Verily, a life sciences business owned by Google parent company Alphabet, has announced a major $1 billion investment round aimed at advancing growth and innovation.
The financing round is led by Silver Lake who was joined by new investors including Ontario Teachers’ Pension Plan and other global investment management firms.
The capital raised will support growth in key strategic areas, including investments in strategic partnerships, global business development opportunities, and potential acquisitions.
Ruth Porat, Chief Financial Officer at Alphabet, and Egon Durban, managing partner and Managing Director of Silver Lake, will be nominated to join Verily’s operating board.
“We are taking external funding to increase flexibility and optionality as we expand on our core strategic focus areas,” said Verily CEO Andrew Conrad.
“Adding a well-rounded group of seasoned investors, led by Silver Lake, will further prepare us to execute as healthcare continues the shift towards evidence generation and value-based reimbursement models.”
Financial terms of the transaction were not disclosed.