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Verily, now Verily Health, has secured $300 million in funding in a round led by Series X Capital.
Alphabet, UCHealth, the University of Colorado Anschutz and other investors participated in the round.
Verily was Alphabet's life science subsidiary. Following the funding round, Alphabet will no longer have a controlling stake in the company but will be a significant minority investor.
Additionally, through the investment, Verily has transitioned from an LLC to a corporation and changed its official name to Verily Health Inc.
WHAT IT DOES
Verily works at the intersection of healthcare, research and technology and focuses on using AI for precision medicine. The company develops tools and platforms for disease prevention, diagnosis and management.
The company will use the funds to accelerate its work in precision health AI.
"Today is an important step in our mission to bring the promise of precision health to everyone," Stephen Gillett, chairman and CEO of Verily, said in a statement.
"From research to care, our customers need solutions that bring the best of clinical and scientific rigor together with AI to deliver the next generation of healthcare – one that is as precise as it is personal. Series X Capital, Alphabet, UCHealth, the University of Colorado Anschutz and our many investors will be fantastic partners in this transformation of healthcare."
THE LARGER TREND
This month alone, Verily has made numerous announcements.
The company unveiled a partnership with Samsung Electronics America to bring together Samsung's Galaxy Watch8 with Verily's precision health platform, Pre.
The partners plan to gather data and health analytics from the wearable to generate evidence and monitor real-world populations to help speed up research for life sciences and government customers.
Verily also announced new features for its consumer health app, Verily Me, along with general availability. Verily Me provides personalized health recommendations from licensed providers based on one's medical history, as well as an AI companion, Violet, available 24/7, that helps users interpret their health data.
