Butterfly Network Inc. will be taken public via a SPAC merger valuing the company at $1.5 billion. Butterfly Network is a digital health company, which made the world’s first portable ultrasound machine. It was founded in 2011 by Dr. Jonathan Rothberg.
The company will be listed in the New York Stock Exchange under the symbol “BFLY” after its merger. Butterfly Network has raised $400 million from investors including Baillie Gifford, The Bill and Melinda Gates Foundation, and Fosun Industrial Co.
The deal is expected to provide $589 million of gross proceeds. SPAC deals have turned out to be a special alternative for companies to go public this year. The merger is expected to be done by the end of first quarter 2021.