Butterfly Network announces $20M milestone in 5-yr pact with Forest Neurotech

Butterfly Network and Forest Neurotech, a deep tech research company that is building a minimally-invasive device for imaging and stimulating the brain with ultrasound, today announced they have entered into a five-year co-development agreement. The agreement includes $20MM to be paid to Butterfly for annual licensing, chip purchases, services and milestone payments, of which $3.5MM was received on signing. Additional revenue is anticipated for every unit sold upon commercialization. Forest Neurotech is the latest Focused Research Organization to be created as part of Convergent Research, an incubator for ambitious scientific non-profits and member of the Schmidt Futures Network. Convergent Research recently announced $50M in new philanthropic support…The news follows Butterfly’s announcement in August 2023, launching Butterfly Garden to facilitate partnerships with medical device companies, AI companies, or software developers seeking to build new applications with its industry leading imaging platform. Butterfly’s Ultrasound-on-Chip technology can operate at a wide range of frequencies, has enormous programming flexibility, and is compact in size, making it highly suitable for a variety of ultrasonic sensing use cases, including potential implantables. Since launching Butterfly Garden, Butterfly has seen a strong response to the program and the company expects additional collaboration announcements to follow.