Alphabet‘s (NSDQ:GOOGL) life sciences group, Verily, said yesterday that it raised $1 billion from a group of investors, including private equity firm Silver Lake and the Ontario Teachers’ Pension Plan.
The company plans to use its newly-raised funds to support strategic partnerships and potential acquisitions. In a statement, Verily announced that Alphabet’s chief financial officer, Ruth Porat, and Egon Durban, managing partner and director of Silver Lake, are slated to join Verily’s operating board.
Verily’s chief executive, Andrew Conrad, said in prepared remarks that the investment and new board members will help prepare the company as healthcare “continues the shift towards evidence generation and value-based reimbursement models.”
“We are taking external funding to increase flexibility and optionality as we expand on our core strategic focus areas,” he added.
“Verily’s unique capabilities, world-class partnerships and bold vision are enabling the company to tackle the most significant problems impacting global healthcare,” Durban said. “We look forward to working with Andy and the entire Verily team in their mission to use cutting-edge science and technology to change the paradigm of care delivery and improve clinical outcomes.”