SOUTH SAN FRANCISCO — Verily, the life sciences research subsidiary of Alphabet — the parent company of Google — has raised a massive $1 billion investment round, led by investment firm Silver Lake. Other new investors in the round include Ontario Teachers’ Pension Plan and other global investment management firms. The capital raised will support growth in key strategic areas, including investments in strategic partnerships, global business development opportunities, and potential acquisitions. Financial terms of the transaction were not disclosed.
Ruth Porat, chief financial officer at Alphabet, and Egon Durban, managing partner and managing director of Silver Lake, will be nominated to join Verily’s operating board.
“We are taking external funding to increase flexibility and optionality as we expand on our core strategic focus areas,” said Andrew Conrad, CEO of Verily. “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.”
“Verily’s unique capabilities, world-class partnerships and bold vision are enabling the company to tackle the most significant problems impacting global healthcare,” said Egon Durban. “We look forward to working with Andy and the entire Verily team in their mission to use cutting-edge science and technology to change the paradigm of care delivery and improve clinical outcomes.”
Verily has been developing a smart watch that can measure health data among individuals. The watch is currently in a prototype stage and not for sale.
Goldman Sachs & Co. LLC acted as financial advisor to Verily.