SOUTH SAN FRANCISCO — Life sciences company Verily — a subsidiary of Alphabet — announced it raised a $700 million investment round from current investors, including parent company Alphabet, Silver Lake, Temasek, Ontario Teachers’ Pension Plan and others.
The new capital will be used to support rapid expansion of some of Verily’s commercial businesses. These include Baseline, an end-to-end ecosystem designed to make clinical research more efficient; and Verily Health Platforms, which supports population health, clinical care delivery and chronic disease management through programs like Healthy at Work, Onduo and Coefficient . The company will also progress several of its life sciences programs across surgery, pathology and immunology.
“We’re humbled and excited about the opportunity to expand the scope and rapidly scale our products and services. With this new round of funding from our largest investors, they are strengthening their commitment to help expedite our original vision,” said Andrew Conrad, CEO and founder at Verily. “2021 will be a year of significant and focused growth for Verily’s operations as we continue to drive innovation in our core programs, launching more studies and study tools on Baseline to support decentralized research, and expanding our Health Platforms product offerings and services for employers, providers and patients.”
Verily has seen accelerated growth and commercial interest in 2020, spurred by its significant contributions to public health efforts to combat the COVID-19 pandemic. The Baseline Platform has supported COVID-19 testing and research efforts with multiple partners this year, having screened and tested nearly two million people across 351 testing locations. In parallel, the Health Platforms business launched Healthy at Work to support businesses and universities in reopening safely. As part of the Health Platforms business, Onduo expanded its offering this year by applying its virtual clinic model to support hypertension and general wellness, in addition to type 2 diabetes. Health Platforms also launched Coefficient, backed by Swiss Re, to provide employer stop-loss insurance by applying a unique precision risk approach.
“Verily has an impressive roster of platforms and a demonstrated ability to apply core capabilities in laboratory and data science, engineering, and clinical expertise to tackle the challenges of a healthcare system in need of an overhaul for the benefit of all the stakeholders it serves,” said Egon Durban, co-CEO at Silver Lake. “We’re here as a partner to Andy, Alphabet, the board and the management team, and a believer in their vision of empowering people and organizations with solutions that support personal and population health journeys, and of helping to unify the ecosystem, from research to care.”
Verily launched in 2015.