California-based Verily recently announced a fresh round of financial backing totaling $1 billion led by Silver Lake Partners. Capital raised will be used towards expanding Verily’s operations through strategic partnerships, acquisitions and business development in new global markets.
“We are taking external funding to increase flexibility and optionality as we expand on our core strategic focus areas,” said Andrew Conrad, CEO of Verily. “Adding a well-rounded group of seasoned investors…will further prepare us to execute as healthcare continues the shift towards evidence generation and value-based reimbursement models.”
Verily was originally founded as Google Life Sciences and operated as a subsidiary of Google X until a corporate restructuring in 2015 led to the creation of Alphabet Inc. In August 2015, Sergey Brin announced Google Life Sciences would begin operations under its parent company Alphabet Inc. and was subsequently renamed Verily.
“Verily’s unique capabilities, world-class partnerships and bold visions are enabling the company to tackle the most significant problems impacting global healthcare,” said Egon Durban, CFO of Alphabet. “We look forward to working with Andy and the entire Verily team in their mission to use cutting-edge science and technology to change the paradigm of care delivery and improve clinical outcomes.”
The company focuses on creating unique solutions in data organization and analytics for the life sciences industry. Using cutting-edge technological and scientific advancements, Verily offers an array of tools and user-friendly platforms to capture and crunch healthcare data. Customers are able to efficiently access the information they need for evidence-based research and practice. Some of their projects include Liftware, eating utensils for people experiencing limited hand and arm mobility; Onduo, smart applications designed for simple management of diabetes; and Immunoscape, an initiative to develop a molecular map of inflammatory diseases.
Funding for the company’s future plans was provided by several global management companies, including Silver Lake Partners and the Ontario Teachers’ Pension Plan. Silver Lake is a global equity firm specializing in technology-focused investments. With more than $45.5 billion in assets and committed capital, they maintain offices Silicon Valley, New York, London and Hong Kong.