Butterfly Network to go Public via SPAC

Innovative medical technology company Butterfly Network announced they will be going public through a special purpose acquisition vehicle (SPAC) backed by hedge fund Glenview Capital.

The announcement comes alongside a wave of private companies seeking liquidity through SPACs. A SPAC is a vehicle for raising capital through what is effectively an initial public offering. This growing trend, historically referred to as “blank check” companies allow public investors to participate in private equity-like assets.

Founded in 2011, Butterfly Network sells the Butterfly iQ, a handheld portable ultrasound device to make imaging more affordable and accessible. The technology utilizes a proprietary ultrasound chip and AI to offer entire body imaging through a single probe.

The Company launched commercially in 2018 and has sold over 30,000 systems globally. Current shareholders include the Bill & Melinda Gates Foundation. The Butterfly Network deal is valued at $1.5 billion and is expected to begin trading on the New York Stock Exchange during the first quarter of 2021 under the symbol “BFLY.”