Verily Life Sciences, a life science engineering and research organization, has now secured $1 Billion investment in the funding round.
The round was led by the Silver Lake with the collaboration from the Ontario Teacher's Pension Plan and some other global investment management firms.
The company as of now has a plans to utilize the funds in the key strategies areas which include the investment in strategic partnerships, global business development opportunities, and potential acquisitions. Post investment with the deal, the Ruth Porat, the Chief Financial Officer at the Alphabet, and Egon Durban, the Managing Director and Managing Partner of Silver Lake will be going to join as the Verily Board of Director.
The company which is led by Andrew Conrad. Verily is a life science engineering research organizations which are focused more on improving the healthcare outcomes by simply applying the technological and scientific advances to the significant problems in the biology and health. By combing with all the capabilities in the data analytics services with the scientific and product engineering expertise, the company as of now is targeting the dual objectives of creating tools and platforms that capture a deep and broad set of health data and organizing the data so that it is much more useful and actionable. Verily is an Alphabet company.
“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 the statement. The new investors will prepare the company to “execute as healthcare continues the shift towards evidence generation and value-based reimbursement models,” he said.
Silver Lake's Egon Durban said in the statement that Verily's “unique capabilities, world-class partnerships, and bold vision are enabling the company to tackle the most significant problems impacting global healthcare.”
Before that, Google has also revealed that it had brought on a new executive, Geisinger Health David Feinberg, to consolidate its much more health efforts. Feinberg will also now work closely with the Verily executives, according to the report which has been revealed.