Verily announced today that it raised $300 million in an investment round to advance its next phase of precision health AI strategy.
Series X Capital led the round, with participation from Alphabet, UCHealth, the University of Colorado Anschutz and others. With the funding, Alphabet, Google’s parent company, will be a significant minority investor in Verily while no longer having a controlling stake.
Verily was founded as a spinout of the Google X Lab in 2015. It serves as a data platform and technology company purpose-built to power AI-enabled precision health solutions that accelerate research and improve care for individuals and communities.
“Today is an important step in our mission to bring the promise of precision health to everyone,” said Stephen Gillett, chiar and CEO of Verily. “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.”
More about the changes at Verily with this investment
Verily said the investment means it has transitioned its legal structure from an LLC to a corporation. It now operates under the official name of “Verily Health Inc.”
The company said that, after this transition, it now hopes to accelerate its AI-native precision health platform strategy and roadmap. It wants to help customers harmonize their healthcare data, model and deploy actionable intelligence into research and care workflows.
Verily’s update comes on the heels of a handful of commercial partnerships, including a recent collaboration with Samsung. Together, they aim to combine Verily’s Pre precision health platform Samsung’s Galaxy Watch 8 to provide an “integrated solution for generating evidence and monitoring real-world populations.”
The company also has a partnership with Salesforce, along with a collaboration with UCHealth, the University of Colorado Anschutz and RefinedScience. These entites are using the Verily Pre platform for AI-powered research and care transformation.
“At Alphabet, we applaud Verily’s tenacity in using technology to address longstanding challenges in the healthcare industry. Bringing in new investors, alongside Alphabet’s ongoing involvement, enables Verily to further scale the business to help improve patient outcomes and lower the cost of healthcare delivery through their AI health platform,” said Ruth Porat, president & chief investment officer, Alphabet and Google.
