Verily raised $1 billion in a funding round led by private equity firm Silver Lake, the life sciences company announced Jan. 3.
Verily is an Alphabet-owned company formerly known as Google Life Sciences aimed at life sciences research and engineering, with a special focus on healthcare. The company applies emerging technologies — such as smart sensors — to solve problems in health and biology. One of its projects, for example, is device that uses microneedles to collect blood painlessly.
Alphabet CFO Ruth Porat and Egon Durban, Silver Lake's managing partner and managing director, will be nominated to Verily's operating board.
"We are taking external funding to increase flexibility and optionality as we expand on our core strategic focus areas," Verily CEO Andrew Conrad said in a news release. "Adding a well-rounded group of seasoned investors, led by Silver Lake, will further prepare us to execute as healthcare continues the shift toward evidence generation and value-based reimbursement models."