Healthcare and life sciences company Verily has experienced rapid growth in the last year as it works to subdue effects of COVID-19. Verily continues to expand Baseline, an end-to-end ecosystem designed to make clinical research more efficient, as the system has been utilized in the testing and researching of COVID-19. With the help of its partners, the Baseline Platform has tested about 2 million individuals in 351 testing locations.
Verily has recently announced the completion of an investment round resulting in $700 million from current investors including Alphabet, Silver Lake, Temasek, and Ontario Teacher’s Pension Plan. The funding will be used in the expansion of Verily’s leading commercial businesses including Baseline and Verily Health Platforms.
Verily’s health platforms business has strengthened its focus on public health through its efforts to support safe re-openings for universities and businesses through its Healthy at Work program. It has also sharpened its focus on chronic disease management and telegraph services through its Onduo program’s new virtual clinic model to support hypertension, general wellness, and type two diabetes. Its subsidiary insurance company, Coefficient, looks to combine health technology solutions with novel insurance and payment models for precision risk solutions. Verily also looks to expand several of its life science programs in areas such as surgery, pathology, and immunology.
With the recent strain of the COVID-19 pandemic on the health industry, the recent investment round will enable Verily and its partners to deliver necessary innovations. CEO and founder of Verily, Andrew Conrad said, “We are humbled and excited about the opportunity to expand the scope and rapidly scale our products and services. With this new round of funding from our largest investors, they are strengthening their commitment to help expedite our original vision.”
Since its launch in 2015 as a subsidiary of Alphabet, Verily’s mission has been to provide useful world health data so that people can enjoy healthier lives. With the new capital, Verily will continue to utilize its expertise in data science, engineering, and clinical research to benefit both the public health and its investors. Verily continues to influence the healthcare industry and will likely make large strides in the upcoming year.