Butterfly Network Signs Ultrasound Chip Deal With Forest Neurotech to Support Brain Measurement/Modulation Implantable Device
Butterfly Network, Inc. has joined forces with Forest Neurotech, a research firm specializing in the development of minimally-invasive brain imaging and stimulation devices that employ ultrasound technology, and signed a five-year co-development agreement aimed at developing new neural interface technology. Neural monitoring and modulation technologies have received significant interest of late, especially following the announcement that Elon Musk founded Neuralink raised $280 million in August 2023.
Under the terms of the agreement, Butterfly is set to receive a total of $20 million, encompassing annual licensing fees, chip acquisitions, various services, and milestone payments of which $3.5 million has already been received upon the signing of the agreement. Furthermore, additional revenue streams will be generated if products are commercialized as part of the partnership.
Forest is pioneering a minimally-invasive implant that can both measure and modulate brain-wide activity. The technology aims to enable personalized understanding and treatment of the human brain. The implant leverages advancements in ultrasound transducers and miniaturized electronics, all integrated into a single microchip. The company will use Butterfly Network’s Ultrasound-on-Chip Technology to provide comprehensive brain function measurements and continuous therapeutic updates for various medical indications.
Forest Neurotech is a non-profit Focused Research Organizations, formed as part of Convergent Research, an incubator that fosters the growth of ambitious scientific enterprises. Convergent Research recently unveiled the receipt of $50 million in philanthropic support, to support pioneering advancements in scientific exploration.
Joseph DeVivo, Butterfly Network’s President, Chief Executive Officer, and Chairman, expressed his enthusiasm for the collaboration, stating, “Forest Neurotech is an exemplary partner that validates the vision behind Butterfly Garden. We opened our imaging platform for co-development to encourage and expedite innovation that captures the full potential of Butterfly’s disruptive chip technology through new applications and in adjacent markets. By bringing our chip into the neurotech implantables space, this partnership does exactly that.”