Butterfly Network, Inc.
- Industry
- Medical Devices
- Founded Year
- 2011
- Headquarters
- Burlington, Massachusetts, USA
- Employee Count
- 190
Key People
- Joseph M. DeVivo - President & CEO
- Jonathan Rothberg - Founder & Board Member
- Nevada Sanchez - Co-Founder and VP of ASIC Design
- Paul Crandell - Chief Marketing Officer
- Steve Cashman - CEO
Assessment
- Team
-
Aspect: Multiple successful MedTech entrepreneurs
Summary: The leadership team comprises experienced professionals with successful backgrounds in medical technology.
The presence of multiple successful MedTech entrepreneurs in the leadership team enhances the company's ability to navigate the complex medical device industry, fostering innovation and strategic growth.
- Clinical Need
-
Aspect: Very Strong
Summary: Butterfly Network addresses a significant gap in accessible and affordable ultrasound imaging.
By providing portable and cost-effective ultrasound devices, Butterfly Network caters to a pressing clinical need, especially in resource-limited settings, thereby enhancing diagnostic capabilities globally.
- Competition
-
Aspect: Somewhat crowded
Summary: The portable ultrasound market has several players, but Butterfly Network's technology offers differentiation.
The market for portable ultrasound devices includes multiple competitors; however, Butterfly Network's proprietary Ultrasound-on-Chip technology sets it apart, offering a unique value proposition.
- Technical Challenge
-
Aspect: Predictable
Summary: The development of handheld ultrasound devices involves manageable technical challenges.
The integration of ultrasound technology into handheld devices, while complex, follows a predictable development path, allowing for effective management of technical challenges.
- Patent
-
Aspect: Very Strong
Summary: Butterfly Network holds robust patents, including its Ultrasound-on-Chip technology.
The company's proprietary Ultrasound-on-Chip technology is well-protected by patents, providing a significant barrier to entry for competitors and securing its market position.
- Financing
-
Aspect: Well-funded
Summary: Butterfly Network has secured substantial funding from reputable investors.
With significant investments from entities like the Bill & Melinda Gates Foundation and Fidelity, Butterfly Network is well-capitalized to pursue its strategic objectives and market expansion plans.
- Regulatory
-
Aspect: 510k/PMA
Summary: The company's products have obtained necessary regulatory approvals for market entry.
Achieving 510(k) clearance and Premarket Approval (PMA) indicates compliance with regulatory standards, enabling the company to market its ultrasound devices effectively.
Opportunity Rollup
- Odds of Success
- 3.8
- Peak Market Share
- 4.85
- Segment CAGR
- 2.9%
- Market Segment
- Diagnostic Imaging
- Market Sub Segment
- Point-of-Care Ultrasound Devices
| Year Post Launch | Market Penetration (%) |
|---|---|
| 1 | 0.24 |
| 2 | 0.73 |
| 3 | 1.70 |
| 4 | 3.40 |
| 5 | 4.85 |
Key Takeaway
Butterfly Network's innovative handheld ultrasound technology addresses a significant clinical need, supported by strong leadership and financial backing, positioning it well in a competitive market.