Charlotte Hu / Business Insider
Picture a bulky, wired-up ultrasound machine, condensed to the size of an electric razor that can plug in to your phone, and fit into your pocket.
And better yet, it costs only $2,000.
The ultrasound-on-a-chip is the invention of Butterfly Network, founded by Jonathan Rothberg, who also had a hand in creating Next Generation DNA-sequencing, which made the then-exclusive DNA sequencing technology a standard part of most medical practices and clinics.
The new device, named Butterfly iQ, was inspired by Rothberg's own personal experiences. His daughter was born with a disease called tubular sclerosis, which creates tiny tumors all over the body. The treatment procedure for this requires the use of a high-frequency ultrasound and MRI-imaging.
Through this ordeal, Rothberg became frustrated with the limited amount of ultrasound machines available in a hospital and the hassle of waiting for hours for a machine to become available. Rothberg wanted to democratize the access to these machines, which can cost up to $70,000 on average. By sizing the machine down and making it more versatile, Butterfly Network hopes to enable a wider range of doctors and healthcare workers to make more precise diagnoses out in the field, at in-office checkups, and in emergency rooms and ambulances.
On Thursday, the company announced that it has raised $250 million in a series D fundraising round and is expecting to ship out starting this week, with investments from Fidelity, Fosun Pharma, and the Bill and Melinda Gates Foundation.
It was only a year ago that the Butterfly device was first unveiled at an American College of Emergency Physicians conference. Now, it's gearing up to ship out its product to key industry leaders, institutions, and private healthcare providers.
Globally there are currently 40 million healthcare practitioners who Butterfly is trying to serve.
