Verily Announces $1 Billion Funding

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Verily, the life sciences and health technology company, which spun off from Google in 2015 has announced a $1 billion capital increase, led by its parent company Alphabet.

The funds will be used to expand its customized data-driven healthcare products and consider strategic partnership investments, business development and acquisitions.

Verily also announced executive team changes that will take effect in January 2023. Andy Conrad, the company’s founder, will become executive chairman of the Verily board of directors.

Stephen Gillett, the company’s president, will be promoted to CEO. Deepak Ahuja will leave his position as Chief Financial Officer (CFO) at the end of the month but will remain an advisor, according to the company, which added that the search for a new CFO will begin immediately.

Verily, a company that develops devices and software to improve data collection, treatment, research and patient care, announced earlier this month a new partnership in search of sustainable revenue and announced plans to study skin health and explore new products with cosmetics maker L’Oreal SA.

Verily is also interested in “precision health,” which combines research, clinical and non-clinical data, and computing power to deliver health care tailored to a person’s specific needs. In other words, it aims to use technology to provide health care to individuals, not the entire population.

The sources for this piece include an article in Reuters.

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