Verily, the life sciences subsidiary of Alphabet (NASDAQ:GOOGL), has raised US$1 billion that will be used to expand its wide array of data-driven precision health products.
Led by Alphabet, Verily said the new capital injection would be used to support the company’s core initiatives focused on real-world evidence generation, healthcare data platforms, research and care, and the underlying technology.
Verily also will eye further investment in strategic partnerships, global business development and potential acquisitions.
Exciting news from @Verilylifesci on this $1Bn funding to further our precision health impact, including evidence generation. Big congrats to @stephengillett, who will be our new CEO, and deep gratitude to Andy Conrad. We're set up for great things ahead! https://t.co/AMCl1TkYnH— Amy Abernethy (@dramyabernethy) September 9, 2022
Precision healthcare
Verily, formerly Google Life Sciences, was a division of the semi-secret research and development group at the company called Google X until it split off as an independent subsidiary of Alphabet in 2015.
The life sciences company has steadily extended its reach into diverse areas including care solutions for sleep apnea and diabetes to developing devices like miniaturised continuous glucose monitors.
Throughout the COVID-19 pandemic, the company also shifted its focus to COVID screening, testing and research programs.
Verily president and COO Stephen Gillett said: “Verily is using its recognized expertise and capabilities in technology, data science and healthcare to enable the entire healthcare ecosystem to identify and deliver more targeted interventions that drive better health outcomes.
“We are focused on generating and applying evidence from a wide variety of sources to change the way people manage their health and the way healthcare is delivered.
“And as time goes on, we are focused on fueling continuous learning systems - where more data drive even better care, and where Verily solutions intersect to drive even greater value.”
Solid run
Verily wrapped up 2020 with a massive US$700 million funding round that it has used to rapidly scale up its commercial work. To date, the company has raised $3.5 million in funding, according to Crunchbase.
Last year, Verily logged its first major buy-out by picking up software developer SignalPath to fold the trial management system into its Baseline platform.
The company also significantly ramped up its work in healthcare and research in the past two years with new initiatives and new hires.
It expanded its work with employers through its Healthy at Work program and virtual care offerings.
Launched in June 2020, the Healthy at Work program helps businesses and universities reopen safely with vaccine tracking and testing capabilities.
Also, Verily expanded the reach of its virtual clinic, called Onduo, into multiple chronic conditions and also launched digital services geared toward mental and behavioural health. These moves bring Verily a step closer to its goals of delivering whole-person care through a single telehealth app.
Further, the company also launched a stop-loss insurance company, which it has rebranded as Granular.
Change in leadership
Verily has also announced changes to its executive team that will come into effect in January 2023.
The company’s founder Andy Conrad will become executive chairman of the Verily board.
Stephen Gillett, who is currently president of the company, will be promoted to the position of CEO
Deepak Ahuja will be vacating the CFO position by the end of the month.
Ahuja, the former and first CFO at Tesla (NASDAQ:TSLA), has been hired as the first chief financial and business officer at drone delivery and logistics startup Zipline. Ahuja will remain an advisor, the company said, adding that a search for a new CFO would begin immediately.
We're excited to announce that @stephengillett will be promoted to CEO as we enter our next phase of growth, effective Jan. 1, 2023. He’ll lead Verily to become a more operationally & commercially focused company executing on our #PrecisionHealth strategy. https://t.co/NkuP5lHtan pic.twitter.com/A5CCfds5mo— Verily (@verilylifesci) September 9, 2022