Verily, the life sciences unit of Alphabet, has raised $1bn in an investment round led by private equity firm Silver Lake to further its strategies that are in sync with its current portfolio.
The health tech company intends to use the funding for investments in strategic alliances, global business development opportunities and potential acquisitions.
Verily, which was previously called Google Life Sciences, received $800m in financing in 2017 from Singaporean investor Temasek.
Verily CEO Andrew Conrad said: “We are taking external funding to increase flexibility and optionality as we expand on our core strategic focus areas.
“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.”
The company is focussed on the development of tools and platforms for continuous collection of health data and to aid effective interventions. It is also working on better prediction and prevention of diseases.
Verily has partnered with multiple pharmaceutical companies on a variety of life science projects ranging from diabetes management to surgical robotics.
One of the alliances is with Dexcom, which aims to optimise the use of continuous glucose monitors. Another diabetes-related project between Verily and the Novartis unit Alcon to develop glucose-sensing lens is currently on hold.
Furthermore, Verily is working with GlaxoSmithKline (GSK) to devise bioelectronic medicines for a variety of chronic disease.
Meanwhile, the company’s work in partnership with Google Research and Nikon is focussed on machine learning-based solutions for eye conditions associated with diabetes.
In December 2015, Verily established an independent surgical solutions company Verb Surgical with Johnson & Johnson. This was followed by a joint venture with ResMed in July last year to help sleep apnoea patients.
Recently, the company partnered with Walgreens Boots Alliance on multiple projects in a bid to enhance health outcomes and decrease the cost of care for patients with chronic conditions.