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Alphabet's life sciences company Verily announces new $1 billion funding round

Posting time:2023-02-02 08:42:20

Alphabet's life sciences company Verily announces new $1 billion funding round

Verily, the life sciences company owned by Alphabet, said on Friday it has raised $1 billion that will be used to expand its data-driven healthcare offerings tailored to individuals. The company said in the announcement that the round was led by Alphabet. Verily also announced changes to the management team that will take effect in January 2023. The company's founder, Andy Conrad, will become executive chairman of Verily's board. Stephen Gillett, who served as company president, will be promoted to CEO. Gillett originally joined Verily as an operations consultant and led the company's cybersecurity efforts. At the time, he was co-founder and CEO of Chronicle, Alphabet's cybersecurity company, which is now part of Google Cloud. Deepak Ahuja will step down as chief financial officer at the end of this month. Former Tesla chief financial officer Ahuja has been hired as the first chief financial and business officer of drone delivery and logistics startup Zipline. Ahuja will remain as an advisor, the company said, adding that the search for a new chief financial officer will begin immediately. Amid an influx of capital and a shuffle of executives, Verily is primed for a new phase of growth in the red-hot healthcare industry, which has attracted tech giants like Amazon and Apple. Earlier this year, Amazon acquired One Medical, a primary care provider that leverages personal, digital and virtual interactions in its services, in a deal valued at $3.9 billion. Verily is particularly interested in "precision medicine," a term meant to describe the combination of research, clinical and non-clinical data, and computing power to provide medical care tailored to an individual's specific needs. In other words, Verily -- born out of Google X in 2015 -- aims to use technology to provide healthcare to individuals, not everyone. The funds could also be used to invest in strategic partnerships, global business development and potential acquisitions, Verily said. The company has formed several partnerships and completed at least one acquisition. In 2021, the company acquired research software developer SignalPath to expand its clinical trial system. It also has partnerships with Lumea, L'Oreal, the Mayo Clinic and Microsoft.

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