News Summary

• Merge Labs, the brain-interface startup backed by OpenAI and associated with Sam Altman, selected Butterfly Network, Inc.
• as its exclusive ultrasound-on-chip supplier.
• The arrangement includes upfront payments, development milestones, purchase commitments, access fees, and potential royalties.
• Butterfly retained the right to license its technology to other partners, so exclusivity appears limited to the relevant Merge application rather than the whole embedded opportunity.
• The investment case still depends on converting unusual prototypes into disclosed, recurring economics.