Butterfly Network

Butterfly Network produces the Butterfly iQ — a handheld, semiconductor-chip-based whole-body ultrasound device with AI guidance software. NYSE: BFLY. Revenue ~$21M/quarter in 2025. Launched Compass AI for POCUS program management. Gestational age AI tool deployed in sub-Saharan Africa. Bill Gates-backed.

Butterfly commoditized ultrasound hardware with its single-chip probe and is now layering AI guidance and workflow into the platform — making point-of-care ultrasound accessible at a price that creates a new diagnostic layer outside radiology departments.

butterflynetwork.com Imaging & Diagnostics AI

United Statespublic · BFLY

At a glance

Total raised

$525M

last round ipo

Headcount

501-1k

approximate · public range

Headquarters

Burlington

United States

Founded

2011

15 years active

Status

Public

Ticker · BFLY

Latest valuation

$1.5B

IPO · 2021

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Funding history

Total raised

$525M

Rounds tracked

Latest stage

IPO

Latest valuation

$1.5B

Date	Stage	Amount	Valuation	Lead investors
Feb 16, 2021	IPO	$175M	$1.5B	—
Sep 27, 2018	Series D	$250M	$1.3B	Fidelity Investments
Nov 3, 2014	Undisclosed	$100M	—	—

Stock performance

$4.46999979019165

2026-05-22 · BFLY

Founder backgrounds

Dr. Jonathan Rothberg

Founder & Director

A serial entrepreneur and scientist awarded the National Medal of Technology and Innovation by President Obama in 2015 for inventing high-speed DNA sequencing. Rothberg earned a PhD in biology from Yale after a BS in chemical engineering from Carnegie Mellon. He founded CuraGen in the 1990s, then 454 Life Sciences (acquired by Roche for ~$140M in 2007), where he sequenced James Watson's genome and launched the Neanderthal Genome Project. He next founded Ion Torrent (acquired by Life Technologies in 2010), inventing semiconductor chip-based sequencing — an approach he later adapted to medical imaging. That chip-driven philosophy directly informs Butterfly Network: replacing traditional piezoelectric crystals with a semiconductor chip to shrink a whole-body ultrasound system into a handheld device. Rothberg also chairs Hyperfine (portable MRI) and Quantum-Si (protein sequencing), all born from his 4Catalyzer incubator.

Nevada Sanchez

Co-Founder

Co-founded Butterfly Network alongside serial entrepreneur Jonathan Rothberg (Ion Torrent). Sanchez earned dual BS degrees in EECS and mathematics/physics from MIT (2010), followed by an MS (2011), and was named a Hertz Fellow. While still an undergraduate, he worked in Max Tegmark's MIT lab on algorithms that later informed the Ultrasound-on-Chip™ architecture he designed and built as Butterfly's first employee and VP of Core Technology. Butterfly Network is his first venture; he had no prior startup exits. As Chief Innovation Officer, he has publicly emphasized that the company's core mission is democratizing medical imaging — making ultrasound accessible to the 4.7 billion people worldwide who currently lack access — rather than simply miniaturizing existing hardware.

Tyler S. Ralston

Co-Founder

Earned an MS ('04) and PhD ('06) in electrical and computer engineering from the University of Illinois at Urbana-Champaign. Before Butterfly Network, held a technical staff role at Lawrence Livermore National Laboratory and completed a postdoctoral research appointment at MIT. Ralston entered Jonathan Rothberg's 4Catalyzer incubator as a Fellow, where he led biomedical imaging across the portfolio — spanning chip-based ultrasound at Butterfly, portable MRI at Hyperfine, and optical imaging at Tesseract Health. He concurrently co-founded Butterfly Network in 2011 and later served as CTO of Tesseract Health before becoming CTO of Oxford Nanoimaging in 2021. A distinguishing feature of his career is functioning as a cross-portfolio technical leader rather than a single-venture founder, applying deep imaging physics expertise across multiple modalities simultaneously.

AI bull / bear

Bull case

Butterfly's single-chip ultrasound probe rewrites the cost structure of medical imaging. Traditional cart-based systems run $50K–$250K; the iQ+ sells for roughly $2,400 plus a software subscription. That price point unlocks point-of-care ultrasound for primary care, urgent care, EMS, and global health — markets radiology never reached. The company is now layering AI on top: Compass AI manages POCUS workflows and credentialing across health systems, while the gestational-age tool deployed in sub-Saharan Africa proves the probe can deliver diagnostic accuracy without a sonographer. This is the platform play — hardware commoditized, value accruing to software. With ~$21M in quarterly revenue in 2025, the installed base is generating real recurring dollars. Bill Gates's backing signals confidence in the global-health channel, and the semiconductor-based architecture gives Butterfly a manufacturing-cost advantage that piezoelectric competitors cannot easily match at scale.

Bear case

Butterfly raised $525M and went public at a $1.5B valuation in 2021, yet quarterly revenue sits at roughly $21M. That is a punishing ratio of capital consumed to revenue generated, and the public markets have not been kind to SPAC-era medtech listings. The core hardware thesis — that a cheap, chip-based probe would disrupt ultrasound — is colliding with reality: Philips Lumify, GE Vscan Air, and Clarius all compete in handheld POCUS, and they benefit from existing hospital procurement relationships Butterfly lacks. AI guidance features are not unique; every major imaging vendor is adding similar software layers. On the adoption side, POCUS expansion faces credentialing bodies, reimbursement uncertainty, and liability concerns that slow enterprise uptake regardless of price. Meanwhile, as a public company with a modest topline, Butterfly may face dilutive capital raises or restructuring pressure if growth does not accelerate sharply.

Generated by deepseek-v4-pro · May 2, 2026Refreshes quarterly · see disclosures

In the news

Butterfly Network · last 30 days

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Leadership

Dr. Jonathan Rothberg

Founder & Director

Nevada Sanchez

Co-Founder

—

Tyler S. Ralston

Co-Founder

—

Joseph M. DeVivo

President, Chief Executive Officer & Chairman of the Board

John Doherty

Executive Vice President & Chief Financial Officer

—

Victor Ku

Senior Vice President & Chief Technology Officer

—

Steven Cashman

Executive Vice President & Chief Business Officer

—

Products

Butterfly iQ3
Butterfly iQ3 is the company's latest handheld, single-probe, whole-body point-of-care ultrasound device. It features the sharpest image quality yet with rapid data processing, advanced AI tools, and Biplane Imaging that lets clinicians see both short and long axes of a needle in real-time during guided procedures. The device offers cardiac output calculation for fluid responsiveness assessment and is built on Ultrasound-on-Chip semiconductor technology. Designed for ease of use across multiple care settings including hospitals, clinics, and pre-hospital environments, it won the 2024 Prix Galien USA Award for Best Medical Technology.
Butterfly iQ+
Butterfly iQ+ is the second-generation handheld, single-probe whole-body ultrasound system built on Butterfly's Ultrasound-on-Chip semiconductor platform. It offers 15% faster frame rates and 60% faster pulse repetition frequency compared to the original iQ, along with Needle Viz technology for improved needle guidance, longer battery life, and enhanced durability. The device supports over 20 clinical presets for imaging the heart, lungs, abdomen, and more. It connects to iOS and Android devices and is designed for point-of-care use by healthcare providers to make rapid, informed decisions at the bedside.
Butterfly POCUS Software Platform
Butterfly's software platform powers all of its ultrasound devices with AI guidance tools, cloud-based image management, and a software development kit (SDK) for enterprise integrations. The platform includes features like automated guidance for novice users, image acquisition protocols, and remote proctoring capabilities. Through the Butterfly Garden educational ecosystem, clinicians can access training content. The cloud platform enables secure image storage, sharing, and tele-ultrasound consultations, making it a comprehensive solution beyond just hardware for healthcare organizations.

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