Butterfly Network and Forest Neurotech have entered into a five-year co-development agreement that will see the two develop an ultrasound-on-chip method for minimally invasive brain imaging and stimulation.
The agreement includes $20 million to be paid to Butterfly for annual licensing, chip purchases, services, and milestone payments, of which $3.5 million was received on signing. Additional revenue is anticipated for every unit sold upon commercialization, Butterfly said.
Forest Neurotech is the latest focused research organization to be created as part of Convergent Research, an incubator for ambitious scientific nonprofits and member of the Schmidt Futures Network. Convergent Research recently announced $50 million in new philanthropic support.
The news follows Butterfly launching its Butterfly Garden in August. This AI marketplace offering by the company aims to facilitate partnerships with medical device companies, AI companies, or software developers who want to build new applications with Butterfly's imaging platform.
Butterfly also highlighted that its ultrasound-on-chip technology can operate at a variety of frequencies, has programming flexibility, and is compact in size.