On a related note, see Google is quietly infiltrating medicine — but what rules will it play by? | Stat
"Verily, the life sciences arm of Alphabet, raised $1 billion in fresh capital in a funding round led by private equity firm Silver Lake.Alphabet's Verily gets $1 billion in funding round led by Silver Lake | CNBC
Alphabet Chief Financial Officer Ruth Porat is also joining Verily's board along with Egon Durban from Silver Lake, according to a statement on Thursday. The announcement comes two years after Verily took in $800 million of outside capital from Singapore's Temasek, and puts the company, one of Alphabet's so-called Other Bets, a step closer towards potential independence.
"We are taking external funding to increase flexibility and optionality as we expand on our core strategic focus areas," said Verily CEO Andrew Conrad, in the statement. The new investors will prepare the company to "execute as healthcare continues the shift towards evidence generation and value-based reimbursement models," he said."