Verily receives $1 billion from Silver Lake-led funding round
Alphabet Inc.’s life sciences arm, Verily, has just received $1 billion in capital from a funding round led by private equity firm Silver Lake. At the same time, Alphabet announced that its chief financial officer, Ruth Porat, will be joining the board, along with Silver Lake’s Egon Durban. This is a big step towards one of Google’s most prominent “other bets” evolving towards independence.
Google had a good week on the market last week
Source: Yahoo Finance
Verily’s CEO, Andrew Conrad, said: “We are taking external funding to increase flexibility and optionality as we expand on our core strategic focus areas. Adding a well-rounded group of seasoned investors, led by Silver Lake, will further prepare us to execute as healthcare continues the shift towards evidence generation and value-based reimbursement models.”
Verily has always focussed on the future of science-led medicine, and has a particular focus on the application of data science and analytics to some of the most innovative areas of medical biology. Current projects that the business is working on include an initiative to decimate the population of disease spreading mosquitoes, bio-electronic medicine (which involves stimulating nerves with low level electrical charges), and contact lenses that can offer corrective vision for cataract surgery patients.
Silverlake’s Durban commented in a statement: “Verily’s unique capabilities, world-class partnerships and bold vision are enabling the company to tackle the most significant problems impacting global healthcare. 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.”
Dominion holds Alphabet, the parent company of Verily Life Sciences, in its Global Trends Managed Fund.
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