[September 27th 2018, Hong Kong] Recently, Fosun Industrial, a subsidiary of  Chinese leading healthcare group Shanghai Fosun Pharmaceutical (Group) Co., Ltd (“Fosun Pharma”, stock code: 600196.SH, 02196.HK), announced to subscribe Subscription Stock to be allotted and issued by Butterfly Network Inc. (“BNI”) in consideration of approximately US$106 million. 

According to the announcement published on July 13th, 2017, Fosun Industrial will hold 10,321,324 Series D Preferred Stock, which is expected to represent 8.33% of the total number of issued shares in BNI upon the completion of the issue of Series D Preferred Stock under the Transaction Documents on a fully diluted basis.

Dr. Jonathan Rothberg, founder and executive chairman of BNI said, "We are proud to announce Fosun Pharma's $106 MM investment in Butterfly Network. Fosun Pharma was early to recognize the potential of Butterfly’s ultrasound-on-chip™ technology to enable low-cost medical imaging for all.  With this investment, we will continue to advance our technology underlying the world’s first handheld whole-body imaging system. We look forward to working with Fosun Pharma.”

Founded in 2011, BNI is a health technology company dedicated to democratizing medical imaging. Powered by a single silicon chip on a smartphone-connected device, Butterfly iQ provides a personalized ultrasound experience for healthcare providers at a drastically low cost. Leveraging artificial intelligence and an integrated software platform, Butterfly iQ seamlessly connects users to collaborate across the hospital or around the world. 

Medical ultrasound hardware has existed for over 50 years and has always been based on piezoelectric crystal sensors. Piezo crystals are inherently fragile, acoustically limited to specific frequency ranges, and expensive to manufacture into ultrasound transducers. As such, for decades, medical professionals have been left with inaccessible and cumbersome ultrasound systems. Traditional ultrasound systems cost upwards of $50,000 and require at least 3 transducers to scan the entire body. For the first time, Butterfly iQ removes these limitations by introducing a clinical ultrasound system powered by an integrated silicon-based sensor rather than piezo crystals. Enabled by this low cost, high-performance hardware platform, the collective intelligence of the global medical community can now reach even the most remote places on earth, ushering in a new era of healthcare. 

In addition to Fosun Pharma, additional investors include Fidelity, Bill & Melinda Gates Foundation, along with the existing investors. Fosun Pharma understands the importance of democratizing this life-saving ultrasound-on-chip technology to help those that need it most, and continues its commitment to improving human health alongside BNI, bringing more possibilities for cooperation in the future.

Mr. Wu Yifang, president and CEO of Fosun Pharma said, "Butterfly brings the revolution of medical imaging that makes ultrasound technology universally accessible and affordable. This cooperation will facilitate the synergy with Fosun Pharma’s medical devices business and promote our healthcare service business by enhancing the accessibility and innovating the service model.”
About Butterfly Network Inc.
Butterfly Network is a health technology company dedicated to democratizing medical imaging. Using a full-stack engineering approach combining hardware and software, Butterfly introduces the era of personal ultrasound with Butterfly iQ, the world’s first whole-body ultrasound system. Butterfly Network invented and introduced the first FDA-cleared personal ultrasound device using ultrasound-on-chip™ technology. Butterfly has offices in NYC, Palo Alto and Guilford, Connecticut and is a member of the 4Catalyzer life sciences incubator, founded by Dr. Jonathan M. Rothberg, best known for inventing next-generation DNA sequencing, the technology underlying the $1,000 genome and the precision medical revolution.