Alphabet’s Verily announced last week that it has secured USD1 billion that was funded by Silver Lake. As per the statement, Alphabet Chief Financial Officer Ruth Porat is also uniting Verily’s board along with Silver Lake’s Egon Durban. The announcement came two years after Verily took in USD800 million of outside capital from Singapore’s Temasek Holdings.
CEO of Verily, Andrew Conrad said the funding would be utilized to support growth in major strategic areas, with investments in strategic partnerships, business development opportunities, and possible acquisitions. He said that the new investors will prepare the company to implement as healthcare continues to move towards evidence generation and value-based reimbursement models. Formerly recognized as Google Life Sciences, Verily has a number of partnerships across the health and life sciences sector in such fields ranging from diabetes management to surgical robotics. The company often offers technical talent, while its counterparts in healthcare bring in expertise in clinical research and regulation. Verily was quite active in 2018, addressing several projects, including the detection of sleep apnea, pharmaceutical drug discovery utilizing Artificial Intelligence, health insurance, blood collection, and even the creation of small needles that blow up and retract through a user’s skin to draw blood with a wearable device.
Previously, Verily released a smartwatch packed with sensors, an always-on display, and a long-lasting battery intended to longitudinal studies. In the statement, Silver Lake’s Egon Durban expressed that Verily’s unique capabilities, world-class partnerships, and bold vision are allowing the company to address the imperative issues impacting universal healthcare.