Alphabet's Verily Secures $1 Billion to Advance Precision Healthcare
Alphabet's life sciences arm Verily raises $1 billion to expand its personalized healthcare products and undergoes a major executive leadership transition.
Alphabet's life sciences subsidiary Verily raises $1 billion in a new funding round led by its parent company to expand its data-driven healthcare products. The fresh capital allows the company to focus on "precision health," an approach that combines clinical and non-clinical data with computing power to deliver customized medical care for individuals rather than a one-size-fits-all solution.
Alongside the funding announcement, Verily reveals significant changes to its executive team that take effect in early 2023. Founder Andy Conrad transitions to the role of executive chairman of the board, while current president Stephen Gillett steps up to become CEO. Additionally, Chief Financial Officer Deepak Ahuja departs to join drone delivery startup Zipline, though he remains as an adviser while Verily searches for a replacement.
This major financial and leadership shift comes as tech giants aggressively push into the rapidly growing healthcare sector. Verily plans to use the influx of cash for global business development, strategic partnerships, and potential acquisitions to better compete with rivals like Amazon and Apple who are also making massive moves in the medical space.