“A new era of healthcare for everyone”

Founded: 2011, Connecticut, USA

Category: Healthcare/ Software/Electronics

Primary office: Connecticut, USA

Core technical team: Connecticut, USA

Status: Private

Employees: 211

Amount raised: USD $350 million  (2 rounds – Sept 2018)

OVERVIEW

  • Designs and provides easy to use portable pocket-sized handheld ultrasound systems compatible with mobile device, hence making medical imaging universally accessible and affordable
  • Utilizes cloud based, intelligent data and analytics platforms to proffer medical imaging solutions that reduce the cost of real-time and three-dimensional imaging and treatment.
  • Origin and evolution of offers and distinct competences
  • Affordability, Portability and Versatility of ultrasound devices
  • Investment in Omni channel digital marketing strategy and adoption of point of care ultrasound (PCOS)

PERFORMANCE METRICS

  • Valuation: USD $1.25 billion (2019)
  • Estimated Revenue: USD $49.4 million (2019)

 

ACHIEVEMENTS

  • Healthcare Breakthrough Award – 2019
  • CNBC Disruptors 50 – 2020
  • Expanded commercial presence to 20 markets and is currently used by over 15,000 health practitioners in the world

Sells

  • Pocket sized ultrasound devices for whole body imaging that reduces the cost of real-time and three-dimensional imaging and treatment.
  • Butterfly software that enables users to:
    • capture images, pull up information, send and store scans to secure Unlimited HIPAA-compliant cloud storage
    • collaborate with other health professionals and practice telemedicine
    • proffer imaging tools and advanced modes; Educational View Guidance tools and videos; Workflow and billing integration.

Channels

  • Partnership with KindredBio to expand product offerings into Veterinary care.
  • Membership plans offering monthly subscription payments
  • Software Integration; Adaptability of software to third party ultrasound devices and healthcare provider’s Electronic Health Record (EHR) system.
  • Technology Partners; Use of Amazon Web Services for Cloud Services and Data Storage

Competencies

  • Cybersecurity; highly secured and encrypted platforms
  • Expertise in Big data analytics and Artificial Intelligence-deep-learning models to allow users with less training to operate ultrasound device
  • Provision of real time-data analytics to allow fast interpretation of captured images and making of precise measurements
  • Product technology compliance with required healthcare regulatory requirements

Distinct AI Features

Type

  • Deep learning, Modular neural network

 

  AI use

Artificial intelligence and deep-learning models hosted through AWS enabling advancements in the healthcare industry;

  • Medical professionals can collaborate in real time
  • Users with less training can operate ultrasound device, interpret the captured images, and make more consistent measurements.
  • Augmented reality enables the overlay of directional indicators on the patient to make it possible for almost anyone to use ultrasound properly.

Through advanced deep learning, thousands of images are annotated as “good” or “bad” helps improve the complex algorithms; Once a “good” image is captured, an automated interpretation is carried out to compute the ejection fraction, thus, providing the user with an opportunity to adjust the automated interpretation and recalculate the ejection fraction.

Rate of return on customer’s investment to make AI work

Immediate:

  • Expensive to procure, high compatibility with wide range of devices with ease of use and accessibility

Long term:

  • Effective big data storage capabilities and ease of use

Databases

  • Medical Imaging data which could be useful for research and development
  • Patients Biodata

Quantum Computing

  • N/A

Resources

Assets

  • Partnership with Amazon Web Services for secure cloud computing technologies
  • Product Portability, Versatility and Affordability facilitates point of care ultrasound
  • Certification and Compliance with Healthcare Regulatory Policies

Processes

  • Integration of telemedicine into product service to support remote activity
  • Data analytics driven decisions for better informed delivery of innovative products and services

Priorities

  • Increase product features
  • Grow and expand partnership networks

References

  1. Amazon Web Services. 2020. Butterfly Network Brings Medical Imaging to More People in More Places Using AWS. https://aws.amazon.com/solutions/case-studies/butterfly-network/
  2. Butterfly Network, Inc. 2020. Butterfly iQ Now Approved by Health Canada. Cision. https://www.newswire.ca/news-releases/butterfly-iq-now-approved-by-health-canada-890061050.html
  3. Butterfly Networks Official Website. 2020. https://www.butterflynetwork.com/
  4. Crunchbase 2020. Butterfly Network Funding Rounds. https://www.crunchbase.com/organization/butterfly-network#section-funding-rounds
  5. Growjo 2020. Butterfly Network Profile. https://growjo.com/company/Butterfly_Network
  6. Somauroo, J. 2019. Butterfly, A $1.25 Billion Healthtech Company, Launches New Ultrasound Technology In The U.K. Forbes. https://www.forbes.com/sites/jamessomauroo/2019/09/27/butterfly-a-125-billion-heathtech-company-launches-new-ultrasound-technology-in-the-uk/#74a5977da3f0
  7. https://thejournalofmhealth.com/the-butterfly-effect-the-pocket-sized-ultrasound-thats-changing-bedside-diagnosis/

Contributors

  • Damilola Balogun