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Alphabet’s Verily raises $1 billion as tech giants enter red hot healthcare sector

Verily, the life sciences business under Alphabet, said Friday that it has raised $1 billion, capital that will be used to expand its data-driven healthcare products tailored to individuals.

The round was led by Alphabet, the company said in its announcement.

Verily also announced changes to its executive team that will go into effect January 2023. The company’s founder Andy Conrad will become executive chairman of the Verily board. Stephen Gillett, who is president of the company, will be promoted to CEO. Gillett initially 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 leaving the CFO spot by the end of the month. Ahuja, the former and first CFO at Tesla, has been hired as the first chief financial and business officer at drone delivery and logistics startup Zipline. Ahuja will remain an advisor, the company said, adding that a search for a new CFO will begin immediately.

The influx of capital and executive shuffling come as Verily readies itself for a new phase of growth in a red 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 in its services, in a deal valued at $3.9 billion.

Verily is particularly interested in “precision health,” a term meant to describe combining research, clinical and non-clinical data and computing power to provide healthcare customized to a person’s specific needs. In other words, Verily — which was born out of Google X in 2015 — aims to use technology to provide medical care for individuals instead of everyone.

Verily said the funds may also be used to invest in strategic partnerships, global business development and potential acquisitions. The company has already landed a several partnerships and completed at least one acquisition. In 2021, the company bought research software developer SignalPath to expand its clinical trial system. It also has partnered with Lumea, L’Oreal, the Mayo Clinic and Microsoft.

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