Verily, internet and technology group Alphabet’s US-based life sciences subsidiary, raised $1bn yesterday in a round led by private equity firm Silver Lake.
Ontario Teachers’ Pension Plan also participated in the round, as did undisclosed investment management firms, while Goldman Sachs was Verily’s financial adviser for the fundraise. The company has not disclosed the valuation at which it received the funding.
Formed in 2015 out of Alphabet’s moonshot division, Google X, Verily is tasked with applying the firm’s data science and technology to healthcare management products and platforms.
The funding will be used to expand the company’s strategic partnerships and business development activities as well as potential acquisition deals, Verily said. It comes after an $800m investment by Singaporean government-owned investment firm Temasek in early 2017.
Verily chief executive 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.”
Alphabet’s chief financial officer, Ruth Porat, will join Verily’s operating board along with Egon Durban, managing director and managing partner of Silver Lake, according to the company.
