Alphabet's Verily Raises USD 1 Billion in Funding Round

Alphabet's Life Science Tech Unit Verily Raises $1 Billion From Investors

Alphabet's Life Science Tech Unit Verily Raises $1 Billion From Investors

Projects include a continuous glucose monitor for diabetes and better contact lenses.

Verily, the enigmatic life-science company formerly called Google Life Sciences, has raised $1 billion from investors.

The round was led by Silver Lake with participation from Ontario Teachers' Pension Plan and other global investment management firms.

Verily plans to splash the cash around, according to its Chief Executive Officer Andrew Conrad. Verily partners with leading life sciences, medical device and government organizations to leverage deep domain expertise and resources that enable exponentially faster development, meaningful advancements and deployment at scale.

Under the terms of the transaction, Silver Lake's managing partner and managing director Egon Durban will join Verily's operating board along with Alphabet Chief Financial Officer Ruth Porat.

Silver Lake closed its fifth fund on $15bn in 2017, smashing its initial $12.5bn target and bringing the firm's total assets and committed capital to $39bn.

In Juy 2018 Verily announced a joint venture with ResMed to study the health and financial impacts of undiagnosed and untreated sleep apnea, and develop software solutions that enable healthcare providers to more efficiently identify, diagnose, treat and manage individuals with sleep apnea and other breathing related sleep disorders. The first, nearly exactly two years ago, was an $800 million round led by Singaporean investment firm Temasek.

"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", said Durban.

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