The funding will be used to support the company's primary activities focused on real-world evidence production, healthcare data platforms, research and care technologies
Verily Life Sciences’ headquarters office in South San Francisco, California. (Credit: Coolcaesar from Wikipedia)
Research company Verily has secured a $1bn investment round led by Alphabet to support the expansion of Verily’s businesses in the precision health sector.
With the investment, Verily aims to improve healthcare and make it more individualised for each person.
The additional funding will be used to support a number of the company’s main efforts that are centred on real-world evidence generation, healthcare data platforms, research, and care.
Additionally, the firm will take into account additional investments in strategic alliances, international business expansion, and future acquisitions.
As the business enters its next phase of the expansion, the firm also announced new roles for the company’s top leadership.
From January 2023, current president Stephen Gillett will be elevated to CEO and Andy Conrad, the company’s creator, will take on the role of executive chairman of the Verily board.
According to the firm, the new positions will help to transform into a more commercially and operationally oriented organisation carrying out its precision health agenda.
Gillett joined Verily in 2020 from Google to serve as the company’s operational advisor and to direct its efforts to create a Cybersecurity Center of Excellence.
Verily, an Alphabet company engaged in transforming how people control their health and how healthcare is provided by using a data-driven, people-first approach.
The company helps the entire healthcare ecosystem improve patient outcomes by utilising its experience and skills in technology, data science, and healthcare.