancherla

Join Perimeter Medical Imaging AI's webinar with AI expert Anantha Kancherla for insights on AI in healthcare applications.

Nustom AI Startup, Founded by Monzo Alums, Gains Backing from OpenAI and Tom Blomfield

Nustom AI Startup, founded by Monzo alums, gains backing from OpenAI and Tom Blomfield. Heath joins to drive innovation and growth.

Gemini Outshines ChatGPT in AI Showdown: Who Wins?

Gemini outshines ChatGPT in a fierce AI showdown across multiple topics. Find out who emerges victorious in this epic battle!

SaaS Governance Tightens amid Decline in Shadow IT: Report

SaaS governance strengthens as shadow IT declines - Report reveals significant reduction in unauthorized SaaS tools within organizations.