Butterfly Network, Inc., a digital health company transforming care with the power of portable, semiconductor-based ultrasound technology and intuitive software, and Forest Neurotech, a deep tech research company developing a minimally-invasive device for imaging and stimulating the brain with ultrasound, announced a five-year co-development agreement.

 

The agreement includes $20MM to be paid to Butterfly for annual licensing, chip purchases, services and milestone payments, of which $3.5MM was received on signing. Additional revenue is anticipated for every unit sold upon commercialization. Forest Neurotech is the latest Focused Research Organization to be created as part of Convergent Research, an incubator for ambitious scientific non-profits and member of the Schmidt Futures Network. Convergent Research recently announced $50M in new philanthropic support, as per business wire.

 

Butterfly Network, Inc., a digital health company transforming care through the power of portable, semiconductor-based ultrasound technology and intuitive software, and Forest Neurotech, a deep tech research company developing a minimally-invasive device for imaging and stimulating the brain with ultrasound, announced  a five-year co-development agreement.

 

Butterfly will earn $20MM in yearly licensing, chip purchases, services, and milestone payments under the arrangement, of which $3.5MM was received upon signing. Following commercialization, more income is expected for each unit sold. Forest Neurotech is the most recent Focused Research Organization to emerge from Convergent Research, a non-profit incubator and member of the Schmidt Futures Network. Convergent Research recently made a $50 million charity gift.