In truth, the life sciences company under Alphabet, said on Friday it had raised $1 billion, capital that will be used to develop its data-driven, consumer-friendly healthcare products.
The round was led by Alphabet, the company said in its announcement.
Verily also announced changes to its management team that will take effect in January 2023. Company founder Andy Conrad will become executive chairman of Verily’s board of directors. Stephen Gillett, who is chairman of the company, will be promoted to CEO. Gillett first joined Verily as an operational advisor and to lead the company’s cybersecurity efforts. At the time, he was co-founder and CEO of Chronicle, an Alphabet cybersecurity company that is now part of Google Cloud.
Deepak Ahuja is stepping down as CFO by the end of the month. Ahuja, the former and first chief financial officer of Tesla, has been hired as the first chief financial and commercial officer of drone delivery and logistics startup Zipline. Ahuja will remain an adviser, the company said, adding that the search for a new chief financial officer will begin immediately.
The capital influx and executive reshuffle come as Verily prepares for a new phase of growth in a hot healthcare sector that has attracted tech giants like Amazon and Apple. Earlier this year, Amazon acquired One Medical, a primary care provider that leverages in-person, digital and virtual interactions across its services, in a deal valued at $3.9 billion.
Verily is particularly interested in “precision health,” a term intended to describe the combination of research, clinical and non-clinical data, and computing power to deliver healthcare tailored to a person’s specific needs. In other words, Verily – which grew out of Google X in 2015 – aims to use technology to provide medical care to individuals rather than everyone.
Verily said the funds could also be used to invest in strategic partnerships, global business development and potential acquisitions. The company has already landed several partnerships and completed at least one acquisition. In 2021, the company bought research software developer SignalPath to expand its clinical trial system. It has also partnered with Lumea, L’Oreal, Mayo Clinic, and Microsoft.