Singaporean state-owned investment firm Temasek agreed yesterday to pay $800m for a minority stake in Verily Life Sciences, a US-based healthcare technology spinout of internet technology conglomerate Alphabet.
Originally formed as part of Google’s Google X research division and named Google Life Sciences, Verily was spun out as an independent company in 2015 when Google restructured its operations under the umbrella of holding company Alphabet.
Verily conducts life science research, seeking to apply technologies such as data organisation and analytics to existing problems in health and biology, creating platforms or tools that can better manage and use medical and health data.
The Temasek deal comes days after Verily signed an agreement with manufacturing group 3M to jointly develop software that can make population-level datasets manageable enough to be effectively evaluated by hospitals, regulators and other stakeholders.
Other notable projects, each of which are being implemented with a corporate partner, include surgical robotics, wireless sensors for ocular systems, and devices that will help patients with hands that are weak or prone to tremors to lift objects.
The majority of Temasek’s funding will be supplied in the next few days, with the rest set to be provided in the second half of this year. Temasek will also get a seat on Verily’s operational board.
Andrew Conrad, Verily’s chief executive, said: “Temasek has a history of thoughtful and enduring capital investments, including in life sciences and healthcare, and this commitment to a long-term collaboration with Verily is a meaningful affirmation of our strategy.
“With a substantial network and insights into the economies in Asia, Temasek will provide valuable guidance as we look to ex-US markets with our development partners.”