Verily, Alphabet (NASDAQ: GOOGL) life sciences segment, raised USD 1 Billion in a funding round led by private equity firm Silver Lake.
Verily’s funding round comes two years after the company took in USD 800 Million of outside capital from Singapore’s Temasek and moves the company to potential independence, according to Business Insider.
“We are taking external funding to increase flexibility and optionality as we expand on our core strategic focus areas,” said Andrew Conrad, Chief Executive Officer of Verily. “Adding a well-rounded group of seasoned investors, led by Silver Lake, will further prepare us to execute as healthcare continues the shift towards evidence generation and value-based reimbursement models.”
As part of the funding, Alphabet Chief Financial Officer Ruth Porat will join Verily’s board along with Egon Durban from Silver Lake, according to the statement issued on Thursday.
“Verily’s unique capabilities, world-class partnerships and bold vision are enabling the company to tackle the most significant problems impacting global healthcare.” said Durban.
Verily was formerly known as Google Life Sciences and has multiple partnerships across the healthcare industry, specializing in sectors such as diabetes management to surgical robotics. Verily partners include major healthcare players such as GlaxoSmithKline (NYSE: GSK) and Biogen (NASDAQ: BIIB).
Verily aims to develop technology that can collect and organize health data. The company also helps to create interventions and platforms that put insights derived from that data to use for more holistic care management.
Walgreens Boots Alliance, Inc. (NASDAQ: WBA) and Verily announced late December a collaboration to develop projects aimed at improving health outcomes for patients with chronic conditions.