Alphabet’s Life Sciences Branch Really announced it has raised $1 billion in an investment round led by its parent company along with a change of executive team.
Company founder Andy Conrad will step down as CEO, moving to the position of executive chairman on Verily’s board. Current Chairman Stephen Gillett will take over as chief executive officer, effective January 2023.
Gillett joined Google’s life sciences subsidiary two years ago to found the Cybersecurity Center of Excellence. At the end of 2020, he takes over Managing director role and then the title of president. He was previously the co-founder and CEO of cybersecurity company Alphabet take noteis now part of Google Cloud.
Meanwhile, Chief Financial Officer Deepak Ahuja will leave Verily at the end of the month to join Zipline, a drone delivery company. Verily said he will continue to advise the company, but it will immediately begin looking for a replacement for him.
WHAT ARE THEY DOING
Verily was launched from Alphabet’s research and development arm, then known as Google X, in 2015. Its services include initiatives such as the clinical trial platform Project Baseline, which translates to Google Translate. chronic condition management service Onduo, its health system analysis tool Verily Value Suite, and its Immunological Profile for drug discovery.
Verily plans to use the massive investment to expand its precision healthcare initiatives, including real-world healthcare data and evidence generation platforms. Spinout said it will also consider investing in more strategic partnerships and potential acquisitions.
SNAPSHOT . MARKET
The company has signed a number of partnerships to develop medical technology tools. In July, remote heart monitoring company iRhythm Technologies announced that it had received Other 510(k) FDA clearance for the ZEUS System for monitoring patients with atrial fibrillation developed in collaboration with Verily.
The side story was released recently initial result from his drug discovery collaboration with the biological company Sosei Heptares, aiming to find new drug candidate for immune-mediated diseases. It also works with cosmetics giant L’Oréaldental care company Colgate-Palmolive and Mayo Clinic.
Really announced its first acquisitionan agreement with the developer of the clinical trial management system SignalPath, in August 2021. It also invests in a number of digital health and medical technology startups, including tools AI voice Rhythmbiotech company EQRx and start biological production Cultural Biosciences.