Verily plans to spend $1 billion on investments for strategic alliances, opportunities to develop globally, and potential acquisitions. To date, Verily has raised $3.5m in funding, according to Crunchbase. The company has also substantially increased its efforts in the health care and research space over the last couple of years, with new initiatives and new hires. Verily has been working with a number of pharmaceutical companies on projects that range from researching surgical robots to developing a retina scanning technology to detect certain types of eye diseases earlier.
The life sciences firm has steadily expanded its scope to various areas, including sleep apnea and diabetes management solutions, and developing devices such as miniaturized continuous glucose monitors. Verily, a life sciences research organization, has raised $1 billion capital in a funding round, which will be used to scale Verilys data-driven health products business. Verily, a life sciences arm of Alphabet, has raised $1bn in an investment round led by private equity firm Silver Lake, in order to continue Verilys strategies that are aligned with its current portfolio. They said that the new funds will support its investments, including in potential acquisitions and partnerships, and will further its strategies that are in sync with its current portfolio.
Verily vs Amazon
The fundraising comes on the heels of Amazons announcement in July it will purchase the GP provider One Medical for $3.9 billion. Googles life sciences spin-off Verily said it raised $1bn (PS860m) in an investment round led by parent Alphabet, seeking to compete in the intensifying market for healthcare technology. All is changing for Alphabets life sciences business, Verily, which has a $1bn funding round and has seen its senior management reshuffled, including a new CEO and an executive chairman, who will have to decide how to spend the $1bn.
Among possible uses for the financing — Alphabets first for life sciences business Verily, since raising $700 million in late 2020 — would be working on real-world evidence-generation, healthcare data platforms, search and care, and underlying technologies driving this work, which all have the aim of making healthcare better and more personalized by individual-level real-world evidence-generation, according to the company.
Finances And Future
Verily ended 2020 with a large $700 million financing round, which it used to quickly ramp up its commercial work. Exactly what Tech Verily is going to be spending its massive stack of cash on is less clear. Alphabet spinoff Verilys parent is leveraging its data science, tech, and health care capabilities and expertise to support the whole health care ecosystem in order to improve outcomes for patients. Tech giant Google has been investing in healthcare for a while, with its Calico subsidiary and Verily, both of which aim to improve the delivery of health care using technology.
Tech giant Google is working with Fitbit, while the acquisition of Twine Health would enable the company to use its cloud-based healthcare API, which sits within the framework of Fast Health Interoperability Resources (FHIR), to link users data to their electronic medical records (EMRs). Before joining Verily, president Steven Gillett was the co-founder and CEO of Chronicle, an IT security firm from Googles parent company, Alphabet, which is now a part of Google Cloud. Deepak Ahuja will be leading Verily as it transitions into a more operationally & commercially focused company, driving forward with our #PrecisionHealth strategy.