Alphabet Inc. spin-off health sciences company, Verily Life Sciences LLC, raised $1 billion in an Alphabet-led round to support the expansion of its precision health-focused business.
Founded in 2015 by Google X’s Life Sciences group, Verily’s aims to bring the promise of precision health to everyone, every day. The company is focused on processing and using data from a variety of sources, such as clinical, social, behavioral and real-world, to arrive at the best solutions for a person based on a comprehensive view of evidence.
Using a data-driven, people-driven approach to changing the way people manage their health and the way healthcare is delivered, Verily uses data science and technology to drive better health outcomes. health.
One of Verily’s most prominent products is Baseline, a service designed to facilitate individuals’ participation in clinical research. The baseline has been used in various medical projects, including COVID-19 testing initiatives.
The new funding will be used to support various grassroots initiatives. These include the generation of real-world evidence, healthcare data platforms, research and care, and the underlying technology that drives this work to improve healthcare outcomes. for individuals. Verily noted that he would also consider further investments in strategic partnerships, global business development and potential acquisitions.
Along with the funding announcement, Verily also said company founder Andy Conrad will become executive chairman of Verily’s board of directors and current chairman Stephen Gillett will be promoted to chief executive officer effective January 2023. .
Gillet joined Google LLC in 2015, where he was executive-in-residence at Google Ventures. He transferred to Google X (now X) in 2016 and served as CEO of Chronicle, Alphabet’s cybersecurity company. He joined Verily as COO in 2020.
“These new roles are the result of thoughtful succession planning led by Conrad and the Board of Directors and in recognition of the skills and experience required to lead Verily as it becomes a more operations-focused company. and commerce executing its precision health strategy,” Verily said in a statement.
Including the new funding, Verily has raised $3.5 billion to date, according to Crunchbase, including $700 million rounds in December 2020 and $1 billion in 2019. External investors include Temasek Holdings, Silver Lake and the Ontario Teachers’ Pension Plan.