10 Best Medical AI Companies

7. Butterfly Network, Inc. (NYSE:BFLY)

Number of Hedge Fund Holders: 23

Market Capitalization: $204.6 million

Butterfly Network, Inc. (NYSE:BFLY) is yet another healthcare equipment company on our list, based in Burlington, Massachusetts. It develops, manufactures, and commercializes ultrasound imaging solutions.

The company is attempting to disrupt the ultrasound industry with its point-of-care solution and ultrasound-on-a-chip technology. Butterfly Network, Inc. (NYSE:BFLY) has received FDA clearance and has also commercially launched its IQ3 device. In 2023, Butterfly Network, Inc.’s (NYSE:BFLY) revenue topped $66 million. Investors and professionals in the medical AI space support this company because of its accuracy and ease of use of its products relative to the traditional cart-based model for ultrasounds. Butterfly Network, Inc. (NYSE:BFLY) is also using AI in its ScanLab platform to speed up the awareness and distribution of its product. However, despite the immense potential seen in this stock, this is also a high-risk, high-reward play in medical AI.

Butterfly Network, Inc. (NYSE:BFLY) was spotted in the 13F holdings of 23 hedge funds in the second quarter, with a total stake value of $21.8 million.