Verily, a life sciences research and engineering company under Alphabet that is focused on improving healthcare outcomes by applying scientific advances to significant problems in health and biology, has raised $1 billion in funding led by Silver Lake. New investors that participated in this round include Ontario Teachers’ Pension Plan and several other global investment management companies.
With this funding round, it will support Verily’s growth in strategic areas such as partnerships, global business development opportunities, and acquisition. The terms of this deal were undisclosed. And in conjunction with this funding round, Alphabet chief financial officer Ruth Porat and Silver Lake managing partner and managing director Egon Durban is joining Verily’s operating board.
“We are taking external funding to increase flexibility and optionality as we expand on our core strategic focus areas,” said Verily CEO Andrew Conrad in a statement. “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 combines data organization and analytics services with scientific and product engineering to capture a broader set of health data and organize it into actionable insights. To do so, Verily partners with a number of life sciences, medical device, and government organizations. Goldman Sachs acted as Verily’s financial advisor in this deal.
“Verily’s unique capabilities, world-class partnerships and bold vision are enabling the company to tackle the most significant problems impacting global healthcare,” added Durban. “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.”