Openwater Aims for $500 Medical Devices with Vitalik Buterin's $50 Million Open-Source Backing

Ethereum co-founder Vitalik Buterin has provided $50 million in non-dilutive funding to Openwater, a medical technology company championing an open-source approach to developing affordable, hospital-grade diagnostic and therapeutic devices. This significant investment underscores Buterin's belief in the power of open source to democratize access to critical technologies, as highlighted in his recent article advocating for widespread adoption of this principle. Openwater, led by founder Dr. Mary Lou Jepsen, aims to drastically reduce the cost and accelerate the development of medical devices for universal treatment of various diseases.

Buterin recently articulated his "I support it only if it's open source" philosophy, arguing that proprietary systems in emerging technologies risk exacerbating global inequality. He contends that open-source development fosters equitable access, enhances verifiability, and eliminates vendor lock-in, preventing powerful entities from monopolizing life-changing innovations. While acknowledging potential misuse, Buterin maintains that transparency and shared knowledge are crucial for beneficial technological advancement.

Openwater is pioneering this open-source model within the medical hardware sector, making its patents, hardware designs, software code, and datasets freely available. The company utilizes components common in consumer electronics to develop portable, non-invasive devices, including low-intensity focused ultrasound (LIFU) and near-infrared light technology. This approach aims to create solutions akin to a "wearable MRI" and drug-free treatments, significantly lowering production barriers.

The company projects a dramatic reduction in device costs, with a goal to bring advanced neuromodulation devices like Open-LIFU down to $500 within a few years, a stark contrast to current costs in the hundreds of thousands. Openwater's technology is being explored for diverse applications, including the treatment of cancers, mental diseases, neurodegenerative conditions, and infectious diseases like long COVID, and has shown promise in stroke detection. Recent studies, including one with MIT's Lincoln Laboratory, are exploring its use for consciousness research and breaking down microclots associated with long COVID symptoms.

Dr. Mary Lou Jepsen, a renowned physicist and inventor, continues to serve as Chairperson, guiding Openwater's mission to make advanced care universally accessible. The company recently appointed Aaron Timm as CEO in March 2025 to scale operations and meet growing demand for its innovative devices. Openwater's commitment to open-source principles, coupled with substantial backing, positions it to potentially transform global healthcare accessibility and affordability.