Alphabet's Verily raises $1 bn to tap growing healthcare sector

San Francisco, Sep 10 Verily, the life sciences business of Google's parent company Alphabet, has raised $1 billion that will be used to expand its data-driven healthcare products tailored to individuals.

Led by Alphabet, the new capital will be used to support a variety of the company's core initiatives focused on real world evidence generation, healthcare data platforms, research and care, and the underlying technology.

Verily's Founder and CEO Andy Conrad will become Executive Chairman and President Stephen Gillett has been promoted to CEO, the company said in a statement.

"The company will also consider further investment in strategic partnerships, global business development and potential acquisitions," it added.

Gillett joined Verily from Google in 2020 as an operational advisor to the company and to lead Verily's effort to establish a Cybersecurity Center of Excellence.

Before joining Verily, Gillett was co-founder and CEO of Chronicle, an Alphabet cybersecurity company that is now part of Google Cloud.

Separately, Deepak Ahuja, CFO, has decided to leave Verily for another opportunity.

"He will remain an advisor to Verily but depart his current role at the end of September. Verily will begin a search for his replacement immediately," said the company.

Launched in 2015, Verily is a subsidiary of Alphabet that is using a data-driven, people-first approach to change the way people manage their health and the way healthcare is delivered.